Canadian National Railway

Canadian National Railway (CN) runs a rail network of nearly 20,000 miles. It connects the Atlantic and Pacific coasts of Canada with the U.S. Midwest and the U.S. Gulf Coast.

It carries more than 300 million tons of products each year. Its freight groups are petroleum and chemicals, metals and minerals, forest products, coal, grain and fertilizers, intermodal and automotive. In Q3 2026, intermodal gave C$1,065 million and petroleum and chemicals C$1,000 million of the C$4,574 million of freight revenues. The company reports in Canadian dollars under U.S.

GAAP. Its shares trade on the Toronto Stock Exchange as CNR and on the New York Stock Exchange as CNI, and one NYSE share is one common share. The head office is in Montreal. Tracy Robinson is President and Chief Executive Officer.

CN trades at a premium because investors pay for its network across Canada and the U.S. Midwest, its strong pricing and its buybacks. In Q3 2026, revenues rose 15% to C$4,771 million, mainly because of higher fuel surcharges, higher volumes and freight rates, and adjusted diluted EPS rose 18% to C$2.16. The company expects 2026 adjusted diluted EPS growth in the mid-to-high single digit range, nearer the upper end, against C$7.63 in 2025.

But volume growth in revenue ton-miles was only 4%, and the operating ratio rose to 63.7% because of an asset impairment of C$118 million. For the premium to be earned, three things must be true. Volume must grow in grain, energy and intermodal while trade rules between Canada and the United States change. Productivity must keep the adjusted operating ratio near 61% or lower.

The talks for the collective agreements that expire on December 31, 2026 must end without a long stoppage. The new agreements and the Q4 2026 report with the 2027 guidance, expected in late January 2027, are the next tests.

1. Oct 30, 2026Passed

   Q3 2026 results: volume and EPSVolume growth and adjusted EPS growth near the top of the guidance pass; a lower guidance fails.Outcome: Revenue ton-miles rose 4% and adjusted diluted EPS rose 18%, and CN said that 2026 EPS growth tracks to the upper end of its range.
2. Jan 29, 2027 · est.Pending

   Q4 2026 results and 2027 guidanceA 2027 guidance with EPS growth and a stable operating ratio passes; a lower volume outlook fails.
3. Jan 2027 · est.Pending

   New collective agreements in CanadaNew agreements without a stoppage pass; a strike, lockout or long arbitration fails.

Every passed and failed checkpoint across all picks

• October 30, 2026CN reported Q3 2026 results. Revenues rose 15% to C$4,771 million, diluted EPS rose 9% to C$2.00 and adjusted diluted EPS rose 18% to C$2.16. The results include an impairment of C$118 million for parts of its dispatching and back office IT projects that CN stopped. CN repurchased about 3.9 million shares for C$676 million in the quarter.
• October 29, 2026CN said that its Chief Financial Officer Ghislain Houle will retire. Jamie Lockwood, Vice-President, Investor Relations and Special Projects, becomes Chief Financial Officer on February 1, 2027.
• August 31, 2026Teamsters Canada Rail Conference gave notice to bargain for a new collective agreement, which covers about 6,000 conductors and locomotive engineers in Canada. United Steelworkers gave notice for about 2,800 track workers on September 1, 2026. Both agreements expire on December 31, 2026.

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 40-FAnnual report for the period ended Dec 31, 2025Filed February 4, 2026 · Read it on sec.gov
• 6-KInterim report for the period ended Dec 31, 2025Filed February 4, 2026 · cni-20251231_d2
• 40-FAnnual report for the period ended Dec 31, 2024Filed February 4, 2025 · Read it on sec.gov
• 6-KInterim report for the period ended Dec 31, 2024Filed February 4, 2025 · cni-20241231_d2

Every filing on SEC EDGAR (CIK 16868)

• The collective agreements with Teamsters Canada Rail Conference and United Steelworkers expire on December 31, 2026. A strike or lockout can stop most traffic in Canada.
• Tariffs and trade disputes between Canada and the United States can lower cross-border volumes of products such as metals, forest products and cars.
• The proposed merger of Union Pacific and Norfolk Southern can change competition in the U.S. rail market. CN spent C$48 million in the first nine months of 2026 on advice for the regulatory review.
• Volumes depend on grain crops, energy prices and the economy. Weak crops or lower coal and frac sand volumes can lower revenues.
• CN reports in Canadian dollars, so the NYSE share price and the U.S. dollar value of the dividend change with the exchange rate.

CN funds itself with notes, commercial paper and cash flow. At September 30, 2026, debt was C$22,812 million: C$1,308 million current and C$21,504 million long-term. Read more

Dividend yield

1.6% (last 12 months, at today’s price of $127.20)

Paid per share

$1.993 in the last 12 months (3 payments)

Current annual rate

$2.652 ($0.663 × 4 a year)

Latest ex-dividend date

September 8, 2026, $0.663 per share

Dividends per share by year

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.