Filing Flows › Canadian Pacific Kansas City (CP) › Q1 2026
Canadian Pacific Kansas City (CP) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Canadian Pacific Kansas City (CP) reported revenue of $3.7B for the first quarter 2026 (Q1 2026), -2% from a year earlier and -6% from the quarter before. Operating margin was 34.0%, net earnings $845M (22.8% of revenue).
Canadian Pacific Kansas City, Q1 2026: revenue $3.7B (-2% year over year), operating margin 34.0%, net earnings $845M, operating cash flow $976M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.7B | -6% | -2% |
| Operating profit | $1.3B | -22% | -4% |
| Net earnings | $845M | -22% | -7% |
| Operating cash flow | $976M | -36% | -16% |
| Free cash flow | $312M | -58% | -30% |
What changed
Revenue was C$3.7B in Q1 2026, down 2% year over year and down 6% from the previous quarter. Grain was the largest line at 24% of revenue. Energy, chemicals and plastics lost C$0.06B year over year (down 8%), 62% of the total change.
Operating profit was C$1.3B, a 34.0% margin (down 0.7 points year over year). Total costs fell 1% while revenue fell 2%. Net earnings were C$0.85B, down 7% year over year. The effective tax rate was 24.6%.
Operating cash flow was C$1.0B (down 16% year over year), 116% of net earnings. Non-cash charges added back C$0.51B of depreciation and amortization and C$0.05B of share-based compensation. Working capital and other items used C$0.43B. Capital expenditures of C$0.66B left free cash flow of C$0.31B.
Questions
What was Canadian Pacific Kansas City's revenue in the first quarter 2026?
Canadian Pacific Kansas City (CP) reported revenue of $3.7B for the first quarter 2026 (Q1 2026), -2% from a year earlier and -6% from the quarter before.
Was Canadian Pacific Kansas City profitable in the first quarter 2026?
Operating profit was $1.3B (34.0% of revenue) and net earnings $845M.