Canadian Pacific Kansas City stock posts 15% Q3 revenue growth
Published on 11/04/2026 at 12:42 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSFuel Pressure Meets Network Momentum
- CPKC kept its 2026 commitments in view despite higher fuel costs weighing on operating efficiency.
- Management expects the fourth-quarter core operating ratio to remain below 60 percent.
- Grain, intermodal and merchandise traffic supported the railroad's North American growth.
Canadian Pacific Kansas City reported third-quarter revenue of 4.219 billion Canadian dollars on October 28, up 15 percent from the same period a year earlier. The release from CPKC investor relations showed a mixed quarter: volumes improved, but fuel inflation pushed operating ratios higher.
Revenue ton-miles rose 6 percent in the three months ended September 30. Freight revenue reached 4.139 billion Canadian dollars, with grain revenue increasing to 904 million Canadian dollars from 702 million a year earlier and intermodal revenue rising to 815 million Canadian dollars from 668 million.
Fuel Costs Pressure Efficiency
Reported operating expenses climbed to 2.732 billion Canadian dollars from 2.325 billion. Fuel expense was 667 million Canadian dollars, compared with 415 million in the prior-year quarter. The reported operating ratio increased to 64.8 percent from 63.5 percent, while the core adjusted ratio rose to 61.9 percent from 60.7 percent.
CPKC said higher fuel prices affected the reported and core adjusted operating ratios by 170 and 190 basis points, respectively. The company also reported diluted earnings per share of 1.04 Canadian dollars, compared with 1.01 Canadian dollars a year earlier. Core adjusted diluted earnings per share rose to 1.28 Canadian dollars from 1.10 Canadian dollars.
Net income was 916 million Canadian dollars, nearly unchanged from 917 million in the third quarter of 2025. The reported result included acquisition-related and other discrete tax items, including a 94 million Canadian dollar reassessment related to the Kansas City Southern acquisition. CPKC's adjusted figures exclude specified items and are not standardized under generally accepted accounting principles.
Management Keeps 2026 Targets
Chief Executive Officer Keith Creel said the railroad was running well and that service remained strong across grain, intermodal and merchandise markets. He said disciplined execution and the company's North American network kept CPKC on track to meet its commitments for 2026.
The company retained its full-year targets for low-double-digit growth in core adjusted diluted earnings per share and mid-single-digit growth in revenue ton-miles. Capital spending is planned at approximately 2.65 billion Canadian dollars. Management also expects the fourth-quarter core adjusted operating ratio to fall below 60 percent, supported by volume growth and network performance.
For investors, the quarter highlights the tension between strong demand and cost sensitivity. Grain and intermodal activity supported revenue growth, while fuel prices raised the operating burden. The outlook therefore depends on continued volume gains, pricing discipline and productivity improvements rather than revenue growth alone.
Canadian Pacific Kansas City stock traded at 82.13 euros on Lang & Schwarz at 12:36 CET on Wednesday, November 4, 2026. The real-time quote of Canadian Pacific Kansas City stock provides the latest trading view.
Canadian Pacific Kansas City Limited
- ISIN: CA13646K1084
- Ticker: CP
- Stock exchanges: Toronto Stock Exchange and New York Stock Exchange
- Lang & Schwarz quote: 82.13 euros at 12:36 CET on Wednesday, November 4, 2026
- Third-quarter revenue: 4.219 billion Canadian dollars for the period ended September 30, 2026
- Core adjusted operating ratio: 61.9 percent in the third quarter
Broader market context is available in current market reports.
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