Canadian National Railway Co

CNR: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Canadian National Earnings: Tariff-Related Volume Headwinds Emerging

Matthew Young

Jul 23, 2025

Canadian National's second-quarter top line fell 1% year over year due to the onset of mix-related yield pressure (lower merchandise carloads) and lower fuel surcharges amid flattish volume trends. Profitability improved slightly.

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Canadian National Railway Co

Canadian National Earnings: Tariff-Related Volume Headwinds Emerging

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