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Canadian Pacific Kansas City (CP) investor relations material

Canadian Pacific Kansas City Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary30 Jul, 2025

Executive summary

  • Q2 2025 revenue rose 3% year-over-year to $3.7 billion, with diluted EPS up 37% to $1.33 and core adjusted EPS up 7% to $1.12; operating ratio improved by 110 bps to 63.7% (core adjusted 60.7%).

  • Volume growth reached 7% year-over-year, with strong performance in bulk, intermodal, and automotive segments, and record volumes and revenue.

  • Integration of US and Canada operations marked a major merger milestone, restoring service and operational momentum despite initial challenges.

  • Major developments included a $333 million pre-tax gain from the sale of a 50% stake in Panama Canal Railway Company and significant share repurchases.

  • Continued focus on sustainable, profitable growth and leveraging the three-nation network for new market opportunities.

Financial highlights

  • Net income attributable to controlling shareholders rose 36% to $1,234 million; operating income increased 6% to $1,343 million.

  • Adjusted free cash flow was $605 million, up 15% year-over-year; net cash from operating activities grew 6% to $1,355 million.

  • Repurchased 16.4 million shares since program inception, about 44% of the program.

  • Dividends declared per share increased to $0.228 from $0.190 year-over-year.

  • Gain on sale of Panama Canal Railway stake contributed $333 million pre-tax ($282 million after-tax), excluded from adjusted results.

Outlook and guidance

  • 2025 guidance targets 10–14% growth in core adjusted diluted EPS over 2024’s $4.25, with mid-single digit RTM growth expected.

  • Management reaffirmed confidence in achieving year-end guidance, sub-60 operating ratio, and double-digit earnings growth.

  • Capital expenditures planned at $2.9 billion for 2025; long-term outlook calls for high single-digit revenue growth and annual capex of $2.6–$2.8 billion.

  • 2025 core adjusted effective tax rate expected at 24.5%.

  • Strong cash flow generation expected to support debt repayments and obligations.

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Frequently asked questions

Canadian Pacific Kansas City Limited (formerly, pre-merger, Canadian Pacific Railway Limited), owns and operates a transcontinental freight railway in Canada and the United States. The company transports bulk commodities, including grain, coal, potash, fertilizers, and sulphur; and merchandise freight consisting of finished vehicles and machinery, forestry products, chemicals and plastics. The company's rail network also provides intermodal traffic services.

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