Canadian Pacific Kansas City

Q2 FY2026 EarningsQ2 FY2026 results delivered a top-line beat but a slight miss on normalized bottom-line metrics. Revenue of $4.16B exceeded the $4.11B consensus, driven by a 24% surge in Grain revenue and favorable fuel surcharge recoveries. However, Normalized EPS of $1.27 (core adjusted) came in slightly below the expected $1.24 normalized mean when accounting for variance in share count and one-time advisory costs. The core adjusted operating ratio stood at 61.6%, showing a 90bps YoY increase, while full-year tax guidance was maintained at approximately 24.75%.