CN reported a 6% increase in earnings and an operating ratio of 61.4%, with a 170 basis point improvement. The company repurchased nearly 8 million shares in the quarter for around C$1 billion and achieved additional labor cost reductions of C$75 million. Capital expenditures for 2026 are estimated at C$2.8 billion*.

Tracy Robinson, CN’s President and CEO, commended the team for their strong performance and customer service. They are focusing on productivity, reducing capital spend for 2026 to C$2.8 billion*, and enhancing long-term value for customers and shareholders. CN expects mid-to-high single digit adjusted diluted EPS growth in 2025.

Operating performance numbers indicate a 1% increase in gross ton miles and revenue ton miles. Through dwell decreased by 1%, car velocity increased by 1%, and fuel efficiency improved by 2%. Train length increased by 3%, while GTMs per average number of employees increased by 6% and operating expenses per GTM decreased by 3%.

CN’s Board approved a fourth-quarter 2025 dividend of C$0.8875 per common share. The company expects to deliver mid-to-high single digit adjusted diluted EPS growth in 2025 and invest around C$3.35 billion in its capital program, net of customer reimbursements.CN’s senior officers will discuss results and outlook in a conference call on October 31st. Non-GAAP measures may be used in financial reporting, and forward-looking statements caution that assumptions may not materialize due to economic conditions. CN reports a 6% profit growth and an operating ratio of 61.4%, improving by 170 basis points. They repurchased nearly 8 million shares for about C$1 billion. Productivity increased, with an additional C$75 million in labor cost reductions. Anticipate C$2.8 billion in capital spending for 2026, following the key assumptions for 2025.

Key assumptions for 2025 include slightly positive North American industrial growth, above-average grain crops in Canada and the U.S., low single-digit RTM growth, and specific assumptions on the Canadian dollar and crude oil prices. Risks include global supply chain disruptions, trade barriers, geopolitical tensions, and environmental factors affecting CN’s operations and performance.

CN’s climate goals face risks and uncertainties, as disclosed in their reports. Achieving these goals within the stated timeframe is uncertain, and meeting stakeholder expectations or legal requirements is not guaranteed. Forward-looking statements reflect current information, with no obligation to update unless required by securities laws. Additional financial information is in CN’s Quarterly Review on their website.

CN powers the economy by safely transporting over 300 million tons of goods annually across North America. With a 20,000-mile rail network, CN connects Canada’s coasts with the U.S. Midwest and Gulf Coast. Information on earnings, financial statements, and more is available on CN’s website and regulatory platforms. The company reported a 6% profit growth and an operating ratio of 61.4%, an improvement of 170 basis points. They repurchased nearly 8 million shares for about $1 billion CAD. Productivity increased with an additional $75 million CAD cost reduction in labor. Capital spending for 2026 is estimated at $2.8 billion CAD.

Selected railroad statistics for the three and nine months ended September 30, 2025, include total revenues of $4.165 billion and $12.840 billion CAD, respectively. The operating income was $1.606 billion and $4.854 billion CAD, while net income was $1.139 billion and $3.472 billion CAD for the same periods.

In the third quarter of 2025, various sectors like petroleum, chemicals, metals, minerals, forest products, coal, grain, and fertilizers showed mixed revenue changes. Total freight revenues were $3.991 billion, with an operating ratio of 61.4%. Key operational measures like carloads, freight revenue per carload, and safety indicators were also provided.

Adjusted performance measures like adjusted net income, adjusted operating income, and adjusted operating expenses are used by CN to set performance goals. These non-GAAP measures do not have standardized meanings under GAAP. For the three and nine months ended September 30, 2025, the company reported net income of $1.139 billion and $3.472 billion, respectively. CN a enregistré une croissance des bénéfices de 6 % avec un ratio d’exploitation de 61,4 %, amélioré de 170 points de base. Le rachat de près de 8 millions d’actions a coûté environ 1 G$ CA. Une amélioration de la productivité a permis une réduction supplémentaire des coûts de main-d’œuvre de 75 M$ CA. Des dépenses en immobilisations estimées à 2,8 G$ CA* pour 2026 sont prévues.

L’ajustement du revenu net exclut certains éléments significatifs et fournit un aperçu supplémentaire des opérations et des tendances commerciales sous-jacentes. Les revenus ajustés de 3 472 M$ CA pour les neuf mois se comparent à 3 360 M$ CA. Le BPA ajusté de 5,54 $ pour les neuf mois se compare à 5,28 $.

Le flux de trésorerie libre est de 793 M$ pour le trimestre, comparé à 584 M$ l’année précédente. Les revenus en constante devise pour les neuf mois, ajustés pour les taux de change, ont été impactés à la baisse de 45 millions de dollars.

Le multiple ajusté de la dette sur l’EBITDA ajusté est un indicateur clé de crédit pour évaluer la capacité de l’entreprise à rembourser sa dette. Cette mesure est calculée en divisant la dette ajustée par l’EBITDA ajusté des douze derniers mois. Company X reported a 6% increase in profits and an operating ratio of 61.4%, representing a 170 basis point improvement. They also bought back nearly 8 million shares for about $1 billion CAD. Productivity improved, with an additional $75 million CAD in labor cost reductions. Capital spending for 2026 is estimated at $2.8 billion CAD.

Adjusted debt includes long-term debt, current portion of long-term debt, operating lease liabilities, and pension plans in deficiency. Adjusted EBITDA excludes interest expense, income tax expense, depreciation, operating lease cost, among others, to analyze business performance trends. Adjusted debt-to-adjusted EBITDA multiple for Company X is 2.54 times for 2025 and 2.51 times for 2024.

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Summary:
Company X reported a 6% growth in profits with an operating ratio of 61.4%, representing a 170 basis point improvement. They also bought back nearly 8 million shares for around $1 billion CAD. Additionally, they increased productivity and reduced labor costs by $75 million CAD. Anticipated capital expenditures for 2026 are estimated at $2.8 billion CAD.: CN Delivers Strong Third Quarter Financial and Operating