CN’s President and CEO Tracy Robinson will present at Barclays’ 43rd Industrial Select Conference on February 17, 2026, followed by CFO Ghislain Houle addressing Citi’s 2026 Global Industrial Tech and Mobility Conference on February 18. The Board has approved a 3% increase in the 2026 dividend, marking the company’s 30th consecutive year of dividend growth. In addition, CN authorized a new share repurchase program of up to 24 million common shares, effective February 4, 2026 through February 3, 2027, and plans to temporarily increase leverage to approximately 2.7x to support these buybacks, with a return to a 2.5x ratio expected in 2027.

CN delivered 14% growth in reported EPS in Q4 2025 and 7% growth for the full year, in line with mid- to high-single-digit guidance. The fourth-quarter operating ratio improved by 250 basis points year-over-year to 60.1%, its best quarterly result of the year, while full-year efficiency gains drove a 120-basis-point improvement to 61.7%. Adjusted EPS grew 14% in the quarter after absorbing a CAD 34 million pre-tax workforce reduction charge and CAD 15 million in advisory fees related to industry consolidation.

Chief Operating Officer Pat Whitehead highlighted record-low injury frequency and a 5% year-over-year increase in quarterly workload, with four consecutive months of record grain tonnage from Western Canada. Productivity gains included a 14% improvement in train and engine efficiency, a 5% boost in locomotive productivity, and a CAD 20 million reduction in mechanical inventory. Chief Commercial Officer Janet Drysdale reported intermodal revenues up 13% internationally and 6% domestically, all-time annual grain shipment records, a 9% rise in natural gas liquids volumes, offset by pressure in forest products and metals due to weaker demand and increased duties.

For 2026, CN’s plan assumes flat revenue ton miles versus 2025 and foreign exchange neutral at the prior year average of CAD 0.715 per U.S. dollar. The company expects EPS growth to slightly exceed volume growth, with free cash flow increasing despite a CAD 500 million reduction in planned capital spending to CAD 2.8 billion. Anticipated margin headwinds include a less favorable product mix, lower capital credits, a higher effective tax rate of 25%–26%, and the absence of certain one-time income gains realized in 2025.