08:06 AM EDT, 10/31/2025 (MT Newswires) -- Canadian National Railway Company ( CNI ) Friday reported higher third-quarter net income and revenue.

Net income rose 5% to $1.13 billion, or $1.83 per diluted share, from $1.1 billion, or $1.72 per diluted share. The result beat the consensus analyst estimate of $1.77 per share, according to FactSet.

Revenue rose 1% to $4.2 billion, inline with the $4.2 billion expected. The company's operating ratio, which is defined as operating expenses as a percentage of revenue, improved to 61.4%, from last year's 63.1%.

CN reaffirmed its fiscal 2025 guidance of adjusted diluted EPS growth in the mid to high single-digit range with a capital program of $3.35 billion, net of amounts reimbursed by customers. This amount is expected to fall to $2.8 billion in 2026, a statement said.

Media reports Thursday noted that CN Rail is laying off about 400 managers as tariffs imposed by the U.S. and Canada take a toll.

"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," said chief executive Tracy Robinson.

CN will pay a regular quarterly dividend of $0.89 per share on Dec. 30.