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Dec 31, 2025
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Canadian Pacific Q4 2025 Earnings Report
Canadian Pacific Kansas City reported steady results in Q4 2025, achieving record core adjusted margins and solid revenue growth.
Key Takeaways
CPKC delivered a record core adjusted operating ratio in Q4 2025 and saw stable revenues and EPS despite macroeconomic challenges. Net income declined slightly, but operational efficiency metrics hit all-time highs.
Total Q4 revenue reached $3.923 billion, up 1% from Q4 2024
Core adjusted diluted EPS rose to $1.33 from $1.29
Net income for Q4 was $1.077 billion, down from $1.199 billion a year ago
Record core adjusted operating ratio of 55.9%, a 120 bps improvement
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CPKC expects strong momentum in 2026 with increased profitability and moderated capital spending.
Positive Outlook
- Low double-digit core adjusted diluted EPS growth expected in 2026
- Mid-single digit volume growth guided via Revenue Ton Miles
- Capital expenditures projected at $2.65 billion, down ~15% YoY
- Continued industry-leading train accident frequency
- Ongoing productivity gains from Precision Scheduled Railroading
Challenges Ahead
- Macroeconomic and trade policy headwinds remain
- Declines in segments like Forest Products and Automotive
- Year-over-year drop in net income during Q4
- Lower fuel efficiency performance in certain areas
- Pressure from acquisition-related and integration costs
Historical Earnings Impact
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Avg. Return Before/After Earnings
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