Canadian National Railway Company (NYSE:CNI) Stock Upgrade and Q3 Earnings Overview

Font: Financial Modeling Prep  • Nov 28, 2025

• CIBC upgraded NYSE:CNI to "Outperform" from "Neutral" due to an improved cash flow and earnings outlook.
• Q3 2025 earnings surpassed estimates with earnings of $1.33 per share and revenues of $3.02 billion, indicating a 5.6% increase from the previous year.
• The company's operating ratio improved to 61.4%, showcasing enhanced efficiency despite the stock price falling 2.5% since the earnings release.

Canadian National Railway Company (NYSE:CNI) is a major player in the North American rail industry, providing freight transportation services across Canada and the United States. The company competes with other rail giants like Canadian Pacific Kansas City Limited and Union Pacific Corporation. On November 28, 2025, CIBC upgraded CNI's stock rating to "Outperform" from "Neutral," citing an improved cash flow and earnings outlook, as reported by TheFly.

CNI's recent third-quarter 2025 results were impressive, with earnings of $1.33 per share (C$1.83), surpassing the Zacks Consensus Estimate by 4% and marking a 5.6% increase from the previous year. Revenues reached $3.02 billion (C$4.17 billion), exceeding estimates by 1% and showing a 0.4% year-over-year growth. Despite these strong results, the stock price fell 2.5% since the earnings release on October 31.

The company achieved modest revenue growth through higher revenue ton-miles (RTMs) and carloads, while reducing operating expenses with cost-cutting measures. CNI improved its operating ratio to 61.4%, a key efficiency metric in the rail industry. Freight revenues increased across key segments, yet the market's reaction was mixed, leading to a decline in stock value.

Currently, CNI's stock is priced at $96.14, reflecting a 2.27% increase or $2.13. The stock has fluctuated between a low of $94.87 and a high of $96.17 today. Over the past year, it reached a high of $112.06 and a low of $90.74. CNI has a market capitalization of approximately $60.23 billion, with a trading volume of 611,039 shares on the NYSE.