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4/29/2026
CN today reported first-quarter revenue decreased 1% to CA$4.4 billion; operating income declined 4% to CA$1.5 billion; and net income dipped 1% to CA$1.1 billion compared to Q1 2025 financial results.
The Class I posted diluted earnings per share (EPS) of CA$1.87, up 1%, and adjusted EPS of CA$1.80, down 3%. Free cash flow for the quarter totaled CA$900 million, up 44%.
The railroad's operating ratio (OR) for the quarter clocked in at 64.6, worsening by 120 basis points. The adjusted OR worsened to 64.2, up 80 basis points.
CN also logged 62 billion revenue ton miles in the quarter, up 3% and a new Q1 record, CN officials said in a press release. The Class I also set a new Q1 record in fuel efficiency at 0.892 gallons of fuel consumed per 1,000 gross ton miles, up 3% year over year.
Looking ahead, CN anticipates volume growth to be flat in 2026, with adjusted diluted EPS growth projected to slightly exceed volume growth.
"Our strong commercial and operating performance allow us to fully leverage the strength of our network, enabling us to capture incremental volume," said CN President and CEO Tracy Robinson. "We remain firmly focused on safety, tight execution, cost control and capital discipline."