CP

For questions about this article or underlying research, email [email protected]. Shares of CSX (CSX) rose 6.8% on October 22, 2026, the day after the company released its fiscal Q3 2026 report, while the S&P 500 fell 1.2%. The railroad posted $4.02 billion in revenue, coming in barely above the $4.0 billion consensus estimate. That figure marked a 12% increase from a year earlier, and management raised its full-year sales outlook. Fuel surcharges drove a portion of this increase. So how much of that growth came from hauling more freight? Half Of CSX's Growth Came From Freight And Prices Management said fuel accounted for about half of the revenue growth in fiscal Q3 2026, as average diesel prices ran nearly 50% higher than a year earlier. The other half came from the railroad's own operations: CSX moved 5% more freight, and the CFO cited pricing gains in its merchandise, intermodal and coal markets. The intermodal business illustrates both factors simultaneously. Volume in the segment climbed 7% to an all-time record, yet management said essentially all of the rise in revenue per unit came from fuel surcharges. Management still raised its outlook and now expects full-year revenue growth in the high single digits, up from its previous forecast of the mid to high single digit range. This projection covers total revenue, including fuel. In fiscal Q3 2026, about half of that growth came from diesel prices, which CSX does not set. CSX's Operating Margin Has Widened Each Quarter In 2026 The margin offers a firmer picture. CSX posted an operating margin of 36.0% in fiscal Q1 2026 and 38.3% in fiscal Q2. The metric reached 39.1% in fiscal Q3, compared with 34.9% a year earlier excluding a $164 million goodwill charge. Management said the railroad handled the extra volume while reducing nonfuel costs by 3%. Not every expense declined: higher incentive pay and inflation added over $90 million to labor costs, which were mostly offset by better workforce productivity and the absence of last year's severance costs. CSX controls these operational elements, which is why the margin forms the firmer half of the case for the stock. What CSX Management Expects For Fiscal Q4 2026 Management said it is confident of widening the full-year operating margin by more than 350 basis points in 2026. The company also anticipates the usual fourth-quarter step up in expenses as winter arrives, and said that a service agreement that added new business in the fall of 2025 no longer contributes to year-over-year growth. During the October 21 call, management attributed only about half of the growth to fuel. When asked how much extra revenue the surcharges newly added on tariff traffic generated during fiscal Q3 2026, management said it would not provide a precise number. The stock's rise outpaced other railroads on October 22, with Union Pacific up 3.6% and Norfolk Southern up 3.1%. Following the jump, CSX traded at 26.7 times its trailing earnings at that day's close, against 23.0 for the S&P 500. CSX's margin widened as the company cut nonfuel costs, but about half of its revenue growth came from diesel. For the 6.8% jump to last, more of that growth has to come from freight rather than fuel. CSX is expected to report its fiscal Q4 2026 results in January 2027, and its volume growth from a year earlier is the figure to watch. Your Advisor Retired? Get A Second Opinion Before You Settle One report just changed how CSX looks to the people who own it. When the advisor who built your plan moves on, it is a natural moment to ask whether the plan still fits the life you have now. Our partner advisory firm offers a free review of your holdings, fees and income plan. Get A Free Second Opinion Spot an error or want more like this? Tell us in 10 seconds.

Canadian National (CNI) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 30. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This railroad is expected to post quarterly earnings of $1.49 per share in its upcoming report, which represents a year-over-year change of +12%. Revenues are expected to be $3.27 billion, up 8.1% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 1.01% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For CN, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.57%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that CN will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that CN would post earnings of $1.39 per share when it actually produced earnings of $1.50, delivering a surprise of +7.91%. Over the last four quarters, the company has beaten consensus EPS estimates three times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. CN doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Canadian Pacific Kansas City (CP), another stock in the Zacks Transportation - Rail industry, is expected to report earnings per share of $0.95 for the quarter ended September 2026. This estimate points to a year-over-year change of +18.8%. Revenues for the quarter are expected to be $3.02 billion, up 13.6% from the year-ago quarter. The consensus EPS estimate for Canadian Pacific Kansas City has been revised 0.4% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -1.03%. When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Canadian Pacific Kansas City will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canadian National Railway Company (CNI) : Free Stock Analysis Report Canadian Pacific Kansas City Limited (CP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

- Canadian Pacific Kansas City is set to report results for the quarter ended September 2026, with Wall Street expecting higher revenue and year over year earnings, and the release scheduled for October 28. - The key tension is that anticipated revenue strength sits alongside a lower Most Accurate Estimate than the broader consensus, which hints at possible earnings pressure even as the rail operator works to optimize its North American freight network. - This article examines how Canadian Pacific Kansas City's investment narrative relates to cautious earnings expectations ahead of this quarter's release. Scan a curated set of North American rail and infrastructure plays that, like Canadian Pacific Kansas City ahead of earnings, may be poised for their next move with the 42 power grid technology and infrastructure stocks. To own Canadian Pacific Kansas City, you really have to believe in the value of a three country rail corridor that can link grain, potash, fuel and consumer goods across Canada, the U.S. and Mexico efficiently. The near term swing factor is how well that network is being run, from train velocity and crew use to keeping equipment and capital spending under control. The upcoming September quarter report mostly affects timing, not the core story. Stronger revenue with tighter earnings would point to cost and mix pressure as the key watchpoint. The biggest risk right now remains execution on expansion projects and cross border lanes if volumes soften or trade rules change. There are no fresh corporate announcements tied directly to this earnings release, which puts the focus squarely on what Canadian Pacific Kansas City already has in motion. That includes integration of Canadian and U.S. operations, use of precision scheduled railroading, and targeted spending on sidings and locomotives to lift train weights and improve reliability. For you, the link back to catalysts is straightforward. Progress on the Meridian Speedway and CSX connections, expansion into Mexico and the U.S. South, and growth in intermodal partnerships are what could reshape volumes and mix over time. Earnings expectations and any cautious analyst sentiment only really matter in light of how these projects track through 2026 and beyond. Canadian Pacific Kansas City's narrative projects CA$19.0b revenue and CA$5.4b earnings by 2029. This implies 7.2% yearly revenue growth and an earnings increase of about CA$1.5b from CA$3.9b today to reach that 2029 consensus level. Uncover why Canadian Pacific Kansas City's fair value indicates a 13% potential upside to its current price. This gap could narrow fast. Three fair value views from the Simply Wall St Community cluster between CA$114.62 and CA$139.79, which still spans a wide gap for Canadian Pacific Kansas City. Those retail models pre date the recent earnings uncertainty, so weigh them against risks around trade policy, macro freight demand and rail competition before forming your own stance. Explore 2 other Canadian Pacific Kansas City fair value estimates, including one that suggests as much as 13% upside from the current price. Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. - A great starting point for your Canadian Pacific Kansas City research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision. - See our latest analysis for Canadian Pacific Kansas City. The report includes a comprehensive fundamental analysis summarized in a single visual, the Snowflake, making it easy to evaluate Canadian Pacific Kansas City's overall financial health at a glance. If the Canadian Pacific Kansas City setup has you thinking about portfolio balance, you can use the Simply Wall St Screener to line up a few contrasting ideas and pressure test your conviction. - For investors focused on steady cash generation, consider income opportunities across 3 dividend fortresses that may suit a yield oriented approach. - If capital preservation and smoother portfolio swings matter most to you, filter for 8 resilient stocks with low risk scores and compare how they stack up on volatility and balance sheet strength. - When you want to broaden your watchlist beyond widely followed stocks, scan 10 high quality undiscovered gems that pair solid fundamentals with relatively low investor attention. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CP.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Union Pacific (UNP) came out with quarterly earnings of $3.53 per share, beating the Zacks Consensus Estimate of $3.47 per share. This compares to earnings of $3.08 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +1.73%. A quarter ago, it was expected that this railroad would post earnings of $3.2 per share when it actually produced earnings of $3.41, delivering a surprise of +6.56%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Union Pacific, which belongs to the Zacks Transportation - Rail industry, posted revenues of $7.2 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.13%. This compares to year-ago revenues of $6.24 billion. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Union Pacific shares have added about 24.5% since the beginning of the year versus the S&P 500's gain of 13.3%. While Union Pacific has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Union Pacific was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.32 on $6.92 billion in revenues for the coming quarter and $13.05 on $26.97 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Rail is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Canadian Pacific Kansas City (CP), another stock in the same industry, has yet to report results for the quarter ended September 2026. The results are expected to be released on October 28. This railroad is expected to post quarterly earnings of $0.95 per share in its upcoming report, which represents a year-over-year change of +18.8%. The consensus EPS estimate for the quarter has been revised 0.5% lower over the last 30 days to the current level. Canadian Pacific Kansas City's revenues are expected to be $3.02 billion, up 13.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Union Pacific Corporation (UNP) : Free Stock Analysis Report Canadian Pacific Kansas City Limited (CP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Union Pacific (NYSE:UNP) is scheduled to report its earnings on Thursday, October 22, 2026. The company has a market value of about $170.7 billion. Over the last twelve months it generated $25.4 billion in revenue and $10.2 billion in operating profit, with net income of $7.3 billion. Nobody knows how the market will take the numbers. What we can measure is how Union Pacific stock has reacted to its past earnings releases, which is useful context for anyone trading around the event. See the earnings reaction history of all stocks How Often Has Union Pacific Stock Risen After Earnings? Some observations on one-day (1D) post-earnings returns, measured from the last close before each release: - There are 19 earnings releases in the last five years, with 9 positive and 10 negative one-day (1D) returns. Positive 1D returns were seen 47% of the time. - Over the last three years that share falls to 45%, across 11 releases. - The median of the 9 positive 1D returns is 4.0%, and the median of the 10 negative ones is -2.1%. - The largest one-day reactions were 10.4% and -6.8%. The table below shows the 1D, 5-day (5D) and 21-day (21D) returns after each release, followed by summary statistics. Earnings Date | 1D | 5D | 21D 7/23/2026 | 4.0% | -0.1% | 3.9% 4/23/2026 | 8.8% | 6.2% | 6.4% 1/27/2026 | 0.7% | 1.9% | 14.4% 10/23/2025 | -2.3% | -3.9% | -1.8% 7/24/2025 | -4.5% | -2.5% | -2.5% 4/24/2025 | -2.0% | -1.9% | 1.4% 1/23/2025 | 5.2% | 5.8% | 4.1% 10/24/2024 | -4.4% | -3.8% | -1.0% 7/25/2024 | -0.9% | 3.9% | 2.9% 4/25/2024 | 5.0% | 1.3% | 0.3% 1/25/2024 | -0.3% | 0.7% | 6.0% 10/19/2023 | 2.1% | -0.3% | 6.5% 7/26/2023 | 10.4% | 7.4% | 3.5% 4/20/2023 | 0.3% | -5.2% | -1.6% 1/24/2023 | -3.3% | -4.7% | -8.9% 10/20/2022 | -6.8% | -2.1% | 4.9% 7/21/2022 | -1.2% | 2.5% | 12.8% 4/21/2022 | -1.1% | -4.2% | -12.4% 1/20/2022 | 1.1% | 2.3% | 4.8% Statistic | 1D | 5D | 21D # Positive | 9 | 9 | 13 # Negative | 10 | 10 | 6 Median Positive | 4.0% | 2.5% | 4.8% Median Negative | -2.1% | -3.1% | -2.1% Max Positive | 10.4% | 7.4% | 14.4% Max Negative | -6.8% | -5.2% | -12.4% Correlation Between 1D, 5D, And 21D Post-Earnings Returns Another approach is to wait for the initial reaction and ask whether it tends to continue. The table below shows the correlation between the 1D return and the return over the following 5 and 21 trading days, and between the 5D return and the following 21 trading days. A value near 1 means the first move has tended to continue; near -1, to reverse; near 0, no consistent pattern. The strongest relationship over five years is between the 1D and the following 5 days, at -0.48 across 19 releases: the early move has tended to partly reverse. That is a tendency, not a rule, and it can break on any given report. History | 1D vs next 5D | 1D vs next 21D | 5D vs next 21D 5 Years | -0.48 | -0.44 | -0.14 3 Years | -0.36 | -0.55 | -0.29 Does A Peer That Reports First Offer A Clue? JB Hunt Transport Services (JBHT) usually reports about a week before Union Pacific, and has already reported this season. Its stock fell 2.8% the day after its October 15 report. The table compares JBHT's one-day reaction to its own earnings with Union Pacific's one-day reaction to the report that followed. The correlation is -0.08, close to zero, so JBHT's reaction has not foreshadowed Union Pacific's in either direction. UNP Earnings Date | UNP 1D | JBHT 1D 7/23/2026 | 4.0% | 8.0% 4/23/2026 | 8.8% | 6.3% 1/27/2026 | 0.7% | -1.0% 10/23/2025 | -2.3% | 22.1% 7/24/2025 | -4.5% | 1.7% 4/24/2025 | -2.0% | -7.7% 1/23/2025 | 5.2% | -7.4% 10/24/2024 | -4.4% | 3.1% 7/25/2024 | -0.9% | -6.9% 4/25/2024 | 5.0% | -8.1% 1/25/2024 | -0.3% | 0.9% 10/19/2023 | 2.1% | -8.8% 7/26/2023 | 10.4% | 3.8% 4/20/2023 | 0.3% | -1.0% 1/24/2023 | -3.3% | 5.0% 10/20/2022 | -6.8% | 0.04% 7/21/2022 | -1.2% | -0.8% 4/21/2022 | -1.1% | 1.4% 1/20/2022 | 1.1% | 0.1% Correlation | - | -0.08 An earnings release can move one stock sharply in either direction. A diversified portfolio spreads that risk. The Trefis High Quality (HQ) Portfolio holds about 30 quality businesses, rebalanced with rules, and has a track record of outperforming a benchmark that combines the S&P 500, the S&P MidCap 400, and the Russell 2000.

Wall Street expects a year-over-year increase in earnings on higher revenues when Canadian Pacific Kansas City (CP) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 28. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This railroad is expected to post quarterly earnings of $0.95 per share in its upcoming report, which represents a year-over-year change of +18.8%. Revenues are expected to be $3.03 billion, up 14% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.45% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Canadian Pacific Kansas City, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.03%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that Canadian Pacific Kansas City will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Canadian Pacific Kansas City would post earnings of $0.89 per share when it actually produced earnings of $0.92, delivering a surprise of +3.37%. Over the last four quarters, the company has beaten consensus EPS estimates just once. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Canadian Pacific Kansas City doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canadian Pacific Kansas City Limited (CP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Norfolk Southern (NYSE:NSC) is scheduled to report its earnings on Thursday, October 22, 2026. The company has a market value of about $73.1 billion. Over the last twelve months it generated $12.5 billion in revenue and $4.6 billion in operating profit, with net income of $2.6 billion. How the stock moves after the release will depend on how the results and outlook compare with expectations. What history can offer is the base rate: how often, and how far, the stock has moved after past reports. One caveat: Union Pacific has agreed to acquire Norfolk Southern, and a US regulator resumed its review of the deal in August. While that is pending, deal news may move the stock as much as the results. See the earnings reaction history of all stocks Norfolk Southern's Historical Odds Of A Positive Post-Earnings Return Some observations on one-day (1D) post-earnings returns, measured from the last close before each release: - There are 20 earnings releases in the last five years, with 9 positive and 11 negative one-day (1D) returns. Positive 1D returns were seen 45% of the time. - Over the last three years that share rises to 50%, across 12 releases. - The median of the 9 positive 1D returns is 2.9%, and the median of the 11 negative ones is -2.1%. - The largest one-day reactions were 10.9% and -5.3%. The table below shows the 1D, 5-day (5D) and 21-day (21D) returns after each release, followed by summary statistics. Earnings Date | 1D | 5D | 21D 7/23/2026 | 5.3% | 1.5% | 5.2% 4/24/2026 | -0.5% | -1.7% | -1.7% 1/29/2026 | 2.0% | 7.9% | 11.1% 10/23/2025 | -1.2% | -0.8% | 1.4% 7/29/2025 | -3.0% | -2.4% | -2.9% 4/23/2025 | 0.9% | 1.5% | 9.5% 1/29/2025 | 1.8% | 0.2% | -3.5% 10/22/2024 | 4.9% | 2.2% | 5.2% 7/25/2024 | 10.9% | 10.6% | 8.6% 4/24/2024 | -3.6% | -6.0% | -5.3% 1/26/2024 | -1.5% | 7.9% | 7.6% 10/25/2023 | -5.3% | -2.8% | 9.8% 7/27/2023 | -0.7% | -2.8% | -11.5% 4/26/2023 | -2.9% | -1.6% | 2.5% 1/25/2023 | -5.0% | -3.9% | -12.0% 10/26/2022 | 2.9% | 6.6% | 17.0% 7/27/2022 | -0.6% | 1.4% | 6.7% 4/27/2022 | 3.1% | 0.6% | -8.2% 1/26/2022 | -2.1% | -0.1% | -7.1% 10/27/2021 | 0.1% | -0.3% | -2.8% Statistic | 1D | 5D | 21D # Positive | 9 | 10 | 11 # Negative | 11 | 10 | 9 Median Positive | 2.9% | 1.9% | 7.6% Median Negative | -2.1% | -2.1% | -5.3% Max Positive | 10.9% | 10.6% | 17.0% Max Negative | -5.3% | -6.0% | -12.0% Correlation Between 1D, 5D, And 21D Post-Earnings Returns Another approach is to wait for the initial reaction and ask whether it tends to continue. The table below shows the correlation between the 1D return and the return over the following 5 and 21 trading days, and between the 5D return and the following 21 trading days. A value near 1 means the first move has tended to continue; near -1, to reverse; near 0, no consistent pattern. None of these correlations is strong enough to trade on: all are below 0.40 in absolute terms over five years, so the early post-earnings move has not reliably predicted what followed. History | 1D vs next 5D | 1D vs next 21D | 5D vs next 21D 5 Years | -0.36 | -0.08 | 0.32 3 Years | -0.36 | -0.34 | 0.07 Trading around earnings is a bet on a single event. If you want upside with a smoother ride than an individual stock such as NSC can offer, consider the Trefis High Quality (HQ) Portfolio: about 30 stocks selected for consistent cash generation, strong margins and resilient balance sheets, with a track record of outperforming a benchmark that combines the S&P 500, the S&P MidCap 400, and the Russell 2000.

Canadian National RailwayCNI has achieved a new quarterly record for grain movement for the third quarter of 2026. The company moved 7.94 million metric tonnes (MMT) of grain from Western Canada in its third quarter, exceeding the previous record of 7.48 MMT set in 2020. The solid performance underscores sustained customer demand, strong coordination across the grain supply chain and effective execution of CNI's operating strategy. CNI remains committed to carrying this momentum into winter by providing safe, dependable and efficient services to grain producers, companies and supply chain partners. In addition, CNI recently unveiled its 2026–2027 Winter Plan, wherein the company reflects on the actions, investments and technologies it plans to implement in its railway operations to perform efficiently during the upcoming winter months. The 2026–2027 Winter Plan has been built on the positive combination of network fluidity, equipment reliability and assurance of maintaining the right set of equipped people and resources, as and when needed during extreme weather conditions affecting the network. The overall aim of this year's Winter Plan is to promote safe working conditions, meet customer demands, improve network performance and enhance network resilience. Apart from CNI, another railroad company that has reported grain movement for the third quarter is Canadian Pacific Kansas City CP. CP's record grain volumes in September and the third quarter highlight the strength and efficiency of its North American grain transportation operations. CP moved 2.94 million metric tons in Canada and 2.51 million metric tons in the United States during September, demonstrating its ability to handle significant volumes during a critical period of the crop year. Both Canada and the United States set new third-quarter records, reflecting strong grain movement and the importance of reliable rail transportation in connecting producers and grain customers with domestic and international markets. Surpassing the previous records set in 2020 further underscores CP's strong performance. Currently, CNI carries a Zacks Rank #3 (Hold). CNI's shares have gained 17.4% so far this year compared with the Transportation - Rail industry's 18.1% growth. Image Source: Zacks Investment Research Investors interested in the Zacks Transportation sector may consider a better-ranked stock like Herc Holdings HRI. Herc Holdings currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. HRI has a negative expected earnings growth rate of 8.4% for the current year. However, the company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 60.64%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canadian National Railway Company (CNI) : Free Stock Analysis Report Canadian Pacific Kansas City Limited (CP) : Free Stock Analysis Report Herc Holdings Inc. (HRI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Canadian Pacific Kansas City's CP record grain volumes in September and the third quarter highlight the strength and efficiency of its North American grain transportation operations. CP moved 2.94 million metric tons in Canada and 2.51 million metric tons in the United States during September, demonstrating its ability to handle significant volumes during a critical period of the crop year. Both Canada and the United States set new third-quarter records, reflecting strong grain movement and the importance of reliable rail transportation in connecting producers and grain customers with domestic and international markets. Surpassing the previous records set in 2020 further underscores CP's strong performance. CP's performance also underscores the value of collaboration across the grain supply chain. The company's focus on safe, reliable and consistent service, along with coordination among railroaders, customers and other supply-chain participants, supports strong execution as the 2026-2027 crop year gets underway. With more than 4.99 million metric tons and 51,268 carloads of Canadian grain moved through Week 8, CP is off to a strong start. Maintaining service reliability and capacity will be key to sustaining this momentum and supporting producers and grain customers throughout the remainder of the crop year. CP's shares have gained 16.8% over the year-to-date period compared with the Transportation - Rail industry's 20.3% growth. Image Source: Zacks Investment Research CP currently carries a Zacks Rank #3 (Hold). Investors interested in the Zacks Transportation sector may consider better-ranked stocks like Expeditors International of Washington, Inc. EXPD and Herc Holdings HRI. Expeditors currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. EXPD has an expected earnings growth rate of 28.6% for 2026. The company has an encouraging earnings surprise history. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 17.15%. Herc Holdings currently sports a Zacks Rank #1. HRI has a negative expected earnings growth rate of 8.4% for the current year. However, the company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 60.64%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canadian Pacific Kansas City Limited (CP) : Free Stock Analysis Report Expeditors International of Washington, Inc. (EXPD) : Free Stock Analysis Report Herc Holdings Inc. (HRI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

CALGARY, AB, Oct. 2, 2026 /CNW/ -- Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) said today it has set new September monthly and third quarter records for transporting grain and grain products across Canada and the United States. "These new records reflect the collective effort of CPKC railroaders, our customers and those across the grain supply chain working together with a shared commitment to service, safety and execution," said Elizabeth Hucker, CPKC Vice President, Sales & Marketing Bulk. In Canada, CPKC moved 2.94 million metric tonnes (MMT) and 30,324 carloads of grain and grain products in September 2026, the second record month in a row to begin the 2026-2027 crop year. Also, the three-month period of July, August and September 2026 set a third quarter record for carloads and metric tonnes in Canadian grain. In the United States, CPKC moved 2.51 MMT and 26,236 carloads of grain and grain products in September 2026. Also, the three-month period of July, August and September 2026 set a third quarter record for carloads and metric tonnes in U.S. grain. Combined in Canadian and U.S. grain, last month set new records for total carloads and metric tonnes for the month of September and the third quarter. All the new records topped marks set in 2020. On July 31, 2026, CPKC released its 2026-2027 Grain Service Outlook Report, outlining how it plans to provide grain customers industry-leading safe and reliable service throughout the upcoming crop year. The report is available on www.cpkcr.com. Through Week 8, CPKC has transported more than 4.99 MMT and 51,268 carloads of Canadian grain and grain products. About CPKC With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing approximately 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC. CP-IR View original content to download multimedia:https://www.prnewswire.com/news-releases/cpkc-sets-new-september-and-quarterly-grain-records-in-canada-us-302897174.html View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2026/02/c8205.html

CALGARY, AB, Oct. 2, 2026 /CNW/ -- Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) said today it has set new September monthly and third quarter records for transporting grain and grain products across Canada and the United States. "These new records reflect the collective effort of CPKC railroaders, our customers and those across the grain supply chain working together with a shared commitment to service, safety and execution," said Elizabeth Hucker, CPKC Vice President, Sales & Marketing Bulk. In Canada, CPKC moved 2.94 million metric tonnes (MMT) and 30,324 carloads of grain and grain products in September 2026, the second record month in a row to begin the 2026-2027 crop year. Also, the three-month period of July, August and September 2026 set a third quarter record for carloads and metric tonnes in Canadian grain. In the United States, CPKC moved 2.51 MMT and 26,236 carloads of grain and grain products in September 2026. Also, the three-month period of July, August and September 2026 set a third quarter record for carloads and metric tonnes in U.S. grain. Combined in Canadian and U.S. grain, last month set new records for total carloads and metric tonnes for the month of September and the third quarter. All the new records topped marks set in 2020. On July 31, 2026, CPKC released its 2026-2027 Grain Service Outlook Report, outlining how it plans to provide grain customers industry-leading safe and reliable service throughout the upcoming crop year. The report is available on www.cpkcr.com. Through Week 8, CPKC has transported more than 4.99 MMT and 51,268 carloads of Canadian grain and grain products. About CPKC With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing approximately 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC. CP-IR View original content to download multimedia:https://www.prnewswire.com/news-releases/cpkc-sets-new-september-and-quarterly-grain-records-in-canada-us-302897174.html