Filing Flows › Canadian Pacific Kansas City (CP) › Q2 2025
Canadian Pacific Kansas City (CP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Canadian Pacific Kansas City (CP) reported revenue of $3.7B for the second quarter 2025 (Q2 2025), +3% from a year earlier and -3% from the quarter before. Operating margin was 36.3%, net earnings $1.2B (33.4% of revenue).
Canadian Pacific Kansas City, Q2 2025: revenue $3.7B (+3% year over year), operating margin 36.3%, net earnings $1.2B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.7B | -3% | +3% |
| Operating profit | $1.3B | +2% | +6% |
| Net earnings | $1.2B | +36% | +37% |
| Operating cash flow | $1.4B | +17% | +6% |
| Free cash flow | $612M | +38% | +30% |
What changed
Revenue was C$3.7B in Q2 2025, up 3% year over year and down 3% from the previous quarter. Grain was the largest line at 20% of revenue. Grain added C$0.08B year over year (up 12%), 81% of the total change. Automotive declined 8%.
Operating profit was C$1.3B, a 36.3% margin (up 1.1 points year over year). Of the extra revenue versus a year earlier, 79% reached operating profit, above the 35% margin then. Total costs grew 1% against revenue growth of 3%. Net earnings were C$1.2B, up 36% year over year. The effective tax rate was 22.4%.
Operating cash flow was C$1.4B (up 6% year over year), 110% of net earnings. Non-cash charges added back C$0.49B of depreciation and amortization and C$0.06B of share-based compensation. Working capital and other items used C$0.43B. Capital expenditures of C$0.74B left free cash flow of C$0.61B.
Questions
What was Canadian Pacific Kansas City's revenue in the second quarter 2025?
Canadian Pacific Kansas City (CP) reported revenue of $3.7B for the second quarter 2025 (Q2 2025), +3% from a year earlier and -3% from the quarter before.
Was Canadian Pacific Kansas City profitable in the second quarter 2025?
Operating profit was $1.3B (36.3% of revenue) and net earnings $1.2B.