Canadian Pacific Kansas City (CP) Investor presentation summary

2025 financial performance

• Total revenue $15.1B, up 8% YoY; operating income $5.6B, up 4%; operating ratio 62.8%, down 160 bps.

• Net income attributable to controlling shareholders $4.1B, up 11%; diluted EPS $4.51, up 13%.

• Core adjusted operating income $6.1B, up 6%; core adjusted operating ratio 59.9%, down 140 bps; core adjusted income $4.2B, up 8%; core adjusted diluted EPS $4.61, up 8%.

Network reach and commercial mix

• 20,000-mile rail network spanning Canada, the U.S. and Mexico; 20,000 railroaders and 786-mile average haul in 2025.

• Only single-line railroad connecting Canada, the U.S. and Mexico; network includes 30+ ports, 200+ transloads and 30+ auto facilities.

• 2025 freight revenue mix: merchandise 46%, bulk 36% and intermodal 18%; total freight revenue growth of 4% vs. 2024.

• Nearshoring tailwinds include Mexico’s manufacturing base, trade agreements and potential reductions in transport cost and transit time to the U.S. and Canada.

Operating performance and safety

• Q3 2026 vs. Q3 2025: average train speed improved 8%, locomotive productivity 4%, terminal dwell 7% and fuel efficiency 3%.

• Precision railroading, faster and heavier trains, and lower dwell are positioned to improve asset utilization, add network capacity and reduce costs.

• Lowest FRA-reportable train accident frequency among Class 1 railroads in 2025 for the third consecutive year; more than half of capital investments go to safety and replacement initiatives.