NYSE$CNI
Canadian National Railway Co · Q2 2025 earnings
Q2 2025 earnings · · After market close · Investor relations
Briefing
CN Railway Q2 operating ratio improves to 61.7% despite 1% revenue decline; EPS rises 7% to C$1.87
Canadian National Railway reported Q2 2025 revenues of C$4.27 billion, down 1% year over year, as revenue ton miles fell 1% amid trade and tariff uncertainty. Operating income rose 5% to C$1.64 billion with the operating ratio improving 2.3 points to 61.7%, reflecting tight cost control. Diluted EPS increased 7% to C$1.87; management cut 2025 adjusted EPS growth guidance to mid-to-high single digits and removed its 2024–2026 financial outlook.
- Revenue declined 1% to C$4,272M; freight revenue fell 2% to C$4,090M on 1% lower RTMs.
- Operating income rose 5% to C$1,638M; operating ratio improved 230 bps to 61.7%.
- Diluted EPS was C$1.87 (+7%); net income was C$1,172M.
- Grain and fertilizers revenue grew 13%; petroleum/chemicals and intermodal declined.
- 2025 adjusted EPS growth guidance trimmed to mid-to-high single digits; 2024–2026 outlook removed.
Headline financials
Revenue & EPS history
CNR · Revenue · Quarterly
C$4.27B
Revenue by segment
CNR · C$2.65B total across 3 segments · Q2 2025
- IntermodalC$1.01B—38.0%
- Grain and fertilizersC$834M—31.5%
- Petroleum and chemicalsC$808M—30.5%
Forward guidance
CN now expects 2025 adjusted diluted EPS growth in the mid-to-high single-digit range (down from prior 10–15%) and plans ~C$3.4B net capital investment; the 2024–2026 financial outlook was removed due to macro uncertainty.
Tailwinds
- Operating ratio improvement demonstrates cost discipline in a challenging volume environment
Headwinds
- Persistent trade and tariff volatility driving reduced RTM and EPS growth expectations
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2025
-0.3%
Avg return
Earnings day
-0.3%
Avg return
5 days after
+0.5%
Avg return
30 days after
39%
25 / 64 earnings
Positive
+6.0%
Q2 2010
Best reaction
-6.2%
Q4 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | -4.1% | -5.3% | -4.4% | |
| Q3 2024 | -0.2% | -1.1% | -2.7% | |
| Q2 2024 | -5.2% | -5.5% | -6.1% | |
| Q3 2023 | +0.5% | -1.1% | +7.7% | |
| Q2 2023 | -0.2% | +1.6% | -6.1% | |
| Q1 2023 | -3.7% | -3.1% | -8.0% | |
| Q4 2022 | -4.4% | -4.3% | -6.1% | |
| Q3 2022 | +5.2% | +5.0% | +11.4% | |
| Q2 2022 | +4.4% | +8.0% | +7.6% | |
| Q1 2022 | -2.5% | -5.4% | -9.5% | |
| Q4 2021 | -2.3% | -1.4% | +0.2% | |
| Q3 2021 | +5.9% | +9.7% | +4.7% | |
| Q2 2021 | +2.7% | +4.3% | +4.9% | |
| Q1 2021 | -0.8% | -1.1% | -1.0% | |
| Q4 2020 | -6.2% | -6.3% | +2.5% | |
| Q3 2020 | -5.5% | -5.5% | -1.6% | |
| Q2 2020 | +1.2% | +0.7% | +9.5% | |
| Q1 2020 | +4.4% | +2.1% | +9.1% | |
| Q4 2019 | +1.3% | +0.8% | -7.7% | |
| Q3 2019 | +0.9% | +0.3% | +1.8% | |
| Q2 2019 | +3.1% | +4.1% | +0.8% | |
| Q1 2019 | -1.9% | -1.4% | -5.6% | |
| Q4 2018 | -0.5% | -0.5% | +2.6% | |
| Q3 2018 | -2.9% | -3.3% | -0.0% | |
| Q2 2018 | +4.9% | +5.4% | +2.8% | |
| Q1 2018 | -0.7% | +3.8% | +11.5% | |
| Q4 2017 | -0.5% | -0.8% | -3.3% | |
| Q3 2017 | -0.4% | -0.6% | -2.7% | |
| Q2 2017 | -2.2% | -2.8% | -2.3% | |
| Q1 2017 | -2.2% | -3.3% | +2.2% | |
| Q4 2016 | -0.4% | +0.0% | +1.3% | |
| Q3 2016 | -3.8% | -3.8% | +0.7% | |
| Q2 2016 | +0.0% | -0.2% | +2.6% | |
| Q4 2015 | +3.4% | — | — | |
| Q1 2016 | -5.5% | — | — | |
| Q3 2015 | -0.2% | — | — | |
| Q2 2015 | +2.6% | — | — | |
| Q1 2015 | -0.9% | — | — | |
| Q3 2014 | +1.9% | — | — | |
| Q4 2014 | -2.1% | — | — | |
| Q2 2014 | +1.9% | — | — | |
| Q1 2014 | +1.0% | — | — | |
| Q4 2013 | +3.0% | — | — | |
| Q3 2013 | +3.6% | — | — | |
| Q2 2013 | -2.8% | — | — | |
| Q1 2013 | -1.5% | — | — | |
| Q4 2012 | -1.7% | — | — | |
| Q3 2012 | -1.3% | — | — | |
| Q2 2012 | +2.8% | — | — | |
| Q1 2012 | +2.3% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q3 2011 | -0.4% | — | — | |
| Q2 2011 | -3.3% | — | — | |
| Q1 2011 | +2.4% | — | — | |
| Q4 2009 | +0.7% | — | — | |
| Q4 2010 | +0.7% | — | — | |
| Q3 2010 | -4.0% | — | — | |
| Q2 2010 | +6.0% | — | — | |
| Q1 2010 | -2.9% | — | — | |
| Q3 2008 | -3.0% | — | — | |
| Q3 2009 | -3.0% | — | — | |
| Q2 2008 | -1.6% | — | — | |
| Q2 2009 | -1.6% | — | — | |
| Q4 2008 | -1.6% | — | — |
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