Canadian National Railway Co

CNI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Canadian National Earnings: Intermodal Faces Tough Comps, but Carloads Have Rebounded

Matthew Young

Jul 24, 2026

Canadian National's second-quarter revenue jumped 11% year over year—excluding foreign exchange—on higher carloads and strong all-in yield gains (surging fuel surcharges, positive core pricing). Adjusted margin fell this quarter mostly due to fuel noise.

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Canadian National Railway Co

Canadian National Earnings: Intermodal Faces Tough Comps, but Carloads Have Rebounded

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