Filing Flows › Canadian Pacific Kansas City (CP) › Q3 2026 › vs Q3 2025
Canadian Pacific Kansas City (CP) Q3 2026 vs Q3 2025 (year over year)
Canadian Pacific Kansas City's revenue rose $558M (+15%) from $3.7B in Q3 2025 to $4.2B in Q3 2026. The biggest changes: Freight +$550M (+15%); Non-freight +$8.0M (+11%). Operating margin 35.2% against 36.5% (-1.2 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 35.2% | 36.5% | -1.2 pts |
| Net margin | 21.7% | 25.0% | -3.3 pts |
| Free cash flow margin | 22.2% | 11.3% | +10.9 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Grain | $904M | $702M | $202M | +29% |
| Intermodal | $815M | $668M | $147M | +22% |
| Energy, chemicals and plastics | $763M | $701M | $62.0M | +9% |
| Metals, minerals and consumer products | $532M | $458M | $74.0M | +16% |
| Automotive | $373M | $343M | $30.0M | +9% |
| Coal | $254M | $255M | −$1.0M | -0.4% |
| Forest products | $211M | $193M | $18.0M | +9% |
| Potash | $182M | $167M | $15.0M | +9% |
| Fertilizers and sulphur | $105M | $102M | $3.0M | +3% |
| Freight | $4.1B | $3.6B | $550M | +15% |
| Non-freight | $80.0M | $72.0M | $8.0M | +11% |
| Revenue | $4.2B | $3.7B | $558M | +15% |
| Operating profit | $1.5B | $1.3B | $151M | +11% |
| Costs & expenses | $2.7B | $2.3B | $407M | +18% |
| Pre-tax earnings | $1.4B | $1.2B | $151M | +12% |
| Other expense, net | $123M | $123M | $0 | 0% |
| Net earnings | $916M | $917M | −$1.0M | -0.1% |
| Income tax | $448M | $296M | $152M | +51% |
| Depreciation & amortization | $529M | $503M | $26.0M | +5% |
| Share-based compensation | $39.0M | $4.0M | $35.0M | +875% |
| Working capital & other | $66.0M | −$150M | $216M | — |
| Operating cash flow | $1.6B | $1.3B | $276M | +22% |
| Free cash flow (OCF − capex) | $937M | $414M | $523M | +126% |
| Capital expenditures | $613M | $860M | −$247M | -29% |
Questions
How much did Canadian Pacific Kansas City's revenue grow year over year in Q3 2026?
Canadian Pacific Kansas City's revenue rose $558M (+15%) from $3.7B in Q3 2025 to $4.2B in Q3 2026.
What drove Canadian Pacific Kansas City's revenue change in Q3 2026?
Freight +$550M (+15%); Non-freight +$8.0M (+11%).