Canadian National Railway Reports Strong Q4 2025 Earnings and New Buyback Plan

Key Facts

1The company achieved 2% revenue growth and 14.3% adjusted EPS growth in Q4 2025.

2Operating ratio improved by 250 bps to 60.1%, driven by record grain volumes.

3The company plans to reduce capital expenditure by 500 million CAD and launch a new share buyback program.

Canadian National Railway (CNI) reported a robust financial performance for the fourth quarter of 2025, highlighted by a 14.3% increase in adjusted earnings per share (EPS). The company’s revenue grew by 2% during the period, supported by record-breaking grain volumes and strong intermodal sector performance. Operational efficiency saw a significant boost as the operating ratio improved by 250 basis points to reach 60.1%. Looking ahead, the company plans to pivot toward higher free cash flow by reducing capital expenditure by 500 million CAD. Furthermore, CNI announced a new share buyback program, signaling a strategic shift toward enhancing shareholder returns. This combination of margin improvement and capital discipline provides a positive outlook for the transportation giant.