Canadian National Railway (CNI) reported its first-quarter 2025 financial and operating results on May 1, 2025. The company announced net income of $808.7 million, or $1.29 per diluted share, surpassing Wall Street expectations. This represents an 8% increase in EPS year-over-year.
Total revenue for the first quarter reached CA$4.40 billion, up 3.6% from the prior year, benefiting from a 3.5% foreign exchange tailwind, partially offset by a 3% fuel price headwind. The company also achieved a 20 basis-point improvement in its operating ratio.
CN reaffirmed its 2025 guidance, continuing to expect 10%-15% adjusted diluted EPS growth and a C$3.4 billion capital program. However, the company noted a heightened recessionary risk related to tariffs and trade actions, and updated its 2025 assumptions for North American industrial production, U.S. grain crop, and WTI crude oil prices.
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