CN Q3 2026 slides: 18% EPS growth on operational discipline

Canadian National Railway Company reported a 18% increase in adjusted diluted earnings per share to $2.16 in Q3 2026, driven by operational discipline and productivity gains despite modest volume growth. The company's revenue ton miles only grew by 4%, but CN's Fast Track productivity program and disciplined capital allocation helped convert this modest growth into substantial earnings expansion.

Key achievements included a 40 basis point improvement in the operating ratio, a 25% surge in year-to-date free cash flow, and a reduction in diluted share count by 3% through share repurchase activity.

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