Canadian National Railway stock posts 18% adjusted EPS growth

Canadian National Railway reported stronger third-quarter results on Friday, October 30, 2026, with revenue, freight volumes and adjusted earnings rising from a year earlier. The company said its 2026 outlook remains unchanged and that adjusted earnings are tracking toward the upper end of the guidance range, according to its third-quarter release on GlobeNewswire.

Canadian National Railway stock traded at 113.00 euros on Lang & Schwarz at 12:48 CET on Tuesday, November 3, 2026. Investors can follow the real-time quote of Canadian National Railway stock.

Revenue and freight volumes advance

Revenue for the quarter ended September 30 rose 15 percent to CAD 4.771 billion. Gross ton miles and revenue ton miles each increased 4 percent, reaching 116.264 billion and 59.383 billion respectively. Freight revenue grew across several categories, led by automotive, grain and fertilizers, petroleum and chemicals, and metals and minerals.

Operating income increased 8 percent to CAD 1.730 billion. Reported net income rose 6 percent to CAD 1.209 billion, while diluted earnings per share advanced 9 percent to CAD 2.00. The adjusted figures exclude CAD 118 million in asset impairments linked to discontinued information-technology project components and CAD 14 million in advisory costs related to rail-consolidation matters. On that basis, adjusted net income increased 15 percent to CAD 1.307 billion and adjusted diluted EPS rose 18 percent to CAD 2.16.

Cash flow and operating discipline

CN generated CAD 2.918 billion in free cash flow during the first nine months of 2026, an increase of 25 percent from the comparable period. The company also repurchased approximately 3.9 million shares for CAD 676 million during the quarter. Its adjusted operating ratio improved to 61.0 percent from 61.4 percent a year earlier, although the reported operating ratio increased to 63.7 percent after the special items.

Fuel efficiency reached a record third-quarter level, with locomotive fuel consumption improving 2 percent to 0.814 U.S. gallons per 1,000 gross ton miles. At the same time, through dwell increased 1 percent, while car velocity and network train speed each declined 2 percent. The mixed operating indicators leave execution and cost control central to the near-term investment case.

Guidance remains in place

CN continues to assume low-single-digit revenue ton-mile growth for 2026 and expects adjusted diluted EPS growth in the mid-to-high single-digit range. Management said results are currently tracking toward the upper end of that range. The company also maintained its plan to invest approximately CAD 2.8 billion in 2026, net of customer reimbursements, and expects to continue improving free-cash-flow conversion.

The board approved a fourth-quarter dividend of CAD 0.9150 per common share. It is scheduled for payment on December 30, 2026, to shareholders of record at the close of business on December 9. The outlook remains exposed to economic conditions, trade tensions, fuel prices and demand across CN's freight markets, risks highlighted in the company's release.

The S&P/TSX Composite provides the broader Canadian market context for investors following the railway.

For more company-specific developments, see More news and analyses on Canadian National Railway stock.

Canadian National Railway stock at a glance

• Company: Canadian National Railway Company
• ISIN: CA1363751027
• Tickers: CNR on the Toronto Stock Exchange; CNI on the New York Stock Exchange
• Lang & Schwarz quote: 113.00 euros on November 3, 2026, at 12:48 CET
• Previous Lang & Schwarz quote: 113.43 euros
• Third-quarter revenue: CAD 4.771 billion
• Adjusted diluted EPS: CAD 2.16
• 2026 capital investment plan: Approximately CAD 2.8 billion, net of customer reimbursements