Canadian National Railway Company (CNI) reported fourth-quarter 2025 revenue of C$4.46 billion, a 2% increase year-over-year. Net income rose 9% to C$1.25 billion, or C$2.03 per diluted share. Adjusted diluted EPS reached C$2.08, a 14% increase from the prior year. These gains were supported by a 1.4-point improvement in the operating ratio to 61.2%, signaling increased operational discipline.
For the full year 2025, revenue totaled C$17.3 billion, up 2% from 2024. However, management noted that tariffs resulted in a $350 million revenue loss during the period. Similar to the software sector’s shift toward “efficiency over growth,” CN has aggressively managed labor costs, resulting in a 4% decrease in operating expenses per gross ton mile (GTM).