October 31, 2025|Class I

CN Delivers ‘Strong’ 3Q25

Written by Carolina Worrell, Senior Editor

“I want to thank the entire CN team for delivering a strong quarter that combined solid performance with excellent customer service,” said President and CEO Tracy Robinson during the Class I’s third-quarter 2025 financial and operating announcement on Oct. 31. “Our seasoned team of railroaders continues to run a safe, on time, and efficient operation focused on service, and capturing every freight movement opportunity across our unique network and diversified portfolio.”

Among CN’s third-quarter 2025 highlights:

Revenue ton miles (RTMs) rose 1% to 57.188 billion from third-quarter 2024’s 56.48 billion.
Revenues of C$4.165 billion were up C$55 million, or 1%.

Operating income of C$1.606 billion was up C$91 million, or 6%.
Operating ratio, defined as operating expenses as a percentage of revenues, came in at 61.4%, an improvement of 170 basis points.
Diluted earnings per share (EPS) of C$1.83 was up 6%.

2025 Guidance

CN says it “continues to deliver adjusted EPS growth in the mid to high single-digit range and continues to invest approximately C$3.35 billion in its capital program, net of amounts reimbursed by customers.”

“We are taking decisive actions to navigate a challenging macro environment including doubling down on productivity efforts, setting our 2026 capital spend at C$2.8 billion, down nearly C$600 million from this year’s levels, driving increased free cash flow on a go-forward basis. We are positioning this business to benefit from higher future volumes and ensuring everything we do enhances our customers and shareholders long term value,” said Robinson.