1. FedEx for bulk and container freight by rail across North America.

2. AT&T or Verizon for transporting goods across North America using a vast rail network.

• Intermodal Freight Transportation: CN provides transport for a wide variety of manufactured goods and consumer products moved in shipping containers, often linking ports with inland markets.
• Agricultural & Food Products Transportation: This service involves the movement of grains, oilseeds, fertilizers, and other food-related commodities across its network.
• Petroleum & Chemical Products Transportation: CN transports crude oil, refined petroleum products, petrochemicals, and other industrial chemicals for various industries.
• Forest Products Transportation: The company moves lumber, pulp, paper, and other wood-based products from mills to markets across North America.
• Metals & Minerals Transportation: CN provides freight services for the shipment of iron ore, coal, steel products, and other metallic or mineral resources.
• Automotive Transportation: This includes the transport of finished vehicles, automotive parts, and components for vehicle manufacturers.

Canadian National Railway (CNI) primarily provides freight transportation services to other businesses and industries, rather than directly to individuals. As a Class I freight railway, its customer base is highly diverse across numerous sectors of the economy.

Due to the competitive nature of the freight transportation industry and customer confidentiality agreements, Canadian National Railway does not publicly disclose the specific names of its individual major customer companies. However, the company's financial reports and investor presentations consistently identify its key customer segments, which represent the major industries and types of businesses it serves.

Based on revenue contribution, the three major categories of customers CNI serves are:

• Intermodal: This segment involves the transport of shipping containers, often originating from or destined for ports across North America. Customers typically include global shipping lines, freight forwarders, large retailers, and manufacturers who rely on efficient supply chain logistics for their goods. While specific names are not disclosed by CNI, major players in these sectors are regular users of intermodal rail services.
• Petroleum & Chemicals: This segment involves the movement of crude oil, refined petroleum products, and various chemicals. Customers include major oil and gas producers, refiners, and chemical manufacturers. Examples of public companies in this space that could be customers include Suncor Energy Inc. (SU), Imperial Oil Limited (IMO), or Dow Inc. (DOW). CNI does not specify which of these are major customers, but companies of this type are core to the segment's operations.
• Grain & Fertilizers: CNI plays a critical role in transporting agricultural products, including various grains (such as wheat, corn, canola) and fertilizers, from agricultural regions to domestic and international markets. Its customers are typically large agricultural companies, grain handlers, and fertilizer producers. Examples of public companies in this space that could be customers include Archer-Daniels-Midland (ADM), Bunge Global SA (BG), or Nutrien Ltd. (NTR).

• Wabtec Corporation (WAB)
• Caterpillar Inc. (CAT)
• The Greenbrier Companies (GBX)
• Trinity Industries, Inc. (TRN)

Tracy Robinson, President and Chief Executive Officer

Tracy Robinson was appointed President and Chief Executive Officer of Canadian National Railway in February 2022. Prior to joining CN, she served as Executive Vice-President of TC Energy, where she was President of Canadian Natural Gas Pipelines and President of Coastal GasLink. Robinson has extensive experience in the railway industry, having spent 27 years at Canadian Pacific Railway in executive roles across commercial, finance, and operating functions, including General Manager of Transportation Services, Vice President and Treasurer, and Vice President of Marketing and Sales. She is recognized for pioneering the transportation of crude oil by rail during her tenure at Canadian Pacific. She holds a Master of Business Administration from the University of Pennsylvania's Wharton School of Business.

Ghislain Houle, Executive Vice-President and Chief Financial Officer

Ghislain Houle was appointed Executive Vice-President and Chief Financial Officer in July 2016. He joined Canadian National Railway in September 1997 and has held various executive roles, including Vice President, Financial Planning and Vice President and Corporate Comptroller. Before his time at CN, Houle held the position of Senior Manager in tax and audit at a major accounting firm. He is a CPA, CA, and holds a Bachelor of Commerce degree from Laval University and an MBA from McGill University.

Patrick Whitehead, Executive Vice-President and Chief Operating Officer

Patrick Whitehead was appointed Executive Vice-President and Chief Operating Officer in October 2025. He possesses over 30 years of railroad experience, with more than 25 years in management positions in Transportation and Mechanical operations. Whitehead joined CN in 2021 as a General Manager in Chicago. Prior to CN, he served as Vice-President, Transportation for Norfolk Southern Railway. He holds a Master of Science degree in Transportation Management from the University of Denver and has completed advanced management programs at the Wharton School of Business.

Dominique Malenfant, Executive Vice-President and Chief Information and Technology Officer

Dominique Malenfant was appointed Executive Vice-President and Chief Information and Technology Officer in September 2020. He brings nearly 30 years of experience in global leadership roles within the transportation and rail industries. Malenfant previously held positions as Senior Vice-President, Engineering and Chief Technology Officer at Wabtec Corporation and Vice-President of Global Technology at GE Transportation, where his work focused on Precision Scheduled Railroading and Positive Train Control technologies. He holds a bachelor's degree in Electrical Engineering from Laval University.

Sean Finn, Executive Vice-President Corporate Services and Chief Legal Officer

Sean Finn was appointed Executive Vice-President Corporate Services and Chief Legal Officer in December 2008. He joined Canadian National Railway in January 1994 and was involved in the company's corporate tax function and its privatization. Before joining CN, Finn was a Managing Tax Partner with the Montreal law firm Lavery de Billy and a senior rulings officer at Revenue Canada, Taxation. He also served as the mayor of Saint-Lambert, Quebec, from 2005 to 2009.

The key risks to Canadian National Railway (CNI) primarily revolve around its labor relations, susceptibility to economic fluctuations and trade policies, and the inherent operational hazards of railway transportation.

1. Labor Relations and Heavy Unionization: A significant portion of Canadian National Railway's workforce is unionized, with key collective agreements for approximately one-third of its total employees, including conductors, yard coordinators, locomotive engineers, and track forces, set to expire at the end of 2026. Failure to promptly secure new agreements could lead to significant operational disruptions. For instance, a lockout involving over 9,000 workers in 2024 nearly halted freight movement across Canada. Furthermore, any increases in wages and benefits not offset by enhanced workforce productivity could negatively impact profit margins.
2. Economic Volatility and Trade Policy Uncertainty: As a cyclical industry, railway operations are highly sensitive to economic downturns and freight recessions, which can significantly reduce freight volumes and revenue. The company has already adjusted its financial outlook and lowered earnings per share growth forecasts due to macroeconomic uncertainties and a stagnant industrial production in North America. Additionally, shifting U.S. trade policies and potential tariffs on Canadian goods pose a significant risk, affecting crucial traffic segments such as forest products and international intermodal shipments, leading customers to re-evaluate their supply chains and potentially reducing future freight volumes.
3. Risk of Derailment Incidents: Canadian National Railway transports hazardous materials across its network, making it vulnerable to the risk of derailment incidents. Such events, while subject to numerous precautionary measures, could incur substantial costs, potentially amounting to billions of dollars in legal settlements, regulatory penalties, and future commitments to safety spending, alongside significant reputational damage.

The primary clear emerging threat to Canadian National Railway (CNI) is the rapid development and anticipated commercial deployment of **autonomous long-haul trucking**.

This technology has the potential to significantly reduce operational costs for long-haul freight by minimizing labor expenses, optimizing fuel efficiency, and enabling continuous operation. If autonomous trucks can achieve substantial cost savings and efficiency gains, they could erode CNI's competitive advantage in line-haul freight, particularly for intermodal traffic (where goods are transferred between rail and truck) and for certain types of freight currently moving directly by truck that are competitive with rail. The increased efficiency and potential for faster, more flexible point-to-point delivery without transloading could divert freight from rail, especially for medium to longer distances where rail's cost advantage might be diminished.

Evidence for this threat includes ongoing public road testing and significant investment by numerous companies (e.g., Waymo Via, TuSimple, Aurora, Embark Trucks, Kodiak Robotics) with announced timelines for commercial pilots and gradual deployment within the next 3-5 years, initially focusing on specific high-volume corridors.

Canadian National Railway (CNI) primarily operates in freight transportation services across North America, including intermodal and the movement of various bulk commodities. The addressable markets for these services are substantial within Canada and the United States, as well as the broader North American region.

North American Rail Freight Transportation Market

The North American railroad market, which encompasses rail freight, was valued at approximately USD 94.33 billion in 2024 and is projected to reach about USD 129.68 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.3% from 2025 to 2030. Another estimate indicates the North America rail freight transportation market size is forecast to increase by USD 37.53 billion with a CAGR of 7.3% between 2024 and 2029. The rail freight segment specifically is expected to be valued at USD 30.0 billion in 2024 and is projected to reach USD 50.0 billion by 2035.

North American Intermodal Freight Transportation Market

The North American intermodal freight market is estimated to be worth approximately USD 51 billion. More recently, the North America intermodal freight transportation market generated a revenue of USD 15.28 billion in 2023 and is expected to grow at a CAGR of 10.9% from 2024 to 2030, reaching an estimated USD 31.59 billion by 2030. North America also held the largest share of 35.6% in the global intermodal freight transportation market in 2023, with the global market size estimated at USD 42.9 billion in 2023 and projected to reach USD 93.51 billion by 2030.

Canadian Rail Freight Transportation Market

The Canadian rail transportation market, including freight, was valued at USD 22.5 billion in 2024 and is projected to be USD 22.8 billion in 2025. The freight rail sector in Canada annually moves over USD 320 billion worth of goods. In 2023, operating revenues for the Canadian rail transportation industry reached USD 20.9 billion, with freight revenues accounting for USD 18.8 billion. The Canadian rail freight transport market is expected to experience robust growth, exceeding a 3.50% CAGR from 2025 to 2033.

United States Rail Freight Transportation Market

The United States rail freight transport market was valued at USD 101.9 billion in 2024 and is projected to reach USD 103.0 billion in 2025. Another source estimates the market size at USD 71.77 billion in 2025, with an expectation to reach USD 84.79 billion by 2030 at a CAGR of 3.39%. The U.S. rail freight industry is also described as nearly an USD 80-billion industry. The United States rail freight transport market was valued at USD 117.23 billion in 2024 and is expected to grow to USD 282.66 billion by 2034, at a CAGR of 9.20% during the forecast period of 2025-2034.

Share Repurchases

• Canadian National Railway authorized a new Normal Course Issuer Bid (NCIB) in January 2025 to repurchase up to 20 million common shares (3.18% of outstanding) between February 4, 2025, and February 3, 2026.
• Under the previous NCIB, announced in January 2024 and expiring January 2025, CN repurchased 13,940,250 common shares at a weighted-average price of C$168.00 per share, returning C$2,342 million to shareholders. As of late September 2024, approximately 12 million shares were repurchased for almost $2.1 billion under this program.
• In January 2023, an NCIB was approved for the repurchase of up to 32 million common shares, representing 4.8% of outstanding shares, with a range of C$4 billion, between February 1, 2023, and January 31, 2024. As of January 18, 2023, CN had repurchased 30,839,917 common shares at a weighted-average price of C$156.42 per share, totaling C$4,824 million.

Outbound Investments

• On November 1, 2023, Canadian National Railway acquired a stake in the Cape Breton & Central Nova Scotia Railway, a Class III short-line railroad with approximately 150 route miles, from Genesee & Wyoming Inc. for $78 million in cash.
• In January 2025, the Surface Transportation Board (STB) approved CN's application to acquire control of Iowa Northern Railway (IANR), with CN assuming control during the first quarter of 2025.

Capital Expenditures

• CN's capital expenditure program for 2025 is approximately C$3.4 billion, with C$2.9 billion allocated to maintenance and strategic infrastructure initiatives, including over 225 miles of new rail and eight capacity-building projects in Western Canada, and over C$500 million for upgrading rolling stock.
• In 2024, capital expenditures were approximately C$3.5 billion, of which C$1.7 billion was invested to maintain the safety and integrity of its network, particularly track infrastructure. An additional $1.0 billion was for strategic initiatives to increase capacity and improve network resiliency, and $0.8 billion for equipment, including 750 new grain hopper cars.
• For 2023, CN spent approximately C$3.2 billion on its capital program, with C$1.6 billion dedicated to maintaining network safety and integrity, C$0.9 billion for strategic initiatives, and C$0.7 billion for equipment, including 500 new grain hopper cars. CN also expects 2026 capital expenditures to be C$2.8 billion.