MONTREAL — CN Rail reported its financial and operating results for the third quarter ended September 30, 2025. Highlights include: Revenues of C$4,165 million, an increase of C$55 million, or 1%; Net income of C$1,139 million, an increase of C$54 million, or 5%. …Tracy Robinson, President and Chief Executive Officer said, “We are taking decisive actions to navigate a challenging macro environment including doubling down on productivity efforts, setting our 2026 capital spend at C$2.8 billion*, down nearly C$600 million from this year’s levels, driving increased free cash flow on a go-forward basis. We are positioning this business to benefit from higher future volumes and ensuring everything we do enhances our customers and shareholders long term value.”

• In related coverage: CN Rail lays off some 400 managers as tariffs take a bite out of shipping volumes. The cuts affect more than six per cent of the company’s non-unionized workforce. Steep sectoral tariffs on steel, aluminum, auto and lumber imports have dented CN shipping volumes.