Q4 2025 Canadian Pacific Kansas City Ltd Earnings Call Transcript

Jan 28, 2026 / 09:30PM GMT

Release Date Price: $71.78 (-1.33%)

Transcript 8-K

Key Points

Positve

Canadian Pacific Kansas City Ltd (CP) reported a 1% increase in revenue for the fourth quarter, reaching $3.9 billion.
The company achieved an industry-best operating ratio of 55.9%, improving by 120 basis points year-over-year.
Earnings per share increased by 3% to $1.33 compared to the previous year.
CP achieved record safety performance, maintaining a low train accident frequency and personal injury rate.
The company announced a 5% share buyback program for 2026, reflecting strong cash flow and shareholder returns.

Negative

CP faced demand softening in several areas, impacting overall growth potential.
Tariffs and macroeconomic pressures continue to pose challenges, particularly affecting the forest products and automotive segments.
The company experienced a 13% decline in forest products revenue due to tariffs and macroeconomic softness.
Energy, Chemicals, and Plastics revenue declined by 3% due to lower crude and refined fuel volumes.
The company anticipates a challenging start to 2026, with Q1 expected to be the softest quarter due to tough comparisons and weather-related disruptions.

Operator

Good afternoon. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to CPKC's fourth quarter and full year 2025 conference call. This slide accompanying today's call are available at investor.cpkcr.com. (Operator Instructions)

I would now like to introduce Chris De Bruyn, Vice President, Capital Markets to begin the conference call.

Chris De Bruyn

Canadian Pacific Kansas City Ltd - Assistant Vice-President

Thank you, Angela. Good afternoon, everyone, and thank you for joining us today. Before we begin, I want to remind you this presentation contain forward-looking information. Actual results may differ. The risks, uncertainties, and other factors that could influence actual results are described on slide 2 in the earnings release filed with Canadian and US regulators. This presentation also contains non-GAAP measures outlined on slide 3.

With me here today is Keith Creel, our President and Chief Executive Officer; Nadeem Velani, our Executive Vice President and Chief Financial

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