Filing Flows › Canadian Pacific Kansas City (CP) › Q3 2026
Canadian Pacific Kansas City (CP) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 29, 2026
Canadian Pacific Kansas City (CP) reported revenue of $4.2B for the third quarter 2026 (Q3 2026), +15% from a year earlier and +1% from the quarter before. Operating margin was 35.2%, net earnings $916M (21.7% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | +1% | +15% |
| Operating profit | $1.5B | +1% | +11% |
| Net earnings | $916M | -11% | -0.1% |
| Operating cash flow | $1.6B | -10% | +22% |
| Free cash flow | $937M | -3% | +126% |
What changed
Revenue was C$4.2B in Q3 2026, up 15% year over year and up 1% from the previous quarter. Grain was the largest line at 21% of revenue. Grain added C$0.20B year over year (up 29%), 36% of the total change.
Operating profit was C$1.5B, a 35.2% margin (down 1.2 points year over year). Of the extra revenue versus Q3 2025, 27% reached operating profit, below the 36% margin then. Total costs grew 18% against revenue growth of 15%. Net earnings were C$0.92B, roughly flat year over year. The effective tax rate was 32.8%.
Operating cash flow was C$1.6B (up 22% year over year), 169% of net earnings. Non-cash charges added back C$0.53B of depreciation and amortization and C$0.04B of share-based compensation. Capital expenditures of C$0.61B left free cash flow of C$0.94B.
Questions
What was Canadian Pacific Kansas City's revenue in the third quarter 2026?
Canadian Pacific Kansas City (CP) reported revenue of $4.2B for the third quarter 2026 (Q3 2026), +15% from a year earlier and +1% from the quarter before.
Was Canadian Pacific Kansas City profitable in the third quarter 2026?
Operating profit was $1.5B (35.2% of revenue) and net earnings $916M.