CN Raises 2026 Guidance on Strong Q2 Results, Repurchases C$454M in Shares
CNI sits 45% above its 52-week low of $90.74.
Summary
CN reported Q2 2026 revenue of C$4.75 billion, up 11%, and raised full-year adjusted EPS growth guidance to mid-to-high single digits. The company repurchased C$454 million in shares and declared a C$0.9150 dividend.
Key Events · Earnings and Guidance · CNI
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Q2 Earnings Beat, Guidance Raised
Revenue rose 11% to C$4,753M; adjusted diluted EPS of C$2.08 beat estimates by 11%. Full-year 2026 guidance raised to mid-to-high single-digit adjusted EPS growth, up from prior expectation of slightly exceeding RTM growth.
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Share Repurchases Accelerate
CN repurchased 2.9M shares for C$454M in Q2, bringing H1 2026 total to 8.9M shares for C$1,323M. The current NCIB allows repurchase of up to 24M shares through February 2027.
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Dividend Increased
Quarterly dividend of C$0.9150 per share declared, payable September 29, 2026, representing a 3% increase from the prior year.
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Moody's Outlook Revised to Negative
Moody's changed its outlook to negative from stable, citing potential competitive risks from the proposed Union Pacific/Norfolk Southern merger, while affirming A2/P-1 ratings.
Analysis · CNI · Energy & Transportation
CN delivered a strong second quarter with revenue up 11% and adjusted EPS up 11%, driven by grain and energy volumes. Management raised full-year 2026 guidance to mid-to-high single-digit adjusted EPS growth, signaling confidence in sustained momentum. The company returned significant capital to shareholders, repurchasing C$454 million in shares during the quarter and declaring a C$0.9150 dividend. Moody's changed its outlook to negative, citing potential risks from the proposed Union Pacific/Norfolk Southern merger, though CN has secured a competitive access MOU contingent on regulatory approval. Trade uncertainty looms as the U.S. signaled it will not support USMCA renewal in its current form, a key risk for cross-border rail volumes.
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In the 30 days to Oct 5, 2026, 36.9% of the 964 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.65%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CNI was trading at $131.50 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $79.2B. The 52-week trading range was $90.74 to $131.21. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.