CN Reports 3% RTM Growth, C$900M Cash Flow, C$0.915 Dividend
CN reported record first-quarter revenue ton miles of 61,834 million (up 3% year over year) and free cash flow of C$900 million, a 44% increase. The company earned diluted EPS of C$1.87, repurchased C$869 million of shares and declared a C$0.9150 quarterly dividend payable June 30.
1. First-Quarter Operational Performance
CN achieved record first-quarter RTMs of 61,834 million, a 3% increase year over year, alongside a matching 3% rise in GTMs to 118,389 million and a 4% reduction in through dwell hours. Car velocity improved 6% to 201 car miles per day and fuel efficiency reached a record 0.892 US gallons per 1,000 GTMs.
2. Q1 Financial Results and Capital Returns
Revenues were C$4.379 billion, down 1%, while diluted EPS reached C$1.87, a 1% increase. Free cash flow surged 44% to C$900 million, enabling share repurchases of C$869 million and a quarterly dividend of C$0.9150 per share payable June 30.
3. 2026 Guidance and Capital Program
CN forecasts flattish RTM volume growth and expects adjusted diluted EPS growth to slightly exceed volume gains. The company plans C$2.8 billion in capital investments and aims to improve free cash flow conversion throughout the year.