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Canadian National Railway Company (CNI)
NYSE:CNI
Earnings Data
Report Date
Apr 27, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.3Last Year’s EPS
1.35Same Quarter Last Year
Moderate Buy
Based on 19 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated disciplined execution and measurable operational and financial improvements (EPS growth, operating ratio gains, record free cash flow, operational productivity and commercial wins in Grain and Intermodal). However, the business faces meaningful headwinds from tariffs & trade uncertainty (~$350M revenue impact), adverse commodity mix (forest products, metals), legal provisions, FX sensitivity, and near-term volume comparables that make 2026 guidance cautious. Management underscores confidence in long-term leverage from productivity and capacity investments and is taking deliberate capital and balance sheet actions (CapEx reduction, targeted buybacks) to enhance shareholder returns while navigating the uncertain macro/trade backdrop.Company Guidance
Strong EPS and Earnings Performance
Q4 adjusted diluted EPS rose ~14% year-over-year; reported diluted EPS grew 12% in the quarter. Full-year adjusted diluted EPS was $7.63, up 7% versus 2024 and at the high end of guidance.
Material Operating Ratio Improvement
Q4 adjusted operating ratio improved to 60.1% (a ~250 basis point improvement year-over-year) and full-year adjusted operating ratio improved to 61.7% (120 basis points better than 2024), reflecting disciplined cost control and productivity gains.
Strong Free Cash Flow and Capital Discipline
Generated $3.3 billion of free cash flow in 2025, up 8% year-over-year. Management tightened capital spending through the year and set 2026 CapEx at $2.8 billion (a $500 million reduction versus 2025) to improve cash conversion.
Shareholder Returns and Balance Sheet Actions
Repurchased nearly 15 million shares in 2025 for roughly $2 billion; Board approved a new buyback program (up to 24 million shares Feb 2026–Feb 2027). Dividend increased by 3% (30th consecutive year of dividend growth). Management plans a temporary leverage increase to ~2.7x to opportunistically accelerate buybacks.
Operational Productivity and Safety Records
Achieved the best injury frequency ratio in company history. Key performance gains in Q4 include car velocity +2%, terminal dwell -1%, T&E productivity +14% versus prior-year quarter, T&E labor cost per GTM improved 6% year-to-date with GTMs up 1%, and locomotive productivity +5% in the quarter. Locomotive availability reached an all-time high of 92.5%.
Fuel Efficiency and Asset Optimization
Recorded a Q4 record in fuel efficiency (nearly +1% year-over-year in the quarter). Mechanical inventory reduced by $20 million (down ~14% year-over-year). Approximately 10% of locomotive fleet stored on average, contributing to improved availability and lower costs.
Commercial Wins: Grain and Intermodal Strength
Set an all-time annual record for Western Canadian Grain shipments and monthly records in Oct–Nov–Dec. Intermodal revenue growth in Q4: international +13% and domestic +6%. Natural gas liquids volumes rose ~9% in Petroleum & Chemicals.
Completed Capital Projects and Engineering Productivity
Completed all 8 committed 2025 capacity projects on time, delivering nearly $40 million of productivity gains from 2024 and reducing reliance on contractors by doing more work in-house.
CNI Earnings History
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 |
|---|---|---|---|
Jan 30, 2026 | $101.03 | $96.22 | -4.76% |
Nov 06, 2025 | $95.39 | $93.92 | -1.54% |
Jul 22, 2025 | $99.05 | $95.00 | -4.09% |
May 01, 2025 | $93.78 | $99.39 | +5.98% |
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.
FAQ
When does Canadian National Railway Company (CNI) report earnings?
Canadian National Railway Company (CNI) is schdueled to report earning on Apr 27, 2026, After Close (Confirmed).
What is Canadian National Railway Company (CNI) earnings time?
Canadian National Railway Company (CNI) earnings time is at Apr 27, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CNI EPS forecast?
CNI EPS forecast for the fiscal quarter 2026 (Q1) is 1.3.
