Filing Flows › Canadian Pacific Kansas City (CP) › Q2 2026
Canadian Pacific Kansas City (CP) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 30, 2026
Canadian Pacific Kansas City (CP) reported revenue of $4.2B for the second quarter 2026 (Q2 2026), +13% from a year earlier and +13% from the quarter before. Operating margin was 35.4%, net earnings $1.0B (24.6% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | +13% | +13% |
| Operating profit | $1.5B | +17% | +10% |
| Net earnings | $1.0B | +21% | -17% |
| Operating cash flow | $1.7B | +77% | +27% |
| Free cash flow | $968M | +210% | +58% |
What changed
Revenue was C$4.2B in Q2 2026, up 13% year over year and up 13% from the previous quarter. Grain was the largest line at 22% of revenue. Grain added C$0.18B year over year (up 24%), 39% of the total change. Coal declined 18%.
Operating profit was C$1.5B, a 35.4% margin (down 1.0 points year over year). Of the extra revenue versus Q2 2025, 28% reached operating profit, below the 36% margin then. Total costs grew 14% against revenue growth of 13%. Net earnings were C$1.0B, down 17% year over year. The effective tax rate was 24.7%.
Operating cash flow was C$1.7B (up 27% year over year), 169% of net earnings. Non-cash charges added back C$0.52B of depreciation and amortization and C$0.09B of share-based compensation. Working capital and other items added C$0.09B. Capital expenditures of C$0.76B left free cash flow of C$1.0B.
Questions
What was Canadian Pacific Kansas City's revenue in the second quarter 2026?
Canadian Pacific Kansas City (CP) reported revenue of $4.2B for the second quarter 2026 (Q2 2026), +13% from a year earlier and +13% from the quarter before.
Was Canadian Pacific Kansas City profitable in the second quarter 2026?
Operating profit was $1.5B (35.4% of revenue) and net earnings $1.0B.