Earnings summaries and quarterly performance for CANADIAN PACIFIC KANSAS CITY LTD/CN.
Research analysts who have asked questions during CANADIAN PACIFIC KANSAS CITY LTD/CN earnings calls.
Christian Wetherbee
Wells Fargo
6 questions for CP
Also covers: ARCB, CHRW, CNI +14 more
Fadi Chamoun
BMO Capital Markets
6 questions for CP
Also covers: CAE, CNI, SAIA +2 more
Ken Hoexter
BofA Securities
6 questions for CP
Also covers: ARCB, CHRW, CNI +21 more
Scott Group
Wolfe Research
6 questions for CP
Also covers: AAL, ALGT, ALK +35 more
Steven Hansen
Raymond James
6 questions for CP
Also covers: ALTG, CNI, MEOH +2 more
Walter Spracklin
RBC Capital Markets
6 questions for CP
Also covers: CNI, CSX, NSC +2 more
Ariel Rosa
Citigroup
5 questions for CP
Also covers: ARCB, CHRW, CNI +16 more
Brandon Oglenski
Barclays
5 questions for CP
Also covers: AAL, ALGT, ALK +20 more
Jonathan Chappell
Evercore ISI
5 questions for CP
Also covers: ASC, CHRW, CNI +20 more
Ravi Shanker
Morgan Stanley
5 questions for CP
Also covers: AAL, ALGT, ALK +27 more
Brian Ossenbeck
JPMorgan Chase & Co.
4 questions for CP
Also covers: ARCB, CHRW, CNI +18 more
Thomas Wadewitz
UBS
3 questions for CP
Also covers: ALK, ARCB, CHRW +20 more
Tom Wadewitz
UBS Group
3 questions for CP
Also covers: ARCB, CHRW, CNI +19 more
Benoit Poirier
Desjardins Capital Markets
2 questions for CP
Also covers: CAE, CNI, DOOO +3 more
Brian Offenbach
JPMorgan
2 questions for CP
Daniel Imbro
Stephens Inc.
2 questions for CP
Also covers: ARCB, CHRW, CNI +23 more
Kevin Chiang
CIBC Capital Markets
2 questions for CP
Also covers: CAE, GFL, LEV +4 more
Konark Gupta
Scotiabank
2 questions for CP
Also covers: CAE, CNI, GFL +4 more
Stephanie Moore
Jefferies
2 questions for CP
Also covers: APG, ARCB, ARMK +30 more
Ravi Shankar
Morgan Stanley
1 question for CP
Also covers: ALK, AUR, DAL +6 more
Recent press releases and 8-K filings for CP.
CPKC Provides 2025 Outlook and 2026 Guidance Preview
CP
Guidance Update
M&A
New Projects/Investments
- Canadian Pacific Kansas City (CPKC) expects to achieve double-digit earnings for the current year (2025) and anticipates mid-single-digit RTM growth with 1-1.5 points of margin improvement in 2026. Multi-year EPS growth could reach 15% or better if the macro environment improves.
- The company projects revenue synergies to reach $1.1 billion by the end of 2025 and an additional $250 million-$300 million in 2026, totaling approximately $1.4 billion.
- Capital expenditures are projected to decrease in 2026 to a long-term target of $2.6 billion-$2.8 billion, enabling increased shareholder returns through a rising dividend payout ratio (targeting 20%-30%) and potential share buybacks.
- Regarding potential industry consolidation, CPKC believes any approval of a UP/NS merger would necessitate significant concessions, which could open new markets and provide benefits to CPKC.
7 days ago
CPKC Provides 4Q 2025 Outlook and 2026 Guidance, Highlights Synergy Progress and Capital Allocation Plans
CP
Guidance Update
New Projects/Investments
Share Buyback
- CPKC anticipates mid-single digit RTM growth for Q4 2025, contributing to approximately 4.5% RTM growth for the full year 2025, with expectations for continued mid-single digit RTM growth and 1 to 1.5 points of margin improvement in 2026.
- The company projects achieving an exit rate of $1.1 billion in revenue synergies for 2025, with an additional $250 million to $300 million expected in 2026, bringing the total to approximately $1.4 billion by the end of 2026.
- Capital expenditures are expected to step down in 2026 to a range of $2.6 billion to $2.8 billion, aligning with long-term targets, and the company plans to increase its dividend payout ratio towards 20%-30% while considering share buybacks.
- CPKC generated approximately $460 million in new annualized revenue in 2025 from increased trade between Canada and Mexico, driven by diversification efforts.
7 days ago
CPKC Provides Update on 2025 Performance, 2026 Outlook, and Synergy Progress
CP
Guidance Update
Share Buyback
New Projects/Investments
- CPKC anticipates ending the year with double-digit EPS growth, continuing the trend from the previous year, and expects to finish the year strong with 5% RTM volume growth for the year, with November volumes up 7%.
- The company expects to achieve approximately $1.1 billion in revenue synergies for 2025 and projects an additional $200 million-$250 million in synergies for 2026, noting they are in the "mid to probably in the sixth inning or so, seventh inning" of revenue synergy realization.
- Capital expenditure for 2025 is projected to be the highest in company history at CAD 2.9 billion, with a reduction expected to CAD 2.8 billion in 2026, shifting focus from network projects to rolling stock like locomotives.
- CPKC plans to continue its shareholder return approach, having increased its dividend by 20% and repurchased 4% of its outstanding float this year, with an expectation to prioritize share buybacks (around 4% annually) over dividends at current stock price levels.
Nov 18, 2025, 6:00 PM
CPKC Discusses Strong 2025 Performance, Synergy Progress, and Capital Allocation
CP
M&A
Guidance Update
Share Buyback
- CPKC expects to finish 2025 with double-digit EPS growth, leading the industry in volumes (up 5% on an RTM basis for the year), and anticipates improving its operating ratio.
- The company projects approximately $1.1 billion in revenue synergies for 2025 from the Kansas City Southern acquisition, with an additional $200 million to $250 million expected in 2026.
- Shareholder returns include a 20% dividend increase this year and the repurchase of 4% of outstanding shares, with plans for continued buybacks around 4% per year.
- Capital expenditures for 2025 are estimated at CAD 2.9 billion, the highest in the combined company's history, and are expected to reduce to approximately CAD 2.8 billion (exchange-adjusted) in 2026.
Nov 18, 2025, 6:00 PM
CPKC Reports Strong Q3 2025 Results and Reaffirms Full-Year Guidance
CP
Earnings
Guidance Update
Share Buyback
- CPKC reported strong Q3 2025 financial results, with revenues up 3% to $3.7 billion and core adjusted diluted earnings per share increasing 11% to $1.10. The core adjusted operating ratio improved by 220 basis points to 60.7%.
- The company achieved 5% volume growth, driven by strong performance in intermodal (up 11%), automotive (up 9%), and bulk (grain up 6%, potash up 15%). Operational efficiencies led to improvements in terminal dwell by 2% and velocity by 1%.
- CPKC reaffirmed its guidance for 10% to 14% earnings growth for the year, expecting another year of double-digit earnings growth. The company has repurchased 34 million shares, approximately 91% of its announced program.
- The company strongly opposes further industry consolidation, particularly the proposed UP and NS merger, citing concerns about market concentration and its impact on the U.S. freight rail traffic. CPKC emphasized its unique North American network and the enhanced Meridian Speedway as key competitive advantages.
- Year-to-date expense synergies reached $165 million, achieved through operational benefits, sourcing, and a reduction of almost 300 G&A headcount.
Oct 29, 2025, 8:30 PM
CPKC Reports Strong Q3 2025 Results and Reaffirms Full-Year Guidance
CP
Earnings
Guidance Update
M&A
- CPKC reported strong Q3 2025 financial results, with revenues up 3% to $3.7 billion and core adjusted diluted earnings per share increasing 11% to $1.10. The core adjusted operating ratio improved by 220 basis points to 60.7%.
- The company achieved overall volume growth of 5% , driven by strong performance in automotive (revenue up 2% on 9% volume growth), bulk (grain revenues up 4% on 6% volume growth, potash up 15%), and intermodal (revenue up 7% on 11% volume growth).
- CPKC reaffirmed its full-year guidance, expecting to deliver 10% to 14% earnings growth versus a year ago and achieve at least 10% EPS growth with a sub-57% operating ratio.
- Management voiced strong opposition to the proposed UP and NS merger, believing it is not in the best interest of the industry or the U.S. economy, and committed to active participation in the regulatory process.
- Strategic initiatives include leveraging the enhanced Meridian Speedway, which is expected to provide a 30-hour transit time between Atlanta and Dallas by early 2026, creating new market opportunities.
Oct 29, 2025, 8:30 PM
CPKC Reports Strong Q3 2025 Results and Opposes Proposed Rail Merger
CP
Earnings
Guidance Update
M&A
- CPKC reported strong Q3 2025 results, with revenues of CAD 3.7 billion, up 3%, and core adjusted diluted earnings per share of CAD 1.10, an 11% increase year-over-year. The company also achieved a core adjusted operating ratio of 60.7%, a 220 basis point improvement, driven by 5% volume growth and operational efficiencies.
- The company reiterated its guidance for 10%-14% earnings growth for the full year and expects to achieve mid-teens EPS growth in the 2026-2028 timeframe, supported by strong bulk volumes and the benefits of its share repurchase program.
- Management expressed strong opposition to the proposed UP and NS merger, citing concerns about anti-competitive behavior and market concentration, and is actively exploring alliances with other competitors.
- Year-to-date cash provided by operating activities increased 6% to CAD 3.8 billion, and the company has achieved CAD 165 million in expense synergies year to date.
Oct 29, 2025, 8:30 PM
CPKC Reports Solid Third Quarter 2025 Results
CP
Earnings
Guidance Update
Revenue Acceleration/Inflection
- CPKC reported third-quarter 2025 revenues of $3.7 billion, an increase of three percent from Q3 2024.
- Diluted earnings per share (EPS) for Q3 2025 was $1.01, and core adjusted diluted EPS increased 11 percent to $1.10.
- The company's reported operating ratio (OR) decreased 260 basis points to 63.5 percent in Q3 2025 from 66.1 percent in Q3 2024.
- Volumes, as measured in Revenue Ton-Miles, increased five percent in Q3 2025.
- CEO Keith Creel expressed confidence in delivering on full-year 2025 guidance.
Oct 29, 2025, 8:19 PM
CPKC announces Third-Quarter 2025 Results
CP
Earnings
Guidance Update
- Canadian Pacific Kansas City (CPKC) reported total revenues of $3,661 million CAD for the third quarter of 2025, an increase from $3,549 million CAD in Q3 2024.
- Diluted earnings per share (EPS) for Q3 2025 was $1.01 CAD, up from $0.90 CAD in Q3 2024.
- The company's reported operating ratio decreased 260 basis points to 63.5 percent in Q3 2025, compared to 66.1 percent in Q3 2024.
- Volumes, as measured in Revenue Ton-Miles, increased five percent in Q3 2025.
- CPKC's President and CEO, Keith Creel, affirmed confidence in delivering on the company's full-year 2025 guidance.
Oct 29, 2025, 8:05 PM
Canadian Pacific Kansas City Reports Strong Q2 2025 Results and Reaffirms Full-Year Guidance
CP
Earnings
Guidance Update
M&A
- Canadian Pacific Kansas City (CPKC) reported strong Q2 2025 financial results, with revenues up 3% to $3.7 billion and core adjusted diluted earnings per share increasing 7% to $1.12. The operating ratio improved by 110 basis points to 60.7%.
- Volume growth was 7% in Q2 2025, with intermodal revenue up 8% and volume up 18%, notably driven by a 40% year-over-year increase in MMX service volumes.
- The company reaffirmed its full-year outlook, expecting to deliver mid-single digit volume growth and double-digit earnings growth, while also repurchasing 16.4 million shares by the end of Q2 2025.
- CPKC is actively involved in the regulatory review of the proposed UP and NS combination, focusing on protecting customer and industry interests and ensuring enhanced competition.
Jul 31, 2025, 7:41 AM
Quarterly earnings call transcripts for CANADIAN PACIFIC KANSAS CITY LTD/CN.
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