Q2 2026 Canadian Pacific Kansas City Ltd Earnings Call Transcript

Jul 29, 2026 / 08:30PM GMT

Release Date Price: C$128.36 (-0.83%)

Transcript 10-Q8-K

Key Points

Positve

Record volume growth of 4% and revenue growth of 13% in Q2 2026.
Established new records in key operating metrics like train velocity and terminal fluidity.
Strong growth in grain, energy, chemicals, plastics, and automotive sectors.
Continued success of commercial initiatives like Southeast Mexico Express and Mexico Midwest Express.
Robust commercial pipeline with potential for mid-single-digit volume growth in 2026.

Negative

Coal revenue declined 18% due to production challenges at customer mines.
Safety metrics worsened with increases in personal injury frequency and train accidents.
Higher casualty costs and stock-based compensation impacted EPS by $0.04.
Fuel expense increased 49% year-over-year due to higher diesel prices.
Uncertainty from potential rail consolidation and competitive pressures from CN and UP deals.

Operator

Good afternoon. My name is Leo, and I will be your conference operator today. At this time, I would like to welcome everyone to CPKC's second-quarter 2026 conference call. The slides accompanying today's call are available at investor.cpkcr.com. (Operator Instructions)

I would now like to introduce Chris de Bruyn, Vice President, Capital Markets, Tax, and Treasurer, to begin the conference call.

Chris De Bruyn

Canadian Pacific Kansas City Ltd - Vice President, Capital Markets

Thank you, Leo. Good afternoon, everyone, and thank you for joining us today. Before we begin, I want to remind you this presentation contains forward-looking information. Actual results may differ. The risks, uncertainties and other factors that could influence actual results are described on slide 2 in the press release and in the MD&A in -- this presentation also contains non-GAAP measures, as outlined on slide 3.

With me here today is Keith Creel, our President and Chief Executive Officer; Nadeem Velani, our -- Executive Vice President and Chief Financial

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