CNI

Research · Sep 3, 2026

[CNI] CN Rail Thesis 2026: Operating Ratio Discipline Holds Through Flat Revenue Year

Canadian National Railway FY25 (Dec 31, 2025; CAD) at C$17.29B revenue (+1%). NI C$4.72B; EPS C$7.56 (+8%). Op margin 38.1% (+140bp). FCF C$3.39B. Capex C$3.66B. Capital return ~C$4.3B (C$2.21B div + C$2.12B buyback). Steady execution year; no major strategic shifts.