CNI Q4 2025 Earnings
Reported Jan 30, 2026 at 7:36 AM ET · SEC Source
Q4 25 EPS
$2.08
BEAT +5.05%
Est. $1.98
Q4 25 Revenue
$4.46B
MISS 20.87%
Est. $5.64B
vs S&P Since Q4 25
+11.8%
BEATING MARKET
CNI +16.0% vs S&P +4.1%
Full Year 2025 Results
FY 25 EPS
$7.63
BEAT +1.40%
Est. $7.52
FY 25 Revenue
$17.30B
MISS 0.02%
Est. $17.31B
Market Reaction
Did CNI Beat Earnings? Q4 2025 Results
Canadian National Railway posted a stronger-than-expected fourth quarter, with adjusted earnings per share of $2.08 beating the $1.98 consensus estimate by 5.05%, even as revenue of $4.46 billion trailed analyst expectations of $5.64 billion by 20.87… Read more Canadian National Railway posted a stronger-than-expected fourth quarter, with adjusted earnings per share of $2.08 beating the $1.98 consensus estimate by 5.05%, even as revenue of $4.46 billion trailed analyst expectations of $5.64 billion by 20.87%, despite rising 2.4% year over year. The profit beat was underpinned by meaningful operational improvement, with the adjusted operating ratio tightening 2.5 points to 60.1% as gross ton miles climbed 5% and productivity gains pushed GTMs per average employee up 8%, effectively squeezing more output from a leaner cost base. Intermodal volumes surging 10% and grain and fertilizer freight rising 6% provided the top-line lift, partially offsetting softness in coal, forest products, and metals. For the full year, CN generated $3.34 billion in free cash flow, up 8%, and rewarded shareholders with a 3% dividend increase, its 30th consecutive annual hike, alongside a new buyback authorization for up to 24 million shares. Looking ahead, management expects flattish volume growth in 2026, with adjusted EPS growth modestly exceeding that pace, while trimming the capital program by $500 million amid elevated trade and macroeconomic uncertainty.
Key Takeaways
- • Grain and fertilizers revenue grew 6% driven by 9% RTM increase
- • Intermodal revenue grew 10% with 10% carload and RTM increases
- • Adjusted operating ratio improved 2.5 points to 60.1%
- • GTMs per average number of employees increased 8%
- • Operating expenses per GTM decreased 4%
- • Train length increased 3% to 7,868 feet
- • Fuel efficiency improved 1%
- • Lower fuel costs with average fuel price declining from $4.15 to $3.85 per US gallon
CNI YoY Financials
Q4 2025 vs Q4 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 delivered a strong fourth quarter and closed 2025 with disciplined execution and a relentless focus on capturing opportunities for our customers. I thank our railroaders for their commitment to running the railroad safely and efficiently. In a challenging demand environment, their focus on service, cost control and productivity drove solid performance.”
— Tracy Robinson, Q4 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% |