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CPKC net income slips in Q2 despite grain revenue surge
Grain freight revenue per revenue ton-mile rose to C$5.19, while CPKC transported 168,000 carloads of grain versus 142,000 a year earlier.
Canadian Pacific Kansas City reported second-quarter 2026 net income of C$1.02 billion, a 17% decline year over year, even as revenues increased sharply.
Revenues rose 13% to C$4.16 billion, driven by a bumper Canadian grain crop. Grain transportation revenue climbed nearly 25% year over year, and grain freight revenue per revenue ton-mile increased from C$4.96 to C$5.19.
CPKC also reported higher grain volumes, moving 168,000 carloads in the April to June quarter compared with 142,000 in the same period of 2025. The company previously said it set a new June monthly record by transporting 2.8 million tonnes of Canadian grain and grain products, beating its June 2020 record.
On earnings, reported diluted EPS fell 14% to $1.15, while core adjusted diluted EPS rose 13% to $1.27, topping consensus of $1.24. World Grain said CPKC expects double-digit earnings growth in 2026 and highlighted operating records in train speed, dwell, and locomotive productivity, along with its three-nation network spanning Canada, the United States, and Mexico.