CALGARY, AB, Feb. 26, 2026 /PRNewswire/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) said today that it has completed the filing of its 2025 annual report on Form 10-K, including the annual audited financial statements and management's discussion and analysis, with the U.S. Securities and Exchange Commission and Canadian securities regulators. A copy of CPKC's 2025 Annual Report is available at https://investor.cpkcr.com/ Shareholders may request a printed copy of the complete 2025 audited fin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-01342 Canadian Pacific Kansas City Limited (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Inc ...

Question-and-Answer SessionBrandon OglenskiBarclays Bank PLC, Research Division Do you currently own CPKC? Yes, overweight; two, market weight; three, underweight; and four, no. Go and vote really quick. Appreciate everyone participating. We do publish these after the conference. Okay. Question number two, please. What is your general bias towards CP right now? Positive, negative or neutral. And then question number three, please. In your opinion, through-cycle EPS growth for CPKC will be above peers, in ...

Canadian Pacific Kansas City (NYSE:CP) FY Conference February 19, 2026 08:05 AM ET Company ParticipantsChris de Bruyn - EVP of Finance and CFOKeith Creel - President and CEOConference Call ParticipantsBrandon Oglenski - Airline and Transport AnalystNone - AnalystBrandon OglenskiAll right, good morning, everyone. Welcome to day three of Barclays 43rd Annual Industrial Select Conference. I'm Brandon Oglenski, airline and transport analyst, and very excited to be kicking off, day three here with Canadian Pacif ...

Summary of Canadian Pacific Kansas City (CPKC) Conference Call Company Overview - **Company**: Canadian Pacific Kansas City (NYSE: CP) - **Date**: February 18, 2026 - **Speakers**: Keith Creel (CEO), Chris Verone (IR) Key Points Industry and Operational Performance - **Current Operations**: The railroad is performing well with operating metrics at record levels for the first quarter, despite typical winter challenges [6][8] - **Volume Trends**: RTM (Revenue Ton Miles) is expected to show low single-digit positive growth for the quarter, driven by a record grain harvest of 85 million metric tons, which is 20% more than last year [8][9] - **Automotive Sector**: CPKC has outpaced the industry in automotive despite a down market, expecting continued growth in 2026 [11] - **Intermodal and International Growth**: The company is well-positioned in international intermodal and has seen positive developments with partners like Hapag-Lloyd [10] Financial Performance and Growth Projections - **Earnings Growth**: CPKC anticipates double-digit earnings growth driven by single-digit RTM growth, even with macroeconomic challenges [13][14] - **Pricing Strategy**: The company has been able to maintain pricing above 4% due to the value proposition of its network, which is expected to become even more compelling as truck rates rise [23][24] - **Free Cash Flow**: CPKC is shifting capital priorities towards rolling stock, with a sustainable CapEx target of CAD 2.6 billion to CAD 2.7 billion, supporting a strong free cash flow conversion story [50][51] M&A and Regulatory Environment - **Merger Discussions**: CPKC is preparing for a public debate regarding potential mergers, emphasizing its unique position and the complexities involved in large-scale integrations [60][62] - **Regulatory Challenges**: The company acknowledges the potential for regulatory hurdles in merger approvals, citing historical challenges faced by the industry [66][71] - **Concessions for Mergers**: CPKC is focused on ensuring competitive access in overlapping markets and protecting its competitive niche in key areas [80] Future Opportunities and Challenges - **Market Dynamics**: The company is optimistic about growth opportunities in the North American market, particularly in light of trade rebalancing and the need for supply chain diversification [38][39] - **Operational Complexity**: CPKC recognizes the operational challenges that come with mergers and the importance of careful integration to avoid disruptions [75][78] - **Capacity for Growth**: The company has built latent capacity into its network, positioning itself well for future volume increases as market conditions improve [27][28] Miscellaneous Insights - **Deregulation Impact**: CPKC has made progress in efficiency improvements through deregulation, although some opportunities are still pending [44][46] - **Innovative Solutions**: The company is exploring new products and services, such as the Southeast Mexico Express (SMX), to enhance its offerings and capture additional market share [24][25] This summary encapsulates the key insights from the conference call, highlighting CPKC's operational performance, financial outlook, regulatory environment, and future growth opportunities.

CPKC ADVANTAGE Investor Presentation: February, 2026 TSX/NYSE: CP FORWARD-LOOKING STATEMENTS This investor presentation contains forward-looking information and forward-looking statements within the meaning of applicable securities laws in both the United States ("U.S.") and Canada (collectively, "forward-looking statements"). Forward-looking statements include, but are not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future eve ...

Core Insights - The focus on 'Big Picture' investment ideas has intensified in recent weeks, with discussions occurring almost daily [1] Group 1: Investment Strategy - Leo Nelissen is identified as a long-term investor and macro-focused strategist, emphasizing dividend growth and high-quality compounders [2] - The investment approach combines macro analysis with bottom-up stock research to identify businesses with strong cash-flow potential [2] Group 2: Analyst Disclosure - The analyst has disclosed a beneficial long position in several companies, including CNQ, UNP, CP, ODFL, AM, RTX, TDG, and GE [3]

Core Insights - Canadian Pacific Kansas City (CP) reported disappointing fourth-quarter 2025 results, with both earnings and revenues falling short of the Zacks Consensus Estimate [1][9] Financial Performance - Quarterly earnings, excluding 9 cents from non-recurring items, were 95 cents per share, missing the Zacks Consensus Estimate of 99 cents, but improved 3.3% year-over-year [2] - Operating revenues totaled $2.81 billion, which was below the Zacks Consensus Estimate of $2.86 billion, yet represented a 1.6% year-over-year increase [2] - Total Freight revenues per revenue ton miles grew by 1% year-over-year, while total Freight revenues per carload saw a slight decline of 0.1% [3] - Operating income increased by 3% year-over-year, and total operating expenses decreased by 0.2% year-over-year, leading to an operating ratio improvement of 80 basis points to 58.9% [3] Segment Performance - Freight revenues, which accounted for 98% of total revenues, increased by 1%, with notable segment performances: Grain (up 4%), Coal (up 3%), and Metals, minerals and consumer products (up 3%), while Potash (down 2%), Automotive (down 1%), and Energy, chemicals and plastics (down 2%) showed declines [4] Liquidity Position - At the end of the fourth quarter, CP had cash and cash equivalents of C$184 million, down from C$411 million in the previous quarter, while long-term debt decreased to C$19.94 billion from C$21.59 billion [5] Future Outlook - For 2026, CP anticipates core adjusted earnings per share to grow in the low double digits from 2025 actuals to C$4.61 per share, with revenue ton miles (RTMs) expected to increase in the mid-single digits [6] - Capital expenditures for 2026 are projected to be C$2.65 billion, with an expected core adjusted effective tax rate of 24.75% [6]

Core Insights - Canadian Pacific Kansas City (CPKC) is set to participate in two major industry conferences in February 2026, highlighting its strategic engagement with investors and stakeholders [1][2] Company Overview - CPKC is the first and only single-line transnational railway connecting Canada, the United States, and Mexico, providing extensive access to major ports across North America [2] - The railway spans approximately 20,000 route miles and employs around 20,000 railroaders, emphasizing its significant operational scale and workforce [2] - CPKC offers a comprehensive suite of freight transportation services, logistics solutions, and supply chain expertise, positioning itself as a key player in the North American rail service market [2]

Core Insights - Canadian Pacific Kansas City (CPKC) achieved a record shipment of 2.395 million metric tonnes (MMT) of Canadian grain and grain products in January 2026, surpassing the previous record set in January 2023 [1] - The company also set a new monthly record with 24,688 carloads in January 2026, exceeding the previous high from January 2023 [1] Company Performance - CPKC's strong performance in grain shipping is attributed to close collaboration with grain customers and efficient operations with supply chain partners, supported by significant investments in grain-handling capacity and high-capacity hopper cars [2] - The volumes of grain shipped exceed the average supply chain capacity targets outlined in CPKC's annual grain service plan, emphasizing the importance of full capacity operations across all supply chain participants [2] Industry Context - In the first 26 weeks of the 2025-2026 crop year, CPKC shipped over 15.1 MMT of grain and grain products, marking the largest totals since the record-setting 2020-2021 crop year [3] - Effective planning and demand forecasting for the crop year and winter are crucial for CPKC to meet customer needs and support the broader economy [3] Company Overview - CPKC is the first and only single-line transnational railway connecting Canada, the United States, and Mexico, with extensive access to major ports across North America [4] - The company operates approximately 20,000 route miles and employs 20,000 railroaders, providing comprehensive rail service and logistics solutions to North American customers [4]