Railway (CNI) Q3 2026 Earnings Call Transcript

Canadian National Railway’s Q3 2026 earnings call highlighted strong profitability and momentum across volumes. Tracy Robinson and CFO Ghislain Houle reported adjusted diluted EPS of $2.16, up 18% year over year, supported by higher volumes and pricing discipline. Revenue reached $4.77 billion, up 15%, aided by applicable fuel surcharge rates and freight rate increases. The adjusted operating ratio improved to 61%, a 40-basis-point gain from productivity and operational leverage. Free cash flow for the first nine months was $2.9 billion, up 25%, as capital spending stayed disciplined. CN also noted $676 million in share repurchases, $2.8 billion in 2026 capital investment, and an asset impairment charge of $118 million.