Canadian National Railway Company Q3 2026 Earnings Recap

CN reported higher earnings and free cash flow on volume growth, while reaffirming its full-year EPS outlook. Shares rose 2.2% after the results, a roughly flat reaction that suggests a measured market response.

Key Takeaways

• EPS grew 18% on 4% volume growth; management reaffirmed mid-to-high single-digit EPS growth for the year on low single-digit RTM growth, saying it was tracking toward the upper end.
• Year-to-date free cash flow increased 25%, supported by operating performance and disciplined capital spending; CN continued share repurchases.
• Fast Track delivered about CAD 120 million year-to-date, and the company reported record third-quarter fuel efficiency.
• CN cited approximately CAD 300 million in new revenues from commercial efforts so far this year, with potential future growth from LNG-related traffic and a planned agreement with Union Pacific to extend its reach into Mexico.