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Norfolk Southern vs Canadian Pacific Kansas City: NSC and CP compared
Norfolk Southern is the larger company: $3.5B of revenue in its latest quarter (Q3 2026) against $4.2B for Canadian Pacific Kansas City (Q3 2026). Canadian Pacific Kansas City is growing faster (+15% against +14% a year earlier). Canadian Pacific Kansas City is more profitable, with an operating margin of 35.2% against 32.6%.
Where the money goes: NSC and CP
Norfolk Southern (NSC) · Q3 2026
Norfolk Southern, Q3 2026: revenue $3.5B (+14% year over year), operating margin 32.6%, net earnings $759M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
Canadian Pacific Kansas City (CP) · Q3 2026
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.
| Norfolk Southern (NSC) | Canadian Pacific Kansas City (CP) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $3.5B | $4.2B |
| Revenue growth, Y/Y | +14% | +15% |
| Operating margin | 32.6% | 35.2% |
| Net earnings | $759M | $916M |
| Net margin | 21.5% | 21.7% |
| Operating cash flow | $1.3B | $1.6B |
| Free cash flow | $736M | $937M |
| Market value | $74.1B | $80.9B |
| P/E | 27.6× | 20.9× |
| Analysts’ mean target | $360.61 | $97.92 |
Where the revenue comes from
Norfolk Southern
- Merchandise: $2.2B (62%)
- Intermodal: $919M (26%)
- Coal: $419M (12%)
Canadian Pacific Kansas City
- Freight: $4.1B (98%)
- Non-freight: $80.0M (2%)
Questions
Which is bigger, Norfolk Southern or Canadian Pacific Kansas City?
Norfolk Southern is the larger company: $3.5B of revenue in its latest quarter (Q3 2026) against $4.2B for Canadian Pacific Kansas City (Q3 2026).
Is Norfolk Southern or Canadian Pacific Kansas City growing faster?
Canadian Pacific Kansas City is growing faster (+15% against +14% a year earlier).
Which is more profitable, Norfolk Southern or Canadian Pacific Kansas City?
Canadian Pacific Kansas City is more profitable, with an operating margin of 35.2% against 32.6%.
More: Norfolk Southern earnings · how Norfolk Southern makes money · Canadian Pacific Kansas City earnings · how Canadian Pacific Kansas City makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.