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Dec 31, 2025
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CNR Q4 2025 Earnings Report
CN reported solid growth in revenue, earnings, and profitability in the fourth quarter of 2025.
Key Takeaways
CN delivered modest revenue growth and stronger profitability in Q4 2025, supported by operating efficiency improvements and higher volumes across key segments.
Revenue increased year over year driven by intermodal and grain volumes
Operating ratio improved, reflecting stronger cost control
Net income and EPS both grew at double-digit rates
Share repurchases continued during the quarter
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CN expects stable volume conditions in 2026 with earnings growth driven by productivity, cost discipline, and capital efficiency.
Positive Outlook
- Adjusted EPS growth expected to exceed volume growth
- Continued focus on cost control and productivity
- Strong free cash flow generation expected
- Capital investments targeted at network efficiency
- Ongoing shareholder returns through dividends and buybacks
Challenges Ahead
- Macroeconomic uncertainty may pressure demand
- Geopolitical risks could impact trade flows
- Flattish expected RTM volume growth
- Exposure to fuel price volatility
- Foreign exchange fluctuations remain a risk
Historical Earnings Impact
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Avg. Return Before/After Earnings
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