CP · Canadian Pacific Kansas City Ltd/Cn
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AI Brief
Q2 FY26 earnings call · Jul 29, 2026TL;DR. CPKC reported Q2 2026 revenue up 13% to $4.2 billion and core adjusted diluted EPS up 13% to $1.27 on 4% volume growth, while GAAP diluted EPS fell 14% to $1.15, and management reiterated confidence in delivering another year of double-digit core adjusted EPS growth and an acceleration in volumes and operating leverage in the second half of 2026.
- + Q2 revenue rose 13% to $4.2 billion on 4% volume growth, with record freight revenues (excluding fuel) and all-time record GTMs.
- + Core adjusted diluted EPS grew 13% to $1.27 and operating income rose 10%, with management guiding to further sequential operating leverage and acceleration in the second half.
- + Management reiterated a 2026 outlook for double-digit core adjusted earnings growth and mid-single-digit volume growth, supported by an expanding synergy run-rate toward $1.4–$1.5 billion.
- + Year-to-date adjusted free cash was $1.3 billion, up 25% year over year, and the company returned $2.4 billion to shareholders in the first half.
- + Grain set a Q2 record with revenue up 24% on 19% volume growth, and automotive posted a record quarter with revenue up 19% on 8% volume growth.
- + Adjusted pre-cash up 25% and operating income up 10% despite cost headwinds, while full-year capex is tracking down 15% to $2.65 billion, supporting operating leverage.
- − GAAP diluted EPS fell 14% to $1.15 and reported operating ratio worsened 90 bps to 64.6%, reflecting higher fuel, casualty, and stock-based compensation costs.
- − Coal volumes fell 29% and revenue dropped 18%, with management expecting coal to remain a headwind in the second half.
- − Fuel expense rose 53% (49% FX-adjusted) on a 51% jump in diesel price, creating a ~130 bps headwind to OR.
- − Casualty costs, stock-based compensation, and incentive comp drove a combined ~150 bps OR and ~5¢ EPS headwind versus a year ago, with management noting elevated casualty expense in the first half.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Railroads — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CP
this stock
Canadian Pacific Kansas City Ltd/Cn
|
$76.06B | +17.5% | — | — | 2.3% |
|
UNP
Union Pacific Corp
|
$162.65B | +18.5% | -10.0% | 22.2 | 4.6% |
|
CSX
Csx Corp
|
$87.23B | +29.5% | +17.6% | 27.2 | 2.2% |
|
CNI
Canadian National Railway Co
|
$72.76B | +22.0% | — | — | 0.9% |
|
NSC
Norfolk Southern Corp
|
$70.30B | +8.4% | +6.7% | 26.7 | 3.4% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CP | -1.7% | -6.7% | +6.0% | -6.7% | +17.5% |
| SPY | -1.2% | -0.4% | +13.1% | -0.4% | +12.1% |
| vs SPY | -0.5% | -6.3% | -7.1% | -6.3% | +5.4% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.