Canadian Pacific Kansas City Limited (CP) reported third-quarter 2026 revenue of C$4.219 billion, up from C$3.661 billion a year earlier, with freight revenue up 15% as volumes and revenue per revenue ton-mile increased. Operating income was C$1.487 billion versus C$1.336 billion, while net income attributable to controlling shareholders was C$917 million versus C$920 million. Diluted EPS was C$1.04, compared with C$1.01; core adjusted diluted EPS, a non-GAAP measure, was C$1.28 versus C$1.10. The operating ratio was 64.8%, compared with 63.5%, while the core adjusted operating ratio was 61.9% versus 60.7%.
For the first nine months of 2026, revenue rose to C$12.084 billion from C$11.155 billion, but net income attributable to controlling shareholders fell to C$2.787 billion from C$3.064 billion and diluted EPS to C$3.14 from C$3.32. Operating cash flow was C$4.252 billion versus C$3.785 billion. CP declared dividends of C$0.268 per share for the quarter. On October 6, 2026, it issued four unsecured note tranches with principal amounts of C$500 million, C$550 million, C$300 million, and C$450 million.
Canadian Pacific Kansas City Limited (CP) reported third-quarter 2026 revenue of C$4.219 billion, up 15% from C$3.661 billion in Q3 2025. Operating income was C$1.487 billion, compared with C$1.336 billion. Net income was C$916 million versus C$917 million; diluted EPS was C$1.04 versus C$1.01.
Core adjusted diluted EPS, a non-GAAP measure, increased 16% to C$1.28 from C$1.10. The reported operating ratio increased 130 basis points to 64.8%, while the core adjusted operating ratio increased 120 basis points to 61.9%. Higher fuel prices unfavourably affected those ratios by 170 and 190 basis points, respectively. Revenue ton-miles rose 6% year over year.
Net cash provided by operating activities was C$1.550 billion, compared with C$1.274 billion. CPKC declared dividends of C$0.268 per share for the quarter, versus C$0.228 a year earlier, and repurchased 11,542,470 common shares at a weighted-average price of C$128.80 per share. CPKC said it remained on track to meet its commitments for 2026.
Canadian Pacific Kansas City Ltd/CN (CP) is the issuer in a Schedule 13G reporting BlackRock, Inc.'s beneficial ownership of 44,104,764 common shares, or 5.02% of the class. BlackRock reported sole voting power over 40,485,690 shares and sole dispositive power over 44,104,764 shares; shared voting and dispositive power were both zero.
The reported position reflects certain BlackRock business units and excludes units whose holdings are disaggregated. Various persons may receive dividends or sale proceeds from the shares, but no one person's interest exceeds 5% of the outstanding common shares.
Canadian Pacific Kansas City Limited (CP) announced that its wholly owned subsidiary, Canadian Pacific Railway Company, is issuing C$1.8 billion of notes guaranteed by CP. The notes comprise C$500 million of 4.20% notes due 2030, C$550 million of 4.60% notes due 2033, C$300 million of 4.90% notes due 2037 and C$450 million of 5.40% notes due 2056.
The offering is expected to close on October 6, 2026, subject to the satisfaction of customary closing conditions. Net proceeds are intended primarily to refinance Canadian Pacific Railway Company’s outstanding indebtedness and for general corporate purposes. The offering is being made in Canada; the notes have not been and will not be registered under U.S. federal or state securities laws and may not be offered or sold in the United States or to U.S. persons without registration or an applicable exemption.
Canadian Pacific Kansas City Limited announced that its board of directors declared a quarterly dividend of $0.268 per common share. The dividend is payable on October 26, 2026 to shareholders of record at the close of business on September 25, 2026 and is designated as an "eligible" dividend under the Income Tax Act (Canada) and similar provincial or territorial legislation.
CPKC is described as the first single-line transnational railway linking Canada, the United States and México, operating approximately 20,000 route miles and employing approximately 20,000 railroaders, with access to key North American ports.
Canadian Pacific Kansas City Limited reported second-quarter 2026 total revenues of $4,164 million, up 13% from 2025, with freight revenues of $4,088 million. Operating income was $1,472 million. Net income attributable to controlling shareholders declined to $1,024 million, and diluted EPS fell 14% to $1.15, while Core adjusted diluted EPS rose 13% to $1.27. The operating ratio increased to 64.6%, and Core adjusted operating ratio to 61.6%.
Workload grew, with gross ton-miles up 6% and fuel efficiency improving 4% to 0.992 gallons per 1,000 GTMs, supported by strong Grain, Automotive, Metals, minerals and consumer products, and Intermodal volumes. Net cash from operating activities reached $1,726 million in the quarter and $2,702 million year-to-date, funding $758 million of property additions in Q2 and significant shareholder returns.
During Q2 2026 the company repurchased 10,855,699 Common Shares for $1,298 million under its normal course issuer bid and paid dividends of $0.268 per share. Long-term debt rose to $22,248 million after issuing U.S. $1.2 billion of notes, while a U.S. $2.2 billion committed credit facility remained undrawn and commercial paper outstanding totaled $1,461 million. Environmental remediation provisions stood at $248 million.
Canadian Pacific Kansas City Limited announced that Board Chair Isabelle Courville has retired from the Board, effective July 29, 2026, and that long-time director and Vice-Chair Gordon Trafton has been appointed Chair in accordance with the Board’s succession plan.
The company stated that Courville’s decision was not due to any disagreement regarding operations, policies or practices. Courville joined the Board on May 1, 2013 and became Chair on May 7, 2019. Trafton, a director since January 1, 2017 and former senior executive at Canadian National, will lead a Board overseeing a 20,000-mile, 20,000-employee transnational rail network.
Canadian Pacific Kansas City Limited reported second-quarter 2026 revenues of $4.164 billion, up 13% from $3.699 billion in Q2 2025, as revenue ton-miles increased 4%. Operating income rose to $1.472 billion from $1.343 billion, with a reported operating ratio of 64.6% versus 63.7%.
Net income attributable to controlling shareholders was $1.024 billion, down from $1.234 billion, and diluted EPS decreased to $1.15 from $1.33, while core adjusted diluted EPS (non-GAAP) increased to $1.27 from $1.12. Operating cash flow for the first half of 2026 was $2.702 billion, up from $2.511 billion, and the company repurchased 16.6 million shares for $1.944 billion under its normal course issuer bid.
Canadian Pacific Kansas City Limited reported that its wholly owned subsidiary, Canadian Pacific Railway Company, entered into a Second Amending Agreement to its existing syndicated Credit Agreement. This amendment primarily extends the maturities of two key revolving credit facilities.
The 5 Year Maturity Date for the 5 Year Facility is extended from June 25, 2030 to June 25, 2031, while the 2 Year Maturity Date for the 2 Year Facility is extended from June 25, 2027 to June 25, 2028. Bank of Montreal remains the administrative agent, and various lenders continue as parties to the agreement.
Canadian Pacific Kansas City Limited reported the results of its 2026 annual shareholder meeting. Shareholders approved the appointment of Ernst & Young LLP as auditor with 728,445,789 votes for, representing 99.88% of votes cast.
The advisory vote on executive compensation (Say on Pay) received 619,719,132 votes for, or 87.48% support, and the advisory vote on the company’s approach to climate change (Say on Climate) received 628,528,416 votes for, or 88.72% support.
All 14 director nominees were elected, each receiving at least 95.84% of votes cast; Keith Creel received 99.66% support and Matthew Paull received 95.84%. Upon re-election, Isabelle Courville was re-appointed Board Chair and Gordon Trafton was re-appointed Vice-Chair.