Canadian National Railway Co.
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+ FollowMarket Cap$78.24B
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Earnings Call Q3 2026
October 30, 2026 - AI Summary
Solid Q3 earnings + profitability growth (good): CN reported adjusted diluted EPS up 18% (headline diluted EPS up 9%), alongside ~4% revenue ton miles (RTM) growth and 15% revenue growth. Adjusted operating ratio (OR) improved 40 bps to 61%, helped by strong productivity and operating leverage; EPS growth was bolstered by record fuel efficiency.
Strong operating execution + structural efficiency (good/surprising): CN said it achieved its best third-quarter accident & injury performance in the last decade and maintained reliable service while moving 4% more volume. Productivity improved materially: locomotive productivity +5%, employee productivity +7% (7th straight YoY improvement). CN also delivered record third-quarter fuel efficiency (best month ever in September) generating about CAD 15M fuel savings in Q3 and CAD 120M year-to-date from Fast Track (run-rate carrying into next year). Management emphasized these are structural, not temporary.
Guidance reaffirmed; tracking toward upper end (good/forecast): CN reaffirmed its full-year outlook for mid-to-high single-digit adjusted diluted EPS growth, based on low single-digit RTM growth, and said after one month into Q4 they are tracking more toward the upper end of that range. Expected 2026 capital investment ~CAD 2.8B (net of customer reimbursements). CFO also noted leverage expected to improve: adjusted debt/EBITDA ~2.5x by year-end (vs. prior expectation of 2027).
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$41.40
67.9% downside
Current Fair Value
67.9% downsideOvervalued by 67.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $78.24 Billion |
|---|---|
| Enterprise Value | $100.57 Billion |
| Annual dividend | $2.63 |
| Dividend yield | 2.10% |
| Earnings per Share | $7.57 |
| Beta | 0.97 |
| Outstanding Shares | 606,500,000 |
Return
| Return on Equity | 20.37% |
|---|---|
| Return on Assets | 7.42% |
| Return on Invested Capital | 11.10% |
Valuation & Multiples
| P/E Ratio | 22.18 |
|---|---|
| PEG | 335.29 |
| Price to Sales | 4.78 |
| Price to Book Ratio | 3.58 |
| Enterprise Value to Revenue | 6.06 |
| Enterprise Value to EBIT | 15.93 |
| Enterprise Value to Net Income | 22 |
| Total Debt to Enterprise | 0.22 |
| Debt to Equity | 1.03 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 30, 2026
EPS Estimate
$1.49
Consensus analyst estimateRevenue Estimate
$3.27 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 29, 2027
EPS Estimate
$1.55
Consensus analyst estimateRevenue Estimate
$3.54 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 33.02% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.71%▼ 62.68% |
|---|---|
| Total Invested | $2.73B▼ 94.49% |
| Investors Holding | 287▼ 589.00% |
About Canadian National Railway Co.
23,825 employees
CEO: Claude Mongeau
Canadian National Railway (CN), along with its affiliated companies, specializes in railroad operations and integrated transportation services. The company handles a wide variety of commodities, including energy products like petroleum a...