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CN (CNI) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

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For the quarter ended September 2026, Canadian National (CNI - Free Report) reported revenue of $3.41 billion, up 12.7% over the same period last year. EPS came in at $1.54, compared to $1.33 in the year-ago quarter.

The reported revenue represents a surprise of +4.12% over the Zacks Consensus Estimate of $3.27 billion. With the consensus EPS estimate being $1.49, the EPS surprise was +3.36%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how CN performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Operating Ratio: 63.7% versus 61.5% estimated by five analysts on average.
  • Carloads - Total: 1.36 million compared to the 1.37 million average estimate based on four analysts.
  • Carloads - Coal: 109 thousand versus the four-analyst average estimate of 111.33 thousand.
  • Carloads - Forest products: 69 thousand versus the four-analyst average estimate of 68.99 thousand.
  • Carloads - Automotive: 56 thousand compared to the 55.42 thousand average estimate based on four analysts.
  • Carloads - Intermodal: 542 thousand versus the four-analyst average estimate of 553.56 thousand.
  • Revenue Ton Miles - Petroleum and chemicals: 12.26 billion versus the four-analyst average estimate of 12.29 billion.
  • Carloads - Petroleum and chemicals: 171 thousand versus the four-analyst average estimate of 171.82 thousand.
  • Revenue Ton Miles (RTMs): 59.38 billion versus the four-analyst average estimate of 58.72 billion.
  • Revenue Ton Miles - Metals and minerals: 7.31 billion versus 7.18 billion estimated by four analysts on average.
  • Revenue Ton Miles - Automotive: 933 million versus the four-analyst average estimate of 862.84 million.
  • Carloads - Metals and minerals: 236 thousand versus the four-analyst average estimate of 231.55 thousand.

View all Key Company Metrics for CN here>>>

Shares of CN have returned +5.9% over the past month versus the Zacks S&P 500 composite's +0.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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