Canadian National Railway moved 3.28 million metric tonnes of grain in November 2025, eclipsing its previous November record of 3.05 million tonnes set in 2020. The figure represents the third straight month of record grain volumes, following a 3.4 million‑tonne record in October and a 2.91 million‑tonne record in September.
The achievement reflects the company’s precision‑scheduled railroading strategy and its focus on network efficiency. Executive Vice‑President and Chief Commercial Officer Janet Drysdale highlighted that the record was driven by strong customer collaboration, thoughtful planning, and a dedicated team of railroaders, underscoring the operational discipline that underpins CNI’s grain business.
Grain transport remains a high‑margin, high‑volume segment for CNI. In the third quarter of 2025, the company reported Non‑GAAP earnings per share of C$1.83, beating analyst expectations by C$0.06, and revenue of C$4.17 billion, exceeding estimates by C$20 million. The surge in grain volumes helped lift revenue, while disciplined cost management and favorable pricing preserved margin expansion.
While other freight categories such as forest products and metals face headwinds, grain demand has remained resilient. Seasonal harvest cycles and export growth continue to support the grain segment, providing a counterbalance to broader macro‑headwinds that affect legacy freight lines.
CNI is actively executing its 2025‑2026 Winter Plan, investing in new high‑efficiency hopper cars and other fleet enhancements to maintain service levels during colder months. Management signals confidence that operational excellence and strategic investments will sustain growth momentum in the grain business and support the company’s broader margin expansion narrative.
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