CP

Research · Sep 3, 2026

[CP] CPKC Thesis 2026: First Full Year of North American Network, Volume Inflects

Canadian Pacific Kansas City FY25 (Dec 31, 2025; CAD) at C$15.08B revenue (+4%). NI C$4.14B; EPS C$4.51 (+13%). OR 59.9% (-140bp). Q4 OR record 55.9%. First major post-merger buyback C$3.94B. FY26 guide: mid-single-digit volume + low double-digit earnings + 15% capex cut + 5% buyback authorization.