Recent Updates — CNI

Canadian National Railway reported third-quarter results with revenues of C$4,771 million and diluted earnings per share of C$2.00, an increase of 9% from the prior year period. Adjusted diluted EPS rose 18% to C$2.16. The company generated free cash flow of C$2,918 million for the first nine months of 2026 and repurchased approximately 3.9 million shares for C$676 million in the quarter. Additionally, CN announced that Executive Vice-President and Chief Financial Officer Ghislain Houle will retire effective February 1, 2027, with Jamie Lockwood succeeding him. The company operates a Class I railway network connecting Canada’s coasts with the U.S. Midwest and Gulf Coast.

Canadian National Railway Company announced that Ghislain Houle will retire as Executive Vice-President and Chief Financial Officer on February 1, 2027. Jamie Lockwood, currently Vice-President of Investor Relations and Special Projects, has been selected to succeed him in the role effective the same date. Houle will remain in his CFO position through January 31, 2027, to ensure continuity during the year-end reporting cycle, after which he will serve as Strategic Advisor to the President and CEO until March 31, 2027. Lockwood joined CN in 2008 and has held leadership roles across Finance, Strategy, Investor Relations, and Operations. Canadian National Railway operates a major North American rail network transporting natural resources and manufactured goods.

CN and Union Pacific signed a binding Memorandum of Understanding to enhance North American rail connectivity. The agreement grants Union Pacific expanded operating rights over CN's Elgin, Joliet & Eastern Railway corridor through Chicago. In exchange, CN receives new rights over Union Pacific's network between Memphis, Tennessee, and Eagle Pass, Texas, to facilitate freight movement between Canada and Mexico. This strategic partnership aims to improve service efficiency and expand north-south franchise opportunities. CN operates a large-scale freight rail network across North America.

Canadian National Railway (CN) and Union Pacific (UNP) signed a binding Memorandum of Understanding to establish a framework for CN to secure competitive access following the proposed merger between Union Pacific and Norfolk Southern. Under the agreement, contingent on Surface Transportation Board approval, CN will acquire Norfolk Southern's ownership interests in the Kansas City Terminal Railway Company and the Terminal Railroad Association of St. Louis. CN also gains new Midwest access via overhead rights between Tuscola, Illinois, and East St. Louis, Illinois, and rights to serve customers between St. Louis, Missouri, and Kansas City, Missouri. Additionally, CN will gain access to shipper facilities where Class I railroad options would be reduced and will utilize Union Pacific's Neff Yard. CN will not oppose the Union Pacific-Norfolk Southern merger. CN is a transportation company operating a North American rail network.