CPKC breaks January monthly Canadian grain tonnage and carload record

Rhea-AI Summary

Canadian Pacific Kansas City (TSX: CP) set new January records for Canadian grain shipments, moving 2.395 million metric tonnes and 24,688 carloads in January 2026, surpassing January 2023 marks.

Through the first 26 weeks of the 2025-2026 crop year, CPKC shipped 15.1 MMT, the largest total since 2020-2021; company investments and partner capacity were cited as enabling factors.

Positive

• January tonnage record: 2.395 MMT
• January carload record: 24,688
• First 26 weeks shipments: 15.1 MMT (largest since 2020-2021)
• Company cites investments in grain-handling capacity and high-capacity hopper cars

Negative

• Sustaining volumes requires all supply chain participants to operate at full capacity
• Rail volumes exceed average supply chain capacity targets, creating reliance on external handlers

Key Figures

January 2026 grain volume: 2.395 million metric tonnes January 2026 carloads: 24,688 carloads Crop-year grain volume: 15.1 MMT +2 more

5 metrics

January 2026 grain volume 2.395 million metric tonnes Canadian grain and grain products moved in January 2026; new monthly record

January 2026 carloads 24,688 carloads Canadian grain and grain products carloads in January 2026; new record

Crop-year grain volume 15.1 MMT Grain and grain products shipped in first 26 weeks of 2025-2026 crop year

Crop-year weeks elapsed 26 weeks Progress into the 2025-2026 crop year when reporting 15.1 MMT moved

Record crop-year comparison 2020-2021 crop year Current 2025-2026 grain totals are largest since this record year

Market Reality Check

Price: $75.05 Vol: Volume 3,666,148 is 1.44x...

normal vol

$75.05 Last Close

Volume Volume 3,666,148 is 1.44x the 20-day average of 2,542,474, indicating elevated interest ahead of this record-grain update. normal

Technical Shares at $74.34 are trading below the 200-day MA of $75.53 and about 11.13% under the 52-week high of $83.65.

Peers on Argus

CP fell 1.98% while key rail peers were mixed: CNI down 5.15%, CSX up 0.4%, NSC ...

CP fell 1.98% while key rail peers were mixed: CNI down 5.15%, CSX up 0.4%, NSC up 1.56%, UNP up 1.13%, and WAB down 0.6%. With no peers in the momentum scanner, this record-grain news looks more company-specific than part of a broad rail move.

Common Catalyst Peers with headlines today (CNI, NSC) reported conference appearances and development activity, while CP’s news centers on operational grain-volume records.

Historical Context

5 past events · Latest: Jan 28 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 28	Board changes	Neutral	-1.3%	Appointment of Gordon Trafton as vice-chair and new director nominations.
Jan 28	Share repurchase plan	Positive	-1.3%	TSX accepted early renewal of 2026 NCIB for up to 82M shares.
Jan 28	Earnings and guidance	Positive	-1.3%	Q4 and 2025 results with record margins and 2026 EPS and volume guidance.
Jan 28	Dividend declaration	Positive	-1.3%	Quarterly dividend of $0.228 per share payable April 27, 2026.
Jan 21	Locomotive investment	Positive	+0.6%	US$800M-plus Tier 4 locomotive orders to support growth and efficiency.

Pattern Detected

Recent positive corporate actions (earnings strength, buybacks, investments) often saw mildly negative next-day moves around -1.33%, suggesting a pattern of near-term selling into good news. Only the locomotive investment on Jan 21 aligned with a positive reaction.

Recent Company History

Over the last weeks, CPKC has combined capital returns, operational strength, and strategic investment. On Jan 28, 2026, it reported Q4 2025 revenue of $3.9 billion and full-year 2025 revenue of $15.1 billion, with record core operating ratios, announced a quarterly dividend of $0.228 per share, and secured early renewal of its NCIB for up to 82,214,163 shares. A >US$800 million Tier 4 locomotive program was highlighted on Jan 21. Today’s grain-volume records extend this theme of operational and capacity expansion.

Market Pulse Summary

This announcement underscores CPKC’s operational momentum, with record January movement of 2.395 mil...

Analysis

This announcement underscores CPKC’s operational momentum, with record January movement of 2.395 million metric tonnes and 24,688 grain carloads, plus more than 15.1 MMT shipped over the first 26 weeks of the 2025-2026 crop year. These are the strongest levels since the 2020-2021 record crop year. In context of recent investments and margin performance, investors may watch whether these elevated grain volumes remain above the annual service plan targets and how they support broader revenue and efficiency trends.

AI-generated analysis. Not financial advice.

CALGARY, AB, Feb. 2, 2026 /PRNewswire/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) said today it has broken its January monthly record for shipping Canadian grain and grain products, moving 2.395 million metric tonnes (MMT) in January 2026. This January 2026 mark beat the previous tonnage record set in January 2023. January's 24,688 carloads also set a new monthly record, beating the previous high set in January 2023.

"By working closely with our grain customers and working efficiently with our supply chain collaborators, our railroaders have delivered record amounts of grain and grain products across Western Canada to start the year," said Jonathan Wahba, Senior Vice-President Sales and Marketing. "This performance and record volumes have been made possible through significant investment in the grain supply chain made by CPKC and our customers in new and upgraded grain-handling capacity and high-capacity hopper cars."

The noteworthy volumes of grain and grain products moving on our railway exceed the average supply chain capacity targets outlined in our annual grain service plan. It is critical that all supply chain participants, including customer loading facilities and terminal operators loading grain into vessels at ports, operate at full capacity to sustain this strong momentum.

Through the first 26 weeks of the 2025-2026 crop year, CPKC shipped more than 15.1 MMT of grain and grain products. These are the largest totals since the record setting 2020-2021 crop year.

Effective crop year and winter planning and demand forecasting helps prepare the railway so that CPKC can serve the needs of its customers, and by extension, the broader economy. CPKC has outlined its grain service outlook in its annual plan available on cpkcr.com.

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. CP-IR

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SOURCE CPKC

FAQ

What January 2026 grain shipping records did CPKC (CP) announce on Feb. 2, 2026?

CPKC reported a new January record of 2.395 million metric tonnes and 24,688 carloads. According to CPKC, both figures surpassed the previous January 2023 records and reflect improved handling capacity and logistics.

How much grain has CPKC (CP) shipped in the first 26 weeks of the 2025-2026 crop year?

CPKC shipped 15.1 million metric tonnes through the first 26 weeks of the 2025-2026 crop year. According to CPKC, this is the largest total since the record 2020-2021 crop year, driven by network and customer investments.

What investments did CPKC (CP) cite as enabling the January 2026 grain shipping records?

CPKC cited investments in upgraded grain-handling capacity and high-capacity hopper cars. According to CPKC, those capital improvements, coupled with customer upgrades, helped increase throughput and set the new monthly records.

Does CPKC (CP) warn of any constraints to maintaining January 2026 grain volumes?

CPKC indicated volumes exceed average supply chain capacity targets and require full operation by suppliers and port terminals. According to CPKC, sustained performance depends on customer loading facilities and terminal operators running at capacity.

Where can investors find CPKC's grain service outlook referenced in the February 2, 2026 announcement?

CPKC said its grain service outlook is available in the company’s annual grain service plan online. According to CPKC, the plan outlines capacity targets, planning assumptions, and steps to support ongoing grain movements.