Canadian National Railway Company Q1 2026 Earnings Release

Canadian National Railway Company reported its first-quarter 2026 financial and operating results. The company achieved record revenue ton miles for a first quarter, with a 3% increase year-over-year. Free cash flow saw a significant increase of 44% to C$900 million, driven by strong net cash provided by operating activities. Employee productivity reached its best first-quarter level in five years, and the company also achieved record fuel efficiency for a first quarter. Diluted earnings per share (EPS) grew by 1% to C$1.87, although adjusted diluted EPS decreased by 3%. The company repurchased approximately 6 million shares for C$869 million during the quarter. Revenues decreased slightly by 1% to C$4,379 million, and operating income decreased by 4% to C$1,549 million. The operating ratio slightly increased. The company maintained its 2026 financial guidance, expecting flattish volume growth in RTMs and adjusted diluted EPS growth to slightly exceed volume growth, with a planned capital investment of approximately C$2.8 billion.