Canadian National Railway Co

CNR: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Canadian National Earnings: Economic Fallout From Tariffs Likely to Constrain Near-Term Growth

Matthew Young

May 2, 2025

Canadian National's first-quarter top line grew 3.5% year over year due to favorable foreign exchange, mix-related yield gains (longer lengths of haul), and higher core carload pricing. Total volume was down, partly because of winter weather disruption, though profitability improved slightly.

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Canadian National Railway Co

Canadian National Earnings: Economic Fallout From Tariffs Likely to Constrain Near-Term Growth

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