Canadian National Railway (CNI) Q4 FY25 earnings call

CN closed a volatile, tariff-pressured year leaning on execution and structural cost-out rather than volume, delivering record efficiency while mix and trade headwinds masked an underlying margin engine management insists is healthier each year. The 2026 stance is deliberately defensive — directional, volume-tied guidance, a temporary leverage step-up to buy back what it calls an undervalued share, and continued productivity focus — positioning for outsized operating and earnings leverage once volumes and tariff clarity return.