The earnings call presents a mixed picture with strong operational performance and bulk volumes contributing to highlights, while significant challenges in the form of trade tariffs and lower revenues weigh on the company's outlook. The company is proactively managing costs and optimizing operations to mitigate the impact of a challenging macroeconomic environment.

Company Guidance

During the second quarter of fiscal year 2025, CN reported a 2% growth in adjusted EPS despite facing challenges such as flat year-over-year carloads and a 1% reduction in RTMs. The company highlighted a strong performance in bulk volumes, particularly in grain and fertilizers, with U.S. grain volumes up nearly 30% and potash RTMs increasing almost 30%. However, a weaker industrial economy and tariffs negatively impacted merchandise and intermodal segments, leading to a 1% decline in revenues. Despite these hurdles, CN achieved a 50 basis point year-over-year improvement in margin, driven by cost containment efforts including an 8% reduction in mainline manifest train starts and a 560-employee furlough across the network. Looking forward, CN adjusted its full-year volume outlook to low single-digit RTM growth due to ongoing tariff uncertainties and macroeconomic conditions but remains focused on leveraging its strong bulk and energy franchises to mitigate these impacts.

Strong Bulk Volumes

Bulk volumes were very strong through the quarter, reflecting CN's advantage network for the agriculture sector and the strength of their market share.

Operational Performance

CN reported improved operating metrics with car velocity at 213 miles per day, a 3% increase in train speed over last year, and a 1% improvement in dwell.

Safety Improvement

Injury ratio improved by 16% year-over-year due to proactive engagement and identifying at-risk behaviors.

Grain and Fertilizers Increase

Revenues for grain and fertilizers increased by 12%, with Canadian grain volumes up 6% and U.S. volumes up nearly 30%.

Margin Improvement

Operating ratio improved by 50 basis points year-over-year to 61.7%, due to cost management and operational efficiencies.

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
Oct 30, 2025	2025 (Q3)	1.34 / -	1.252	―	―	―
Jul 22, 2025	2025 (Q2)	1.36 / 1.36	1.339	1.63% (+0.02)
May 01, 2025	2025 (Q1)	1.29 / 1.35	1.252	7.56% (+0.09)
Jan 30, 2025	2024 (Q4)	1.39 / 1.32	1.47	-9.90% (-0.15)
Oct 22, 2024	2024 (Q3)	1.24 / 1.25	1.23	1.78% (+0.02)
Jul 23, 2024	2024 (Q2)	1.40 / 1.34	1.281	4.55% (+0.06)
Apr 23, 2024	2024 (Q1)	1.25 / 1.25	1.325	-5.49% (-0.07)
Jan 23, 2024	2023 (Q4)	1.45 / 1.47	1.528	-3.81% (-0.06)
Oct 24, 2023	2023 (Q3)	1.24 / 1.23	1.55	-20.66% (-0.32)
Jul 25, 2023	2023 (Q2)	1.31 / 1.28	1.405	-8.81% (-0.12)

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
Jul 22, 2025	$100.37	$96.27	-4.08%
May 01, 2025	$95.03	$100.71	+5.98%
Jan 30, 2025	$103.91	$103.23	-0.65%
Oct 22, 2024	$110.25	$110.00	-0.23%

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.