CNI Stock Forecast & Price Target

Canadian National Railway demonstrated strong financial performance in Q4 2025, achieving revenue of CAD 4.464 billion, representing a 2% year-over-year increase, driven by robust volume growth across key sectors such as intermodal, grain and fertilizers, and petroleum and chemicals. The company's revenue ton miles (RTMs) increased by 4.1% year-over-year, with notable contributions from intermodal up 10.5% and grain and fertilizers up 8.6%, which positions CN favorably for continued expansion in these segments. Furthermore, improvements in labor productivity, with a 14% year-over-year gain, and the expectation of ongoing growth in the petroleum and chemicals sector suggest a solid operational outlook moving into 2026.

The financial outlook for Canadian National Railway appears negative due to anticipated slower revenue ton-miles (RTM) growth, which has been revised down from +1.4% to +1.1%, reflecting reduced shipping volumes in key segments. Additionally, the company is experiencing a decline in yield of -0.9% year-over-year, driven by a challenging operating environment, particularly within the forest products segment, which now projects a decrease of -6% in 2026. Furthermore, ongoing risks including economic volatility, adverse weather conditions, and tariff impacts on metals and minerals contribute to a cautious outlook for the company's performance in the near term.