CN Seeks Additional Information for Union Pacific and Norfolk Southern Merger Review
CN (CNI) filed a motion with the Surface Transportation Board to compel additional information in relation to the proposed merger agreement between Union Pacific (UNP) and Norfolk Southern (NSC). CN's motion shows that the applicants have not been upfront with their assessment, failing to outline the full extent of competitive harms as a result of the merger, one of many problems with the application. "Given the scale and stakes of the proposed combination, the applicants must meet the highest standard of transparency and compliance. The information the applicants refuse to disclose is critical to understand their perspective on anticipated competitive harms and inform the Board's public-interest and competition analyses. Rather than hide behind an inapt legal argument, the applicants should welcome the opportunity for a transparent and fulsome discussion about the merger's impact on competition. Rather than trying to convince everyone that there is 'nothing to see here', the applicants should instead be focused on meeting the rigorous and heightened standard called for by the new merger rules," said. Olivier Chouc, Senior Vice-President and Chief Legal Officer, CN
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Canadian National Railway to Announce Q4 Earnings on January 30
- Earnings Announcement: Canadian National Railway is set to release its Q4 earnings on January 30 before market open, with consensus EPS estimate at $1.46, reflecting a 19.8% year-over-year decline, and revenue expected at $3.28 billion, down 24.8% year-over-year.
- Historical Performance: Over the past year, CNI has surpassed EPS estimates 75% of the time and has beaten revenue estimates 100% of the time, indicating a strong track record in meeting market expectations.
- Estimate Revisions: In the last three months, EPS estimates have undergone 12 upward revisions and 9 downward adjustments, while revenue estimates have seen 11 upward and 8 downward revisions, highlighting mixed market sentiment regarding the company's future performance.
- Market Focus: Despite facing temporary headwinds, Canadian National Railway continues to attract investor interest, particularly regarding its objections to the Norfolk Southern-Union Pacific merger, showcasing its active role in industry dynamics.

CN to Release Q4 and Full-Year 2025 Financial Results
- Earnings Release Schedule: CN will issue its fourth-quarter and full-year 2025 financial and operating results on January 30, 2026, at 7:30 a.m. ET, which is expected to impact investor confidence.
- Executive Conference Call: President and CEO Tracy Robinson will lead a conference call at 8:30 a.m. the same day to review the financial results and railway outlook, aiming to enhance transparency and investor communication.
- Participation Details: Interested parties can join the call by dialing 1-800-715-9871 (Canada/U.S.) or 1-647-932-3411 (International) using passcode 4883669, ensuring smooth participation.
- Webcast and Replay: CN will webcast the presentation live on its website and provide supporting slides, with a replay available post-call, further enhancing information accessibility and investor engagement.









