Filing Flows › Industrials › Canadian Pacific Kansas City (CP)
Canadian Pacific Kansas City (CP) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Canadian Pacific Kansas City (CP) Q3 2026 earnings results →
Q3 2026 Revenue up 15% year over year to $4.2B · 22¢ of every $1 of revenue kept as net profit · operating margin 35.2%
Canadian Pacific Kansas City made $4.2B in Q3 2026 (+15% Y/Y): Freight $4.1B, Non-freight $80.0M. Operating margin 35.2%, net earnings $916M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was C$4.2B in Q3 2026, up 15% year over year and up 1% from the previous quarter. Grain was the largest line at 21% of revenue. Grain added C$0.20B year over year (up 29%), 36% of the total change.
Operating profit was C$1.5B, a 35.2% margin (down 1.2 points year over year). Of the extra revenue versus Q3 2025, 27% reached operating profit, below the 36% margin then. Total costs grew 18% against revenue growth of 15%. Net earnings were C$0.92B, roughly flat year over year. The effective tax rate was 32.8%.
Operating cash flow was C$1.6B (up 22% year over year), 169% of net earnings. Non-cash charges added back C$0.53B of depreciation and amortization and C$0.04B of share-based compensation. Capital expenditures of C$0.61B left free cash flow of C$0.94B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $4.2B | +15% | 35.2% | $916M | $1.6B |
| Q2 2026 | 10-Q | Jul 30, 2026 | $4.2B | +13% | 35.4% | $1.0B | $1.7B |
| Q1 2026 | 10-Q | Apr 30, 2026 | $3.7B | -2% | 34.0% | $845M | $976M |
| Q4 2025 | 10-K | Feb 26, 2026 | $3.9B | +1% | 41.1% | $1.1B | $1.5B |
| Q3 2025 | 10-Q | Oct 30, 2025 | $3.7B | +3% | 36.5% | $917M | $1.3B |
| Q2 2025 | 10-Q | Jul 31, 2025 | $3.7B | +3% | 36.3% | $1.2B | $1.4B |
| Q1 2025 | 10-Q | May 1, 2025 | $3.8B | +8% | 34.7% | $909M | $1.2B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About Canadian Pacific Kansas City
Canadian Pacific Kansas City Limited ("CPKC" or the "Company") owns and operates the only freight railway spanning Canada, the United States ("U.S."), and Mexico. CPKC provides rail and intermodal transportation services over a network of approximately 20,000 miles, serving principal business centres across Canada, the U.S., and Mexico. CPKC transports bulk commodities, merchandise freight, and intermodal traffic. For additional information regarding CPKC's network and geographical locations, refer to Item 2. Properties. The Company was originally incorporated on June 22, 2001, under the Canada Business Corporations Act and controls and owns all of the Common Shares of Canadian Pacific Railway Company ("CPRC"), which was incorporated in 1881 by Letters Patent pursuant to an Act of the Parliament of Canada.
In its own words, from its 10-K, filed Feb 26, 2026.
Canadian Pacific Kansas City against its Railroads, Line-Haul Operating peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +15% against the peers' median +15%. Operating margin: 35.2% against the peers' median 35.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CP Canadian Pacific Kansas City | Q3 2026 | $3.0B | +15% | 35.2% |
| UNP Union Pacific | Q3 2026 | $7.2B | +15% | 40.9% |
| Burlington Northern Santa FE, LLC | Q2 2026 | $6.6B | +14% | 34.5% |
| CSX CSX | Q3 2026 | $4.0B | +12% | 39.1% |
| NSC Norfolk Southern | Q3 2026 | $3.5B | +14% | 32.6% |
| FIP FTAI Infrastructure | Q3 2026 | $219M | +56% | 9.0% |
Source: Canadian Pacific Kansas City 10-Q on SEC EDGAR · CIK 16875 · Railroads, Line-Haul Operating
Guidance and outlook
13F: who owns CP and who is buying
More on CP
- How Canadian Pacific Kansas City makes money: revenue by segment
- Canadian Pacific Kansas City next earnings date and what analysts expect
- Canadian Pacific Kansas City stock forecast, price target and fair value
- Who owns Canadian Pacific Kansas City stock: holders, funds and Congress trades
- Canadian Pacific Kansas City guidance and outlook
- Is Canadian Pacific Kansas City a takeover target? LBO and rumors
- Canadian Pacific Kansas City recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Canadian Pacific Kansas City guidance history: guided vs reported
- Canadian Pacific Kansas City operating margin by quarter
- Canadian Pacific Kansas City net income by quarter
- Canadian Pacific Kansas City free cash flow by quarter
- Canadian Pacific Kansas City capital expenditures by quarter
- Canadian Pacific Kansas City Freight revenue by quarter
- Canadian Pacific Kansas City Non-freight revenue by quarter