Canadian Pacific Kansas City Ltd

CP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Canadian Pacific Earnings: Fuel Tempers Margins, but Volume Growth and Core Productivity Solid

Matthew Young

Oct 29, 2026

Canadian Pacific Kansas City’s third-quarter revenue spiked 15% year over year on higher carloads and strong all-in yield gains (surging fuel surcharges, positive core pricing) and higher total volumes, including carloads and intermodal. Adjusted consolidated margin fell, mostly due to fuel noise.

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Canadian Pacific Kansas City Ltd

Canadian Pacific Earnings: Fuel Tempers Margins, but Volume Growth and Core Productivity Solid

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