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Canadian National Railway Co
XMUN:CY2

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Canadian National Railway Co
XMUN:CY2
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Price: 96.16 EUR 0.88% Market Closed
Market Cap: €62.5B

Canadian National Railway Co
Investor Relations

Canadian National Railway is one of North America’s major freight railroads. It moves goods by rail across Canada and into the United States, carrying things like grain, forest products, metals, chemicals, automotive parts, and consumer goods. The company sells transportation service, not a physical product: customers pay it to move freight over its rail network and connect shipments to ports, terminals, and other rail lines. Its main customers are manufacturers, miners, farmers, energy companies, retailers, and shipping firms that need heavy cargo moved long distances at lower cost than trucking. Canadian National makes money mainly from freight charges tied to how much it hauls and how far it moves shipments, plus fees for related rail services. Because railroads are hard to build and maintain, the company plays a key infrastructure role in the supply chain. What makes the business different is its network shape and operating model. Canadian National links seaports, inland hubs, and major industrial regions, so it can handle long-haul freight across a wide geographic area. That makes it an important middle layer in North American commerce: it does not make the goods, but it is essential to getting raw materials and finished products where they need to go.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
Apr 29, 2026
AI Summary
Q1 2026

Solid start: CN said first quarter results were solid and in line with plan, with stronger volume growth, better network performance and improving productivity across the railroad.

Volume drivers: Growth was led by grain, potash, natural gas liquids and intermodal, with grain setting a new first-quarter record and April also tracking toward another record for Canadian grain shipments.

Cash returns: Free cash flow rose by about $275 million to around $900 million, helping CN repurchase 6 million shares for $870 million and lift leverage to about 2.7x.

Guidance unchanged: Management kept its directional outlook for flattish volumes and earnings growing slightly faster than volume for 2026, saying it is too early to change the view.

Cost headwinds: Fuel, FX and higher incident-related costs weighed on results, and management flagged fuel as the biggest near-term wildcard for Q2 and the second half.

Commercial push: CN said its sales team is more aggressive and faster in decision-making, with about $100 million of Q1 revenue converted from its pipeline and another $100 million visible for next quarter.

Safety setback: Management said Q1 safety performance fell short of expectations, with accidents up year over year, but said April is already showing improvement.

Key Financials
Reported diluted EPS
$1.87
Adjusted diluted EPS
$1.80
Adjusted diluted EPS, exchange-adjusted
$1.83
Free cash flow
around $900 million
Share repurchases
6 million shares
Share repurchases amount
$870 million
Leverage ratio
around 2.7x
Locomotive availability
91%
Fuel impact on EPS in Q1
$0.04
Fuel and FX drag in Q1
$0.07
Fast-track savings
$40 million
Sales pipeline converted in Q1
about $100 million
Operating ratio impact from fuel in Q1
80 basis points unfavorable
WTI assumption
$80 to $110
FX assumption
$0.73
Effective tax rate
25% to 26%
Earnings Call Recording
Other Earnings Calls

Management

Ms. Tracy A. Robinson
President, CEO & Director

Tracy A. Robinson is a prominent Canadian business executive, currently serving as the President and Chief Executive Officer of Canadian National Railway Co. (CN). She became the first female CEO in the company's history when she was appointed to this role in February 2022. Robinson has an extensive background in the transportation industry, with over three decades of experience. Before leading CN, she held various leadership positions at Canadian Pacific Railway and TransCanada Corporation (now TC Energy), where she gained significant expertise in supply chain logistics and energy infrastructure. Her leadership is marked by a focus on operational efficiency, sustainability, and strategic growth. Robinson's appointment highlights CN's commitment to diversity and innovation in its leadership ranks.

Mr. Ghislain Houle CPA
Executive VP & CFO

Ghislain Houle is the Executive Vice-President and Chief Financial Officer (CFO) of Canadian National Railway Company (CN). With a strong background in finance and accounting, he has played a significant role in overseeing the financial strategy and operations of CN. He joined CN in 1997 and held various senior positions in strategic planning, marketing, and financial planning before being appointed as CFO in 2016. Houle, a Chartered Professional Accountant (CPA), is recognized for his comprehensive understanding of the rail industry and his expertise in corporate finance and strategy. He holds a Bachelor of Commerce degree from Concordia University and a graduate diploma in Public Accountancy from McGill University. Under his financial stewardship, CN has focused on operational efficiency, capital investment, and delivering value to shareholders while maintaining a strong balance sheet. His leadership has contributed to CN’s standing as one of the leading and most profitable railroads in North America.

Mr. Dominique Malenfant
Executive VP and Chief Information & Technology Officer

Dominique Malenfant is a seasoned executive with extensive experience in the transportation and logistics industry. He currently serves as the Executive Vice President and Chief Information and Technology Officer at Canadian National Railway Company (CN). In his role, Malenfant is responsible for overseeing CN's technological strategies and initiatives, ensuring that the company remains at the forefront of innovation in the rail transport sector. Malenfant has a strong background in engineering and information technology. Prior to joining CN, he held various leadership positions in companies that focus on technology and engineering solutions, bringing a wealth of expertise in advancing operational efficiencies through technology. At CN, he plays a critical role in driving digital transformation, implementing advanced technologies to enhance operational performance, customer service, and safety standards. His leadership is pivotal in optimizing CN's information systems, data analytics, and technology platforms, which are crucial for maintaining the company's competitiveness and efficiency in the railroad industry.

Mr. Derek Taylor
Executive VP & Chief Field Operating Officer

Derek Taylor is the Senior Vice-President and Chief Data Officer at Canadian National Railway Company (CN). In his role, Mr. Taylor is responsible for leading CN's data and analytics strategy, ensuring that data-driven insights contribute to the company’s operational efficiency and strategic decision-making processes. With a focus on leveraging data to enhance customer experience and optimize railway operations, he plays a critical role in transforming CN into a more digital and agile organization. Prior to his role at CN, Mr. Taylor gained extensive experience in data management and analytics in various industries, which has equipped him with a unique perspective and skill set that he brings to the railway sector. His leadership helps CN navigate the challenges and opportunities in the ever-evolving transportation industry.

Mr. Patrick Timothy Whitehead
Executive VP & Chief Network Operating Officer

Patrick Timothy Whitehead is a notable executive associated with the Canadian National Railway Co. His career in the railway industry has been marked by his leadership capabilities and his deep knowledge of the sector. Throughout his tenure, Whitehead has been involved in various strategic initiatives aimed at enhancing operational efficiency and expanding the company’s market presence. Whitehead has held several key positions within the company, contributing to its growth and performance. He is known for his focus on innovation and technology, which has helped the Canadian National Railway Co. maintain a competitive edge in the ever-evolving transportation industry. His expertise in logistics, supply chain management, and rail operations has been instrumental in driving the company’s success. In addition to his professional accomplishments, Patrick Timothy Whitehead is often recognized for his commitment to sustainability and safety in railway operations. His efforts have supported the company’s goals of reducing environmental impact while maintaining high safety standards for employees and customers. Whitehead continues to play a significant role in shaping the future of the Canadian National Railway Co., leveraging his experience to foster growth and ensure the company's long-term success.

Greg Hamilton
Senior Manager of Investor Relations

Greg R. G. Hamilton is not a widely recognized executive at the Canadian National Railway Co. It's possible that he may not be a high-profile figure or his role is not publicly documented in available resources. If you are looking for information on a different individual or need additional context, please provide more details. Otherwise, this is likely "FALSE" as there is no prominent information available about him.

Mr. Olivier Chouc
Senior VP & Chief Legal Officer

Olivier Chouc is a notable executive at Canadian National Railway Co. (CN), where he serves as the Vice President of Law. In this capacity, he is responsible for overseeing CN's legal affairs, including matters pertaining to corporate governance, regulatory issues, mergers and acquisitions, and other legal strategies critical to the company’s operations. With a strong background in law, Olivier Chouc joined CN with extensive experience in corporate legal practice, having previously held significant legal advisory roles. His expertise aids in the navigation of complex legal landscapes and supports CN’s strategic initiatives. Chouc's role is vital in ensuring that CN adheres to legal and ethical standards while pursuing its business objectives across North America. Throughout his tenure at CN, Olivier Chouc has been a key player in managing legal risks and providing counsel that aligns with the company's goals, showcasing his leadership in the legal domain within the transportation industry.

Jonathan Abecassis
Senior Manager of Media Relations

Jonathan Abecassis is known to be an experienced executive who has served in significant roles at Canadian National Railway Company (CN). He has held positions that have leveraged his expertise in transport and logistics, contributing to the operations and growth of the company. His leadership skills have been instrumental in overseeing various strategic initiatives aimed at enhancing the efficiency and competitiveness of CN. Through his roles, he has been integral to the company’s communication strategies and has contributed to strengthening CN's market presence. His work often involves liaising with stakeholders, ensuring that the company’s objectives align with industry trends and market demands.

Ms. Josée Girard
Senior VP & Chief Human Resources Officer

Josée Girard is a prominent executive at the Canadian National Railway Company (CN). She serves as the Executive Vice-President and Chief Legal Officer. In this capacity, she is responsible for overseeing the company's legal affairs, regulatory matters, and corporate governance. Josée Girard plays a critical role in guiding CN's strategic direction, ensuring compliance with legal standards, and managing risks. With her extensive background in law and business, she contributes significantly to the leadership team at CN, promoting ethical practices and supporting the company's objectives. Her expertise and leadership are vital to CN's continued success and its operations within the transportation industry.

Ms. Janet Drysdale
Senior VP & Chief Stakeholder Relations Officer

Janet Drysdale is a notable executive at Canadian National Railway Co (CN). She has held various leadership roles within the company, contributing significantly to its financial and operational achievements. In her notable tenure at CN, she has served as Vice President of Financial Planning, where she was responsible for overseeing the company's budgeting, forecasting, and financial strategies. Janet is known for her expertise in strategic planning and her ability to drive financial performance improvements. Before joining CN, she held various positions at a major accounting firm, which laid the foundation for her strong financial acumen. Her leadership skills and strategic vision have played a crucial role in shaping CN's financial initiatives and sustainability efforts, reflecting her commitment to driving long-term value for the company.

Contacts

Address
QUEBEC
MONTREAL
935 de la Gauchetiere St W
Contacts
+15143996569.0
www.cn.ca
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