Canadian National Railway Company · TSX:CNR
Canadian National Railway — Q1 2026 Earnings Presentation
23 slides from Canadian National Railway's earnings presentation, Apr 29, 2026
Slide 1: First Quarter 2026 Financial and Operating Results
First Quarter 2026 Financial and Operating Results April 29th, 2026
Slide 2: Forward-looking statements
Q1 Introduction Forward-looking statements Certain statements included in this presentation constitute "forward-looking statements" within the meaning competitiveness of renewable fuels and the development of new locomotive propulsion technology; of the United States Private Securities Litigation Re
Slide 3: Tracy Robinson, President and Chief Executive Officer
Tracy Robinson President and Chief Executive Officer 3
Slide 4: Delivering on our plan
Q1 Overview Delivering on our plan Performance highlights Q1 Q1 Total Revenues Diluted EPS Executed against our commitments across Reported At constant Reported Adjusted (1) Adjusted at constant currency (1) operations, commercial intensity and capital currency (1) allocation $4.4B $4.5B $1.87 $1.80
Slide 5: Pat Whitehead, Chief Operating Officer
Pat Whitehead Chief Operating Officer 5
Slide 6: Winter-tested operating performance
Q1 Operations Winter-tested operating performance Key operating measures Car Velocity (1) Through Dwell (1) Local Service (car miles per day) (entire railroad, hours) Commitment (1) (2) Sustained car velocity above 200 miles/day, reflecting a fluid and 201 7.8 resilient network 7.5 90% 91% 189 Lever
Slide 7: Meaningful productivity gains across fuel, workforce and assets
Q1 Operations Meaningful productivity gains across fuel, workforce and assets Network operations Plan Discipline Right-sized Resources Driving Efficiencies Record Q1 Fuel Efficiency Improved Crew Productivity Improved Locomotive Utilization Scheduled railroading underpinning fluid Resource alignment
Slide 8: Janet Drysdale, Chief Commercial Officer
Janet Drysdale Chief Commercial Officer 8
Slide 9: Solid volume growth, led by record grain
Q1 Markets Solid volume growth, led by record grain Revenue highlights Q1 Q1 Revenues at Q1 Revenue Variance on a Constant Currency Basis (1) Revenues Constant Currency (1) (Q1 2026 vs Q1 2025) Growth driven by grain, fertilizers, petroleum products and intermodal Petroleum & Chemicals 4% volumes, s
Slide 10: Focused commercial execution
Q1 Markets Focused commercial execution Balance of year outlook versus 2025 Merchandise Bulk Products Consumer Products Petroleum & Chemicals Grain International Intermodal • Refined growth from Phase 2 of the • CDN – Record crop supported by • Challenging near-term outlook for North Greater Toronto
Slide 11: Ghislain Houle, Chief Financial Officer
Ghislain Houle Chief Financial Officer 11
Slide 12: Strong free cash flow and earnings resilience
Q1 Financials Strong free cash flow and earnings resilience First quarter highlights Q1 Q1 Diluted EPS Operating Ratio Adjusted at Reported Adjusted (1) constant Reported Adjusted (1) Q1 performance in line with expectations, driven currency (1) by strong execution and productivity gains $1.87 $1.80
Slide 13: Operating expense review
Q1 Financials Operating expense review Constant currency Q1 OPEX variance on a constant currency basis (1) (Q1 2026 vs Q1 2025, in $M) Labor up on wage inflation, largely offset by 4% lower headcount and strong labor productivity gains Labor & Fringe +1% 11 Purchased Services & Material up on higher
Slide 14: Reaffirming full year EPS guidance
Q1 Financials Reaffirming full year EPS guidance 2026 financial outlook (1) 2026 Earnings Guidance 2026 Capex Guidance Assuming flattish Disciplined investment year-over-year RTMs Positive early momentum reinforces our outlook Macroeconomic uncertainty remains elevated Slightly higher Revised balanc
Slide 15: Tracy Robinson, President and Chief Executive Officer
Tracy Robinson President and Chief Executive Officer 15
Slide 16: Executing our plan
Q1 Summary Executing our plan Closing remarks Delivering reliable service and strong operational performance in a volatile and uncertain operating environment Leveraging productivity and commercial momentum Remaining focused on shareholder value creation, including strong cash generation Consistent
Slide 17: Appendix
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Slide 18: Non-GAAP measures
Q1 Appendix Non-GAAP measures This presentation makes reference to non-GAAP measures that do not have any standardized meaning prescribed by GAAP, including adjusted net income, adjusted earnings per share, adjusted operating income, adjusted operating expense, adjusted operating ratio, free cash fl
Slide 19: Non-GAAP measures
Q1 Appendix Non-GAAP measures Adjusted Net Income and Earnings per Share Adjusted net income is defined as Net income in accordance with GAAP adjusted for certain significant items. Management believes that adjusted net income provides additional insight to management and investors into the Company'
Slide 20: Non-GAAP measures
Q1 Appendix Non-GAAP measures Adjusted Operating Income, Operating Expenses and Operating Ratio Adjusted operating income is defined as Operating income in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN's underlying business operations. Th
Slide 21: Non-GAAP measures
Q1 Appendix Non-GAAP measures Three months ended March 31 Constant Currency Constant % Change at Financial results at constant currency allow results to be viewed unaudited currency constant currency without the impact of fluctuations in foreign currency exchange rates, In millions, except per share
Slide 22: Non-GAAP measures
Q1 Appendix Non-GAAP measures Free Cash Flow Free cash flow is a useful measure of liquidity as it demonstrates the Company's ability to generate cash for debt obligations and for discretionary uses such as payment of dividends, share repurchases, and strategic opportunities. The Company defines its
Slide 23: Non-GAAP measures
Q1 Appendix Non-GAAP measures Adjusted Debt-to-Adjusted EBITDA Multiple Management believes that the adjusted debt-to-adjusted EBITDA multiple is a useful credit measure because it reflects the Company's ability to service its debt and other long-term obligations. The Company calculates the adjusted
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