The Bull Case For Canadian National Railway (TSX:CNR) Could Change Following Record Grain Shipments And New Winter Plan

• Canadian National Railway recently reported that it moved more than 3.28 million metric tonnes of grain in November 2025, marking its third consecutive month of record grain shipments, and released its 2025–2026 Winter Plan aimed at improving network reliability in harsh weather.
• This combination of record grain volumes and proactive winter preparedness highlights how CN is working to keep bulk supply chains running efficiently during a critical shipping season.
• Next, we’ll examine how CN’s record grain volumes and reinforced Winter Plan shape the company’s broader investment narrative and outlook.

This technology could replace computers: discover 28 stocks that are working to make quantum computing a reality.

Canadian National Railway Investment Narrative Recap

To own Canadian National Railway, you need to believe its wide, tri-coastal network can convert steady demand for bulk and intermodal freight into resilient earnings, despite slower expected growth and high capital needs. The latest record grain volumes and updated Winter Plan support the near term catalyst of better asset utilization, but they do not remove the bigger risk that muted industrial activity and trade frictions could still weigh on volumes across other key segments.

Among recent announcements, the upcoming full year 2025 results on 30 January 2026 look most relevant, because they will show how these record grain shipments and winter readiness are flowing through to revenue, margins, and cash generation. For investors watching flat longer term volume trends and elevated spending, that earnings update is likely to matter more than a single strong grain season when assessing whether CN’s investment case is still on track.

Yet even with these operational wins, the possibility that weaker industrial demand and tariffs could pressure volumes is something investors should be aware of...

Read the full narrative on Canadian National Railway (it's free!)

Canadian National Railway's narrative projects CA$19.6 billion revenue and CA$5.6 billion earnings by 2028. This requires 4.6% yearly revenue growth and a CA$1.0 billion earnings increase from CA$4.6 billion today.

Uncover how Canadian National Railway's forecasts yield a CA$150.57 fair value, a 11% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members currently place CN’s fair value anywhere between C$116.67 and C$156.78, across 14 individual views, so opinions clearly diverge. You may want to weigh those ranges against the risk that ongoing macro uncertainty and tariffs could still constrain volumes in several freight segments and shape CN’s long term earnings power.

Explore 14 other fair value estimates on Canadian National Railway - why the stock might be worth as much as 16% more than the current price!

Build Your Own Canadian National Railway Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Canadian National Railway research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Canadian National Railway research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Canadian National Railway's overall financial health at a glance.

Interested In Other Possibilities?

Opportunities like this don't last. These are today's most promising picks. Check them out now:

• We've found 12 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.
• The end of cancer? These 29 emerging AI stocks are developing tech that will allow early identification of life changing diseases like cancer and Alzheimer's.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com