Canadian National revenue up 15% as it keeps 2026 guidance

what happened

Canadian National Railway (CNI) reported third-quarter 2026 revenue of C$4,771 million, up 15%. Net income rose 6% to C$1,209 million, diluted EPS was C$2.00 (up 9%) and adjusted EPS was C$2.16 (up 18%). According to TradingView, volume grew 4% and the company reaffirmed its 2026 guidance.

Free cash flow for the first nine months reached C$2.9 billion, 25% higher year on year, with a conversion rate of 80%. The railroad bought back about 4 million shares for roughly C$675 million. Adjusted net debt to EBITDA stood at about 2.6x, with a target of about 2.5x by year-end. The Q4 dividend was set at CAD 0.9150.

CNI also named Jamie Lockwood as chief financial officer effective February 1. Current CFO Ghislain Houle is retiring after nearly 30 years; he will stay in the role through February and advise the company through March.

why it matters

For markets, the combination of revenue growth, strong cash generation and share buybacks while guidance holds stands out. Solid free cash flow reduces reliance on borrowing and leaves room for shareholder payouts, while productivity gains support margins as volumes rise.

market impact

CNI shares and Canadian rail peers: strong cash flow and buybacks support the stock

• ▲CNI shares pressure up — revenue, profit and free cash flow growth alongside share buybacks

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