CN Delivers on Commitments with Strong Second Quarter Results and Raises 2026 Guidance

CN Delivers on Commitments with Strong Second Quarter Results and Raises 2026 Guidance

Canadian National Railway Company Delivered diluted earnings per share (EPS) increase of 10% , or 11% on an adjusted basis and 12% on an adjusted basis at constant currency (1) Raised 2026 financial guidance, now assuming low single-digit RTM growth and expecting mid-to-hi gh single-digit adjusted diluted EPS growth Achieved revenue ton miles (RTMs) increase of 5% year over year with strong overall volumes driven primarily by grain and energy products R ealized record first half and second quarter fuel efficiency performance Repurchased approximately 3 million shares for C$ 454 million Generated free cash flow of C $1,842 million, an increase of 19% for the first half of 2026 (consisting of net cash provided by operating activities of C $2,876 million and net cash used in investing activities of C $1,034 million)

MONTREAL, July 24, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today reported its financial and operating results for the second quarter ended June 30, 2026. “I want to thank the CN team for the strong results this quarter, which reflect their discipline, focus, and execution. We delivered on our key commitments, with solid operational and commercial performance, improved productivity, strong cash flow generation, and continued financial discipline. We are raising our full-year guidance, supported by sustained business momentum and our continued ability to deliver results for our customers.” – Tracy Robinson, President and Chief Executive Officer, CN

CN saw improvements across operating metrics, with strong commercial and service performance. Gross ton miles (GTMs) increased by 3% to 121,082 (millions), while RTMs increased by 5% to 62,250 (millions). The Company delivered diluted EPS of C$2.06, an increase of 10%, and adjusted diluted EPS of C$2.08, an increase of 11%, or C$2.09 on an adjusted basis at constant currency, an increase of 12%. The quarter’s operating performance reflects the Company’s continued priority on operational execution as well as its ability to provide solid service to customers, allowing it to capture demand in grain and in other markets.

Second-quarter 2026 compared to second-quarter 2025 Revenues of C$4,753 million, an increase of C$481 million, or 11%. Operating income of C$1,781 million, an increase of C$143 million, or 9%, and adjusted operating income of C$1,798 million, an increase of C$160 million, or 10%. Operating ratio, defined as operating expenses as a percentage of revenues, of 62.5%, an increase of 80 basis points, and adjusted operating ratio of 62.2%, an increase of 50 basis points. Net income of C$1,249 million, an increase of C$77 million, or 7%, and adjusted net income of C$1,261 million, an increase of C$89 million, or 8%. Diluted EPS of C$2.06, an increase of 10% and adjusted diluted EPS of C$2.08, an increase of 11%, or C$2.09 on an adjusted basis at constant currency, an increase of 12%. Net cash provided by operating activities of C$2,876 million and net cash used in investing activities of C$1,034 million for the first half of 2026. Free cash flow for the first half of 2026 was C$1,842 million, an increase of C$294 million, or 19%. Adjusted EBITDA reported for the twelve months ended June 30, 2026 of C$8,832 million, an increase of 4%. Adjusted debt-to-adjusted EBITDA of 2.61 times as at and for the twelve months ended June 30, 2026. Repurchased approximately 2.9 million shares in the second quarter of 2026 for C$454 million.

Second-quarter 2026 compared to second-quarter 2025 GTMs increased 3% to 121,082 (millions). RTMs increased 5% to 62,250 (milli...