CNI Q3 2025 Earnings
Reported Oct 31, 2025 at 7:35 AM ET · SEC Source
Q3 25 EPS
$1.83
BEAT +3.30%
Est. $1.77
Q3 25 Revenue
$4.17B
BEAT +0.34%
Est. $4.15B
vs S&P Since Q3 25
+12.6%
BEATING MARKET
CNI +18.3% vs S&P +5.7%
Market Reaction
Did CNI Beat Earnings? Q3 2025 Results
Canadian National Railway posted a stronger-than-expected third quarter, with diluted EPS of $1.83 beating the $1.77 consensus estimate by 3.30% as the freight giant navigated a cautious macro environment with notable operational discipline. Revenue … Read more Canadian National Railway posted a stronger-than-expected third quarter, with diluted EPS of $1.83 beating the $1.77 consensus estimate by 3.30% as the freight giant navigated a cautious macro environment with notable operational discipline. Revenue rose 1.3% year-over-year to $4.17 billion, edging past the $4.15 billion consensus by 0.34%, while net income climbed 5% to $1.14 billion. The single most material driver behind the beat was a sharp improvement in cost control, with the operating ratio tightening 170 basis points to 61.4% and fuel expenses falling 19%, aided partly by the April 2025 elimination of Canada's federal carbon tax. Intermodal revenue surged 11% to $980.00 million, benefiting from a favorable prior-year comparison that included a labor disruption. Free cash flow jumped 36% to $793.00 million, underscoring the efficiency gains CEO Tracy Robinson has championed. CN maintained its full-year guidance for mid-to-high single-digit adjusted EPS growth, while flagging heightened demand uncertainty tied to global trade tensions and U.S. Tariffs as risks heading into year-end.
Key Takeaways
- • Intermodal volumes surged 11% driven by recovery from prior-year TCRC labor disruption
- • Operating ratio improved 170 basis points to 61.4% through cost discipline
- • Fuel expense decreased 19% due to lower fuel prices and elimination of Canadian federal carbon tax
- • Freight rate increases across all commodity groups
- • Higher exports of Canadian metallurgical coal and U.S. grain
- • Improved operational metrics: train length up 3%, fuel efficiency improved 2%, network train speed up 2%
- • GTMs per average employee increased 6% reflecting productivity gains
CNI YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
CNI Revenue by Segment
With YoY comparisons, source: SEC Filings
CNI Revenue by Geography
With YoY comparisons, source: SEC Filings
“I want to thank the entire CN team for delivering a strong quarter that combined solid performance with excellent customer service. Our seasoned team of railroaders continues to run a safe, on time, and efficient operation focused on service, and capturing every freight movement opportunity across our unique network and diversified portfolio.”
— Tracy Robinson, Q3 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% |