Core Viewpoint - CN has announced a quarterly dividend of C$0.8875 per common share, which will be paid on December 30, 2025, to shareholders of record as of December 9, 2025 [1] Group 1: Dividend Announcement - The Board of Directors of CN approved a fourth-quarter 2025 dividend [1] - The dividend amount is eighty-eight and three-quarter cents (C$0.8875) per common share [1] - Payment date for the dividend is set for December 30, 2025 [1] Group 2: Company Overview - CN transports 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 connecting Canada's Eastern and Western coasts with the U.S. Midwest and Gulf Coast [2] - CN has been contributing to sustainable trade and community prosperity since its establishment in 1919 [2]

Core Insights - CN reported strong financial results for Q3 2025, with a 6% increase in earnings and an operating ratio improvement of 170 basis points to 61.4% [5][6][19] - The company is focusing on productivity and has set a capital expenditure budget of C$2.8 billion for 2026, a reduction of nearly C$600 million from 2025 [2][5] - CN's net income for Q3 2025 was C$1,139 million, a 5% increase from the previous year, with diluted EPS rising to C$1.83, also a 6% increase [6][19] Financial Performance - Total revenues for Q3 2025 were C$4,165 million, up C$55 million or 1% from Q3 2024 [6][12] - Operating income increased by C$91 million or 6% to C$1,606 million [6][12] - Free cash flow for the first nine months of 2025 was C$2,341 million, a 14% increase from the same period in 2024 [6][27] Operational Metrics - Gross ton miles (GTMs) increased by 1% to 111,901 million, while revenue ton miles (RTMs) also rose by 1% to 57,188 million [6][12] - The company achieved a 2% improvement in fuel efficiency, consuming 0.833 US gallons of fuel per 1,000 GTMs [6][12] - Car velocity improved by 1% to 211 car miles per day, and train length increased by 3% to 8,049 feet [6][12] Shareholder Returns - CN repurchased close to 8 million shares for approximately C$1 billion during the quarter [5][12] - The Board of Directors approved a quarterly dividend of C$0.8875 per common share, payable on December 30, 2025 [7][12] Future Guidance - The company maintains its guidance for 2025, expecting mid-to-high single-digit adjusted diluted EPS growth [8][12] - CN is positioning itself to benefit from higher future volumes while enhancing long-term value for customers and shareholders [2][5]

Leadership Changes - Adam Elinoff appointed as CFO of Agilent Technologies effective Nov. 17, previously held leadership roles at Amgen for 19 years [2] - Paul Todd named new CFO of Fiserv effective Oct. 31, previously CFO at Global Payments and spent over 11 years at TSYS [3] - Kevin Boone appointed as executive vice president and CFO of CSX, previously served as CFO from 2019 to 2021 [4] - Paul Kuehneman named interim CFO and controller of Hormel Foods, has been with the company since 1993 [5] Company Backgrounds - Agilent Technologies specializes in scientific instruments, with Elinoff succeeding interim CFO Rodney Gonsalves [2] - Fiserv is a payments firm that recently missed earnings forecasts and cut its outlook, leading to leadership changes [3] - CSX is a railroad operator, with Boone having a background in finance, accounting, and M&A [4] - Hormel Foods is a food company, with Kuehneman having extensive experience within the organization [5]

Group 1: Earnings and Financial Performance - Berkshire Hathaway Inc. is set to release its quarterly earnings on November 1, 2025, with projected earnings per share (EPS) of $5.57 and revenue around $90.25 billion [1][6] - The company's stock has increased by only 5% this year, underperforming the S&P 500, which has gained 17% [4][6] - The price-to-earnings (P/E) ratio is approximately 16.42, and the price-to-sales ratio is about 2.79, indicating the premium investors are willing to pay for earnings and revenue [4] Group 2: Leadership Transition - Warren Buffett, the CEO, will retire at the end of the year after a 60-year tenure, during which Berkshire Hathaway achieved over 5.5 million percent growth [2] - Greg Abel is set to succeed Buffett as CEO, bringing a deep understanding of Buffett's investment philosophy, which is expected to ensure a smooth transition [3] Group 3: Financial Ratios and Debt Management - The enterprise value to sales ratio is around 2.86, reflecting the company's total valuation in relation to its sales [5] - Berkshire Hathaway maintains a conservative debt-to-equity ratio of roughly 0.19, indicating a low level of debt relative to equity [5] - The current ratio is about 7.72, demonstrating strong liquidity and the ability to meet short-term obligations [5]

Core Insights - Canadian Pacific Kansas City (CPKC) reported increased quarterly profits, with both volume and revenue rising despite economic uncertainties and trade tensions in North America [1] Financial Performance - Operating income rose by 11% to US$930 million, while revenue increased by 3% to US$2.65 billion [2] - Earnings per share grew by 12% to $0.72 [2] - The operating ratio improved by 2.6 points to 63.5%, with expenses declining by 1% [3] Volume and Revenue Growth - Overall volume increased by 5% when measured by revenue ton-miles and by 4% when measured by carloads and containers [3] - Bulk revenue ton-miles rose by 7%, driven by U.S. grain shipments to Mexico and strong demand for potash and coal [3] - Domestic intermodal volume increased by 13%, supported by new refrigerated shipments and cross-border traffic [4] - International intermodal volumes grew by 10%, benefiting from traffic from the Gemini alliance through various ports [6] Strategic Developments - CPKC and CSX plan to raise track speed to 49 miles per hour, enabling competitive intermodal and merchandise service between Dallas and Atlanta [5] - The acquisition of the Meridian & Bigbee short line in 2024 facilitated new network connections [5] Market Positioning - CPKC continues to achieve differentiated growth despite challenges in the freight environment, with mid single-digit volume growth and strategic pricing [7] - The company is well-positioned to outperform the industry, leveraging its unique synergies and resilient North American franchise [7]

Core Financial Performance - For the quarter ended September 2025, Canadian Pacific Kansas City (CP) reported revenue of $2.66 billion, reflecting a 2.2% increase year-over-year [1] - Earnings per share (EPS) for the quarter was $0.80, up from $0.73 in the same quarter last year [1] - The reported revenue was a surprise of -0.62% compared to the Zacks Consensus Estimate of $2.68 billion, while the EPS fell short by -1.23% against the consensus estimate of $0.81 [1] Key Metrics Analysis - Core adjusted operating ratio was reported at 60.7%, slightly above the five-analyst average estimate of 60.4% [4] - Revenue ton-miles (RTMs) for Intermodal reached 9.68 billion, exceeding the average estimate of 9.58 billion [4] - Total carloads were reported at 1.13 million, matching the four-analyst average estimate [4] Segment Performance - Carloads in the Energy, chemicals, and plastics segment totaled 139 thousand, slightly above the average estimate of 138.95 thousand [4] - Revenue ton-miles for Metals, minerals, and consumer products was 4.95 billion, surpassing the four-analyst average estimate of 4.75 billion [4] - Carloads for Grain were reported at 132.3 thousand, slightly below the average estimate of 133.62 thousand [4] Stock Performance - Shares of Canadian Pacific Kansas City have returned -0.2% over the past month, while the Zacks S&P 500 composite increased by +3.8% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported revenues of $3.7 billion, an increase of 3% year-over-year, with a strong volume growth of 5% [5][26] - The operating ratio improved by 220 basis points to 60.7%, while diluted earnings per share rose to $1.10, reflecting an 11% increase compared to the previous year [5][26] - Year-to-date cash provided by operating activities increased by 6% to $3.8 billion, with capital expenditures of $860 million in the quarter [30][26] Business Line Data and Key Metrics Changes - The automotive franchise achieved a revenue increase of 2% on a 9% volume growth, marking record performance [23] - Bulk revenues, particularly in grain, rose by 4% with a 6% volume growth, while potash revenues and volumes increased by 15% [18][19] - Intermodal revenue grew by 7% on an 11% volume increase, driven by strong domestic intermodal performance [24] Market Data and Key Metrics Changes - U.S. grain volumes were up 13% year-over-year, while Canadian grain volumes decreased by 2% due to lower carryout stocks [19] - The company noted challenges in the energy, chemicals, and plastics segment, with revenues and volumes down by 2% due to softer demand [20] - The international intermodal segment saw a 10% volume increase, supported by growth from Gemini through various ports [24] Company Strategy and Development Direction - The company remains focused on executing growth opportunities despite potential industry consolidation, emphasizing its unique three-country network [8][10] - The management highlighted the importance of the Meridian Speedway as a strategic asset to create market advantages and enhance service offerings [42][45] - The company plans to continue leveraging its network to drive efficiencies and maintain strong customer service [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 10% to 14% earnings growth for the year, despite macroeconomic challenges [8][10] - The company is optimistic about the strong grain harvest in Canada and the U.S., which is expected to support volume growth [30][26] - Management acknowledged the impact of recent supply chain challenges but remains focused on maintaining operational efficiency and cost control [66] Other Important Information - The company has repurchased 34 million shares, representing approximately 91% of its announced share repurchase program [30] - The management emphasized the importance of safety, reporting improvements in personal injuries and train accident frequencies [15] Q&A Session Summary Question: On the M&A topic regarding the UP and NS merger - Management indicated that the approval of the merger is not guaranteed and that significant conditions would likely be required to protect competition in the industry [33][34][36] Question: Strategy in the current landscape - Management confirmed that they are exploring alliances with non-applicants to leverage opportunities without the risks associated with mergers [41][42] Question: Insights on grain opportunities and customer behavior - Management noted that grain companies are currently pulling grain into elevators rather than pushing it out, indicating a cautious approach from customers [60][62] Question: Pricing trends and future growth potential - Management expects to see positive pricing trends in Q4 and remains confident in achieving double-digit EPS growth for the year [66][68] Question: Performance of the KCS network - Management discussed ongoing efforts to align KCS performance with CP operating levels and highlighted the importance of cost synergies [79]

Financial Data and Key Metrics Changes - The company reported revenues of CAD 3.7 billion, an increase of 3% year-over-year [5] - Operating ratio improved by 220 basis points to 60.7% [5][26] - Earnings per share increased by 11% to CAD 1.10 compared to the previous year [5][26] Business Line Data and Key Metrics Changes - Automotive franchise achieved a record quarter with revenue up 2% and volume up 9% [23] - Bulk revenues increased by 4% driven by a 6% volume growth in grain, with U.S. grain volumes up 13% [18][19] - Intermodal revenue rose by 7% with an 11% increase in volume, supported by domestic intermodal growth [24] Market Data and Key Metrics Changes - Canadian grain volumes decreased by 2% due to lower carryout stocks and demand for canola exports [19] - Potash revenues and volumes increased by 15% driven by strong demand fundamentals [19] - Energy, chemicals, and plastics revenue and volume declined by 2% due to softer demand and customs challenges [20] Company Strategy and Development Direction - The company remains focused on executing growth opportunities despite potential industry consolidation [8][10] - The management emphasized the importance of maintaining an industry-leading position and delivering strong results [10] - The company is exploring alliances with non-applicants to leverage regulatory requirements for merger-like benefits [42] Management Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic challenges but expressed confidence in achieving 10%-14% earnings growth [8] - The company is well-positioned to handle strong grain harvests in Canada and the U.S. [16][30] - Management expects to maintain strong labor productivity and margin improvement in the fourth quarter [28] Other Important Information - The company has repurchased 34 million shares, representing approximately 91% of the announced program [30] - The company is on track to invest approximately CAD 2.9 billion in capital expenditures for 2025 [30] Q&A Session Summary Question: M&A implications of UP and NS merger - Management highlighted that the approval of the UP and NS merger is not guaranteed and will depend on regulatory scrutiny [34][35] Question: Strategy in light of potential merger impacts - Management confirmed they are actively engaging with other railroads to create alliances and leverage opportunities [42] Question: Volume trends and achieving guidance - Management expressed confidence in achieving mid-single-digit RTMs and double-digit EPS growth despite challenges [57][68]

Financial Data and Key Metrics Changes - The company reported revenues of $3.7 billion, an increase of 3% year-over-year, with earnings per share (EPS) of $1.10, reflecting an 11% increase compared to the previous year [5][25] - The operating ratio improved by 220 basis points to 60.7% [5][25] - Year-to-date cash provided by operating activities increased by 6% to $3.8 billion [29] Business Line Data and Key Metrics Changes - The automotive franchise achieved a record quarter with revenue up 2% and volume up 9% [22] - Bulk revenues, including grain and potash, saw growth with grain revenues up 4% on 6% volume growth, while potash revenues and volumes increased by 15% [19][20] - Intermodal revenue rose by 7% with an 11% increase in volume, driven by strong domestic intermodal growth [22][23] Market Data and Key Metrics Changes - U.S. grain volumes increased by 13%, while Canadian grain volumes decreased by 2% due to lower carryout stocks [18][19] - The company noted strong demand in Mexico and the U.S. South, unlocking new opportunities [18] - The automotive sector remains resilient despite trade policy uncertainties, contributing to overall growth [22] Company Strategy and Development Direction - The company is focused on executing unique growth opportunities and maintaining its industry-leading position despite potential industry consolidation [7][10] - The strategic development of the Meridian Speedway is highlighted as a critical advantage for creating markets and bridging traffic between key regions [43][45] - The company plans to continue leveraging its North American network to drive growth and improve service efficiency [30][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 10% to 14% earnings growth for the year, despite macroeconomic challenges [7][30] - The company remains committed to maintaining strong safety performance and operational efficiency [12][14] - Management anticipates a strong finish to the year, supported by solid grain harvests and improved operational metrics [15][30] Other Important Information - The company has repurchased 34 million shares, approximately 91% of its announced share repurchase program [29] - The removal of the Canadian federal carbon tax contributed to a decrease in fuel expenses [26] Q&A Session Summary Question: On the M&A topic regarding UP and NS merger implications - Management indicated that the approval of the merger is not guaranteed and that significant conditions would likely be required to protect competition in the industry [34][36] Question: Strategy in light of the merger discussions - Management confirmed ongoing engagement with non-applicants to explore alliances and leverage opportunities without the risks associated with mergers [42] Question: Insights on grain opportunities and customer behavior - Management noted that grain companies are currently pulling grain into elevators rather than pushing it out, indicating a cautious approach from customers [60] Question: Pricing trends and future growth expectations - Management expects pricing to turn positive in Q4 and anticipates mid-teens EPS growth potential in 2026, contingent on macroeconomic improvements [64][66]

Key Points Buffett has long preached that investors should watch the company and ignore the noise. Investment gains and losses mean little in understanding Berkshire Hathaway's stock. 10 stocks we like better than Berkshire Hathaway › This will be a landmark year for Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B). The company's 95-year-old chief executive officer, Warren Buffett, will retire at the end of the year, concluding a 60-year run. Buffett led Berkshire Hathaway to astounding riches in his ...