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Update: Canadian National Railway Reports Higher Q2 Adjusted Net Income YoY, Raises Guidance

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(Adds operating-ratio data in the sixth paragraph and updates shares in the final paragraph.)

Canadian National Railway Company (CNR.TO) reported second-quarter adjusted net income of C$1.26 billion, or C$2.08 per share, up from C$1.17 billion, or C$1.87 per share, in the year-ago quarter.

Analysts polled by FactSet expected C$1.96.

Total revenues for the quarter were C$4.75 billion, up from C$4.27 billion.

Analysts expected C$4.63 billion.

The company raised its 2026 revenue ton miles (RTM) growth guidance to low single-digit growth, from flattish growth previously, and adjusted earnings per share growth guidance to the mid-to-high single-digit range, from slightly exceeding RTM growth previously.

The company's operating ratio, a closely watched efficiency measure where lower is better, climbed 80 basis points to 62.5%. On an adjusted basis, it was up 50 basis points to 62.2%.

CN declared a third-quarter 2026 dividend of C$0.9150 per common share, to be paid Sept. 29 to shareholders of record at the close of business on Sept. 8.

The company's shares were last seen down C$1.41, or 0.8%, to C$182.51 on the Toronto Stock Exchange.

Price: $182.39, Change: $-1.53, Percent Change: -0.83%

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