Canadian National Railway Q3 revenue beats on strong service execution
CNI•Canadian National Railway’s Q3 revenue rose 15% year over year to C$4.77 billion, while adjusted EPS increased 18% to C$2.16; both beat analyst expectations. The company repurchased C$676 million in shares and maintained its 2026 outlook.
1. Quarterly results
Revenue was C$4.77 billion, above the C$4.64 billion consensus estimate, and adjusted EPS was C$2.16, compared with expectations of C$2.09. Adjusted net income was C$1.31 billion, beating the C$1.26 billion estimate. The company said strong service execution and operational improvements helped it meet customer demand, while grain and energy were among the key markets.
2. Volumes and outlook
Gross ton-miles and revenue ton-miles each rose 4% year over year, and the company reported record Q3 fuel efficiency. It repurchased C$676 million in shares during the quarter. Canadian National Railway continues to expect low-single-digit RTM growth in 2026 and adjusted diluted EPS growth in the mid-to-high-single-digit range, tracking the upper end; it also noted heightened demand risk from volatile macroeconomic and geopolitical conditions.
