Canadian National Railway posts stronger third-quarter results and reaffirms outlook
Canadian National Railway reported third-quarter results on Oct. 30, 2026, with revenue of C$4,771 million, diluted EPS of C$2.00 and adjusted diluted EPS of C$2.16, up 18%. The company generated C$2,918 million in free cash flow during 2026's first nine months, an increase of 25%. CN maintained its expectation for mid-to-high single-digit adjusted diluted EPS growth in 2026 and said it is tracking toward the upper end of that range.
Why it matters
The results show higher revenue, adjusted earnings and cash generation, while the reaffirmed outlook leaves CN's 2026 earnings target unchanged. CN also returned capital through share repurchases and a newly approved quarterly dividend.
Key facts
- 1CN's adjusted diluted EPS increased 17% on a constant-currency basis. intelligencer.ca
- 2Gross ton miles and revenue ton miles each rose 4% to 116,264 (millions) and 59,383 (millions), respectively. intelligencer.ca
- 3CN repurchased approximately 3.9 million shares for C$676 million in the quarter. intelligencer.ca
- 4The board approved a quarterly dividend of C$0.9150 per common share, payable on December 30, 2026, to shareholders of record on December 9, 2026. intelligencer.ca
- 5CN's operating income rose 8% to C$1,730 million, while adjusted operating income increased 16% to C$1,862 million. intelligencer.ca
Open questions
- One earnings recap additionally reports a CFO appointment that is not confirmed in the detailed results material.
- One call recap reports a C$118M impairment charge and a $0.03 EPS impact in 2027, but those items are not detailed in the supplied results release.
Summary written by AlphAI AI Desk from 11 of 11 sources. Not investment advice. Figures are as stated by the linked sources.