EarningsQ2 2026 Earnings Report
MX:CNIN Q2 2026 EPS Results
Actual EPS$26.84
Consensus EPS$25.39
Beat/MissBeat by +$1.45
One Year Ago EPS$24.13
MX:CNIN Q2 2026 Revenue Results
Actual Revenue$61.32B
Expected Revenue$59.76B
Beat/MissBeat by +$1.57B
YoY Revenue Growth+11.26%
Earnings Announcement Details
QuarterQ2 2026
Date07/24/2026
TimeBefore Open
Conference CallFriday, July 24, 2026
MX:CNIN Upcoming Earnings
Canadian National Railway's next earnings date is estimated for October 30, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CNIN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive operational and financial picture: strong top-line growth (revenues +11% on RTMs +5%), double-digit adjusted EPS growth, record fuel efficiency, material productivity gains and nearly $100M of realized Fast Track savings. Management raised guidance and announced strategic commercial agreements with UP that extend network reach and mitigate merger-related risks. Offsetting items include higher fuel expense (raising OR by ~210 bps), increased purchased services and advisory costs, segment-specific softness (overseas intermodal, Canadian coal), wildfire monitoring and macro/FX/tariff uncertainties. On balance, positive operational execution and raised guidance outweigh the challenges.Company Guidance
Earnings Per Share Growth
Reported diluted EPS of $2.06 (up 10% YoY); adjusted diluted EPS of $2.08 (up 11% YoY) and $2.09 (up 12% YoY on an FX-adjusted basis). Management highlighted EPS growth of ~12% FX-adjusted on 5% RTM volume growth.
Revenue and Volume Expansion
Revenues rose 11% year-over-year on a 5% increase in revenue ton-miles (RTMs); revenue per RTM / yield outperformed, with commentary noting roughly a ~6% increase in revenue per RTM for the quarter.
Operational Productivity Gains
Moved 3% more gross ton-miles while using existing assets more efficiently. Locomotive productivity improved ~6%, overall employee productivity improved ~9% (train & engine employees ~13%), and average train length increased ~1%.
Record Fuel Efficiency and Cost Savings
Delivered best Q2 and first-half fuel efficiency in company history, driving direct operating savings and helping offset higher fuel prices.
Fast Track Continuous Improvement Benefits
Fast Track program realized close to $100 million of benefits year-to-date through terminal and network improvements while maintaining service performance.
Strong Free Cash Flow and Balance Sheet Position
Year-to-date free cash flow increased approximately 20% (about $300 million). Net leverage was 2.6x with a maintained target of ~2.7x adjusted debt / EBITDA and continued opportunistic share buybacks.
Raised Full-Year Guidance
Management raised 2026 outlook: now assuming low single-digit RTM growth (up from flattish) and mid- to high-single-digit adjusted diluted EPS growth for the year; FX assumption updated to CAD/USD $0.71 and WTI guidance $80–$110/bbl.
Strategic Commercial Agreements with Union Pacific
Two agreements: (1) commercial rights giving CN direct, competitive access to Ferromex/Mexico via Memphis (immediate once definitive agreements are signed), extending length-of-haul opportunities; (2) contingent settlement (upon merger approval) securing access to Kansas City/Neff Yard and remedies to protect competition — expected to mitigate merger-related risks and create new growth avenues.
MX:CNIN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed