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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
Fourth quarter revenue reached $3.9B, up 1% year-over-year, with a record core adjusted operating ratio of 55.9% and core adjusted diluted EPS of $1.33, up 3%.
Full year 2025 revenue was $15.1B, up 4%, with core adjusted diluted EPS of $4.61, up 8%, and reported diluted EPS of $4.51, up 13%.
Record safety performance was achieved, with the lowest FRA-reportable train accident frequency among Class 1 railroads for the third consecutive year.
Operational execution and cost control led to record margins, with unique self-help initiatives offsetting demand softness and continued synergy growth expected in 2026.
Disciplined capital investment included the addition of 100 new locomotives in 2025, with another 100 scheduled for 2026.
Financial highlights
Q4 2025 operating income rose 3% to $1.61B; full-year operating income up 8% to $5.61B.
Q4 core adjusted operating ratio improved 120 bps to 55.9%; full-year core adjusted operating ratio improved 140 bps to 59.9%.
Q4 net income attributable to controlling shareholders was $1.08B; full-year net income was $4.14B, up 11% year-over-year.
Net cash from operating activities increased 1% to $5.31B; CapEx was $3.1B in 2025.
Dividends declared per share increased to $0.228 in Q4 and $0.874 for the year; dividends paid totaled $796M.
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 for 2026 are projected at $2.65B, a 15% reduction from 2025.
New 5% share buyback program announced for 2026.
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
Citi's Global Industrial Tech & Mobility Conference 202618 Feb, 2026
Canadian Pacific Kansas City
Next Canadian Pacific Kansas City earnings date
Citi's Global Industrial Tech & Mobility Conference 202618 Feb, 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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