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Sep 30, 2025
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CNR Q3 2025 Earnings Report
CNR reported a strong Q3 2025 with increased revenue, earnings, and operating performance metrics.
Key Takeaways
CN delivered solid third-quarter results with higher revenue, improved operating ratio, and strong earnings growth, supported by intermodal and petroleum traffic.
Revenue rose 1% year-over-year to C$4.165 billion.
Operating ratio improved to 61.4%, a 170 bps improvement.
Net income grew 5% to C$1.139 billion with EPS up 6%.
Intermodal revenue increased 11%, leading all segments.
Revenue by Segment
Forward Guidance
CNR maintained its 2025 guidance for mid-to-high single-digit adjusted EPS growth and announced 2026 capital spending plans of C$2.8 billion.
Positive Outlook
- Maintained 2025 adjusted EPS growth guidance
- Announced lower 2026 capital expenditures of C$2.8B
- Improved labor cost productivity by C$75M
- Free cash flow increased 36% YoY in Q3
- Share repurchases of nearly 8 million shares in Q3
Challenges Ahead
- Revenues grew only 1% year-over-year
- Declines in metals, minerals, and forest products segments
- Freight revenue per carload declined by 3%
- Higher accident and injury rates reported
- Fuel costs still significant at C$418M for the quarter
Historical Earnings Impact
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Avg. Return Before/After Earnings
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