Canadian National Railway Company (CN) reported revenue of C$4.771 billion for the three months through Sept. 30, up 15% from the same quarter last year. The results showed higher earnings and cash flow alongside operating costs that grew faster than revenue.
Net income advanced 6% to C$1.209 billion. Adjusted diluted earnings per share, a non-GAAP measure, came to C$2.16, an 18% year-over-year gain. On a year-to-date basis, free cash flow was C$2.918 billion, 25% greater than in 2025.
CN’s operating expenses expanded 19% to C$3.041 billion. The reported operating ratio, which compares operating expenses with revenue, increased by 230 basis points to 63.7%. CN cited fuel, wages, purchased services and materials among the cost pressures, as detailed in related coverage of the quarter.
CN said stronger grain exports in Canada and the United States, refined petroleum shipments and metals volumes supported freight activity. Those gains were tempered by reduced Canadian metallurgical coal exports and softer international intermodal traffic. Higher freight rates and fuel-surcharge rates, along with the effect of a weaker Canadian dollar, also lifted revenue per ton-mile.
The company left its 2026 outlook unchanged. It expects revenue ton-miles to increase by a low single-digit percentage and adjusted diluted EPS to grow by a mid-to-high single-digit percentage, with growth tracking toward the upper end of that range. CN expects capital spending of about C$2.8 billion, net of customer reimbursements.
CN’s board approved a C$0.9150-per-share fourth-quarter dividend. Shareholders of record at the close of business Dec. 9 are due to receive payment Dec. 30.
