Core Points - CN celebrated the 30th anniversary of its Initial Public Offering (IPO) on November 17, 2025, which raised C$2.25 billion, marking it as the largest IPO in Canadian history at that time [1][2] - The privatization of CN in 1995 transformed it into a leading transportation and trade-enabling company, significantly contributing to the economy and North American supply chains [2][4] - Senior executives, including the Chair of the Board and the CEO, commemorated the anniversary by ringing the Opening Bell at the Toronto Stock Exchange and the Closing Bell at the New York Stock Exchange [3] Company Overview - Founded in 1919, CN is the largest and oldest Crown Corporation in Canada, with a nearly 20,000-mile rail network that facilitates the transportation of over 300 million tons of goods annually [2][5] - CN connects Canada's Eastern and Western coasts with the U.S. Midwest and Gulf Coast, playing a vital role in sustainable trade and community prosperity [5] - The company has developed a robust three-coast network over the past three decades, enabling long-term sustainable economic growth in North America and globally [4]

Core Points - Canadian National Railway Company (CN) celebrates its 30th anniversary of being listed on the Toronto Stock Exchange (TSX) [1][2] - The company has a significant history, having gone public during one of the largest rail privatizations, marking a new era of growth and innovation in the rail industry [2] - CN plays a crucial role in the economy by transporting over 300 million tons of various goods across North America annually [3] Company Overview - CN operates a nearly 20,000-mile rail network that connects Canada's Eastern and Western coasts with the U.S. Midwest and Gulf Coast [3] - The company has been contributing to trade and the prosperity of communities since its establishment in 1919 [3]

Group 1 - CN's Executive Vice-President and CFO, Ghislain Houle, will speak at the Desjardins Toronto Conference on November 24, 2025, at 8:00 a.m. Eastern Time [1] - CN will provide a live webcast of the conference on its investor relations website, with a replay available after the event [1] Group 2 - CN is a major transportation company that moves over 300 million tons of natural resources, manufactured products, and finished goods across North America annually [2] - The company operates a nearly 20,000-mile rail network that connects Canada's coasts with the U.S. Midwest and Gulf Coast, supporting sustainable trade and community prosperity since 1919 [2]

Core Viewpoint - Canadian National Railway Company (CNI) is recognized as a strong investment opportunity despite facing some volume forecast challenges, with a focus on operational efficiency and cost management [2][3][5]. Group 1: Financial Performance - Bernstein raised CNI's price target to $109.44 from $106.47 while maintaining a Market Perform rating, indicating confidence in the company's operational performance despite top-line pressure in Q3 [2]. - In Q3 2024, CNI's CEO acknowledged that the company had not met volume forecasts over the past two years but highlighted strong operational results and top-tier margins [3]. Group 2: Capital Expenditure and Cost Management - Management plans to reduce capital spending from $3.35 billion in 2025 to $2.8 billion in 2026, aligning capex with US peers and reflecting the completion of major projects rather than a reduction in growth initiatives [4]. - CNI intends to cut management labor costs by $75 million and accelerate share repurchases, citing attractive valuation levels [5]. Group 3: Market Position - CNI operates the largest rail network in Canada and provides freight transportation services across the United States and Mexico, positioning itself as a key player in the North American transportation sector [5].

Group 1 - Canadian National Railway Company (CNI) is a significant investment for Bill Gates, comprising 11.94% of his stock portfolio, and is among his top 15 stock picks [1] - Evercore ISI raised its price target for CNI from $98 to $103 while maintaining an "In Line" rating, reflecting confidence in the company's performance [2] - The increase in price target is attributed to CNI's resilience in a challenging freight environment, demonstrated by a recent earnings beat and effective cost management [3] Group 2 - CNI reported Q3 2025 results showing a 1% year-over-year growth in revenue to $2.95 billion and a 5% increase in net income to $0.81 billion, alongside a 170-basis-point improvement in operating ratio [4] - The company achieved a 6% increase in diluted EPS to $1.30 and noted improvements in operational metrics, including a 2% increase in fuel efficiency [4] - CNI reiterated its 2025 guidance for mid-to-high single-digit adjusted EPS growth, indicating a stable outlook for the company [5]

Core Viewpoint - CN announced a public debt offering of US$700 million, consisting of US$300 million in 4.200% Notes due 2031 and US$400 million in 4.750% Notes due 2035, expected to close on November 12, 2025 [1][2]. Group 1: Debt Offering Details - The offering includes US$300 million of 4.200% Notes maturing in 2031 and US$400 million of 4.750% Notes maturing in 2035 [1]. - The net proceeds will be used to repay US$500 million of 2.75% notes due in March 2026 and for general corporate purposes, including the repayment of commercial paper [2]. - The offering is made under an effective shelf registration statement dated April 2, 2024 [2]. Group 2: Underwriters - The joint bookrunners for the debt offering include BofA Securities, J.P. Morgan Securities, RBC Capital Markets, and Wells Fargo Securities, along with a syndicate of other financial institutions [3]. Group 3: Company Overview - CN operates a nearly 20,000-mile rail network, transporting over 300 million tons of natural resources and goods across North America annually, contributing to sustainable trade and community prosperity since 1919 [6].

Core Viewpoint - CN announced a public debt offering of US$700 million, consisting of US$300 million in 4.200% Notes due 2031 and US$400 million in 4.750% Notes due 2035, expected to close on November 12, 2025 [1][2] Group 1: Debt Offering Details - The offering aims to repay US$500 million of 2.75% notes maturing in March 2026 and for general corporate purposes, including the repayment of commercial paper [2] - The debt offering is conducted under an effective shelf registration statement dated April 2, 2024 [2] Group 2: Joint Bookrunners - The joint bookrunners for the debt offering include BofA Securities, J.P. Morgan Securities, RBC Capital Markets, and Wells Fargo Securities, along with a syndicate of other financial institutions [3] Group 3: Company Overview - CN operates a nearly 20,000-mile rail network, transporting over 300 million tons of goods annually across North America, contributing to sustainable trade and community prosperity since 1919 [6]

Core Points - CN set a new all-time monthly record for grain movement in October, transporting over 3.4 million metric tonnes of grain from Western Canada, an increase of 110,000 metric tonnes from the previous record [1] - The performance highlights the importance of customer collaboration, planning, and execution in achieving operational success [2] - CN continues to implement its winter operations plan as colder months approach, ensuring proactive solutions are in place [3] Company Overview - CN plays a crucial role in the economy by safely transporting over 300 million tons of natural resources, manufactured products, and finished goods across North America annually [4] - The company operates a nearly 20,000-mile rail network that connects Canada's Eastern and Western coasts with the U.S. Midwest and Gulf Coast, contributing to sustainable trade and community prosperity since 1919 [4]

Core Insights - Bill Gates' investment strategy is heavily concentrated, with 79% of the Gates Foundation Trust's $48 billion portfolio invested in just four stocks, contrasting with the common advice of diversification [2][5] Group 1: Portfolio Composition - Microsoft is the cornerstone of Gates' holdings, comprising about 27% of the portfolio, with over 26 million shares valued at approximately $13 billion [2] - Berkshire Hathaway accounts for roughly 25% of the portfolio, benefiting from its diverse business mix and strong cash flow [3] - Waste Management represents 15% of the portfolio, providing reliable income and growth through sustainable waste-to-energy projects [4] - Canadian National Railway makes up about 12% of the portfolio, offering consistent dividends and a strong economic position [4] Group 2: Investment Philosophy - The Gates Foundation focuses on large, stable companies with proven track records and dividends that support its charitable activities [5] - Concentration in a few durable businesses is seen as a strategic choice rather than recklessness, reflecting confidence in their long-term viability [5] - Gates' substantial net worth, exceeding $100 billion, provides a safety net that allows for this concentrated investment approach without the same risks faced by average investors [6]

Core Insights - CN's President and CEO, Tracy Robinson, will speak at the 25th Annual Scotiabank Transportation and Industrials Conference on November 18, 2025, at 8:00 a.m. ET [1] - CN operates a nearly 20,000-mile rail network, transporting over 300 million tons of goods annually across North America [2] Company Overview - CN has been contributing to sustainable trade and community prosperity since 1919 [2] - The company connects Canada's Eastern and Western coasts with the U.S. Midwest and Gulf Coast [2] Event Details - A live webcast of the conference will be available on CN's investor relations website, with a replay accessible after the event [1]