Results showed mixed signals — slight revenue and adjusted EPS misses offset by strong free cash flow and buybacks. The unchanged guidance suggests management sees limited near-term catalysts. Monitor trade policy developments and volume trends in grain and intermodal segments for signs of acceleration or further headwinds.
Price Chart
Executive Summary
CNI reported Q1 2026 GAAP EPS of C$1.87 (beat by 3.3%), but adjusted EPS of C$1.80 slightly missed the C$1.81 consensus. Revenue of C$4,379M was 0.5% below estimates. YoY revenue and adjusted EPS declined 1% and 3% respectively, while free cash flow surged 44% to C$900M. Guidance for flattish volume and modest adjusted EPS growth was reaffirmed, with no material change to the outlook.
Key Financial Metrics
Key Facts
- GAAP diluted EPS C$1.87 vs consensus C$1.81 (beat 3.3%)
- Adjusted diluted EPS C$1.80 vs consensus C$1.81 (miss 0.55%)
- Revenue C$4,379M vs consensus C$4,400M (miss 0.5%)
- YoY revenue -1%, adjusted EPS -3% (or -1% at constant currency)
- Operating ratio worsened 120bps to 64.6% (adjusted 64.2%)
- Free cash flow C$900M, up 44% YoY
- Repurchased ~6M shares for C$869M in Q1
- Guidance: flattish RTM growth, adjusted EPS growth slightly above volume, capex ~C$2.8B
Financial Impact
Revenue C$4,379M (-1% YoY), adjusted net income C$1,102M (-5% YoY), free cash flow C$900M (+44% YoY)
Risk Factors
- Macroeconomic uncertainty and trade tensions could dampen volume growth
- Higher fuel costs and winter-related expenses pressured margins
- Currency fluctuations (CAD/USD) may impact reported results
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3283659 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 15d ago | Press Release | $119.49 $119.49 | · 0.00% | ▼ −2.56% | $117.16 (−1.95%) |
Aug 25, 2026 5w ago | 6-K | $127.12 $120.42 | ▼ −5.27% | ▼ −4.73% | $117.16 (−7.84%) |
Jul 24, 2026 10w ago | 6-K | $129.48 $127.13 | ▼ −1.81% | ▼ −2.19% | $117.16 (−9.51%) |
Jul 24, 2026 10w ago | Press Release | $129.48 $127.13 | ▼ −1.81% | ▼ −2.19% | $117.16 (−9.51%) |
Jul 22, 2026 10w ago | Press Release | $130.58 $127.13 | ▼ −2.64% | ▼ −3.12% | $117.16 (−10.28%) |
Jul 22, 2026 10w ago | Press Release | $130.58 $127.13 | ▼ −2.64% | ▼ −3.12% | $117.16 (−10.28%) |
Jul 3, 2026 12w ago | Press Release | $121.56 $124.34 | ▲ +2.29% | ▲ +1.36% | $117.16 (−3.62%) |
Jun 19, 2026 14w ago | Institutional Cluster | $114.13 $120.56 | ▲ +5.63% | ▲ +7.70% | $117.16 (+2.65%) |
Jun 5, 2026 16w ago | Press Release | $120.38 $118.98 | ▼ −1.16% | ▼ −1.73% | $117.16 (−2.67%) |
May 11, 2026 20w ago | Press Release | $110.60 $112.63 | ▲ +1.84% | ▲ +1.92% | $117.16 (+5.93%) |
US Market Status
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