Canadian National Railway Co.

Financial Performance and Expectations: CN reported Q4 adjusted EPS of $1.82, down 10% year-over-year (YoY), and a full-year adjusted EPS of $7.10, a 2% decrease. The operating ratio for Q4 was 62.6%, an increase of 330 basis points from the previous year, primarily impacted by labor disruptions and severe winter conditions.

Volume Growth Forecast: For 2025, CN expects low to mid-single-digit revenue tonne miles (RTM) growth, with over 50% expected from specific growth initiatives. A key driver will be the recovery of U.S.-bound international intermodal traffic following disruptions in 2024. However, the recovery is anticipated to be back-end weighted due to lapping labor disruptions.

Dividend and Share Buyback Plans: The Board approved a 5% increase in the dividend, marking the 29th consecutive year of dividend increases. A new share buyback program of up to 20 million shares was also introduced as part of the normal course issuer bid, emphasizing CN's commitment to returning capital to shareholders.