CN posts revenue, income gains in Q2

CN today reported second-quarter 2026 revenue of CA$4.75 billion, up 11% from Q2 2025 revenue of CA$4.27 billion.

For the quarter, the Class I reported operating income of CA$1.78 billion, up 9% from CA$1.64 billion reported for the same period last year. Adjusted operating income was CA$1.8 billion, a 10% increase from CA$1.64 billion in Q2 2025.

Net income was CA$1.25 billion, up 7% from CA$1.17 billion, while adjusted net income climbed 8% to CA$1.26 billion from CA$1.17 billion a year ago. The company posted diluted earnings per share of CA$2.06, up 10% from CA$1.87 a year ago. CN's Q2 2026 operating ratio increased 80 basis points to 62.5 from 61.7 in Q2 2025.

CN logged improvements across operating metrics in Q2 2026 compared to Q2 2025, company officials said in a press release. Compared to the same quarter in 2025, gross ton miles (GTMs) increased by 3% to 121 billion, while revenue ton miles (RTMs) increased by 5% to 62 billion. GTMs per average number of employees increased 9% to 5.1 million.

Based on "strong volume and solid operational execution" over the first half of 2026, CN now assumes it will deliver low single-digit RTM growth in 2026. The company anticipated flat RTM growth at the start of this year.

"We delivered on our key commitments, with solid operational and commercial performance, improved productivity, strong cash flow generation and continued financial discipline," CN President and CEO Tracy Robinson said. "We are raising our full-year guidance, supported by sustained business momentum and our continued ability to deliver results for our customers.”