CPKC Reports CA$3.7 Billion First Quarter Revenue as Freight Volumes Hit 54.7 Billion RTMs

CPKC Q1 results showed a decline in first-quarter revenue alongside higher traffic volumes. Revenue stood at CA$3.7 billion, down 2% from Q1 2025. At the same time, volume increased 2% to 54.7 billion revenue ton-miles. This is reported by the railway transport news portal Railway Supply.

Revenue, income and operating ratio

In its first-quarter results announcement, the Class I recorded operating income of CA$1.3 billion. It was a 4% year-over-year decline. Net income fell 7% to $846 million. That compared with $910 million in the same quarter last year. Also, operating expenses totaled CA$2.4 billion, down 1% from the prior-year period.

Separately, CPKC’s operating ratio for the quarter was 66. It worsened by 70 basis points from 65.3 in Q1 2025. Meanwhile, its adjusted operating ratio was 63. That was a deterioration of 50 basis points.

EPS and capital expenditures

As Progressive Railroading reported, diluted earnings per share declined 3% to CA94 cents. Adjusted diluted EPS decreased 2% to CA$1.04. In addition, capital expenditures were 7% lower in the quarter. That was consistent with CPKC’s 2026 capital outlook of CA$2.65 billion.

“Despite ongoing market and macroeconomic headwinds, we delivered volume growth demonstrating the resiliency and competitive advantage of our unrivalled North American network,” CPKC President and CEO Keith Creel said in a press release.

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