Canadian National Railway (CNI) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Jul 22, 2026

After Close (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

1.39

Last Year’s EPS

1.36

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 14 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:Apr 29, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized strong operational execution, meaningful productivity gains and robust free cash flow, with record grain volumes and multiple operating metrics improving materially. Commercial teams converted ~$100M in incremental revenue and fast‑track initiatives are delivering early savings. However, management called out safety setbacks, elevated incident-related costs, short-term commodity and tariff headwinds, and fuel/FX volatility that compressed adjusted EPS and margins. On balance the positive operational and cash-generation developments outweighed the transitory challenges, though management remains appropriately cautious given macro and commodity uncertainties.

Company Guidance

CN maintained its directional 2026 guidance of flattish volumes with earnings expected to grow slightly faster than volumes, and reiterated a focus on free cash flow and returning capital to shareholders while keeping pricing discipline; management updated key assumptions including WTI now assumed roughly $80–$110/bbl and FX at C$0.73/USD, an effective tax rate of 25–26%, and a target leverage of ~2.7x through 2026 before returning to ~2.5x in 2027. In Q1 they reported diluted EPS $1.87 (adjusted $1.80; $1.83 FX‑adjusted), generated ~ $900M of free cash flow (up ≈$275M or 44% YoY), repurchased 6M shares for $870M, saw revenues down 1% (up 2% FX‑adjusted; up 3% adjusted for FX, fuel surcharge and Canadian carbon tax), RTMs +3%, carloads +2%, converted about $100M of incremental revenue from the sales pipeline, and noted fuel and FX were a combined ~$0.07 drag in the quarter (fuel ≈$0.04 and ~80 bps OR headwind in Q1; if sustained could be >200 bps OR headwind in Q2 but a potential ~+$0.15 EPS tailwind in H2).

Volume Growth and Record Grain Shipments

RTMs increased 3% year-over-year and carloads rose 2%; company set a new first-quarter record for grain movements with April tracking as another record month (7 of the last 8 months all-time records). Grain car cycle times improved 15% versus prior year.

Improved Network Fluidity and Operating Metrics

Car velocity up 6%, train speed up 6%, dwell down 4%, local service commitment up 1%, trains ran 2% longer/heavier and GTMs moved 3% more, demonstrating materially improved network performance.

Productivity and Asset Utilization Gains

T&E productivity up 12%, T&E labor cost per GTM down 7%, locomotive productivity up 8%, locomotive availability at 91%, and locomotive fuel productivity improved 3% (best-ever Q1 fuel efficiency).

Strong Free Cash Flow and Capital Returns

Generated approximately $900 million in free cash flow in Q1, about $275 million (44%) higher than last year; repurchased 6 million shares for $870 million across NCIB programs and increased leverage to ~2.7x, reflecting liberal share returns funded by FCF.

Commercial Execution and Pipeline Conversion

Commercial intensity yielded about $100 million of revenue conversions in Q1 from boots-on-the-ground pipeline, with wins across plastics, asphalt, fertilizers, aggregates, scrap steel, steel billets, plus international intermodal gains (Gemini Prince Rupert) and expanded NGL/export moves.

Segment Wins — NGLs, Potash, Intermodal

NGL RTMs rose 16% year-over-year, potash volumes exceeded expectations (aided by easier comps), and intermodal delivered a solid quarter driven by Prince Rupert and domestic service gains.

Fast-Track Initiative Delivering Early Savings

Cross-functional 'fast-track' terminal review is ~1/3 complete and has already captured $40 million of run-rate savings, aimed at improving terminal productivity and reducing dwell.

Disciplined Financial Performance Despite Macros

Reported diluted EPS $1.87 (up 1% YoY); adjusted diluted EPS $1.80 (down 3% YoY; $1.83 down 1% on exchange-adjusted basis). Management maintained directional guidance (flattish volumes; earnings slightly exceeding volumes) while tightening cost controls.

Canadian National Railway (CNI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CNI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 22, 2026	2026 (Q2)	1.39 / -	1.356	―	―	―
Apr 29, 2026	2026 (Q1)	1.31 / 1.31	1.342	-2.70% (-0.04)
Jan 30, 2026	2025 (Q4)	1.44 / 1.51	1.32	14.29% (+0.19)
Nov 06, 2025	2025 (Q3)	1.28 / 1.33	1.247	6.40% (+0.08)
Jul 22, 2025	2025 (Q2)	1.35 / 1.36	1.334	1.63% (+0.02)
May 01, 2025	2025 (Q1)	1.29 / 1.34	1.247	7.56% (+0.09)
Jan 30, 2025	2024 (Q4)	1.39 / 1.32	1.465	-9.90% (-0.15)
Oct 22, 2024	2024 (Q3)	1.23 / 1.25	1.226	1.78% (+0.02)
Jul 23, 2024	2024 (Q2)	1.40 / 1.33	1.276	4.55% (+0.06)
Apr 23, 2024	2024 (Q1)	1.24 / 1.25	1.32	-5.49% (-0.07)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CNI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 29, 2026	$114.89	$108.08	-5.93%
Jan 30, 2026	$100.40	$95.62	-4.76%
Nov 06, 2025	$94.80	$93.34	-1.54%
Jul 22, 2025	$98.43	$94.41	-4.09%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.