CN posts revenue, profit gains in Q4, full-year 2025

CN today announced its fourth-quarter 2025 and full-year financial and operating results, with a 2% increase in revenue and a 9% increase in net income in Q4 2025 compared to the same period a year ago.

For Q4, Class I posted revenue of C$4.5 billion, up 2%; operating income of C$1.7 billion, up 6%; net income of C$1.2 billion, up 9%; and adjusted net income of C$1.3 billion, up 12%. Diluted earnings per share reached C$2.03, up 12%, and adjusted diluted EPS totaled C$2.08, a 14% increase.

CN's Q4 operating ratio was 61.2%. down from 62.6% a year ago.

CN's Q4 2025 operating results include a 5% increase in gross ton miles; 4% increase in revenue ton miles; 1% decrease in through dwell; 2% increase in car velocity; and a 3% increase (to 7,868 feet) in train length.

For the full year, CN reported revenue of C$17 billion, up 2% year over year; operating income of C$6.6 billion, up 5%; net income of C$4.7 billion, up 6%; and diluted EPS of C$7.57, up 8%.

Full-year 2025 operating results include a 1% increase in gross ton miles; 1% increase in revenue ton miles; 1% increase in through dwell; 1% decrease in car velocity; and a 1% increase (to 7,909 feet) in train length.

CN President and CEO Tracy Robinson described the Q4 and full-year results as strong, highlighting the railroad's focus on efficiency, cost control and productivity in the quarter. 

"As we enter 2026, we expect continued macroeconomic uncertainty and elevated geopolitical risk," Robinson said in a press release. "We are managing through this environment by focusing on what we can control: disciplined capital allocation, rigorous cost management and strengthening free cash flow. This approach positions CN to respond quickly as volumes shift and to deliver sustainable long-term value for shareholders."

For 2026, CN's capital expenditures budget is C$2.8 billion, down 15%, or C$600 million, from 2025.