Canadian National Railway Co.

Canadian National Railway Co.

CNI

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Market Cap$76.58B
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Canadian National Railway Co.Canadian National Railway Co.22.72.04%20%4.71

Earnings Call Q2 2026

July 24, 2026 - AI Summary

Strong Q2 performance + guidance raised (what’s good / investors’ baseline) - EPS: reported diluted EPS $2.06 (+10% YoY); adjusted diluted EPS $2.08 (+11% YoY); FX-adjusted +12%. - Operating ratio (OR) 62.2%, +50 bps YoY (worse than last year largely due to fuel), but still strong given operational execution. - Revenue +11% YoY on +5% RTM volume growth, showing volume growth translating to the bottom line. - Full-year 2026 outlook raised: now expects mid- to high-single digit adjusted EPS growth, assuming low single-digit RTM volume growth (previously assumed flattish volumes). - Free cash flow up ~20% (~$300M) YTD, driven by earnings strength + disciplined capex + working capital focus.
Productivity and service execution drove earnings leverage (what’s good / key drivers) - Productivity improvements: moved +3% gross ton-miles with existing assets; locomotive productivity ~+6%, employee productivity ~+9% (and train/engine productivity ~+13%); train length +~1%. - Fuel efficiency: delivered best Q2 and best first-half fuel efficiency in CN’s history, driving direct operating savings and record performance through the first half. - Fast Track initiative: ~$100M realized benefits YTD (continuous improvement on terminals/network operations), with ongoing work beyond initial terminal reviews. - Service reliability: car velocity and train speed largely flat YoY while handling more volume; dwell improved after late-winter effects in April. - Western region proof point: handled record grain volumes plus higher refined products, potash, NGLs; despite that, car velocity/train speed/dwell improved ~3%.
Energy & ag/carload mix: growth remains broad, but overseas intermodal weaker later (what’s good + where investors should watch) - Commercial performance: metals +11% RTMs despite steel/aluminum tariffs (routing/market shifts). - Energy franchise strength: - Petroleum & Chemicals RTMs +11% - Refined products: increased long-haul Eastern Canada + ~30% RTM growth to the GTA fuel terminal (ramping benefits expected to continue). - NGL RTMs +15%+, supported by Prince Rupert export supply chain and new fractionation capacity coming online in 2H 2026. - Grain: continued records; management expects grain to be a key 3Q RTM driver, but Q4 comps will be harder (laps record performance). - Guidance risk by segment: overseas intermodal expected to be weak in 2H 2026 (tough comps + demarketing of some low-profit shipments through Port of Vancouver).

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$120.67

Target Price by Analysts

5.5% downsideCanadian National Railway Target Price DetailsTarget Price
$44.92

Current Fair Value

64.8% downside

Overvalued by 64.8% based on the discounted cash flow analysis.

Share Statistics

Market cap$76.58 Billion
Enterprise Value$98.91 Billion
Dividend Yield$2.61 (2.04%)
Earnings per Share$7.57
Beta0.97
Outstanding Shares606,500,000

Return

Return on Equity20.37%ROE
Return on Assets7.42%
Return on Invested Capital11.10%

Valuation & Multiples

P/E Ratio22.66P/E Ratio
PEG342.49PEG
Price to Sales4.73Price to Sales
Price to Book Ratio3.55Price to Book Ratio
Enterprise Value to Revenue5.96
Enterprise Value to EBIT15.67
Enterprise Value to Net Income22
Total Debt to Enterprise0.23
Debt to Equity1.03Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
July 28, 2026
EPS Estimate
$1.40
Average shareholder expectation
Revenue Estimate
$3.27 B
Average shareholder expectation

Next Earnings Call

Expected Date
October 30, 2026
EPS Estimate
$1.48
Average shareholder expectation
Revenue Estimate
$3.29 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio1.2264 51.09%
Total Calls5,300 99.30%
Total Puts6,500 98.81%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %10.24% 54.10%
Total Invested$8.14B 80.59%
Investors Holding454 399.00%

ESG Score

No data

About Canadian National Railway Co.

CEO: Claude Mongeau