Grain and fertilizer shipments helped drive Canadian National Railway's third-quarter results, with revenue from that commodity group up 19% to C$923 million as carloads climbed 11% from a year earlier.
CN reported its results Friday for the quarter ended Sept. 30. Total revenue rose 15%, or C$606 million, to C$4.77 billion. Net income rose 6% to C$1.21 billion, and diluted earnings per share rose 9% to C$2. Adjusted diluted earnings per share were C$2.16, up 18%.
Grain and fertilizers carloads rose to 181,000 from 163,000. Revenue ton-miles in the group rose 12% to 16.33 billion, and freight revenue per carload rose 7% to C$5,099. For the first nine months of 2026, grain and fertilizers revenue reached C$2.95 billion, up 15% from C$2.56 billion, on 570,000 carloads, compared with 518,000 a year earlier.
The gain did not come from more traffic across the whole railroad. Total carloads were flat at 1.36 million, while gross ton-miles and revenue ton-miles each rose 4%. CN said its service performance let it meet customer demand in key markets, including grain and energy.
CN also raised its crop outlook. The railroad now assumes the 2026-27 grain crops in Canada and the U.S. will be above their five-year averages, up from its Jan. 30 assumption that they would be in line with those averages. The 2025-26 crops in both countries were also above average, CN said.
President and CEO Tracy Robinson credited CN's employees for the quarter.
"Their relentless focus on safely executing the plan across our unique network continues to strengthen service, enhance productivity, and support our customers' success," Robinson said.
For 2026, CN still expects low single-digit growth in revenue ton-miles and adjusted earnings per share growth in the mid-to-high single digits, tracking toward the upper end of that range. It plans to invest about C$2.8 billion in its capital program, net of customer reimbursements, and flagged heightened demand risk from volatile economic conditions, geopolitical conflicts and global trade tensions.
In a separate release Thursday, CN said Executive Vice President and Chief Financial Officer Ghislain Houle will retire. Jamie Lockwood, vice president of investor relations and special projects, will succeed him Feb. 1, 2027. Houle, CFO since 2016, will stay in the role through Jan. 31, 2027, then serve as strategic adviser to the CEO until his final day March 31, 2027. Lockwood joined CN in 2008.
