CN (Canadian National Railway) operates a nearly 20,000-mile rail network connecting Canada's Atlantic and Pacific coasts with the U.S. Midwest and Gulf Coast. CN transports freight across seven commodity groups: intermodal, petroleum and chemicals, grain and fertilizers, metals and minerals, forest products, coal, and automotive. CN's network offers tri-coastal access, serving ports on Canada's Pacific coast (Prince Rupert and Vancouver), Atlantic coast (Halifax and Montreal), and the U.S. Gulf Coast. CN is the sole Class 1 railroad serving the Port of Prince Rupert, which CN argues offers the fastest Asia-to-U.S. Midwest routing with less congestion than competing West Coast gateways. CN originates over 85% of its traffic and is both the originating and terminating carrier for over 65% of its traffic, giving CN more end-to-end control of the customer relationship than any other Class 1. CN charges freight rates on long-term contracts and spot business, targeting price increases ahead of cost inflation. Revenue is driven by volume (measured in revenue ton-miles) and revenue per RTM. CN's cost base is largely fixed, so profitability scales with volume; the industry measures margins through the operating ratio. CN spends roughly $3.4B annually in CapEx, mostly on track maintenance and Western Canada capacity expansion. CN's growth strategy centers on network-specific initiatives: expanding international intermodal through Prince Rupert, growing NGL and propane exports, adding Western Canadian met coal volumes, and extending U.S. grain reach following the Iowa Northern acquisition. CN has increased its dividend for 29 consecutive years since its 1995 IPO.