Canadian National Railway (CNI)
Moves diversified freight across a three-coast network linking Canada with the U.S. Midwest and Gulf.
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Moves intermodal, agricultural, energy, industrial, forest, coal, and automotive freight across a three-coast North American network managed as one rail business. Scheduled operations coordinate capacity, crews, train movements, and commercial sales, while labor relations, safety controls, and rail regulation shape execution.
Transports intermodal containers, grain and fertilizers, petroleum and chemicals, metals and minerals, forest products, coal, and automobiles across one integrated freight network. Routes connect Canada's Atlantic and Pacific coasts with the U.S. Midwest and Gulf Coast, supporting overseas, cross-border, and domestic traffic.
Runs scheduled railroading through coordinated network planning, field execution, and commercial sales into available capacity. Traffic spans natural resources, manufactured products, and finished goods, limiting dependence on a single commodity while tying demand to industrial, agricultural, energy, consumer, and port flows.
Depends on unionized labor, track safety, dangerous-goods controls, and Canadian and U.S. rail regulation. Canadian law also requires the head office to remain in Montreal and limits concentrated voting control.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 27, 2026 | Barclays | Reiterate | Rating: —Target: $109 | Target: $130 |
| Jul 15, 2026 | Citigroup | Initiate | Rating: — | |
| Jul 14, 2026 | Susquehanna | Downgrade | ||
| Jun 25, 2026 | Barclays | Reiterate | Rating: —Target: $99 | Target: $109 |
| Jun 25, 2026 | Evercore ISI | Reiterate | Rating: —Target: $103 | Target: $124 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $209.2M · Total debt $16.09B · Total assets $42.77B · Shareholders' equity $15.59B
- Revenue
- $3.38B
- Operating income
- $1.27B
- Net income
- $888.9M
Reported in CAD, converted at the latest exchange rate
HistoryDividendAnnual yield
| Institutions | 66.05% | 405.83M ADS | |
|---|---|---|---|
| 875 holders · as of Jun 30, 2026 | |||
| Insiders | 23.17% | 142.36M ADS | |
| 2 holders · as of Jul 25, 2022 | |||
| Other | 10.78% | 66.25M ADS | |
| remainder | |||
614.43M ADS as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
William H. Gates IIIInsider | 11.75% | 72.20M | filed May 12, 2022 |
Melinda French GatesInsider | 11.42% | 70.15M | filed Jul 25, 2022 |
Bill & Melinda Gates Foundation TrustInstitution | 8.43% | 51.83M ADS | as of Jun 30, 2026 |
Massachusetts Financial Services Company ("MFS")Institution | 6.11% | 37.55M | filed Feb 13, 2019 |
Royal Bank of CanadaInstitution | 5.07% | 31.16M ADS | as of Jun 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
- Canadian Pacific Kansas City
Direct rail rival across Canada, U.S. corridors, and core freight markets
- Union Pacific
Western U.S. freight rail across intermodal and industrial markets
- CSX
Eastern U.S. rail rival in intermodal and major commodity lanes
- Norfolk Southern
Eastern U.S. rail rival in intermodal, ports, and merchandise freight
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Canadian National Railway | $119.22 | +1.46% | $71.08B | 21.2 | 21.0 | 5.6 | +6.7% |
| Canadian Pacific Kansas City | $87.89 | +1.24% | $76.31B | 28.3 | 23.8 | 6.9 | +7.9% |
| Union Pacific | $272.00 | +0.88% | $160.18B | 21.8 | 20.1 | 6.3 | +11.5% |
| CSX | $46.14 | +0.32% | $85.20B | 26.6 | 21.5 | 5.9 | +10.1% |
| Norfolk Southern | $311.90 | +0.91% | $69.42B | 26.4 | 22.8 | 5.5 | +12.5% |
| Median | 26.5 | 22.2 | 6.1 | +10.8% |