CNI

Canadian National Railway delivered strong 2Q26 results, driven by operational excellence and surges in energy and grain volumes. I downgrade CNI to 'hold' from 'buy' as the valuation discount has diminished, with a new $126 price target based on 22x FY26 earnings. Much of the recent growth stemmed from temporary factors such as record grain crops and fuel surcharges, unlikely to be sustained in the long run.

CNI beats Q2 estimates as grain and energy volumes lift revenues, while higher fuel costs pressure efficiency and the railroad raises its 2026 outlook.

Canadian National Railway delivered strong Q2 2026 results, with revenue up 11% and EPS up 10%, prompting raised full-year guidance. Key uncertainties—freight recession, trade conflict, and the pending UNP-NSC merger—remain but have diminished impact on CNI's valuation and outlook. Capital allocation flexibility has improved via reduced capex and a temporary leverage increase, enabling substantial share buybacks and prudent dividend growth.

Canadian National Railway Company delivered strong Q2 results, with 11% revenue and EPS growth, driven by price discipline and volume increases. CNI's operational efficiency improved despite some minor setbacks, and management raised EPS guidance based on internal execution rather than macro tailwinds. The strategic agreement with Union Pacific mitigates merger risks, expands reach into Mexico, and enhances long-term growth opportunities.

While the top- and bottom-line numbers for CN (CNI) give a sense of how the business performed in the quarter ended June 2026, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Canadian National Railway NYSE: CNI raised its 2026 outlook after reporting second-quarter earnings growth, higher volumes and what management described as improved productivity across its network.

Canadian National (CNI) came out with quarterly earnings of $1.5 per share, beating the Zacks Consensus Estimate of $1.39 per share. This compares to earnings of $1.35 per share a year ago.

The Canadian railroad boosted its full-year outlook, citing firmer freight demand and shifting economic conditions, after posting higher profit and revenue in the second quarter.

MONTREAL, July 24, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that its Board of Directors has approved a third-quarter 2026 dividend on the Company's common shares outstanding. A quarterly dividend of ninety-one and a half cents (C$0.9150) per common share will be paid on September 29, 2026, to shareholders of record at the close of business on September 8, 2026.

MONTREAL, July 24, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today reported its financial and operating results for the second quarter ended June 30, 2026.