CN Files STB Conditions to Preserve Midwest Rail Competition Amid Union Pacific–Norfolk Southern Merger

Canadian National Railway (TSX: CNR), a $102B market cap railway company, reported Q2 2026 revenue of $4.8B, up 11% YoY, with EPS also rising 11% to $2.08. The company raised its full-year EPS growth outlook to mid-to-high single digits. CNR operates a vast North American rail network, offering strong competitive advantages. It pays a $3.66 annual dividend, yielding 2.2%, and has increased dividends for three decades. The stock trades at 22 times trailing earnings, with risks including economic

CN outlined specific Midwest locations and conditions for potential access if Union Pacific acquires Norfolk Southern, building on a July 2026 agreement. The filing details divestiture, trackage, and yard arrangements, with CN seeking to preserve competitive access and expand its reach. The Surface Transportation Board will review the proposal, with final briefs due by May 2027.

Canadian National Railway (TSX: CNR, NYSE: CNI) filed proposed conditions with the U.S. Surface Transportation Board regarding the Union Pacific–Norfolk Southern merger. The conditions aim to preserve competitive rail access for shippers in Midwest markets. CN seeks new access to Kansas City and St. Louis, subject to STB approval and the merger's closure.

Enbridge (TSX: ENB) and Canadian National Railway (TSX: CNR) reported Q2 2026 earnings beating estimates. ENB grew EBITDA by $130M YoY, reaffirmed guidance, and plans $50B in investments by 2030. CNR saw 11% sales growth, raised outlook, and has lower leverage at 2.6x. CNR's new Mexico route and cost savings add to its appeal.

Canadian National Railway (CN) raised its full-year 2026 freight volume outlook, citing firmer demand and shifting economic conditions, after reporting higher Q2 profit and revenue, according to the Wall Street Journal. Norfolk Southern also reported higher Q2 revenue on improving demand trends. The article also notes DP World’s planned UAE terminal expansion and the Port of Long Beach considering an on-site nuclear reactor.

Canada’s Competition Bureau approved the proposed merger of Canadian National Railway Co. and Wisconsin Central Transportation Corp., saying the U.S. Surface Transportation Board should decide. STB said May 9 the deal is a minor transaction. If approved, CN would pay $17.15 per WC share for 46.5 million shares, about $800 million, plus repay $400 million debt, totaling about $1.2 billion, with closing mid-October.