Canadian National Railway stock posts 18% adjusted EPS growth

Canadian National Railway reported a stronger third quarter on October 30, 2026, with revenue, freight volumes and adjusted earnings all ahead of the prior-year period. The company said the performance reflected service execution, pricing discipline and productivity gains. The Canadian National Railway release on GlobeNewswire was published for the company by Canadian National Railway.

The quarter ended September 30. Revenue increased to C$4.771 billion from C$4.165 billion a year earlier, while revenue ton miles rose 4 percent to 59.383 billion. Gross ton miles also increased 4 percent to 116.264 billion, indicating broader freight activity across the network.

Revenue growth supports adjusted earnings

Reported diluted earnings per share rose 9 percent to C$2.00. Adjusted diluted EPS climbed 18 percent to C$2.16, or 17 percent to C$2.14 on a constant-currency basis. Adjusted net income reached C$1.307 billion, compared with C$1.139 billion in the third quarter of 2025.

CN's adjusted operating ratio improved to 61.0 percent from 61.4 percent. The reported operating ratio was 63.7 percent, reflecting C$118 million of asset impairments and C$14 million of advisory costs related to rail-consolidation matters. Those items were excluded from the adjusted figures, so the non-GAAP result should not be treated as a substitute for GAAP earnings.

Free cash flow for the first nine months increased 25 percent to C$2.918 billion. CN also repurchased approximately 3.9 million shares for C$676 million during the quarter, while its board approved a quarterly dividend of C$0.9150 per common share.

CN keeps full-year targets intact

Management reaffirmed its expectation for low-single-digit revenue-ton-mile growth in 2026 and mid-to-high single-digit adjusted EPS growth. CN said it was tracking toward the upper end of that range, while noting that the fourth quarter will face stronger year-over-year comparisons. Capital investment remains targeted at approximately C$2.8 billion, net of customer reimbursements.

For the balance of the year, CN's assumptions include a Canadian dollar at US$0.71 and average West Texas Intermediate crude prices between US$80 and US$110 per barrel. Management also expects Canadian and U.S. grain crops for 2026 and 2027 to remain above their respective five-year averages.

The real-time quote of Canadian National Railway stock was 113.40 euros on Lang & Schwarz at 13:10 CET on Wednesday, November 4, 2026.

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