Canadian Pacific Railway Limited Q3 2026 Earnings Recap

CPKC’s shares slipped 1.2% after earnings, a roughly flat reaction. The quarter showed 6% volume growth and 16% adjusted EPS growth, alongside higher personal injury frequency; the transcript does not identify a specific earnings or outlook disappointment.

Key Takeaways

• Revenue was $4.2 billion, volume grew 6%, and the operating ratio was 61.9%; adjusted EPS increased 16%.
• Management said CPKC remains on track for another year of mid-single-digit volume growth.
• Operating metrics improved year over year: train speed 8%, dwell 7%, car miles per car day 10%, locomotive productivity 4%, and fuel efficiency 3%.
• Personal injury frequency rose 20% year over year to 1.12, while train accidents improved 60% to 0.46.
• CPKC set all-time volume records in domestic intermodal, international intermodal, and U.S. grains. The Canada-Mexico land bridge, about $100 million in annual revenue when the railroads combined, is expected to exceed $600 million exiting this year.