Canadian Pacific Kansas City CP is scheduled to report first-quarter 2026 results on April 29, after the market close.

The Zacks Consensus Estimate for CP’s first-quarter 2026 earnings has been revised downward 6.02% to 78 cents per share over the past 60 days. The consensus mark indicates a 5.4% increase from first-quarter 2025 actuals. The Zacks Consensus Estimate for first-quarter 2026 revenues is pegged at $2.71 billion, indicating a 2.7% increase from the first-quarter 2025 actuals.

Canadian Pacific has a discouraging earnings surprise history, wherein its earnings have underperformed the Zacks Consensus Estimate in three of the trailing four quarters and met once in the remaining, delivering an average miss of 1.62%.

Canadian Pacific Kansas City Limited Price and EPS Surprise

Canadian Pacific Kansas City Limited price-eps-surprise | Canadian Pacific Kansas City Limited Quote

Factors Likely to Have Influenced CP's Q1 Performance

We expect CP’s performance in the to-be-reported quarter to have been significantly impacted by softness in the freight market demand and lower volumes. Carloads from Fertilizers and sulphur, Forest products, Energy & chemicals, Metals & minerals, Automotive and intermodal are expected to have decreased 5.2%, 11.1%, 7.5%, 8%, 9.6% and 0.6%, respectively, on a year over year basis, in the first quarter of 2026.

Rising operating expenses, along with ongoing geopolitical tensions in the Middle East and supply-chain disruptions, are likely to have materially affected CP’s performance in the March-end quarter.

On the contrary, the Zacks Consensus Estimate for total revenues ton miles (RTMs) is likely to have improved 2% year over year in the to-be-reported quarter. This improvement is expected to have been driven by a rise in freight revenues at key sub-groups like Grain, Potash and intermodal, which are anticipated to have increased 10.5%, 18.5% and 1%, respectively, on a year-over-year basis.

What Our Model Says About CP

Our proven model does not conclusively predict an earnings beat for Canadian Pacific this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover before they’re reported with our Earnings ESP Filter.

CP has an Earnings ESP of -0.86% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Highlights of CP’s Q4 Results

Canadian Pacific Kansas City reported unimpressive fourth-quarter 2025 results, wherein both earnings and revenues missed the Zacks Consensus Estimate.