CN announced Jan. 30 that its board approved a 3% increase in the 2026 dividend and a new normal course issuer bid allowing the company to repurchase up to 24 million common shares over the next 12 months.
The share repurchase program, representing 3.9% of CN’s outstanding shares as of Jan. 22, 2026, will run from Feb. 4, 2026, through Feb. 3, 2027. CN may buy shares through discretionary transactions, automatic repurchase plans, derivative programs, or accelerated share repurchase transactions on the Toronto and New York stock exchanges or alternative trading systems.
CN’s executive vice president and chief financial officer, Ghislain Houle, said the moves reflect the company’s strong cash flow and disciplined capital management. “We are investing in the business, returning capital to shareholders and maintaining a strong balance sheet to support long-term performance,” Houle said.
Under the previous bid announced in January 2025, CN repurchased over 15.2 million shares at an average price of C$134.44, returning C$2.05 billion to shareholders. That program expires Feb. 3, 2026.
CN also approved a quarterly dividend of 91.5 cents (C$0.9150) per common share, payable March 31, 2026, to shareholders of record as of March 10.
The company believes the share repurchase is an appropriate use of funds and will continue to evaluate market conditions and other factors in determining the timing and size of purchases under the new bid.
