CANADIAN NATIONAL RAILWAY Business Summary

Canadian National Railway Company (CN) operates as a premier North American transportation and logistics leader, generating revenue primarily through freight transportation services across a vast 19,500-mile rail network. The company’s business model is diversified across seven key commodity segments: Intermodal, Grain & Fertilizers, Petroleum & Chemicals, Forest Products, Metals & Minerals, Automotive, and Coal. As of early 2026, CN continues to leverage its unique "three-coast" network—the only rail system connecting the Atlantic, Pacific, and Gulf coasts—to maintain a high-moat competitive advantage. It functions within a consolidated North American rail oligopoly, competing directly with Canadian Pacific Kansas City (CPKC), Union Pacific (UNP), CSX Corporation, and Norfolk Southern (NSC). CN distinguishes itself through its "Precision Scheduled Railroading" (PSR) model and a strategic focus on automation and network velocity, consistently maintaining industry-leading operating ratios despite recent macroeconomic headwinds from trade tariffs and supply chain volatility. Originally incorporated in 1919 as a Canadian Crown corporation and privatized in 1995, CN is currently led by President and CEO Tracy Robinson, who joined in 2022 after executive tenures at TC Energy and Canadian Pacific. The leadership team includes Executive VP and CFO Ghislain Houle, a long-time CN veteran, and Executive VP and Chief Information and Technology Officer Bhushan Ivaturi, who brings digital transformation expertise from GE and A.P. Moller - Maersk. Recent strategic appointments include Janet Drysdale as Chief Commercial Officer and Patrick Whitehead as Chief Operating Officer, both elevated in late 2025 to drive service reliability and commercial growth. The company’s governance is overseen by Board Chair Shauneen Bruder, formerly of Royal Bank of Canada, and its shareholder base is anchored by notable long-term investors, most significantly Bill Gates through Cascade Investment, LLC, which remains a dominant institutional stakeholder.