May 6, 2026

CPKC reports $3.7 billion in first-quarter revenue, affirms full-year outlook

Inside Logistics Online Staff

Canadian Pacific Kansas City (CPKC) reported first-quarter revenues of $3.7 billion, down two per cent from a year earlier, as the railway pointed to macroeconomic headwinds despite gains in volume and operating performance.

The company said diluted earnings per share fell three per cent to 94 cents, while core adjusted diluted earnings per share slipped two per cent to $1.04 from $1.06 a year earlier.

Revenue ton-miles, a measure of volume, rose two per cent in the quarter.

Reported operating ratio increased 70 basis points to 66 per cent, while core adjusted operating ratio rose 50 basis points to 63 per cent.

“Our talented team of world-class railroaders executed our precision scheduled railroading plan with discipline, driving meaningful improvements in network fluidity, terminal performance and other key operating metrics, while delivering solid first-quarter results,” said Keith Creel, CPKC president and chief executive officer. “Despite ongoing market and macroeconomic headwinds, we delivered volume growth demonstrating the resiliency and competitive advantage of our unrivalled North American network.”

The company said reported and core adjusted results included year-over-year headwinds of about four cents from foreign exchange and three cents from changes in fuel price.

CPKC said its Federal Railroad Administration-reportable personal injury frequency improved to 0.91 from 0.97 in the first quarter of 2025, while train accident frequency increased to 0.93 from 0.38.

“As we celebrate our third anniversary as CPKC, I want to recognize the dedication of our railroaders and their strong execution of our operation plan, as we remain focused on controlling what we can control in a dynamic economic environment,” said Creel. “CPKC’s long-term value proposition is strong, and we are confident in our ability to deliver on our full-year guidance, while continuing to offer unique solutions to our customers and connecting this continent in ways only CPKC can.”