Filing Flows › Canadian Pacific Kansas City (CP) › Q3 2025
Canadian Pacific Kansas City (CP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Canadian Pacific Kansas City (CP) reported revenue of $3.7B for the third quarter 2025 (Q3 2025), +3% from a year earlier and -1% from the quarter before. Operating margin was 36.5%, net earnings $917M (25.0% of revenue).
Canadian Pacific Kansas City, Q3 2025: revenue $3.7B (+3% year over year), operating margin 36.5%, net earnings $917M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.7B | -1% | +3% |
| Operating profit | $1.3B | -0.5% | +11% |
| Net earnings | $917M | -26% | +10% |
| Operating cash flow | $1.3B | -6% | +0.2% |
| Free cash flow | $414M | -32% | -21% |
What changed
Revenue was C$3.7B in Q3 2025, up 3% year over year and down 1% from the previous quarter. Grain was the largest line at 19% of revenue. Intermodal added C$0.04B year over year (up 7%), 39% of the total change. Non-freight declined 18%.
Operating profit was C$1.3B, a 36.5% margin (up 2.6 points year over year). Of the extra revenue versus a year earlier, 119% reached operating profit, above the 34% margin then. Total costs fell 1% while revenue rose 3%. Net earnings were C$0.92B, up 10% year over year. The effective tax rate was 24.4%.
Operating cash flow was C$1.3B (roughly flat year over year), 139% of net earnings. Non-cash charges added back C$0.50B of depreciation and amortization and C$4.0M of share-based compensation. Working capital and other items used C$0.15B. Capital expenditures of C$0.86B left free cash flow of C$0.41B.
Questions
What was Canadian Pacific Kansas City's revenue in the third quarter 2025?
Canadian Pacific Kansas City (CP) reported revenue of $3.7B for the third quarter 2025 (Q3 2025), +3% from a year earlier and -1% from the quarter before.
Was Canadian Pacific Kansas City profitable in the third quarter 2025?
Operating profit was $1.3B (36.5% of revenue) and net earnings $917M.