Earnings

Canadian National Railway reports 15% revenue increase in third quarter

The Tip Desk · October 30, 2026 · 2 min read

The transportation provider generated C$4,771 million in revenue for the period ended September 30, 2026

Canadian National Railway Company (CNI), the North American rail transporter, reported third-quarter revenues of C$4,771 million, an increase of C$606 million or 15% compared to the third quarter of 2025. The company delivered diluted earnings per share of C$2.00, which rose 9%. Adjusted diluted earnings per share increased 18% to C$2.16.

Operating income for the quarter rose 8% to C$1,730 million. Adjusted operating income grew 16% to C$1,862 million. Net income increased 6% to C$1,209 million.

Commercial momentum was supported by a 4% increase in gross ton miles to 116,264 million and a 4% increase in revenue ton miles to 59,383 million. The company said its operating performance reflected a commitment to service execution to meet customer demand in energy and grain markets.

Efficiency metrics showed mixed results. Fuel efficiency improved 2% to 0.814 US gallons of locomotive fuel consumed per 1,000 gross ton miles. Gross ton miles per average number of employees rose 7% to 4,888 thousand. However, operating expenses per gross ton mile increased 14% to 2.62 cents.

Other operational indicators declined. Car velocity decreased 2% to 207 car miles per day, and through network train speed fell 2% to 19.1 mph. Through dwell increased 1% to 7.1 hours.

Cash flow and capital activity remained active. Free cash flow for the first nine months of 2026 was C$2,918 million, an increase of 25%. During the third quarter, the company repurchased approximately 3.9 million shares for C$676 million. The board of directors approved a fourth-quarter dividend of C$0.9150 per common share.

For the full year 2026, the company continues to assume low single-digit revenue ton mile growth. It now assumes that the 2026/2027 grain crops in Canada and the U.S. will be above their respective five-year averages.

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