CN and Union Pacific expand rail operating rights

Canadian National Railway Company announced a binding Memorandum of Understanding with Union Pacific to enhance North American rail connectivity.

Accepted by SEC EDGAR 07/22/2026 - 08:46 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Canadian National Railway Company announced a binding Memorandum of Understanding with Union Pacific to enhance North American rail connectivity. The arrangement gives Union Pacific expanded operating rights over CN’s Elgin, Joliet & Eastern Railway corridor around Chicago and grants CN new rights on Union Pacific’s line between Memphis, Tennessee and Eagle Pass, Texas.

These reciprocal rights are intended to create new service opportunities for freight moving between Canada and Mexico, broaden routing options for customers, and strengthen both railroads’ ability to provide safe, reliable service. CN highlights its nearly 20,000-mile rail network, which moves more than 300 million tons of goods annually across North America.

Key Figures

Freight volume: more than 300 million tons Rail network length: nearly 20,000-mile rail network Operating geography: 23 western states +1 more

4 metrics

Freight volume more than 300 million tons Annual volume of natural resources, manufactured products and finished goods moved for customers

Rail network length nearly 20,000-mile rail network Total length of CN’s rail network and related transportation services across North America

Operating geography 23 western states Union Pacific’s operating footprint in the United States

Year operations began 1919 CN contributing to sustainable trade and community prosperity since 1919

Key Terms

Memorandum of Understanding, operating rights, forward-looking statements, Elgin, Joliet & Eastern Railway (EJ&E) corridor

4 terms

Memorandum of Understanding regulatory

"the signing of a binding Memorandum of Understanding that will strengthen rail service"

A memorandum of understanding (MOU) is a formal agreement between two or more parties that outlines their shared intentions and plans to work together. It acts like a handshake in writing, clarifying each side’s roles and expectations before any official contract is signed. For investors, an MOU signals that parties are serious about collaboration, which can influence future business opportunities and potential growth.

operating rights technical

"provides Union Pacific with expanded operating rights over CN’s Elgin, Joliet & Eastern Railway corridor"

A legal permission or contract that allows a company to run and manage a specific asset, operation, or service—such as a power plant, pipeline, toll road, or mining site—under defined terms, conditions, and time limits. It matters to investors because these rights determine who collects revenue, who bears operating costs and regulatory obligations, and how long control lasts; think of it like a lease that grants the keys, rules, and responsibilities for running a business asset.

forward-looking statements regulatory

"constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Elgin, Joliet & Eastern Railway (EJ&E) corridor technical

"expanded operating rights over CN’s Elgin, Joliet & Eastern Railway (EJ&E) corridor through Chicago"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What agreement did Canadian National Railway (CNI) reach with Union Pacific?

Canadian National Railway reached a binding Memorandum of Understanding with Union Pacific. It expands Union Pacific’s operating rights on CN’s EJ&E corridor around Chicago and grants CN new rights between Memphis and Eagle Pass, enhancing North American freight connectivity.

How does the CN (CNI) and Union Pacific agreement affect Canada–Mexico freight service?

The agreement grants CN new rights on Union Pacific’s line between Memphis, Tennessee and Eagle Pass, Texas. This is designed to support freight movements between Canada and Mexico, creating additional routing options and new service opportunities for shippers.

What benefits does Union Pacific gain from the new arrangement with CN (CNI)?

Union Pacific receives expanded operating rights over CN’s Elgin, Joliet & Eastern Railway corridor through Chicago. Access to this route around Chicago is expected to provide a quicker path through the region, improving its ability to serve customers efficiently.

How large is Canadian National Railway’s (CNI) network and freight volume?

Canadian National Railway operates a nearly 20,000-mile rail network across North America. It transports more than 300 million tons of natural resources, manufactured products, and finished goods each year, connecting Canada’s coasts with the U.S. Midwest and Gulf Coast.

Are there forward-looking statements in CN’s (CNI) announcement with Union Pacific?

Yes. CN and Union Pacific state that the announcement contains forward-looking statements involving risks, uncertainties, and assumptions. They note such statements reflect information only as of their date and may be updated only as required by applicable securities laws.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of July 2026

Commission File Number: 001-02413

Canadian National Railway Company

(Translation of registrant’s name into English)

935 de la Gauchetiere Street West

Montreal, Quebec

Canada H3B 2M9

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ¨ Form 40-F x

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Canadian National Railway Company
Date: July 22, 2026	By:	/s/ Jessica Syms
		Name:	Jessica Syms
		Title:	Assistant Vice-President and Corporate Secretary

CANADIAN NATIONAL RAILWAY COMPANY

Table of Content

Items	Description
1	News release: Union Pacific and CN Announce Agreement to Improve North American Rail Connectivity

News Release

Union Pacific and CN Announce Agreement to Improve North American Rail Connectivity

Agreement expands operating rights in Chicago and creates new Canada-Mexico service opportunities for customers

MONTREAL, July 22, 2026 — CN (TSX: CNR) (NYSE: CNI) and Union Pacific (NYSE: UNP) today announced the signing of a binding Memorandum of Understanding that will strengthen rail service across North America, improving both railroads’ ability to serve customers.

The agreement provides Union Pacific with expanded operating rights over CN’s Elgin, Joliet & Eastern Railway (EJ&E) corridor through Chicago, while granting CN new rights over Union Pacific’s network between Memphis, Tennessee, and Eagle Pass, Texas, to support freight movements between Canada and Mexico.

“We are thrilled to have an agreement with Union Pacific to expand CN’s access to Mexico. This is a natural extension of our north-south franchise and will open new routes for customers, provide greater choice and strengthen connections between Canada and Mexico,” said Tracy Robinson, President and CEO of CN. “By extending our reach, we are creating new opportunities for growth while continuing to deliver the safe, reliable service our customers expect. This is another example of CN’s commitment to strengthening rail competitiveness across North America.”

“I’ve seen the benefits first-hand of what the EJ&E route around Chicago can do for a railroad, and we look forward to having access to the quickest way around Chicago,” said Jim Vena, CEO of Union Pacific.

Forward-Looking Statements

Certain statements by CN and Union Pacific included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The companies caution that their assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. The companies assume no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN or Union Pacific do update any forward-looking statement, no inference should be made that they will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

About CN

CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

Contacts:

Media	Investment Community
Ashley Michnowski	Jamie Lockwood
Senior Manager	Vice-President
Media Relations	Investor Relations & Special Projects
(438) 596-4329	(514) 399-0052
media@cn.ca	investor.relations@cn.ca

ABOUT UNION PACIFIC

Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

Union Pacific Media Contact: media@up.com

www.up.com

www.facebook.com/unionpacific

www.twitter.com/unionpacific

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