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Canadian Pacific Kansas City
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Latest analysis
Updated Jul 30, 2026
CPKC Q2 2026: Revenue up 13% to CAD 4.16B on fuel surcharge surge and grain/automotive strength, but operating ratio deteriorates 90bps to 64.6%
CPKC delivered 13% revenue growth in Q2 2026, reaching CAD 4,164 million, driven by a 74% increase in fuel surcharge revenue and strong Grain (+24%) and Automotive (+22%) segment performance. Core adjusted diluted EPS rose 13% to CAD 1.27, but the operating ratio worsened 90bps to 64.6% as fuel costs surged 53%, stock-based compensation spiked on share price changes, and advisory costs tied to the Union Pacific-Norfolk Southern STB review added CAD 14 million in Q2 alone. The tri-national network continues to gain traction on Mexico corridor volumes — automotive flows from Mexico to Canada drove outsized RTM growth — while Coal volumes contracted sharply on mine and port maintenance headwinds.
Tone: mixedRevenue
CAD 15.1B
CP 10-K · FY 2025 · CAD
Employees
19,479
Revenue FY2024
CAD 14.5B
Founded
2001
Profile
CP 10-K Item 1 · Feb 26, 2026Canadian Pacific Kansas City Limited (CPKC) owns and operates the only freight railway spanning Canada, the United States, and Mexico, providing rail and intermodal transportation services across approximately 20,000 miles of network. The company transports bulk commodities, merchandise freight, and intermodal traffic under a precision scheduled railroading operating model. CPKC gained full control of Kansas City Southern on April 14, 2023, completing the tri-national rail network.
Read filing description ↓ Collapse description ↑
Canadian Pacific Kansas City Limited ('CPKC' or the 'Company') owns and operates the only freight railway spanning Canada, the United States ('U.S.'), and Mexico. CPKC provides rail and intermodal transportation services over a network of approximately 20,000 miles, serving principal business centres across Canada, the U.S., and Mexico. CPKC transports bulk commodities, merchandise freight, and intermodal traffic. The Company was originally incorporated on June 22, 2001, under the Canada Business Corporations Act and controls and owns all of the Common Shares of Canadian Pacific Railway Company ('CPRC'), which was incorporated in 1881 by Letters Patent pursuant to an Act of the Parliament of Canada. On April 14, 2023, CPKC assumed control of Kansas City Southern ('KCS') through an indirect wholly-owned subsidiary. The Company's strategy remains focused on precision scheduled railroading as embedded within five foundations: Provide Service, Control Costs, Optimize Assets, Operate Safely, and Develop People. The Company only has one operating segment: rail transportation. The Company transports freight consisting of bulk commodities, merchandise, and intermodal traffic. Bulk commodities include Grain, Coal, Potash, and Fertilizers and sulphur. Merchandise freight consists of industrial and consumer products, such as Forest products, Energy, chemicals and plastics, Metals, minerals and consumer products, and Automotive. Intermodal traffic consists largely of retail goods in overseas containers transported by train, ship, and truck, and in domestic containers moved by train and truck.
Primary products
- Bulk rail transportation (Grain, Coal, Potash, Fertilizers and sulphur)
- Merchandise rail transportation (Forest products, Energy chemicals and plastics, Metals minerals and consumer products, Automotive)
- Intermodal transportation (Domestic and International)
- Mexico Midwest Express (MMX)
- Southeast Mexico Express (SMX)
- High Efficiency Product (HEP) Trains
Business segments
End markets
Geographies
Named competitors
“The Company is in the ground transportation and logistics business and competes with other railways, motor carriers, ship and barge operators, and pipelines.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased by $532 million, or 4%, in 2025 compared to 2024, primarily due to higher volumes as measured by revenue ton-miles.
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