First look: CPKC earnings

Canadian Pacific Kansas City reported a 16% increase in third-quarter core adjusted earnings per share Wednesday, as higher freight volumes and growth in grain and intermodal revenue helped offset rising fuel costs.

Revenue rose to C$4.22 billion ($3.01 billion) in the three months ended Sept. 30 from $2.61 billion a year earlier, the Calgary-based company (NYSE: CP) said in earnings released after the close of markets. Core adjusted diluted earnings increased to 91 cents per share from 78 cents, while reported diluted earnings rose 3% to 74 cents from 72 cents. Freight volumes, measured in revenue ton-miles, increased 6%.

“CPKC delivered solid results, powered by momentum across our unrivaled North American network, countering macroeconomic headwinds during the quarter,” President and Chief Executive Keith Creel said in the release. “The railroad is running very well, our service remains strong, and we continue to deliver growth across key markets, including grain, intermodal and merchandise.”

Grain revenue climbed to $644 million from $500 million in the third quarter of 2025, while intermodal revenue increased to $581 million from $476 million. Revenue from energy, chemicals and plastics rose to $544 million from $499 million, and automotive revenue reached $266 million, up from $244 million. Coal revenue was nearly unchanged at $181 million.

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