CPKC Reports First Quarter Results; Solid Demand, Precision Execution and a Resilient Network Powers Strong Start to 2025

Canadian Pacific Kansas City (“CPKC”) announced its first-quarter results, including revenues of $3.8 billion, diluted earnings per share (“EPS”) of $0.97 and core adjusted diluted EPS¹ of $1.06.

“Our talented team of world-class railroaders executed our precision scheduled operating plan to safely and efficiently move solid freight demand to start 2025, producing strong first-quarter results amidst ongoing turbulent market and macroeconomic conditions,” said Keith Creel, CPKC President and Chief Executive Officer. “These first-quarter results demonstrate the power and resiliency of our unrivalled North American network.”

First-Quarter 2025 Results

• Revenues increased by eight percent to $3.8 billion from $3.5 billion in Q1 2024
• Reported operating ratio (OR) decreased by 210 basis points to 65.3 percent from 67.4 percent in Q1 2024
• Core adjusted OR¹ decreased 150 basis points to 62.5 percent from 64.0 percent in Q1 2024
• Reported diluted EPS increased 17 percent to $0.97 from $0.83 in Q1 2024
• Core adjusted diluted EPS¹ increased 14 percent to $1.06 from $0.93 in Q1 2024
• Volumes, as measured in Revenue Ton-Miles (RTMs), increased four percent
• Federal Railroad Administration (FRA)-reportable personal injury frequency decreased to 0.98 from 1.14 in Q1 2024²
• FRA-reportable train accident frequency decreased to 0.38 from 0.90 in Q1 2024²

“We remain focused on controlling what we can control, however, the increasing uncertainty created by evolving trade policies and the heightened risk of economic recession make it prudent to amend our 2025 earnings guidance at this time,” said Creel. “CPKC’s long-term value proposition remains unchanged. We will continue to operate safely and efficiently, as we deliver on our promise to provide premium service to our customers, bring new customer solutions and products to the market, and strengthen North American trade.”

Updated 2025 Outlook

• As a result of the ongoing tariff and trade policy uncertainty, CPKC now expects 2025 core adjusted diluted EPS¹ to increase between 10 and 14 percent versus 2024 core adjusted diluted EPS¹ of $4.25.

1	These measures have no standardized meanings prescribed by accounting principles generally accepted in the United States of America (“GAAP”) and, therefore, may not be comparable to similar measures presented by other companies. For information regarding non-GAAP measures including reconciliations and forward-looking non-GAAP measures, see attached supplementary schedule of Non-GAAP Measures.
2	The first-quarter 2024 FRA-reportable personal injury frequency and FRA-reportable train accident frequency have been restated to reflect new information available within specified periods stipulated by the FRA but that exceed CPKC’s financial reporting timeline.

For the full first quarter results, click here.

About CPKC

With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC.

Source: Canadian Pacific Kansas City Limited