CNI

LONG

CANADIAN NATL RY CO

Funds

Score

4.00

vs SPY

-1.0%

Stock return (since Q-end)

+15.3%

SPY return (since Q-end)

+16.3%

Current price

$118.55

News Summary

Neutral

CN reported Q1 2026 in-line results with strong operational metrics (record fuel efficiency, 3% volume growth, 44% FCF increase) and robust shareholder governance approval, but adjusted EPS declined 3% due to winter costs and higher expenses, causing a 5.5% stock drop despite meeting expectations. Management maintains flat volume guidance for 2026 with FY revenue guidance of C$13.17B, though macroeconomic volatility and geopolitical risks are acknowledged headwinds.

Red flags

•Adjusted diluted EPS declined 3% YoY to C$1.80, driven by winter costs and incident expenses
•Safety performance fell short of internal standards in Q1 2026
•Stock fell 5.53% in premarket despite meeting expectations, signaling investor disappointment
•Guidance remains flat volumes with only modest earnings growth, indicating muted near-term momentum
•Major union agreements expiring in 2026 with potential for costly labor negotiations

Funds Buying (3)

Fund	Manager	Shares Held	∆ Shares	Position Value	QoQ	Status
TCI Fund Management	Chris Hohn	9.8M	+9.8M	$1013.2B	—	NEW
Point72	Steve Cohen	780K	+257K	$80.1B	+49%	Existing
Maverick Capital	Lee Ainslie	19K	+19K	$1.9B	—	NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter.