CN Rail reports lower Q4 earnings, forecasts growth in 2025

Canadian National Railway reported lower earnings for the fourth quarter of 2024, citing supply chain disruptions and higher operating expenses, but remains optimistic about growth in the year ahead.

The railway posted revenue of $4.36 billion for the quarter of 2024, down three per cent from the same period in 2023. Operating income fell 10 per cent to $1.63 billion, while diluted earnings per share dropped 45 per cent to $1.82. CN’s operating ratio, a key efficiency metric, worsened to 62.6 per cent from 59.3 per cent a year earlier.

For the full year, CN reported revenue of $17.05 billion, a one per cent increase from 2023. Operating income declined five per cent to $6.25 billion, and diluted earnings per share fell 18 per cent to $7.01.

CEO Tracy Robinson said the company successfully navigated several supply chain challenges in 2024 and is “well positioned to drive growth” in 2025. CN expects adjusted diluted earnings per share to increase by 10 to 15 per cent this year and plans to invest $3.4 billion in capital projects. The railway continues to target high single-digit annual earnings growth through 2026.