CP stock gained 1.74 percent after record grain volumes

Published on 10/04/2026 at 14:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

CP stock followed record September grain volumes across Canada and the United States. Q2 2026 revenue rose 13 percent to CAD 4.164 billion, while Susquehanna set a USD 98 target.

CP, CA13646K1084, Illustration mit AI erstellt.

CP stock gained 1.74 percent to USD 85.94 on the NYSE on October 2, 2026, after Canadian Pacific Kansas City reported record September and third-quarter grain transport volumes. The company moved 2.94 million metric tonnes and 30,324 carloads in Canada during September, while its US network handled 2.51 million metric tonnes and 26,236 carloads, according to Yahoo Finance on October 2, 2026.

Grain volumes set new records

The Canadian and US totals established new records for September and the third quarter, surpassing marks set in 2020. For CP stock, the figures provide an operating signal ahead of the company's third-quarter results, because the grain update covers the full July through September quarter rather than a single month.

The record came after a second consecutive record month at the start of the 2026-2027 crop year. CPKC also reported that Canadian grain shipments had reached more than 4.99 million metric tonnes and 51,268 carloads through Week 8, according to Yahoo Finance.

Revenue growth meets cost pressure

CPKC's latest reported quarter showed CAD 4.164 billion in Q2 2026 revenue, a 13 percent increase. Core adjusted operating income reached CAD 1.601 billion, up 10 percent, while core adjusted diluted EPS rose 13 percent to CAD 1.27, according to Canadian Pacific Kansas City.

The cost picture was less favorable: the reported operating ratio was 64.6 percent and the core adjusted operating ratio was 61.6 percent, with both figures 90 basis points higher than in the comparable period. That gap matters because the company converted double-digit revenue and adjusted EPS growth into higher operating costs rather than margin expansion.

Analyst target remains above the stock

Susquehanna maintained a Positive rating but lowered its CP target from USD 106 to USD 98 on October 2, 2026, citing rail volume performance and pricing potential into 2027, as Markets Insider reported. The revised target lies 14.0 percent above the October 2 price of USD 85.94.

MarketBeat lists a Moderate Buy consensus based on 16 ratings, including two Strong Buy, eleven Buy and three Hold recommendations. Its average target is USD 107.80, which lies 18.5 percent above the October 2 price, according to MarketBeat.

CP stock gained before October results

CP stock closed at USD 85.94 on the NYSE on October 2, 2026, with a volume of 1,487,749 shares. The market capitalization was USD 75.5 billion, and the 52-week range stood at USD 68.42 to USD 96.90.