Grand Trunk Corporation

The U.S. subsidiaries of CN and CPKC fell below the threshold.

CN's Grand Trunk Corporation recorded a 6.09% return, while CPKC's Sioux Line and Kansas City Southern operations recorded 5.3%.

Revenue adequacy measures whether a railroad earns at least the industry's cost of capital and remains closely watched because shippers have argued that regulators should limit rates charged to captive customers once a railroad reaches that benchmark.

There is an article in Railway Age Online about how T.D. Cowan's third quarter 2026 research found stronger rail pricing and broad-based volume momentum, while shipper confidence and business growth expectations weakened.