CPKC Reports Q3 2026 Results: Revenues Rise 15% to $4.2B, Core Adjusted EPS up 16%

Executive Summary

On October 28, 2026, Canadian Pacific Kansas City Limited (CPKC) filed Form 8-K under Item 2.02 announcing financial results for the third quarter ended September 30, 2026.

Key Financial Highlights

• Revenues: Total revenues reached $4.219 billion, an increase of 15% compared to $3.661 billion in Q3 2025.
  • Freight revenues contributed $4.139 billion (vs. $3.589 billion in Q3 2025).
  • Non-freight revenues were $80 million (vs. $72 million in Q3 2025).
• Earnings Per Share:
  • Reported diluted EPS rose 3% to $1.04 from $1.01.
  • Core adjusted diluted EPS rose 16% to $1.28 from $1.10.
• Operating Ratio (OR):
  • Reported OR increased 130 bps to 64.8% from 63.5%.
  • Core adjusted OR increased 120 bps to 61.9% from 60.7%.
  • Higher fuel costs negatively impacted reported and core adjusted OR by 170 bps and 190 bps, respectively.
• Operating Income & Expenses:
  • Operating income reached $1.487 billion, up 11.3% from $1.336 billion in Q3 2025.
  • Total operating expenses increased to $2.732 billion from $2.325 billion, driven by higher fuel ($667 million vs. $415 million) and compensation expenses.
• Volume: Revenue ton-miles (RTMs) grew 6% year-over-year.