Filing Flows › Canadian Pacific Kansas City (CP) › Q4 2025
Canadian Pacific Kansas City (CP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Canadian Pacific Kansas City (CP) reported revenue of $3.9B for the fourth quarter 2025 (Q4 2025), +1% from a year earlier and +7% from the quarter before. Operating margin was 41.1%, net earnings $1.1B (27.5% of revenue).
Canadian Pacific Kansas City, Q4 2025: revenue $3.9B (+1% year over year), operating margin 41.1%, net earnings $1.1B, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.9B | +7% | +1% |
| Operating profit | $1.6B | +21% | +3% |
| Net earnings | $1.1B | +17% | -10% |
| Operating cash flow | $1.5B | +20% | -11% |
| Free cash flow | $736M | +78% | -23% |
What changed
Revenue was C$3.9B in Q4 2025, up 1% year over year and up 7% from the previous quarter. Grain was the largest line at 25% of revenue.
Operating profit was C$1.6B, a 41.1% margin (up 0.8 points year over year). Of the extra revenue versus a year earlier, 108% reached operating profit, above the 40% margin then. Total costs fell 0% while revenue rose 1%. Net earnings were C$1.1B, down 10% year over year. The effective tax rate was 27.1%.
Operating cash flow was C$1.5B (down 11% year over year), 142% of net earnings. Non-cash charges added back C$0.52B of depreciation and amortization. Capital expenditures of C$0.79B left free cash flow of C$0.74B.
Questions
What was Canadian Pacific Kansas City's revenue in the fourth quarter 2025?
Canadian Pacific Kansas City (CP) reported revenue of $3.9B for the fourth quarter 2025 (Q4 2025), +1% from a year earlier and +7% from the quarter before.
Was Canadian Pacific Kansas City profitable in the fourth quarter 2025?
Operating profit was $1.6B (41.1% of revenue) and net earnings $1.1B.