Filing Flows › Canadian Pacific Kansas City (CP) › Q2 2026 › vs Q1 2026
Canadian Pacific Kansas City (CP) Q2 2026 vs Q1 2026 (quarter over quarter)
Canadian Pacific Kansas City's revenue rose $463M (+13%) from $3.7B in Q1 2026 to $4.2B in Q2 2026. The biggest changes: Freight +$460M (+13%); Non-freight +$3.0M (+4%). Operating margin 35.4% against 34.0% (+1.4 pts).
Canadian Pacific Kansas City, Q2 2026: revenue $4.2B (+13% year over year), operating margin 35.4%, net earnings $1.0B, operating cash flow $1.7B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 35.4% | 34.0% | +1.4 pts |
| Net margin | 24.6% | 22.8% | +1.8 pts |
| Free cash flow margin | 23.2% | 8.4% | +14.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Grain | $925M | $871M | $54.0M | +6% |
| Energy, chemicals and plastics | $777M | $700M | $77.0M | +11% |
| Intermodal | $758M | $655M | $103M | +16% |
| Metals, minerals and consumer products | $524M | $438M | $86.0M | +20% |
| Automotive | $403M | $296M | $107M | +36% |
| Coal | $209M | $226M | −$17.0M | -8% |
| Forest products | $198M | $181M | $17.0M | +9% |
| Potash | $184M | $149M | $35.0M | +23% |
| Fertilizers and sulphur | $110M | $112M | −$2.0M | -2% |
| Freight | $4.1B | $3.6B | $460M | +13% |
| Non-freight | $76.0M | $73.0M | $3.0M | +4% |
| Revenue | $4.2B | $3.7B | $463M | +13% |
| Operating profit | $1.5B | $1.3B | $214M | +17% |
| Costs & expenses | $2.7B | $2.4B | $249M | +10% |
| Pre-tax earnings | $1.4B | $1.1B | $239M | +21% |
| Other expense, net | $113M | $138M | −$25.0M | -18% |
| Net earnings | $1.0B | $845M | $179M | +21% |
| Income tax | $335M | $275M | $60.0M | +22% |
| Depreciation & amortization | $519M | $512M | $7.0M | +1% |
| Share-based compensation | $94.0M | $49.0M | $45.0M | +92% |
| Working capital & other | $89.0M | −$430M | $519M | — |
| Operating cash flow | $1.7B | $976M | $750M | +77% |
| Free cash flow (OCF − capex) | $968M | $312M | $656M | +210% |
| Capital expenditures | $758M | $664M | $94.0M | +14% |
Questions
How much did Canadian Pacific Kansas City's revenue grow quarter over quarter in Q2 2026?
Canadian Pacific Kansas City's revenue rose $463M (+13%) from $3.7B in Q1 2026 to $4.2B in Q2 2026.
What drove Canadian Pacific Kansas City's revenue change in Q2 2026?
Freight +$460M (+13%); Non-freight +$3.0M (+4%).