Canadian National Railway Co

CNR: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Canadian National Earnings: Volumes Mostly Healthy, but Margin Disappoints

Matthew Young

Apr 29, 2026

Canadian National's first-quarter top line grew 2% year over year (excluding foreign exchange) on higher volumes. Total yield was flat as unfavorable mix and tough comps related to the elimination of the Canadian federal carbon tax offset healthy core pricing gains.

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Canadian National Railway Co

Canadian National Earnings: Volumes Mostly Healthy, but Margin Disappoints

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