Filing Flows › Canadian Pacific Kansas City (CP) › Q3 2026 › vs Q2 2026
Canadian Pacific Kansas City (CP) Q3 2026 vs Q2 2026 (quarter over quarter)
Canadian Pacific Kansas City's revenue rose $55.0M (+1%) from $4.2B in Q2 2026 to $4.2B in Q3 2026. The biggest changes: Freight +$51.0M (+1%); Non-freight +$4.0M (+5%). Operating margin 35.2% against 35.4% (-0.1 pts).
Canadian Pacific Kansas City, Q3 2026: revenue $4.2B (+15% year over year), operating margin 35.2%, net earnings $916M, operating cash flow $1.6B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 35.2% | 35.4% | -0.1 pts |
| Net margin | 21.7% | 24.6% | -2.9 pts |
| Free cash flow margin | 22.2% | 23.2% | -1.0 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Grain | $904M | $925M | −$21.0M | -2% |
| Intermodal | $815M | $758M | $57.0M | +8% |
| Energy, chemicals and plastics | $763M | $777M | −$14.0M | -2% |
| Metals, minerals and consumer products | $532M | $524M | $8.0M | +2% |
| Automotive | $373M | $403M | −$30.0M | -7% |
| Coal | $254M | $209M | $45.0M | +22% |
| Forest products | $211M | $198M | $13.0M | +7% |
| Potash | $182M | $184M | −$2.0M | -1% |
| Fertilizers and sulphur | $105M | $110M | −$5.0M | -5% |
| Freight | $4.1B | $4.1B | $51.0M | +1% |
| Non-freight | $80.0M | $76.0M | $4.0M | +5% |
| Revenue | $4.2B | $4.2B | $55.0M | +1% |
| Operating profit | $1.5B | $1.5B | $15.0M | +1% |
| Costs & expenses | $2.7B | $2.7B | $40.0M | +1% |
| Pre-tax earnings | $1.4B | $1.4B | $5.0M | +0.4% |
| Other expense, net | $123M | $113M | $10.0M | +9% |
| Net earnings | $916M | $1.0B | −$108M | -11% |
| Income tax | $448M | $335M | $113M | +34% |
| Depreciation & amortization | $529M | $519M | $10.0M | +2% |
| Share-based compensation | $39.0M | $94.0M | −$55.0M | -59% |
| Working capital & other | $66.0M | $89.0M | −$23.0M | -26% |
| Operating cash flow | $1.6B | $1.7B | −$176M | -10% |
| Free cash flow (OCF − capex) | $937M | $968M | −$31.0M | -3% |
| Capital expenditures | $613M | $758M | −$145M | -19% |
Questions
How much did Canadian Pacific Kansas City's revenue grow quarter over quarter in Q3 2026?
Canadian Pacific Kansas City's revenue rose $55.0M (+1%) from $4.2B in Q2 2026 to $4.2B in Q3 2026.
What drove Canadian Pacific Kansas City's revenue change in Q3 2026?
Freight +$51.0M (+1%); Non-freight +$4.0M (+5%).