Weather and cold-weather disruption
Rail operations across Canada and northern U.S. corridors are exposed to winter conditions and severe weather.
- Scope
- Network reliability and service performance
- Materiality
- high
Canadian National Railway Company
Canadian National Railway Company operates a North American freight rail network that connects ports, industrial centers, agricultural regions, and intermodal terminals across Canada and the United States. Its business moves bulk commodities, merchandise freight, and intermodal containers over a long-haul rail system supported by terminals, yards, and related logistics assets.
49,3 %
27,3 %
+1,5 %
0.67
0.67
| % | |
|---|---|
| Merchandise freight | 45% Rail transport for industrial and consumer freight such as petroleum, chemicals, metals, forest products, and automotive-related cargo. |
| Bulk commodities | 30% Transportation of high-volume commodities including grain, fertilizers, coal, and other bulk materials. |
| Intermodal | 20% Movement of containers and trailers between rail, ports, and trucking networks. |
| Other rail services | 5% Ancillary rail-related services including switching, terminal handling, and network support activities. |
CN serves shippers that need high-capacity, long-distance freight movement across Canada and the U.S...
- Industrial merchandise shippersprimary
Buy rail capacity for petroleum, chemicals, metals, and forest products because rail suits heavy, long-haul freight.
- Agricultural exportersprimary
Ship grain and fertilizers through CN's network to domestic processors, ports, and export channels.
- Intermodal logistics customersprimary
Use CN's terminals and rail network to move containers between ports, warehouses, and trucking networks.
- Bulk commodity shipperssecondary
Move coal and other bulk materials in large volumes where rail provides scale and route efficiency.
CN's network spans Canada and the United States, with major corridors linking western ports, central Canadian...
- •Core network spans Canada and the United States
- •Western Canada is important for grain, intermodal, and export traffic
- •U.S. Midwest routes support industrial and intermodal freight
- •Port and terminal access shapes container and export volumes
- •Cold-weather operations affect service reliability and asset use
CN's strategy centers on running a dense, efficient rail network that can move bulk, merchandise, and intermodal...
01
Network capacity and fluiditymedium-term
A rail carrier's competitive position depends on moving more freight through constrained corridors and terminals.
02
Intermodal growthmedium-term
Intermodal traffic broadens CN's reach into containerized supply chains and supports modal shift from trucking.
03
Fleet and operating efficiencyshort-term
Locomotive and car productivity directly affect network throughput and service consistency.
04
Decarbonizationlong-term
Rail's environmental advantage versus trucking can support customer retention and regulatory alignment.
CN faces operating risks tied to weather, network disruptions, labor, safety, and the cyclicality of freight volumes...
Commodity volume cyclicality
A large share of traffic depends on industrial and bulk shipments that move with end-market demand.
- Scope
- Grain, coal, metals, petroleum, chemicals
- Materiality
- high
Network and labor disruption
A fixed rail network requires coordinated crews, dispatching, and maintenance, so disruptions can cascade across the system.
- Scope
- Service interruptions and backlog
- Materiality
- high
Regulatory and environmental compliance
Railroads face safety, emissions, and operating regulations that can increase costs and constrain operations.
- Scope
- Track, locomotives, terminals, emissions
- Materiality
- medium
Depreciation and useful lives
Operating income and asset carrying values
Income tax estimates
Tax expense and effective tax rate
Pensions and employee benefits
Other comprehensive income and expense
Capitalization of network investments
Reported earnings and asset base
: 11/08/2026