| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 23, 2026 | 3/12 | 1 high, 4 medium, 1 low flags | 3 | 2 | Call sheet → |
| Q1'26 | April 24, 2026 | 7/12 | 1 high, 4 medium, 1 low flags | 3 | 0 | Call sheet → |
| Q4'25 | January 29, 2026 | 10/12 | 2 medium, 4 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | Continue momentum from March exit Volumes did accelerate through the quarter |
| Q2'26 | Delivered | Focus on operating safely while serving customers Safety metrics improved but service metrics deteriorated |
| Q2'26 | Missed | Refile merger application by end of April Now targeting end of July, 3-month delay |
| Q2'26 | Missed | Maintain $8.2-8.4B cost guidance despite fuel Abandoned after just one quarter, now $8.8-8.9B |
| Q2'26 | Pending | $150M+ efficiency target for 2026 Reiterated but no specifics on progress in Q2 |
| Q2'26 | Exceeded | Achieve typical 200 basis point OR improvement Q1 to Q2 Delivered 320 bps improvement, though partly due to fuel surcharge help |
| Q1'26 | Delivered | Maintain safety focus as core value Continued accident rate improvements and specific examples of proactive safety measures |
| Q1'26 | Delivered | Continue productivity improvements beyond original targets Exceeded cost takeout commitments again, though now hedging future targets |
| Q1'26 | Delivered | Fight for every dollar of quality revenue Clear evidence in merchandise growth and pricing discipline despite headwinds |
| Q1'26 | Pending | Normal OR seasonality Q1 to Q2 (200 bps improvement) Q2 will be the test, fuel headwinds make this challenging |
| Q1'26 | Pending | CapEx spending $1.9B in 2026 No indication of changes, seems on track |
| Q1'26 | Pending | Cost base $8.2B to $8.4B for 2026 Q1 run rate suggests they're tracking to guidance but fuel volatility creates uncertainty |
| Q4'25 | Delivered | Vehicle production challenged due to supplier disruptions in Q4 Auto production impacts materialized as expected, affected multiple NS-served plants |
| Q4'25 | Delivered | We are on track to exceed our expense reduction commitments Not only met but raised 2026 target from $100M to $150M |
| Q4'25 | Delivered | Capital spending decrease of 7.5% for 2025 vs 2024 Hit $2.2B CapEx target, delivered promised reduction |
| Q4'25 | Delivered | We expect the merger impact to grow in Q4 and continue to be a challenge Absorbed full quarter of competitive response, quantified at 1% revenue headwind |
| Q4'25 | Exceeded | Raising 2025 efficiency target to roughly $200 million Delivered $216M in cost takeout, beat raised target by $16M |
| Q4'25 | Delivered | Fourth quarter cost in absolute dollars will be in the $2.0 billion to $2.1 billion range Stayed within guidance range even with land sale timing |
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