Canadian National Railway now expects low-single-digit RTM growth and mid- to high-single-digit adjusted EPS growth for 2026.
Canadian National Railway raised its 2026 guidance after reporting 12% exchange-adjusted EPS growth and 5% volume growth in Q2. The company cited improved productivity, record fuel efficiency, and $100 million in Fast Track benefits year-to-date.
Prior guidance anticipated roughly flat volumes. Free cash flow rose 20% year-to-date, while leverage stood at 2.6x at quarter-end. Record Western Canadian grain and potash volumes, along with 11% growth in metals traffic, drove performance.
CN also announced expanded market access through agreements with Union Pacific, including Canada-to-Mexico routing rights via Memphis and potential Kansas City access tied to a proposed merger.