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Mar 31, 2025
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CNR Q1 2025 Earnings Report
Canadian National Railway reported solid Q1 2025 results with gains in revenue, EPS, and net income driven by tight cost controls and operational discipline.
Key Takeaways
CN achieved revenue of C$4.4B and EPS of C$1.85 in Q1 2025, supported by modest RTM growth and improved operating efficiency despite macroeconomic headwinds.
Revenue rose to C$4.403 billion, up C$154 million from last year.
EPS increased to C$1.85, reflecting an 8% gain.
Net income climbed to C$1.161 billion for the quarter.
Free cash flow surged to C$626 million, up from C$529 million.
Revenue by Segment
Forward Guidance
CN reaffirmed its 2025 guidance, expecting adjusted diluted EPS growth of 10%-15%, despite highlighting elevated recessionary risks and volatile global conditions.
Positive Outlook
- Maintained 2025 EPS growth guidance of 10%-15%
- Capital investment plan of approximately C$3.4 billion
- Continued expectation of low to mid single-digit RTM growth
- U.S. grain crop assumed to be above five-year average
- Canadian grain crop expected to remain in line with five-year average
Challenges Ahead
- Recessionary risk linked to global trade actions and tariffs
- Slight downgrade in industrial production growth expectations
- Crude oil price forecast lowered to US$60–US$70 per barrel
- Ongoing geopolitical uncertainty impacting macro assumptions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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