Canadian National Railway Company · TSX:CNR
Canadian National Railway — Q2 2026 Earnings Presentation
26 slides from Canadian National Railway's earnings presentation, Jul 24, 2026
Slide 1: Second Quarter 2026 Financial and Operating Results
Second Quarter 2026 Financial and Operating Results July 24th, 2026
Slide 2: Forward-looking statements
Q2 Introduction Forward-looking statements Certain statements included in this presentation constitute "forward-looking statements" within the meaning of the United The achievement of CN’s climate goals is subject to several risks and uncertainties, including those disclosed in the States Private Se
Slide 3: Tracy Robinson, President and Chief Executive Officer
Tracy Robinson President and Chief Executive Officer 3
Slide 4: Strong execution with improved 2026 outlook
Q2 Overview Strong execution with improved 2026 outlook Performance highlights Q2 Q2 Total Revenues Diluted EPS At constant Adjusted at Reported Reported Adjusted (1) constant Solid operational and commercial execution, currency (1) currency (1) converting volumes to the bottom line $4.8B $4.8B $2.0
Slide 5: Pat Whitehead, Chief Operating Officer
Pat Whitehead Chief Operating Officer 5
Slide 6: Running our plan and delivering significant productivity gains
Q2 Operations Running our plan and delivering significant productivity gains Network operations Record Q2 Fuel Efficiency Crew Productivity Gains Improved Locomotive Utilization Plan Discipline Right-sized Resources Driving Efficiencies Scheduled railroading underpinning fluid Resource alignment ena
Slide 7: Handling higher volume, maintaining solid service levels
Q2 Operations Handling higher volume, maintaining solid service levels Key operating measures Car Velocity (1) Through Dwell (1) Local Service (car miles per day) (entire railroad, hours) Commitment (1) (2) Consistent operating 95% 213 performance 211 7.1 93% 6.8 Volume growth and service execution
Slide 8: Janet Drysdale, Chief Commercial Officer
Janet Drysdale Chief Commercial Officer 8
Slide 9: Solid commercial performance, building on momentum
Q2 Markets Solid commercial performance, building on momentum Revenue highlights Q2 Q2 Revenues at Q2 Revenue Variance on a Constant Currency Basis (1) 11% revenue growth driven by Revenues Constant Currency (1) (Q2 2026 vs Q2 2025) higher year-over-year fuel surcharge and strong volume Petroleum &
Slide 10: Focused commercial execution
Q2 Markets Focused commercial execution Balance-of-year outlook versus 2025 Merchandise Bulk Products Consumer Products Petroleum & Chemicals Grain International Intermodal • Refined growth supported by the Greater • CDN –Expecting strength in Q3 from • Challenging near-term outlook for North Toront
Slide 11: Ghislain Houle, Chief Financial Officer
Ghislain Houle Chief Financial Officer 11
Slide 12: Strong performance supporting earnings growth
Q2 Financials Strong performance supporting earnings growth Second quarter highlights Q2 Q2 Diluted EPS Operating Ratio Performance driven by higher volumes and Reported Adjusted (1) Adjusted at Reported Adjusted (1) constant continued productivity gains currency (1) $2.06 $2.08 $2.09 62.5% 62.2% Fu
Slide 13: Operating expense review
Q2 Financials Operating expense review Constant currency Q2 OPEX variance on a constant currency basis (1) (Q2 2026 vs Q2 2025, in $M) Labor up on general wage increases and higher incentive compensation expense; partly offset by Labor & Fringe +3% 26 lower average headcount Purch Svcs & Material +1
Slide 14: Raising full-year EPS guidance
Q2 Financials Raising full-year EPS guidance 2026 financial outlook (1) 2026 Earnings Guidance 2026 Capex Guidance Improved outlook supported by operational execution and Assuming low single-digit Disciplined investment commercial intensity RTM growth year over year Positive volume trend in the firs
Slide 15: Tracy Robinson, President and Chief Executive Officer
Tracy Robinson President and Chief Executive Officer 15
Slide 16: Built for growth
Q2 Summary Built for growth Closing remarks Disciplined execution driving results Converting operating leverage and network capacity into profitable growth Network uniquely positioned across North America's resource-rich regions Executing our strategy and delivering on our commitments CN | Second Qu
Slide 17: Appendix
Appendix 17
Slide 18: Commercial agreement to improve North American rail connectivity
Q2 Appendix Commercial agreement to improve North American rail connectivity CN UP FXE CN | Second Quarter 2026 Financial and Operating Results 18
Slide 19: Settlement agreement to expand customer opportunities
Q2 Appendix Settlement agreement to expand customer opportunities CN UP CN | Second Quarter 2026 Financial and Operating Results 19
Slide 20: Non-GAAP measures
Q2 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 21: Non-GAAP measures
Q2 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 22: Non-GAAP measures
Q2 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 23: Non-GAAP measures
Q2 Appendix Non-GAAP measures Three months ended June 30 % Change Six months ended June 30 % Change Constant at constant Constant at constant Constant Currency unaudited currency currency currency currency In millions, except per share data 2026 impact 2025 Fav (Unfav) 2026 impact 2025 Fav (Unfav) R
Slide 24: Non-GAAP measures
Q2 Appendix Non-GAAP measures Constant Currency (continued) (1) These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. See the section of this MD&A entitled Adjusted performance measures f
Slide 25: Non-GAAP measures
Q2 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 26: Non-GAAP measures
Q2 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
Canadian National Railway Company — Q2 2026 Earnings Presentation on 6ix