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Canadian Pacific Kansas City Limited reported that its wholly owned subsidiary, Canadian Pacific Railway Company, entered into a Second Amending Agreement to its existing syndicated Credit Agreement. This amendment primarily extends the maturities of two key revolving credit facilities.
The 5 Year Maturity Date for the 5 Year Facility is extended from June 25, 2030 to June 25, 2031, while the 2 Year Maturity Date for the 2 Year Facility is extended from June 25, 2027 to June 25, 2028. Bank of Montreal remains the administrative agent, and various lenders continue as parties to the agreement.
Canadian Pacific Kansas City Limited reported the results of its 2026 annual shareholder meeting. Shareholders approved the appointment of Ernst & Young LLP as auditor with 728,445,789 votes for, representing 99.88% of votes cast.
The advisory vote on executive compensation (Say on Pay) received 619,719,132 votes for, or 87.48% support, and the advisory vote on the company’s approach to climate change (Say on Climate) received 628,528,416 votes for, or 88.72% support.
All 14 director nominees were elected, each receiving at least 95.84% of votes cast; Keith Creel received 99.66% support and Matthew Paull received 95.84%. Upon re-election, Isabelle Courville was re-appointed Board Chair and Gordon Trafton was re-appointed Vice-Chair.
Canadian Pacific Kansas City Limited reported softer first-quarter 2026 results, with total revenues of $3,701 million, down 2% from 2025, as weaker pricing from FX and fuel surcharges offset volume growth in key franchises like Grain and Intermodal.
Net income attributable to controlling shareholders was $846 million versus $910 million a year earlier, and diluted EPS declined to $0.94 from $0.97. Operating ratio worsened to 66.0%, while Core adjusted diluted EPS was $1.04, slightly below $1.06 in 2025.
Cash from operations remained strong at $976 million. The company invested heavily in properties, issued two new U.S. dollar note tranches totaling $1.2 billion, and repurchased about 5.7 million shares for $646 million under its buyback. It also raised the quarterly dividend by 17.5% to $0.268 per share and expanded its commercial paper capacity.
Canadian Pacific Kansas City Limited reported first-quarter 2026 results showing slightly lower revenue and earnings but higher freight volumes. Revenue was $3.7 billion, down 2% from $3.8 billion a year earlier, while volumes measured in Revenue Ton-Miles rose 2% to 54,725 million.
Net income was $845 million versus $909 million, and diluted EPS decreased to $0.94 from $0.97. The reported operating ratio weakened to 66.0% from 65.3%, indicating modest margin pressure. Core adjusted diluted EPS was $1.04 compared with $1.06, reflecting non-GAAP adjustments for purchase accounting and acquisition-related costs.
The company highlighted improved network fluidity, faster train speeds and lower terminal dwell times. Management reiterated confidence in delivering its full-year 2026 guidance and emphasized the long-term value of its single-line rail network across Canada, the U.S. and Mexico.
Canadian Pacific Kansas City Limited declared a higher quarterly dividend, reinforcing its focus on shareholder returns. The board approved a dividend of $0.268 per share on the company’s common shares, up from $0.228 per share, a 17.5% increase. The dividend will be paid on July 27, 2026 to shareholders of record at the close of business on June 26, 2026. The company describes this payment as an “eligible” dividend for Canadian tax purposes.
Canadian Pacific Kansas City Limited filed an amended annual report to add detailed Part III information on directors, executive compensation, and corporate governance. The Board is 93% independent, 36% women and 21% ethnically diverse, with six new directors added over the past three years.
For 2025, CPKC reported record revenue of $15.1 billion, up 4%, a reported operating ratio of 62.8% and a core adjusted operating ratio of 59.9%. Diluted EPS was $4.51 and core adjusted diluted EPS was $4.61, an 8% increase, while the railway maintained the lowest FRA-reportable train accident frequency among Class I railroads.
Executive pay is heavily performance-based, using short-term incentives and long-term PSUs and stock options, with strong share ownership requirements. The 2025 short-term incentive corporate performance factor was 121%, and the 2023 PSU grant paid out at 91% of target. The CEO’s share ownership is 14.57 times salary versus a 7x requirement.
Canadian Pacific Kansas City Limited has called a virtual 2026 annual shareholder meeting for April 29, 2026, for holders of common shares as of March 9, 2026. Shareholders will receive audited 2025 financial statements, vote on reappointing Ernst & Young as auditor, and cast advisory votes on executive pay and the company’s climate approach, which will move to a three-year “say on climate” cycle after 2026. They will also elect 14 directors, with 13 independent nominees and 36% women, and review a compensation program that is heavily performance-based, with 93% of the CEO’s 2025 target pay at risk. The proxy circular highlights record safety performance, strong earnings growth, an SBTi‑validated 2030 locomotive emissions target, and extensive board‑level oversight of risk, sustainability and governance.
Canadian Pacific Kansas City Limited, through subsidiary Canadian Pacific Railway Company, completed an offering of U.S.$600,000,000 4.000% notes due 2029 and U.S.$600,000,000 5.500% notes due 2056. These notes are guaranteed by Canadian Pacific Kansas City Limited under an existing indenture, as supplemented on March 6, 2026.
The transaction was conducted under a previously filed Form F-10 shelf registration, using an underwriting agreement with Goldman Sachs & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc. and SMBC Nikko Securities America, Inc. Standard covenants, representations and indemnities apply, and the related underwriting agreement, supplemental indenture and note forms are filed as exhibits.
Canadian Pacific Kansas City Limited is raising US$1.2 billion through a new debt offering by its wholly owned subsidiary, Canadian Pacific Railway Company. The subsidiary will issue US$600 million of 4.000% notes due 2029 and US$600 million of 5.500% notes due 2056, guaranteed by CPKC.
The offering is expected to close on March 6, 2026, subject to customary conditions. CPKC plans to use the net proceeds primarily to refinance outstanding indebtedness and for general corporate purposes, with temporary investment in short-term investment grade securities or bank deposits.
Canadian Pacific Kansas City Limited operates the only freight railway spanning Canada, the U.S., and Mexico, generating 2025 freight revenues of $14,776 million, up from $14,223 million in 2024. Bulk, merchandise, and intermodal accounted for 36%, 46%, and 18% of freight revenues, respectively.
The company is concentrating on precision scheduled railroading, major share repurchases, and portfolio pruning. It completed a 2025 normal course issuer bid for 37.3 million common shares and launched an early-renewal NCIB for net new purchases of up to 44.9 million shares. It also sold its 50% stake in Panama Canal Railway Company for U.S. $344 million cash, recognizing a U.S. $232 million pre-tax gain. CPKC emphasizes safety leadership, climate strategy with a 2030 locomotive GHG reduction target validated by SBTi, and disciplined human-capital management across roughly 20,000 employees.