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Canadian Pacific Kansas City
Canadian Pacific Kansas City (CP) investor relations material
Canadian Pacific Kansas City Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Delivered record Q4 revenue of CAD 3.9B (USD 3.9B), up 1% year-over-year, and full-year revenue of CAD 15.1B (USD 15.1B), up 4% year-over-year.
Achieved industry-best core adjusted operating ratios: 55.9% in Q4 and 59.9% for the year, with core adjusted EPS up 3% in Q4 to CAD 1.33 (USD 1.33) and 8% for the year to CAD 4.61 (USD 4.61).
Maintained strong operational execution and safety performance, with record results in train weight, speed, productivity, and lowest FRA-reportable train accident frequency among Class 1 railroads for the third consecutive year.
Outperformed industry in revenue and earnings growth over the past two years, positioning for continued leadership in 2026.
Record operational execution and cost control led to record margins, with unique self-help initiatives offsetting demand softness and continued synergy growth expected in 2026.
Financial highlights
Q4 core adjusted operating ratio improved 120 bps to 55.9%; core adjusted EPS CAD 1.33 (USD 1.33), up 3% year-over-year.
Full-year core adjusted operating ratio improved 140 bps to 59.9%; core adjusted EPS CAD 4.61 (USD 4.61), up 8.8% year-over-year.
Q4 operating income rose 3% to $1.61B; full-year operating income up 8% to $5.61B.
Net cash from operating activities rose 1% to CAD 5.3B (USD 5.31B); CapEx was CAD 3.1B (USD 3.1B), above outlook due to accelerated maintenance.
Net income attributable to controlling shareholders for 2025 was $4.14B, up 11% year-over-year.
Outlook and guidance
2026 guidance targets low double-digit core adjusted diluted EPS growth from 2025’s $4.61, and mid-single-digit volume growth in RTMs.
Capital expenditures planned at $2.65B for 2026, a 15% reduction from 2025.
Anticipate continued margin improvement, strong free cash flow, and a long-term goal of 100 bps annual OR improvement.
Core adjusted effective tax rate expected at 24.75% for 2026.
Long-term outlook (2024–2028) calls for high single-digit revenue growth, double-digit core adjusted EPS growth, and annual capex of $2.6–$2.8B.
How did Q4 operating metrics drive record OR?
What is the strategic intent of 2026 CapEx cut?
How do KCS adjustments affect future performance view?
What concessions are needed for UP-NS merger?
New growth initiatives offsetting macro headwinds
Drivers of 2026 CapEx reduction
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Next Canadian Pacific Kansas City earnings date
Q1 202629 Apr, 2026
Canadian Pacific Kansas City
Next Canadian Pacific Kansas City earnings date
Q1 202629 Apr, 2026
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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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