Canadian Pacific Kansas City

Canadian Pacific Kansas City (CPKC) is the only single-line railway that links Canada, the United States and Mexico. Canadian Pacific took control of Kansas City Southern (KCS) on April 14, 2023. The network has about 20,000 route miles and reaches ports from Vancouver to Atlantic Canada, the Gulf Coast and Lázaro Cárdenas in Mexico, and the company has about 20,000 employees. In the first nine months of 2026, grain gave C$2.70 billion of the C$11.86 billion of freight revenues, energy, chemicals and plastics C$2.24 billion and intermodal C$2.23 billion.

It also carries coal, potash, fertilizers, forest products, metals, minerals, consumer products and automotive products. Revenues were C$15.1 billion in 2025. The head office is in Calgary, Alberta, and Keith Creel is its president and chief executive officer.

CPKC trades at a premium because investors pay for its unique network across Canada, the United States and Mexico and for the growth that the combination with KCS can bring. Revenues rose 15% in Q3 2026, volumes in revenue ton-miles rose 6% and core adjusted diluted EPS rose 16% to C$1.28. For 2026, the company guides low double-digit growth in core adjusted diluted EPS from C$4.61 in 2025; the first nine months gave C$3.57, against C$3.28 a year earlier. But the core adjusted operating ratio rose to 61.9% in Q3 2026 from 60.7%, mostly because of higher fuel prices, and cross-border freight depends on tariffs and trade rules between the three countries.

For the premium to be earned, three things must be true. Volume growth must continue in grain, intermodal and merchandise. The operating ratio must improve again when fuel costs fall. Core adjusted EPS must keep growing at about a low double-digit rate after 2026, with help from buybacks.

The Q4 2026 report with the 2027 guidance, expected in late January 2027, is the next test. If cross-border trade weakens, the premium can shrink.

1. Oct 28, 2026Passed

   Q3 2026 results and 2026 guidanceCore adjusted EPS growth near the guidance and volume growth pass; a cut to guidance fails.Outcome: Core adjusted diluted EPS rose 16% to C$1.28, volumes rose 6%, and the company said that it remains on track for its 2026 commitments.
2. Jan 27, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2026 core adjusted EPS growth of about 10% or more and 2027 guidance for more growth pass; lower guidance fails.
3. Apr 2027 · est.Pending

   Q1 2027 results: operating ratioA core adjusted operating ratio below the 63.0% of Q1 2026 and volume growth pass; a higher ratio fails.

Every passed and failed checkpoint across all picks

• October 28, 2026CPKC reported Q3 2026 results. Revenues rose 15% to C$4.2 billion, and revenue ton-miles rose 6%. Diluted EPS was C$1.04 and core adjusted diluted EPS rose 16% to C$1.28. The reported operating ratio rose to 64.8% from 63.5%, and higher fuel prices added 170 basis points. The company said that it remains on track to meet its commitments for 2026. It declared a quarterly dividend of C$0.268 per share, payable on January 25, 2027.
• October 6, 2026CPKC issued C$1.8 billion of notes: C$500 million of 4.20% notes due 2030, C$550 million of 4.60% notes due 2033, C$300 million of 4.90% notes due 2037 and C$450 million of 5.40% notes due 2056.
• July 29, 2026CPKC reported Q2 2026 results. Revenues rose 13% to C$4.2 billion, and revenue ton-miles rose 4%. Diluted EPS was C$1.15, against C$1.33, because Q2 2025 included a gain on the sale of the stake in the Panama Canal Railway Company. Core adjusted diluted EPS rose 13% to C$1.27.

Last earnings

October 28, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 8-KOther company newsFiled October 30, 2026 · cp-20261028
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · cp-20260930
• 8-KEarnings releaseFiled October 28, 2026 · cp-20261028
• 8-KOther company newsFiled September 29, 2026 · Read it on sec.gov
• 8-KOther company newsFiled July 30, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · cp-20260630
• 8-KChange of directors or officers and Investor disclosureFiled July 29, 2026 · Read it on sec.gov
• 8-KEarnings releaseFiled July 29, 2026 · cp-20260729
• 8-KNew material agreementFiled July 8, 2026 · Read it on sec.gov
• 8-KShareholder vote results and Other company newsFiled April 30, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 16875)

• Much of the freight crosses the borders between Canada, the United States and Mexico. Tariffs or other trade restrictions can lower volumes, as in Q1 2026, when revenues fell 2%.
• Fuel is a large cost. Fuel expense rose to C$667 million in Q3 2026 from C$415 million, and higher fuel prices raised the core adjusted operating ratio by 190 basis points.
• The U.S. Surface Transportation Board reviews the proposed merger of Union Pacific and Norfolk Southern. A combined railway can compete harder for traffic to and from CPKC's network, and CPKC spent C$44 million on advisory costs for its analysis and advocacy in the review in the first nine months of 2026.
• CPKC bought back shares for C$3.43 billion in the first nine months of 2026, partly with commercial paper and new notes. Adjusted net debt was 3.2 times adjusted EBITDA at September 30, 2026.
• Accidents, severe weather and labor disputes can stop trains and raise costs. The FRA-reportable train accident frequency rose to 0.93 in Q1 2026 from 0.38 a year earlier.

CPKC funds itself with unsecured notes, commercial paper and equity. At September 30, 2026, total debt was C$25.85 billion: C$22.23 billion of long-term debt and C$3.61 billion due within one year, which includes US$1,535 million (C$2,179 million) of commercial paper. Read more

Dividend yield

0.7% (last 12 months, at today’s price of CA$132.62)

Paid per share

CA$0.992 in the last 12 months (4 payments)

Current annual rate

CA$1.072 (CA$0.268 × 4 a year)

Latest ex-dividend date

September 25, 2026, CA$0.268 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 5.5% a year. Over the last 10 years, the dividend grew by about 11.3% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.