Canadian National Railway is seeing improved freight volumes, higher revenue per RTM, and enhanced productivity, supporting better incremental margins. I maintain a hold rating as valuation appears stretched, and I require clearer evidence of sustained low-to-mid-teens adj. EPS growth for an upgrade. Management raised 2026 guidance to low-single-digit RTM growth and mid-to-high-single-digit adj. EPS growth, citing strong grain, energy, and intermodal prospects.