Canadian National Railway Company · TSX:CNR
Canadian National Railway — Q2 2025 Earnings Presentation
19 slides from Canadian National Railway's earnings presentation, Jul 22, 2025
Slide 1: Second Quarter 2025 Financial and Operating Results
Second Quarter 2025 Financial and Operating Results July 22, 2025
Slide 2: Forward-looking Statements
Q2 Introduction Forward-looking Statements Certain statements included in this presentation constitute "forward-looking statements" within the meaning types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital of the United States Private Securit
Slide 3: Tracy Robinson, President and Chief Executive Officer
Tracy Robinson President and Chief Executive Officer 3
Slide 4: Q2 Overview
Q2 Overview Steady performance amidst volatility Performance highlights Q2 Q2 Operating Ratio Diluted EPS 61.7% $1.87 Continued challenging and uncertain macro environment 50 bps vs adjusted (2) 2% vs adjusted (2) Volumes held up against a strong comparable 230 bps vs reported 7% vs reported
Slide 5: Derek Taylor, Chief Field Operating Officer
Derek Taylor Chief Field Operating Officer 5
Slide 6: Q2 Operations
Q2 Operations Solid operating results Key operating measures Car Velocity (1) Through Dwell (1) Local Service (car miles per day) (entire railroad, hours) Commitment (1) (2) Across the board improvement 213 95% 210 94% in operating metrics 6.9 6.8 Decisive action to align manifest train package with
Slide 7: Pat Whitehead, Chief Network Operating Officer
Pat Whitehead Chief Network Operating Officer 7
Slide 8: Update on key efficiency initiatives
Q2 Operations Update on key efficiency initiatives Network operations Plan Discipline Right-sized Resources Driving Efficiencies Adherence to the Plan allows for swift Resource alignment enabling the right Improving locomotive reliability and recovery of operations following any tension between volu
Slide 9: Janet Drysdale, Interim Chief Commercial Officer
Janet Drysdale Interim Chief Commercial Officer 9
Slide 10: Q2 Markets: Growth in bulk offset by lower merchandise
Q2 Markets Growth in bulk offset by lower merchandise Revenue highlights Q2 Revenues Q2 Revenues at Q2 Revenue Variance on a Constant Currency Basis (1) Constant Currency (1) (Q2 2025 vs Q2 2024) Noticeable tariff impact emerged in Q2 Petroleum & Chemicals -6% Year over year fuel surcharge headwind
Slide 11: Updated volume outlook reflects meaningful tariff impacts
Q2 Markets Updated volume outlook reflects meaningful tariff impacts Balance of year outlook versus last year Merchandise Bulk Products Consumer Products Petroleum Grain International Intermodal • Refinery turnarounds concluding early Q3 • CDN – Historically low carry-out stocks to • Reflects share
Slide 12: Ghislain Houle, Chief Financial Officer
Ghislain Houle Chief Financial Officer 12
Slide 13: Resilient financial results in challenging environment
Q2 Financials Resilient financial results in challenging environment Second Quarter highlights Q2 YTD Diluted EPS Free Cash Flow (1) 2% adjusted diluted EPS (1) growth Revenues decreased by 1% on 1% lower RTMs and $1.87 $1.5B flat carloads 2% vs adjusted (1) 5% 7% vs reported Expenses decrease
Slide 14: Breakdown of earnings drivers
Q2 Financials Breakdown of earnings drivers Second Quarter highlights Earnings impacted by $1.87 $1.84 Lower volumes amid macro and tariff overhangs Unfavorable traffic mix shifts $0.04 fuel price headwind More than offset by Strong cost take-out including lower headcount Same store pricing above ra
Slide 15: Operating expenses
Q2 Financials Operating expenses Constant currency Q2 adjusted OPEX variance on a constant currency basis (1) (Q2 2025 vs Q2 2024, in $M) Labor up due to general wage increase, largely offset by Labour & Fringe +1% 8 improved productivity Purchased Services and Materials flat: higher repairs and Pur
Slide 16: Revised EPS outlook reflects volume and exchange shifts
Q2 Financials Revised EPS outlook reflects volume and exchange shifts 2025 Financial outlook (1) Revised 2025 EPS Guidance Shifting U.S. tariff policies are the central headwind affecting North America supply chains Expect to deliver Persistent uncertainty weighing on Merchandise and Intermodal volu
Slide 17: Tracy Robinson, President and Chief Executive Officer
Tracy Robinson President and Chief Executive Officer 17
Slide 18: Reacting with urgency
Q2 Summary Reacting with urgency Closing remarks Updated assumptions and guidance reflect evolving environment Acting with urgency to align resources with demand Staying close to our customers Driving shareholder value creation is our priority CN | Second Quarter 2025 Financial and Operating Results
Slide 19: Contacts
Contacts Stacy Alderson Assistant Vice President, Investor Relations Stacy.Alderson@cn.ca Greg Hamilton Senior Manager, Investor Relations Greg.Hamilton@cn.ca Nicole Smith Expert, Investor Relations Nicole.Smith@cn.ca www.cn.ca/en/investors
Canadian National Railway Company — Q2 2025 Earnings Presentation on 6ix