Highlights

  • Canadian National Railway reported quarterly EPS above consensus estimates.
  • Revenue trailed analyst expectations amid trade and tariff pressures.
  • Shares declined following earnings despite margin and productivity metrics.

Canadian National Railway Co. (NYSE:CNI) reported earnings of USD 1.49 per share for the quarter, exceeding analysts’ consensus estimate of USD 1.43 by USD 0.06. Revenue for the period was USD 3.24 billion, below the expected USD 4.43 billion. The company recorded a net margin of 26.86% and a return on equity of 21.50%. In the same quarter last year, earnings per share were USD 1.82, while revenue increased 2.4% year over year.

Management Commentary — Operations and Outlook

During its conference call, management outlined year-end performance metrics, including adjusted EPS growth in the fourth quarter and for the full year, alongside operating ratio trends. Productivity indicators cited included changes in train and engine availability, labour efficiency, and fuel usage. For 2026, the company adopted directional guidance tied to volumes, assuming flat revenue ton-miles compared with 2025, lower capital expenditure of approximately USD 2.8 billion, and continued focus on pricing and efficiency. Management also estimated that trade disruptions and tariffs affected revenue by more than USD 350 million in 2025, particularly in forest products and metals.

Stock Performance — Shares Retreat Post-Earnings

CNI shares opened at USD 96.23 and were trading at USD 96.22, down 4.76% on the day. The stock has traded within a 52-week range of USD 90.74 to USD 108.75. The 50-day simple moving average stands at USD 98.10, while the 200-day moving average is USD 96.16. Canadian National Railway currently has a market capitalisation of approximately USD 59.12 billion.

Key Metrics

At current levels, the stock trades at a price-to-earnings ratio of 18.26, with a PEG ratio of 2.11 and a beta of 0.96. Balance-sheet indicators include a debt-to-equity ratio of 0.92, a current ratio of 0.60, and a quick ratio of 0.42.

Analyst Landscape — Ratings Remain Split

Analyst views on Canadian National Railway vary. Recent actions include target price reductions by Wells Fargo and Citigroup, upgrades by CIBC and Wall Street Zen, and target increases by Royal Bank of Canada. Based on aggregated data, the stock carries a consensus rating of “Moderate Buy” with an average target price of USD 117.64.

Latest Closing Price (as of January 30, 2026): Canadian National Railway Co. (NYSE:CNI) closed at USD 96.22, down 4.76% on the day.