Canadian National Railway Company Q3 2025 Earnings Release

Canadian National Railway Company (CN) reported strong financial and operating results for the third quarter of 2025. The company achieved a 6% growth in earnings, with an operating ratio of 61.4%, an improvement of 170 basis points. CN repurchased nearly 8 million shares for approximately C$1 billion and reduced labor costs by an additional C$75 million. The company also announced a 2026 capital expenditure guidance of C$2.8 billion, down nearly C$600 million from 2025 levels. Revenues for the quarter increased by 1% to C$4,165 million, while operating income rose by 6% to C$1,606 million. Net income increased by 5% to C$1,139 million, and diluted earnings per share grew by 6% to C$1.83. CN's Board of Directors approved a quarterly dividend of C$0.8875 per common share, payable on December 30, 2025.