Earnings call transcript: Canadian National tops Q3 2026 estimates as growth steadies

Canadian National Railway reported stronger-than-expected earnings for the third quarter of 2026, beating Wall Street's expectations with adjusted earnings per share (EPS) of $2.16, up 18% from a year earlier, and revenue of $4.77 billion, surpassing the forecasted $4.63 billion by 3.02%. The company's operational improvements were highlighted by a 40-basis-point improvement in the adjusted operating ratio to 61%, despite higher fuel costs.

Canadian National's growth was broad-based, with revenue up 15% and revenue ton miles up 4% year over year, demonstrating operating leverage and efficiency. The positive results come as North American railroads continue to balance volume growth, pricing power, and cost control, with CN benefiting from strong performance in various traffic segments, including grain, energy, automotive, and intermodal.

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