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Canadian National Railway Posts Strong 2025 Results, Trims 2026 Capex and Lifts Payouts

Story Highlights
  • CN reported higher 2025 revenue, earnings and efficiency with stronger free cash flow and share buybacks.
  • For 2026 CN is cutting capital spending, expecting flat volumes, and raising dividends and buybacks.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.
Canadian National Railway Posts Strong 2025 Results, Trims 2026 Capex and Lifts Payouts

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Canadian National Railway ( (TSE:CNR) ) just unveiled an update.

On January 30, 2026, Canadian National Railway reported solid fourth-quarter and full-year 2025 results, with quarterly revenue up 2% to C$4.46 billion and operating income up 6%, while diluted EPS rose 12% and the operating ratio improved to 61.2% (60.1% adjusted). For 2025 as a whole, CN delivered 2% revenue growth to C$17.3 billion, a 5% increase in operating income, an 8% rise in diluted EPS to C$7.57, stronger free cash flow of C$3.34 billion, and modest productivity gains, supported by tighter cost control, improved operating efficiency metrics, and a C$2 billion share buyback of roughly 15 million shares. Looking ahead to 2026, the railway is tightening capital spending to C$2.8 billion, down C$500 million from 2025, and guiding to flattish volume growth with earnings expected to grow slightly faster than volumes, while its board approved a 3% dividend increase and a new share repurchase program of up to 24 million shares over 12 months, underscoring management’s confidence in the company’s financial resilience amid macroeconomic and geopolitical uncertainty and signaling ongoing commitment to shareholder returns.

The most recent analyst rating on (TSE:CNR) stock is a Hold with a C$156.00 price target. To see the full list of analyst forecasts on Canadian National Railway stock, see the TSE:CNR Stock Forecast page.

Spark’s Take on TSE:CNR Stock

According to Spark, TipRanks’ AI Analyst, TSE:CNR is a Outperform.

Canadian National Railway’s strong financial performance and strategic adjustments in capital expenditure and productivity are significant strengths. The technical indicators show positive momentum, and the valuation is reasonable. However, macroeconomic challenges and safety concerns present risks that could impact future performance.

To see Spark’s full report on TSE:CNR stock, click here.

More about Canadian National Railway

Canadian National Railway Company (CN) is a leading North American freight railway operating a transcontinental network across Canada and into the United States. The company transports a wide range of commodities and manufactured goods, serving key sectors including grain, energy, intermodal, and industrial products, and focuses on efficient rail operations, disciplined capital allocation, and long-term shareholder returns.

Average Trading Volume: 1,435,365

Technical Sentiment Signal: Hold

Current Market Cap: C$82.29B

Learn more about CNR stock on TipRanks’ Stock Analysis page.

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