Canadian National Railway
Moves diversified freight across a three-coast network linking Canada with the U.S. Midwest and Gulf.
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Profile
Moves intermodal, agricultural, energy, industrial, forest, coal, and automotive freight across a three-coast North American network managed as one rail business. Scheduled operations coordinate capacity, crews, train movements, and commercial sales, while labor relations, safety controls, and rail regulation shape execution.
Transports intermodal containers, grain and fertilizers, petroleum and chemicals, metals and minerals, forest products, coal, and automobiles across one integrated freight network. Routes connect Canada's Atlantic and Pacific coasts with the U.S. Midwest and Gulf Coast, supporting overseas, cross-border, and domestic traffic.
Runs scheduled railroading through coordinated network planning, field execution, and commercial sales into available capacity. Traffic spans natural resources, manufactured products, and finished goods, limiting dependence on a single commodity while tying demand to industrial, agricultural, energy, consumer, and port flows.
Depends on unionized labor, track safety, dangerous-goods controls, and Canadian and U.S. rail regulation. Canadian law also requires the head office to remain in Montreal and limits concentrated voting control.
Company facts
Categories
Key statistics
Year to date +25.6% · Average volume (30d) 1.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 27, 2026 | Barclays | Reiterate | Equal Weight | $109 | $130 | |
| Jul 15, 2026 | Citigroup | Initiate | Market Perform | |||
| Jul 14, 2026 | Susquehanna | Downgrade | Positive | Neutral | ||
| Jun 25, 2026 | Barclays | Reiterate | Equal Weight | $99 | $109 | |
| Jun 25, 2026 | Evercore ISI | Reiterate | Outperform | $103 | $124 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 24, 2026Q2 FY26 | $1.39 | $1.50 | +7.9% | $3.26B | $3.35B | +2.6% | −0.46% |
| Apr 29, 2026Q1 FY26 | $1.31 | $1.31 | 0.0% | $3.15B | $3.15B | 0.0% | +3.75% |
| Jan 30, 2026Q4 FY25 | $1.43 | $1.49 | +4.2% | $3.25B | $3.25B | +0.1% | −0.56% |
| Oct 31, 2025Q3 FY25 | $1.28 | $1.33 | +3.9% | $4.43B | $2.14B | −51.6% | −0.30% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.17B | $3.07B | $3.00B | $3.21B | $3.16B | $3.42B | |
| Gross profit | $1.28B | $1.31B | $1.35B | $1.49B | $1.35B | $1.50B | |
| Operating income | $1.16B | $1.18B | $1.16B | $1.25B | $1.12B | $1.28B | |
| Net income | $835.2M | $843.1M | $819.3M | $897.0M | $826.5M | $898.8M | |
| Diluted EPS | $1.33 | $1.35 | $1.32 | $1.45 | $1.35 | $1.48 | |
| Gross margin | 40.4% | 42.8% | 44.9% | 46.3% | 42.8% | 43.7% | |
| Operating margin | 36.6% | 38.3% | 38.5% | 38.8% | 35.4% | 37.5% |
Fiscal years (4-quarter sums)FY21 $10.41B · FY22 $12.31B · FY23 $12.11B · FY24 $12.26B · FY25 $12.45B
Balance sheet, Jun 30, 2026Cash & short-term investments $211.6M · Total debt $16.28B · Total assets $43.25B · Shareholders' equity $15.76B
Dividends
Raised for 29 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 9, 2026 | Jun 9 | Jun 30 | $0.6555 | cut from $0.6746 |
| Mar 10, 2026 | Mar 10 | Mar 31 | $0.6746 | raised from $0.6407 |
| Dec 9, 2025 | Dec 9 | Dec 30 | $0.6407 | cut from $0.6427 |
| Sep 8, 2025 | Sep 8 | Sep 29 | $0.6427 | cut from $0.6489 |
| Jun 9, 2025 | Jun 9 | Jun 30 | $0.6489 | raised from $0.615 |
| Mar 10, 2025 | Mar 10 | Mar 31 | $0.615 | raised from $0.5987 |
| Dec 9, 2024 | Dec 9 | Dec 30 | $0.5987 | cut from $0.6231 |
| Sep 6, 2024 | Sep 6 | Sep 27 | $0.6231 | raised from $0.618 |
Ownership
Shares outstanding 604.90M · Float 603.71M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Bill & Melinda Gates Foundation Trust | 51.83M | 8.57% | 13F | Aug 14, 2026 |
| Royal Bank of Canada | 31.16M | 5.15% | 13F | Aug 14, 2026 |
| FIL Ltd | 19.13M | 3.16% | 13F | Aug 13, 2026 |
| Caisse de Depot et Placement du Quebec | 18.96M | 3.13% | 13F | Aug 14, 2026 |
| 1832 Asset Management L.P. | 16.52M | 2.73% | 13F | Aug 13, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Canadian Pacific Kansas City
Direct rail rival across Canada, U.S. corridors, and core freight markets
- Union Pacific
Western U.S. freight rail across intermodal and industrial markets
- CSX
Eastern U.S. rail rival in intermodal and major commodity lanes
- Norfolk Southern
Eastern U.S. rail rival in intermodal, ports, and merchandise freight
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Canadian National Railway | $126.01 | +0.02% | $76.22B | 22.5 | 21.5 | 6.0 | +6.7% |
| Canadian Pacific Kansas City | $93.58 | −0.57% | $82.74B | 30.4 | 24.7 | 6.8 | +8.4% |
| Union Pacific | $307.42 | +0.01% | $182.62B | 24.9 | 22.7 | 7.2 | +11.5% |
| CSX | $51.59 | +0.60% | $95.00B | 29.6 | 23.9 | 6.5 | +10.1% |
| Norfolk Southern | $348.68 | +0.03% | $78.32B | 29.8 | 25.5 | 6.2 | +12.5% |
| Median | 29.7 | 24.3 | 6.7 | +10.8% |