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Canadian Pacific Kansas City
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Latest analysis
Updated Oct 29, 2026
CPKC Q3 2026: Revenue surges 15% to CAD 4.22B as fuel surcharges and volume gains offset UP-NS merger advocacy costs and tax reassessments
CPKC delivered Q3 2026 total revenues of CAD 4,219 million, up 15% year-over-year, driven by a 76% spike in fuel surcharge revenues, a 6% RTM volume increase, and favorable FX translation — the strongest quarterly top-line growth the filing quantifies. Core adjusted diluted EPS rose 16% to CAD 1.28, masking a 130 basis point GAAP operating ratio deterioration to 64.8%, driven by CAD 667 million in fuel expense (up 61%), CAD 94 million CRA tax reassessment tied to the KCS acquisition, CAD 17 million Mexican SAT settlement, and CAD 17 million in advisory costs related to the STB review of the Union Pacific-Norfolk Southern merger. The UP-NS advisory spend — CAD 44 million year-to-date — is an entirely new cost line with no prior-period equivalent, signaling that CPKC is allocating material resources to influence the competitive landscape before a potential structural shift in Class I rail consolidation.
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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