CN investing $3.4 Billion to build capacity and power sustainable growth

CN (TSX: CNR) (NYSE: CNI) announced its 2025 capital expenditures program, underscoring its commitment to growing capacity, enhancing safety, and powering sustainable growth across its North American network. CN will invest approximately $3.4 billion CAD in capital projects this year, net of customer reimbursements.

This year’s capital program includes approximately $2.9 billion allocated to its maintenance and strategic infrastructure initiatives across Canada and the United States. Projects already underway include over 225 miles of new rail installation and approximately 8 capacity building projects in Western Canada scheduled to come online by the end of this year.

As part of this investment CN is also allocating over $500 million to upgrade and expand its rolling stock, reinforcing the Company’s focus on providing safe, reliable, and efficient service for customers across its network.

"At CN, we believe investing in our network is investing in the future of North American supply chains. Our 2025 capital program reflects a clear focus on strengthening the resilience, efficiency, and sustainability of our operations. These investments are about delivering exceptional service today — and building a safer, more connected tomorrow for our customers, employees, supply chain partners, and the economy,” says Tracy Robinson, President, and Chief Executive Officer of CN

In 2024, CN invested approximately $3.5 billion CAD, of which $1.7 billion was spent to maintain the safety and integrity of its network, particularly track infrastructure.

More highlights from CN’s strategic infrastructure investments in 2024 included:

• Over $75 million CAD (USD $54 million) in a four-mile siding extension in the Greater Chicago area, boosting corridor capacity by 17%.
• Advancing projects to improve fluidity and capacity in the Greater Vancouver area, such as a $7.6 million initial investment in the multi-year Holdom Overpass project, and $2 million for enhancements to the Thornton Tunnel, as well as another $7 million for upgrades to both the Lulu Island and Fraser River Bridges.
• Over $60 million invested with its project partners, towards the completion of Phase 1 and advancement of Phase 2 of the new high efficiency loading fuel terminal at CN’s MacMillan Yard in Vaughn, Ontario, serving customers in the Greater Toronto Area.

This annual investment in capital projects and maintenance activities drives the safety and efficiency of CN’s operations, laying a solid foundation for long-term sustainable growth.