CN posts 'strong' Q3 results; lays off 400 managers, report says

CN yesterday announced "strong" third-quarter 2025 financial and operating results, including 6% growth in earnings and 1% growth in revenue compared with Q3 2024 results.

The Class I posted revenue of C$4.2 billion for the quarter, up 1%; operating income of C$1.1 billion, up 6%; net income of C$1.1 billion, up 5%; and diluted earnings per share of C$1.83, up 6%.

CN reported a Q3 2024 operating ratio, defined as operating expenses as a percentage of revenue, of 61.4% compared to 63.1% a year ago.

Productivity improved during the quarter, including an additional C$75 million in labor cost reductions. Also, CN repurchased 8 million shares in the quarter for a value of C$1 billion.

CN President and CEO Tracy Robinson described the Q3 results and performance as strong, as the company takes steps to navigate a challenging macro environment. For 2026, CN is setting its capital spend at C$2.8 billion, down nearly C$600 million from 2025 levels.

"We are positioning this business to benefit from higher future volumes and ensuring everything we do enhances our customers and shareholders long term value," Robinson said in a press release.

CN's Q3 2025 operating results included: 1% increases in gross ton and revenue ton miles; a 1% decrease in through dwell; 1% increase in car velocity; 2% increase in through-network train speed; and a 3% increase (to 8,049 feet) in train length.

Meanwhile, CN has laid off about 400 managers in Canada and the United States amid lower freight-rail volume related to the impact of U.S.-imposed tariffs on Canada, The Globe and Mail reported yesterday.

“CN has been adjusting its unionized and management headcount across Canada and the U.S. to reflect the business environment,” Ashley Michnowski, a CN spokeswoman, said in an email, the newspaper reported. “We are careful to do this so to not compromise safety, operational excellence and our ability to take advantage of growth opportunities.”

Freight volumes at CN and Canadian Pacific Kansas City are up 1.8% year to date, but key cargo segments specifically impacted by the tariffs have logged steep declines, the newspaper reported, citing Association of American Railroads data.