CNI Q2 2025 Earnings
Reported Jul 22, 2025 at 4:11 PM ET · SEC Source
Q2 25 EPS
$1.87
MISS 1.44%
Est. $1.90
Q2 25 Revenue
$4.27B
MISS 1.67%
Est. $4.34B
vs S&P Since Q2 25
+2.0%
BEATING MARKET
CNI +15.6% vs S&P +13.6%
Market Reaction
Did CNI Beat Earnings? Q2 2025 Results
Canadian National Railway delivered a softer-than-expected second quarter, with earnings and revenue both falling short of Wall Street targets as trade volatility and shifting freight flows weighed on results. The railroad posted adjusted diluted EPS… Read more Canadian National Railway delivered a softer-than-expected second quarter, with earnings and revenue both falling short of Wall Street targets as trade volatility and shifting freight flows weighed on results. The railroad posted adjusted diluted EPS of $1.87, missing the $1.90 consensus estimate by 1.44%, while revenue slipped 1.3% year-over-year to $4.27 billion, coming in 1.67% below the $4.34 billion analysts had anticipated. The most consequential driver behind the headline miss was a broad softening in cargo volumes, with revenue ton miles declining 1% as weakness in forest products, petroleum, metals, and intermodal freight offset a standout 13% surge in grain and fertilizer revenues. CN did manage to improve its GAAP operating ratio by 2.3 points to 61.7%, aided by a 24% drop in fuel expense to $413.00 million. However, management cut its full-year adjusted EPS growth outlook to the mid-to-high single-digit range from a prior 10%-15% target and withdrew its 2024-2026 financial outlook entirely, signaling that persistent tariff uncertainty and volatile trade conditions remain a meaningful headwind heading into the second half of the year.
Key Takeaways
- • Tight cost control and operational nimbleness drove margin improvement despite lower volumes
- • Fuel expense decreased 24% due to lower fuel prices and elimination of Canadian federal carbon tax
- • Grain and fertilizers revenue increased 13% on higher U.S. and Canadian grain exports and potash shipments
- • Operating ratio improved 2.3 points to 61.7%
- • Freight rate increases partly offset lower fuel surcharge revenues
- • Weaker Canadian dollar provided positive translation impact on revenues
- • Through network train speed improved 3%, car velocity improved 1%, and fuel efficiency improved 1%
CNI YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
CNI Revenue by Segment
With YoY comparisons, source: SEC Filings
CNI Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our team's ability to be nimble and our focus on tight cost control allowed us to adjust our operations and deliver strong results despite a challenging external environment. We are working closely with customers, including those impacted by trade issues, to provide them with the services they need to win in their markets. We remain focused on powering the North American economy and delivering for shareholders.”
— Tracy Robinson, Q2 2025 Earnings Press Release
CNI Earnings Trends
CNI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CNI EPS Trend
Earnings per share: estimate vs actual
CNI Revenue Trend
Quarterly revenue: estimate vs actual
CNI Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS FY | $1.98 | $1.80 | -9.09% | $4.38B | -0.52% |
| FY Full Year | $7.52 | — | — | — | — |
| Q4 25 BEAT FY | $1.98 | $2.08 | +5.05% | $4.46B | -20.87% |
| FY Full Year | $7.52 | $7.63 | +1.40% | $17.30B | -0.02% |
| Q3 25 BEAT | $1.77 | $1.83 | +3.30% | $4.17B | +0.34% |
| Q2 25 MISS | $1.90 | $1.87 | -1.44% | $4.27B | -1.67% |