As of early 2026, CN (Canadian National Railway) remains the larger of the two major Canadian railroads in terms of revenue, annual volume, and total employees. CN operates a massive "three-coast" network reaching the Atlantic, Pacific, and Gulf of Mexico. However, the competitive landscape changed significantly in 2023 with the merger of Canadian Pacific and Kansas City Southern to form CPKC (Canadian Pacific Kansas City). While CPKC is now the only railroad to directly link Canada, the U.S., and Mexico in a single "spine," CN still maintains a lead in market capitalization and carries a record volume of goods, such as over 32 million metric tons of grain annually. For 2026, CN is viewed as the "defensive stability" leader, while CPKC is the "growth-oriented" challenger leveraging its unique new cross-border synergies.