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Jun 30, 2025
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CNR Q2 2025 Earnings Report
CNR Q2 2025 Earnings Report showed resilient performance with improved margins despite macroeconomic challenges.
Key Takeaways
CN delivered solid earnings in Q2 2025, with net income and EPS increasing, driven by cost control and improved operating ratio despite a slight revenue decline.
Revenue was C$4.27B, down 1% year-over-year.
Net income rose to C$1.17B with EPS at C$1.87.
Operating ratio improved to 61.7%, reflecting better cost efficiency.
Free cash flow reached C$922M despite softer freight volumes.
Revenue by Segment
Forward Guidance
CN expects mid to high single-digit adjusted EPS growth for 2025 but withdrew its 2024-2026 outlook due to economic uncertainty.
Positive Outlook
- Mid to high single-digit adjusted EPS growth expected in 2025
- Continued C$3.4B capital investment plan
- Improved operating ratio expected to continue
- Stable grain and fertilizers demand outlook
- Positive U.S. grain crop forecasts
Challenges Ahead
- Macroeconomic and trade policy uncertainties persist
- Tariff volatility impacting key sectors
- Softer intermodal and forest products demand
- Increased accident rate compared to last year
- Global trade tensions pose demand risks
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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