Canadian National Railway (CNI)
Canadian National Railway (CNI) runs a roughly 20,000-mile freight rail network that is the only one reaching Canada’s Pacific and Atlantic coasts and the U.S. Gulf. In ETFpedia it represents the HALO concept of AI-resilient physical businesses, because its value sits in owned track and rolling stock that move real goods, not data.
| Ticker | CNI |
|---|---|
| Exchange | NYSE |
| Sector | Industrials · Railroads |
| Country | Canada |
| Held by ETF | Roundhill HALO ETF (LOHA) |
| Last updated | 2026-06-10 |
Next event: Next earnings · Q2 2026 , estimated · Date is estimated (CN signalled ~July 22; some calendars list July 24); confirm on cn.ca/investors. Last report: Q1 2026 on 2026-04-29. (source)
Latest reported quarter: Q1 2026 (ended Mar 31, 2026) (reported 2026-04-29)
Canadian National reported revenue of C$4,379 million, down 1% year over year, with diluted EPS of C$1.87 and an operating ratio of 64.6%, while free cash flow rose 44% to C$900 million.
| Revenue | C$4,379M -1% YoY |
|---|---|
| Diluted EPS | C$1.87 +1% YoY |
| Adjusted EPS | C$1.80 |
| Operating ratio | 64.6% · +120 bps YoY (lower is better); adjusted 64.2% |
| Free cash flow | C$900M · +44% YoY |
| Net income | C$1,146M · -1% YoY; ~6M shares bought back for C$869M |
Guidance: Full-year 2026 (reaffirmed)
| Adjusted diluted EPS growth | to slightly exceed volume growth |
|---|---|
| Revenue ton-mile (RTM) growth | roughly flat |
| Net capital spending | ~C$2.8B |
Recent & upcoming events
- · Tariff uncertainty flagged as top risk. CN said trade and tariff uncertainty cut 2025 revenue by more than C$350 million, hitting metals and forest products. (source)
- · Q1 2026 results. Revenue C$4,379M (-1%) but record Q1 revenue ton-miles (+3%); diluted EPS C$1.87, operating ratio 64.6%; free cash flow up 44% to C$900M; full-year outlook reaffirmed. (source)
Figures are in Canadian dollars. Management flags trade and tariff uncertainty as its single biggest risk.
Figures are as of 2026-06-03 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Canadian National do?
Canadian National hauls freight across a transcontinental network: grain and fertilizers, intermodal containers, petroleum and chemicals, metals and minerals, forest products, coal, and automotive. It is one of two Class I railroads in Canada and the only one touching three coasts, which gives it routes competitors cannot replicate (CN investors).
The scale shows up in the annual numbers. At the end of 2025 the network spanned 18,900 route miles across Canada and the U.S., staffed by about 23,839 employees, and in full-year 2025 it moved 5.46 million carloads and 238,159 million revenue ton-miles, generating revenues of C$17,304 million, up 2%, net income of C$4,720 million, and an operating ratio of 61.9% (CN full-year 2025 results (SEC 6-K)). Diluted EPS grew 8% to C$7.57 even in a soft freight economy, which is the profile HALO selection looks for: pricing and efficiency doing the work when volumes stall.
Why is Canadian National resilient to AI disruption?
A railroad’s moat is physical and effectively unbuildable today: the right-of-way, track, bridges, terminals, and thousands of locomotives. AI can optimize a railroad’s operations, but it cannot move a tonne of grain without the railroad. That is the core of the HALO thesis, earnings tied to physical commodity flows rather than information work that large language models can automate.
I want to thank the entire CN team for delivering on our plan, despite ongoing uncertainty in the macro environment.
— Tracy Robinson, President & CEO, Canadian National (Q1 2026 results (SEC 6-K))
What did Canadian National report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Canadian National reported revenue of C$4,379 million, down 1% year over year, with diluted EPS of C$1.87 (up 1%) and an operating ratio of 64.6% (CN 6-K, Apr 29, 2026). Free cash flow rose 44% to C$900 million, even as revenue ton-miles set a first-quarter record (up 3%). The soft top line reflected tariff-hit metals and forest products.
What is Canadian National’s guidance?
For full-year 2026, Canadian National reaffirmed that adjusted diluted EPS growth should slightly exceed volume growth, with revenue ton-miles roughly flat and net capital spending of about C$2.8 billion (CN 6-K). Management said trade and tariff uncertainty cut more than C$350 million from 2025 revenue and remains its biggest risk (ConstructConnect).
How does Canadian National return cash to shareholders?
Consistently, which is itself part of the HALO appeal. In 2025 CN repurchased about 15 million shares for roughly C$2 billion, and its board approved a 3% dividend increase for 2026, the 30th consecutive year of dividend increases (CN full-year 2025 results (SEC 6-K)). The 2026 capital program was set at C$2.8 billion, C$500 million below 2025, freeing more cash for returns.
We are managing through this environment by focusing on what we can control: disciplined capital allocation, rigorous cost management and strengthening free cash flow.
— Tracy Robinson, President & CEO, Canadian National (full-year 2025 results (SEC 6-K))
What are the risks for Canadian National?
- Trade policy. USMCA and tariff uncertainty directly hit cross-border metals and forest-product volumes.
- Flat volumes. A muted 2026 volume outlook limits revenue growth.
- Margin pressure. The operating ratio worsened about 120 basis points year over year in Q1.
- Cyclicality and FX. Grain crops, coal, and energy swing with cycles, and results translate from Canadian dollars.
Related securities, concepts & terms
- AI-Resilient Investing parent
- Heavy Asset Low Obsolescence (HALO) parent
- J.B. Hunt (JBHT) sibling
- Cummins (CMI) sibling
Related indices & ETFs
- Roundhill HALO ETF (LOHA) · Roundhill Investments Tracks the Akros U.S. HALO Index of physical-economy companies screened for AI resilience.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about Canadian National
What does Canadian National Railway do?
Canadian National operates a roughly 20,000-mile freight rail network spanning Canada and the U.S. mid-continent (the only railroad reaching the Pacific, Atlantic, and Gulf coasts) moving grain, intermodal, energy, metals, forest products, and automotive freight.
When does Canadian National report its next earnings?
Canadian National is expected to report Q2 2026 results around July 22, 2026 (some calendars list July 24). Confirm the date on cn.ca/investors. It last reported Q1 2026 on April 29, 2026.
What was Canadian National's latest quarterly revenue?
Canadian National reported revenue of C$4,379 million in Q1 2026, down 1% year over year, with diluted EPS of C$1.87 (up 1%) but adjusted EPS of C$1.80 (down 3%). Net income was C$1,146 million, and the operating ratio was 64.6%, up 120 basis points.
How much cash did Canadian National generate and return in Q1 2026?
Free cash flow rose 44% to C$900 million in Q1 2026, on operating cash flow of C$1,265 million and net investing outlays of C$365 million. CN also repurchased about 6 million shares for C$869 million during the quarter.
What is Canadian National's guidance?
For full-year 2026, Canadian National reaffirmed that adjusted diluted EPS growth should slightly exceed volume growth, with revenue ton-miles roughly flat and net capital spending of about C$2.8 billion. Q1 revenue ton-miles still set a first-quarter record, up 3%.
Why is Canadian National a HALO (AI-resilient) stock?
Its value sits in owned track, terminals, and rolling stock that physically move real goods, a near-irreplaceable right-of-way that AI cannot copy or automate away. Even amid a 1% revenue decline, volume (revenue ton-miles) grew 3% in Q1 2026, underscoring earnings tied to commodity flows rather than digital workflows.
How long has Canadian National raised its dividend?
CN's board approved a 3% dividend increase for 2026, marking the 30th consecutive year of dividend increases, per its full-year 2025 results. In 2025 the company also repurchased about 15 million shares for roughly C$2 billion, and it set its 2026 capital program at C$2.8 billion, C$500 million below 2025.
Sources & references
- CN reports strong first quarter 2026 operational and commercial performance (SEC 6-K, Exhibit 99.1) · Canadian National Railway / SEC EDGAR, 2026-04-29
- CN announces solid fourth quarter and year-end 2025 results (SEC 6-K, Exhibit 99.1) · Canadian National Railway / SEC EDGAR, 2026-01-30
- Canadian National Railway · investors · Canadian National Railway, 2026-06-02
- Tariffs take C$350M bite out of CN Rail revenues · Daily Commercial News / ConstructConnect, 2026-02-15
- Canadian National Railway · investor financial results and events calendar · Canadian National Railway, 2026-06-03
- NYSE listed company information · CNI · New York Stock Exchange, 2026-06-02