CPKC Second Quarter Delivers Strong Growth, Carries Momentum into Second Half of 2025

Canadian Pacific Kansas City (CPKC) announced its second-quarter results, including revenues of $3.7 billion, diluted earnings per share (EPS) of $1.33 and core adjusted diluted EPS¹ of $1.12.

“Our exceptional team of railroaders again delivered strong operating and financial results in the second quarter as we realize more of the value created by this unrivalled North American network,” said Keith Creel, CPKC President and Chief Executive Officer. “Our dedicated team pulled together to overcome challenges in portions of our southern U.S. network following our complex system integration. Across our network, we are focused on delivering the service that our customers expect as we carry growing momentum into the second half of 2025.”

Second-quarter 2025 results

• Volumes, as measured in Revenue Ton-Miles, increased seven percent
• Revenues increased three percent to $3.7 billion from $3.6 billion in Q2 2024
• Reported operating ratio (OR) decreased 110 basis points to 63.7 percent from 64.8 percent in Q2 2024
• Core adjusted OR¹ decreased 110 basis points to 60.7 percent from 61.8 percent in Q2 2024
• Reported diluted EPS increased to $1.33 from $0.97 in Q2 2024
• Core adjusted diluted EPS¹ increased seven percent to $1.12 from $1.05 in Q2 2024
• Federal Railroad Administration (FRA)-reportable personal injury frequency decreased to 0.77 from 0.84 in Q2 2024²
• FRA-reportable train accident frequency increased to 0.97 from 0.70 in Q2 2024²

“We are executing our strategy by capitalizing on a range of opportunities unique to our three-nation network, opportunities to grow our business by supporting our customers in reaching new markets,” added Creel. “Looking ahead, we remain confident in our ability to deliver on our full-year guidance while realizing sustainable growth that provides value for our shareholders, customers and all stakeholders.”

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 second-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 full results click here.

About CPKC

Canadian Pacific Kansas City Limited (“CPKC” or the “Company”) owns and operates a transcontinental freight railway spanning Canada, the United States (“U.S.”), and Mexico. CPKC provides rail and intermodal transportation services over a network of approximately 20,000 miles, serving principal business centres across Canada, the U.S., and Mexico. The Company transports bulk commodities, merchandise, and intermodal freight. CPKC’s Common Shares trade on the Toronto Stock Exchange and New York Stock Exchange under the symbol “CP”.

Contact:

Chris de Bruyn – Investor Relations – investor@cpkcr.com – (403) 319-3591

Source: Canadian Pacific Kansas City Limited