CN earnings: date, guidance and what to watch
CN's next results are due on October 30, 2026. Watch whether CN's grain volume turns into earnings and cash.
What has CN guided for 2026?
Management raised its outlook on July 24 after a stronger first half. It now expects low single-digit growth in revenue ton-miles, or RTMs. An RTM is one ton of paying freight carried one mile, so it measures the work customers buy. CN expects mid-to-high single-digit growth in adjusted diluted earnings per share. Adjusted earnings remove selected items that CN considers outside underlying performance, while diluted earnings allow for shares that employee awards could create.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Adjusted diluted EPS growth (%) | 2026 | 2026-07-24 | ||
| RTM growth (%) | 2026 | 2026-07-24 | ||
| Capital program, net of amounts reimbursed by customers | 2026 | 2,800 | 2,800 | 2026-07-24 |
| Total cash contributions for all pension plans other than the defined benefit component of the CN Pension Plan | 2026 | 60 | 60 | 2026-07-24 |
| Value of the Canadian dollar in U.S. currency (US$ per C$1.00) | 2026 | 0.71 | 0.71 | 2026-07-24 |
| Average price of crude oil (West Texas Intermediate) (US$ per barrel) | 2026 | 80 | 110 | 2026-07-24 |
Has CN kept its past promises?
Longer-term discipline was firmer. The 2023 performance share units paid zero when their conditions failed. Management later forecast mid-to-high single-digit adjusted earnings-per-share growth, and the full-year increase was 7%. Meeting a later forecast does not erase failure under an earlier compensation bargain.
How have CN's revenue and profit changed?
Revenue grew 11.3% year over year, while operating income grew 8.7%. Net income grew more slowly, although diluted earnings per share benefited from fewer shares. Freight workload rose 5%, led mainly by grain and energy. This was stronger than the March quarter.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,753 | 4,379 | 4,464 | 4,165 | 4,272 | 4,403 | 4,358 | 4,110 |
| Operating income | 1,781 | 1,549 | 1,733 | 1,606 | 1,638 | 1,610 | 1,628 | 1,515 |
| Net income | 1,249 | 1,146 | 1,248 | 1,139 | 1,172 | 1,161 | 1,146 | 1,085 |
| EPS, diluted | 2.06 | 1.87 | 2.03 | 1.83 | 1.87 | 1.85 | 1.82 | 1.72 |
What should investors watch in CN's next results?
Third-quarter results arrive on October 30. CN has already reported a record 7.94 million metric tonnes of Western Canadian grain moved during the quarter. That supports the demand behind the higher outlook, but tonnes alone do not show profit. Results must reveal the earnings and cash produced, while winter will test whether service remains reliable in harder operating conditions.
Labour is the largest scheduled risk. The TCRC train-crew agreement covers roughly 6,000 employees, while the United Steelworkers agreement covers approximately 2,500 track and bridge employees. Both expire on December 31, 2026. Train-crew employees operate trains; track employees maintain the infrastructure beneath them, so simultaneous negotiations could affect both movement and maintenance.