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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Canadian National Railway Company
Canadian National Railway Company (CNR) investor relations material
Canadian National Railway Company Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Oct, 2026
Executive summary
Q3 volume rose 4%, adjusted diluted EPS increased 18% to C$2.16, and service execution supported customer demand.
FY2026 adjusted EPS growth guidance was reaffirmed at mid-to-high single digits on low-single-digit RTM growth, with results tracking toward the upper end.
Strong cash generation, productivity and available network capacity supported shareholder returns and growth.
Financial highlights
Q3 revenue was C$4,771M, up 15%; constant-currency revenue was C$4.7B, up 14%.
Reported diluted EPS was C$2.00, up 9%; adjusted diluted EPS was C$2.16, up 18%, or C$2.14 at constant currency, up 17%.
Q3 net income was C$1,209M versus C$1,139M; adjusted net income was C$1,307M versus C$1,139M.
Operating income was C$1,730M, up 8%; adjusted operating income was C$1,862M, up 16%.
9M free cash flow was C$2,918M, up 25%; year-to-date FCF conversion was 80%.
Outlook and guidance
FY2026 adjusted diluted EPS growth guidance remains mid-to-high single digits on low-single-digit RTM growth, tracking toward the upper end.
FY2026 capital investment is expected at C$2.8B, net of customer reimbursements.
Guidance assumes 2026/2027 Canadian and U.S. grain crops above five-year averages; balance-of-year assumptions include C$0.71 per US$1 and WTI at US$80–US$110/barrel.
If fuel prices remain at current spot rates, Q4 EPS could benefit by ~$0.10 while the operating ratio faces a 100–150 bps headwind.
Long-term EPS ambition remains high-single-digit to low-double-digit growth through cycles; ACE Terminal is anticipated mid-2028 and Dow Path2Zero late 2029.
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Latest events from Canadian National Railway Company
- Strong volumes, cost savings, and network expansion drive confidence in full-year outlook.CNR
CIBC Eastern Institutional Investor Conference - Mexico expansion, productivity gains, and tech investments drive growth and resilience.CNRMorgan Stanley's 14th Annual Laguna Conference
- Q2 revenue up 11%, EPS up 10%, and 2026 guidance raised on strong segment growth.CNRQ2 2026
- EPS up 6%, free cash flow up 14%, 2026 CapEx cut to $2.8B, guidance reaffirmed.CNRQ3 2025
- Adjusted EPS rose 2% to $1.87 as bulk outperformed, but 2025 guidance was lowered.CNRQ2 2025
- Labor disruptions and macro headwinds reduced guidance, but network recovery and growth plans continue.CNRMorgan Stanley‘s 12th Annual Laguna Conference 2024
- Q2 revenue rose 7%, but higher costs and labor uncertainty led to lower operating income and revised guidance.CNRQ2 2024
- Q1 2025 delivered strong EPS, margin, and cash flow growth, but tariff risks remain.CNRQ1 2025
- 2025 targets 10%-15% adjusted EPS growth, C$3.4B CapEx, and continued shareholder returns.CNRQ4 2024
Next Canadian National Railway Company earnings date
Q4 202626 Jan, 2027
Canadian National Railway Company
Next Canadian National Railway Company earnings date
Q4 202626 Jan, 2027
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Frequently asked questions
Canada’s National Rail Network
Canadian National Railway Company (CN) is a Canadian transportation and logistics company operating across North America. Founded in 1919, it has grown into a corporation that plays a vital role in the transportation industry. CN's network spans approximately 20,000 route miles, covering Canada and parts of the United States, The company has a diversified portfolio of transport services, including rail, intermodal, trucking, freight forwarding, warehousing, and distribution. CN is headquartered in Montreal, Quebec, and has a dual listing on both the NYSE and the TSX.
Nationalized to Privatized
Canadian National was created by the Canadian government in 1918, nationalizing and merging several failing and bankrupt railways in the country. The early years were challenging due to the amalgamated nature of the railways, differing track gauges, and financial difficulties stemming from the previous companies. Between the 1930s to the 1950s, the company modernized and expanded, becoming a crucial part of the nation's transportation infrastructure.
In 1995, the government privatized CN through one of the largest initial public offerings in Canadian history. This naturally marked a significant shift for the company, moving it from a state-owned entity to a private, profit-driven company. Post-privatization, CN expanded its operations into the United States, acquiring several American railroads. Today, CN is a leader in the rail transport industry, known for its extensive network connecting Canada and the United States.
The Rail Network
CN operates a comprehensive rail network in North America, primarily focusing on freight transportation. Its railway system spans across Canada and extends into the United States, making it one of the largest rail networks on the continent. CN's rail operations are critical in connecting different regions, facilitating the movement of a wide range of goods including agricultural products, raw materials, finished goods, and consumer products. Other important companies in the sector include Norfolk Southern, Union Pacific, and CSX Corporation.
Intermodal Transportation and More
Apart from its core railway operations, CN has diversified into several other divisions, including intermodal transportation, which integrates different transportation modes like rail and trucks. CN's intermodal services play a crucial role in streamlining supply chains and offering flexible logistics solutions. Additionally, the company has a division dedicated to automotive transport, specializing in the distribution of vehicles. CN also operates in the logistics sector, providing comprehensive supply chain management solutions that complement its rail and intermodal services. These divisions, while ancillary to CN's primary rail operations, significantly contribute to its overall business model, offering integrated transportation and logistics solutions to a wide range of industries.