CPKC posts 'excellent' Q2 operating results, announces board leadership transition

CPKC yesterday announced second-quarter 2026 results, including revenue of CA$4.2 billion, up 13% from CA$3.7 billion in Q2 2025. The Class I posted diluted earnings per share (EPS) of CA$1.15, down 14% from CA$1.33 in Q2 2025, and core adjusted EPS of CA$1.27, a 13% increase from CA$1.27 in the prior year. 

The railroad produced "excellent operating performance in the quarter" and is well positioned for volume and earnings growth in the back half of 2026, said CPKC President and CEO Keith Creel in a press release. 

Operating income for the quarter was CA$1.5 billion, up 10% from CA$1.3 billion in same quarter last year; and operating expenses totaled CA$2.7 billion, an increase of 14%. As such, the reported operating ratio (OR) increased by 90 basis points to 64.6 from 63.7 in Q2 2025. Core adjusted OR also increased 90 basis points year over year, from 60.7 in Q2 2025 to 61.6 in Q2 2026.

CPKC logged 57.6 billion revenue ton miles in Q2 2026, up 4% from 55.5 billion in the same quarter last year.

"Successful implementation of our North American strategy and synergy realization, improving freight fundamentals and disciplined cost control position CPKC to continue delivering differentiated earnings growth and value creation over the long term," Creel added.

The Class I also yesterday announced the retirement of Chair Isabelle Courville and the appointment of long-term board member Gordon Trafton to succeed her as chair, effective immediately. 

Courville joined the Canadian Pacific board in May 2013 and has served as chair since May 2019, when she became the first woman to chair a Class I board. Under her tenure, CP completed its acquisition of Kansas City Southern. 

As a board member, Courville chaired the audit committee from 2014 to 2016 and served as chair of the management, resources and compensation committee. She had a 25-year career in the energy and telecommunications sectors as an engineer and lawyer, CPKC officials said. 

Trafton joined the CP board in January 2017 and was appointed vice chair on Jan. 28, 2026, as part of a succession plan. He retired from CN in 2010, completing a 33-year railroad career that included time at CN, Illinois Central and Burlington Northern Railroad.