# CNI earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/CNI) · [Earnings tab](https://www.lopjlb.com/stock/CNI?tab=earnings) Updated: 2026-07-25T05:23:14 Quarters analyzed: 8 ## Cross-quarter narrative Across eight quarterly calls from Q3 2024 to Q2 2026, CNI moved from a recovery phase marked by fire‑related shutdowns and soft macro demand to a period of stronger earnings and tighter operating ratios. EPS growth accelerated from modest 2 % YoY in Q3 2024 to double‑digit gains in 2025 and a 12 % jump in Q2 2026, while the operating ratio fell from 63.1 % to 60.1 %. Management shifted guidance from vague to more specific EPS targets and reduced capital spending, cutting FY 2026 CapEx to $2.8 B after earlier $3.4 B plans. Labor‑related disruptions that dominated the 2024 narrative faded, with later calls noting no new labor fears. However, tariff and trade uncertainty emerged in Q1 2025 and persisted, prompting lower RTM guidance and muted volume outlooks. Cost‑control initiatives, including Fast‑Track savings and locomotive modernization, were repeatedly highlighted as drivers of margin improvement. Safety performance, flagged as a miss in Q1 2026, showed signs of improvement. Overall the company’s story evolved from managing external shocks to focusing on execution, cost efficiency and navigating tariff risk. ## Latest CallCard · Q2 CNI Q2: 12% EPS growth, 5% volume growth, raised FY guidance to mid-high single-digit EPS on low single-digit volumes; UP agreements expand network to Mexico/Kansas City; productivity gains, $100M Fast Track savings.','tone': {'mgmt': 0.8, 'mgmt_rationale': 'Management highlighted strong execution, **Guidance:** vague **Tone:** mgmt 0 · Q&A pressure 0 · divergence 0 ## Quarter one-liners - **2026 Q2:** CNI Q2: 12% EPS growth, 5% volume growth, raised FY guidance to mid-high single-digit EPS on low single-digit volumes; UP agreements expand network to Mexico/Kansas City; productivity gains, $100M Fast Track savings.','tone': {'mgmt': 0.8, 'mgmt_rationale': 'Management highlighted strong execution, - **2026 Q1:** CNI delivered solid Q1 with volume growth, record grain, strong FCF (+44%) and buybacks; maintaining flattish volume guidance with earnings leverage; safety missed but improving; fuel headwind for Q2.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlights execution, productivity gains, comm - **2025 Q4:** CNI delivered strong Q4/FY2025 results with 14% Q4 EPS growth, 60.1% OR, and $3.3B FCF; 2026 guidance is directional: volumes flattish, EPS growth slightly above volume, FCF growth, share buybacks with temporary leverage increase to 2.7x, amid high tariff/trade uncertainty. Management emphasizes str - **2025 Q3:** CNI Q3: EPS +6% to $1.83, OR improves 170bps to 61.4%, FCF +14% YTD; 2026 CapEx cut to $2.8B, $75M mgmt labor savings, accelerated buybacks; muted 2026 volume outlook with tariff headwinds on forest products.','tone': {'mgmt': 0.2, 'mgmt_rationale': 'Management acknowledges macro challenges and past - **2025 Q2:** CNI Q2: 2% adj EPS growth on flat volumes; lowered FY RTM guide to low single-digit on tariff uncertainty; bulk strength offsets merchandise weakness; 50bps OR improvement via cost cuts; CapEx reduced $50M; focus on controllable execution.','tone': {'mgmt': 0.1, 'mgmt_rationale': 'Management highlig - **2025 Q1:** CNI reports strong Q1 with 8% EPS growth, 20bps OR improvement; maintains 10-15% EPS guidance but flags rising recession risk from tariff uncertainty; volume growth on plan with H2 acceleration expected.','tone': {'mgmt': 0.6, 'mgmt_rationale': 'Management highlights strong Q1 results, labor agreeme - **2024 Q4:** CNI 2024 Q4: Challenging year with labor disruptions but operational resilience; 2025 guidance 10-15% EPS growth, reaffirming long-term outlook, targeting margin improvement, low-to-mid single-digit RTM growth, $3.4B CapEx.','tone': {'mgmt': 0.4, 'mgmt_rationale': 'Management acknowledges 2024 chall - **2024 Q3:** CN reported Q3 EPS of $1.72 (+2% YoY) and an operating ratio of 63.1%, highlighting a quick rebound after July fires and the August labor shutdown, while noting softer macro demand and ongoing margin‑improvement initiatives. ## Theme arcs - **EPS growth** (improving): EPS rose from +2% YoY in Q3 2024 to double‑digit growth in 2025 and 12% in Q2 2026 - **Operating ratio/margin improvement** (improving): OR improved from 63.1% to 60.1% - **Labor disruptions** (resolved): Labor uncertainty prominent in 2024 calls, absent in later quarters - **Tariff and trade uncertainty** (deteriorating): Tariff risk first noted Q1 2025 and repeated through 2026, affecting RTM and volume guidance - **Volume outlook** (stable): Guidance shifted from low‑single‑digit growth to flat volumes, then muted outlook - **Cost‑control and productivity gains** (improving): Repeated mentions of cost cuts, Fast‑Track savings, labor savings and locomotive modernization - **Safety performance** (improving): Safety miss in Q1 2026 but noted as improving - **Intermodal demand** (stable): Rebound noted in Q3 2024, later described as muted but still a focus ## Fear persistence - **Tariff uncertainty** [recurring]: First mentioned Q1 2025 and appears in every subsequent call through Q2 2026 ## Guidance path 2024 Q3:maintained → 2024 Q4:vague → 2025 Q1:vague → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:vague → 2026 Q1:vague → 2026 Q2:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/CNI`