Filing Flows › Canadian Pacific Kansas City (CP) › Q2 2026 › vs Q2 2025
Canadian Pacific Kansas City (CP) Q2 2026 vs Q2 2025 (year over year)
Canadian Pacific Kansas City's revenue rose $465M (+13%) from $3.7B in Q2 2025 to $4.2B in Q2 2026. The biggest changes: Freight +$459M (+13%); Non-freight +$6.0M (+9%). Operating margin 35.4% against 36.3% (-1.0 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 35.4% | 36.3% | -1.0 pts |
| Net margin | 24.6% | 33.4% | -8.8 pts |
| Free cash flow margin | 23.2% | 16.5% | +6.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Grain | $925M | $743M | $182M | +24% |
| Energy, chemicals and plastics | $777M | $712M | $65.0M | +9% |
| Intermodal | $758M | $684M | $74.0M | +11% |
| Metals, minerals and consumer products | $524M | $444M | $80.0M | +18% |
| Automotive | $403M | $330M | $73.0M | +22% |
| Coal | $209M | $256M | −$47.0M | -18% |
| Forest products | $198M | $195M | $3.0M | +2% |
| Potash | $184M | $167M | $17.0M | +10% |
| Fertilizers and sulphur | $110M | $98.0M | $12.0M | +12% |
| Freight | $4.1B | $3.6B | $459M | +13% |
| Non-freight | $76.0M | $70.0M | $6.0M | +9% |
| Revenue | $4.2B | $3.7B | $465M | +13% |
| Operating profit | $1.5B | $1.3B | $129M | +10% |
| Costs & expenses | $2.7B | $2.4B | $336M | +14% |
| Pre-tax earnings | $1.4B | $1.6B | −$232M | -15% |
| Other expense, net | $113M | −$248M | $361M | — |
| Net earnings | $1.0B | $1.2B | −$210M | -17% |
| Income tax | $335M | $357M | −$22.0M | -6% |
| Depreciation & amortization | $519M | $493M | $26.0M | +5% |
| Share-based compensation | $94.0M | $59.0M | $35.0M | +59% |
| Working capital & other | $89.0M | −$431M | $520M | — |
| Operating cash flow | $1.7B | $1.4B | $371M | +27% |
| Free cash flow (OCF − capex) | $968M | $612M | $356M | +58% |
| Capital expenditures | $758M | $743M | $15.0M | +2% |
Questions
How much did Canadian Pacific Kansas City's revenue grow year over year in Q2 2026?
Canadian Pacific Kansas City's revenue rose $465M (+13%) from $3.7B in Q2 2025 to $4.2B in Q2 2026.
What drove Canadian Pacific Kansas City's revenue change in Q2 2026?
Freight +$459M (+13%); Non-freight +$6.0M (+9%).