Overview

• CN removed its 2024–2026 financial outlook citing ongoing uncertainty around trade policies and tariffs.
• It reported second-quarter net income of $1.17 billion on $4.27 billion in revenue, with revenue ton miles down 1% year-over-year.
• The railway cut its 2025 adjusted diluted EPS growth forecast from 10–15% to mid- to high-single digits and revised its full-year volume outlook to low single-digit RTM growth.
• Management is implementing tighter cost controls and modest capital expenditure reductions to protect margins in response to tariff-driven demand softness.
• Grain and fertilizer shipments rose 12%, and CN is deploying firefighting trains in the west and exploring energy-export initiatives to offset market headwinds.