CANADIAN PACIFIC KANSAS CITY LTD/CN — Form 8-K
Filed October 28, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 28/100
What the filing says
Canadian Pacific Kansas City reported Q3 2026 revenues of $4.2 billion (+15% YoY), with diluted EPS of $1.04 (flat YoY) and core adjusted EPS of $1.28 (+16% YoY). Fuel costs surged 61% YoY to $667M, unfavorably impacting operating ratio by 170–190 bps; offsetting freight revenue gains in grain, intermodal, and metals. Nine-month 2026 net income was $2.79B (down 9% YoY, partly due to Q2 2025's $333M equity investment gain). The company increased share repurchases to 11.5M shares in Q3 (from 17.7M in Q3 2025) and raised debt by ~$1.8B YTD, while maintaining a 3.2x adjusted net debt-to-EBITDA ratio.
Why this rating
Solid operational performance (volume +6%, pricing +9%) offset by macro headwinds (fuel inflation). Routine quarterly earnings; no material M&A, restructuring, or guidance changes. Integration costs continue but are manageable.
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