CNI
Canadian National Railway Company
CNI's fundamentals are mixed: it turned 20% of its revenue into free cash flow, while its operating margin held steady at 38%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
CNI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Stable |
CNI's profitability and cash flow are currently strong, and its revenue and balance sheet are stable.
CNI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $102 | -20% |
| Fair | 21x | $115 | -10% |
| Current | 23x | $128 | — |
| Expensive | 24x | $134 | +4.7% |
Historical ranges are pointers, not guarantees.
CNI's PE is 23x, but its earnings don't support one, so it isn't a reliable read right now.
CNI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Improving | |
| Moderate | |
| High |
Analysts expect earnings and revenue growth for CNI, with profitability improving.
CNI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $5.48 | +7.5% |
| Q1 2026 | $5.34 | +6.4% |
| Q4 2025 | $5.32 | +7.9% |
| Q3 2025 | $5.18 | -13% |
| Q2 2025 | $5.10 | -14% |
| Q1 2025 | $5.02 | -16% |
| Q4 2024 | $4.93 | -18% |
| Q3 2024 | $5.96 | +15% |
CNI earned $5.48 per share over the past year, up 7.5% from the year before.
CNI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $3.3B | +11% |
| Q1 2026 | $3.1B | -0.3% |
| Q4 2025 | $3.1B | +2.3% |
| Q3 2025 | $2.9B | +1.5% |
| Q2 2025 | $3B | -1.3% |
| Q1 2025 | $3.1B | +3.6% |
| Q4 2024 | $3.1B | -2.5% |
| Q3 2024 | $2.9B | +3.1% |
CNI's revenue grew through 2022 and has held roughly level since: $3.3B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 37% | -0.9 points |
| Q1 2026 | 35% | -1.2 points |
| Q4 2025 | 39% | +1.5 points |
| Q3 2025 | 39% | +1.6 points |
| Q2 2025 | 38% | +2.4 points |
| Q1 2025 | 37% | +0.2 points |
| Q4 2024 | 37% | -3.3 points |
| Q3 2024 | 37% | -1.2 points |
CNI's operating margin was 37% last quarter, down 0.9 points from the same quarter a year ago.
CNI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $644.3M | -2.5% |
| Q1 2026 | $582.2M | +28% |
| Q4 2025 | $701.1M | -5.1% |
| Q3 2025 | $568.1M | +35% |
| Q2 2025 | $660.9M | -2.1% |
| Q1 2025 | $453.5M | +19% |
| Q4 2024 | $738.9M | -29% |
| Q3 2024 | $420.4M | +0.5% |
CNI's free cash flow has been positive every quarter for seven years: $2.5B over the past year, up 9.8% from the year before.
CNI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -4.4M shares |
| 1 year | -3.3% | -20.5M shares |
| 3 years | -8.4% | -55.6M shares |
| 5 years | -15% | -103M shares |
| Available history | -16% | -113M shares |
CNI has 608M diluted shares, down 3.3% from a year ago, with $2.1B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $327.1M |
| Q1 2026 | $631.5M |
| Q4 2025 | $429.9M |
| Q3 2025 | $730.5M |
| Q2 2025 | $213M |
| Q1 2025 | $113.9M |
| Q4 2024 | $111.1M |
| Q3 2024 | $313.6M |
CNI spent $2.1B buying back its own shares over the past year, up 182% from the year before.
CNI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.5x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 2.4x | Moderate |
| Q3 2025 | 2.4x | Moderate |
| Q2 2025 | 2.3x | Moderate |
| Q1 2025 | 2.4x | Moderate |
| Q4 2024 | 2.4x | Moderate |
| Q3 2024 | 2.3x | Moderate |
CNI's net debt is about 2.5 years of its operating earnings (EBITDA), up from 2.3 years a year ago.
CNI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.4 | Neutral |
| Stochastic | 66.0 | Neutral |
CNI's weekly RSI is 62 (neutral) and its Stochastic is 66 (neutral).
CNI PE vs Industrials Sector
| Metric | CNI | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 24x | 2.9% below |
| PE % | 78 | 58 | 20 pts above |
CNI is trading at 23x earnings, in line with the Industrials sector's median of 24x, though its earnings don't support one.
CNI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $122.4 | 4.4% above |
| 20 week MA | $124.2 | 2.9% above |
| 50 week MA | $113.9 | 12% above |
| 100 week MA | $106.5 | 20% above |
| 200 week MA | $112.5 | 14% above |
CNI has climbed back above all five of its weekly moving averages, and it's now 14% above its 200-week average.
CNI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $90.9 | $109.7 | +21% |
| 2021 | $109.7 | $121.7 | +11% |
| 2022 | $121.7 | $120.4 | -1% |
| 2023 | $120.4 | $125.6 | +4.3% |
| 2024 | $125.6 | $102.0 | -19% |
| 2025 | $102.0 | $98.7 | -3.2% |
| 2026 YTD | $98.7 | $127.8 | +29% |
CNI has finished lower in three of the last six years. It's up 29% so far in 2026.