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How Canadian Pacific Kansas City (CP) makes money
Canadian Pacific Kansas City (CP) made $4.2B of revenue in the third quarter 2026 (Q3 2026), +15% from a year earlier. Freight brought in $4.1B (98%); Non-freight brought in $80.0M (2%). Of every dollar of revenue, 35¢ was left as operating profit, 22¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Freight | $4.1B | 98.1% | +1% | +15% |
| ↳ Grain | $904M | 21.4% | -2% | +29% |
| ↳ Intermodal | $815M | 19.3% | +8% | +22% |
| ↳ Energy, chemicals and plastics | $763M | 18.1% | -2% | +9% |
| ↳ Metals, minerals and consumer products | $532M | 12.6% | +2% | +16% |
| ↳ Automotive | $373M | 8.8% | -7% | +9% |
| ↳ Coal | $254M | 6.0% | +22% | -0.4% |
| ↳ Forest products | $211M | 5.0% | +7% | +9% |
| ↳ Potash | $182M | 4.3% | -1% | +9% |
| Non-freight | $80.0M | 1.9% | +5% | +11% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $4.2B | 100.0% |
| Operating profit | $1.5B | 35.2% |
| Income tax | $448M | 10.6% |
| Net earnings | $916M | 21.7% |
| Operating cash flow | $1.6B | 36.7% |
| Free cash flow | $937M | 22.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $4.2B | +15% |
| Q2 2026 | $4.2B | +13% |
| Q1 2026 | $3.7B | -2% |
| Q4 2025 | $3.9B | +1% |
| Q3 2025 | $3.7B | +3% |
| Q2 2025 | $3.7B | +3% |
| Q1 2025 | $3.8B | +8% |
From Canadian Pacific Kansas City's 10-Q filed Oct 29, 2026 (on EDGAR).
Questions
How does Canadian Pacific Kansas City make money?
Canadian Pacific Kansas City (CP) made $4.2B of revenue in the third quarter 2026 (Q3 2026), +15% from a year earlier. Freight brought in $4.1B (98%); Non-freight brought in $80.0M (2%). Of every dollar of revenue, 35¢ was left as operating profit, 22¢ was left as net earnings.
What is Canadian Pacific Kansas City's biggest business?
Freight: $4.1B in the third quarter 2026, 98% of revenue, +15% from a year earlier.
What is Canadian Pacific Kansas City's profit margin?
Net earnings were $916M, 21.7% of revenue, in the third quarter 2026; the operating margin was 35.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.