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Canadian Pacific Kansas City Limited announced that its board of directors declared a quarterly dividend of $0.268 per common share. The dividend is payable on October 26, 2026 to shareholders of record at the close of business on September 25, 2026 and is designated as an "eligible" dividend under the Income Tax Act (Canada) and similar provincial or territorial legislation.
CPKC is described as the first single-line transnational railway linking Canada, the United States and México, operating approximately 20,000 route miles and employing approximately 20,000 railroaders, with access to key North American ports.
Canadian Pacific Kansas City Limited reported second-quarter 2026 total revenues of $4,164 million, up 13% from 2025, with freight revenues of $4,088 million. Operating income was $1,472 million. Net income attributable to controlling shareholders declined to $1,024 million, and diluted EPS fell 14% to $1.15, while Core adjusted diluted EPS rose 13% to $1.27. The operating ratio increased to 64.6%, and Core adjusted operating ratio to 61.6%.
Workload grew, with gross ton-miles up 6% and fuel efficiency improving 4% to 0.992 gallons per 1,000 GTMs, supported by strong Grain, Automotive, Metals, minerals and consumer products, and Intermodal volumes. Net cash from operating activities reached $1,726 million in the quarter and $2,702 million year-to-date, funding $758 million of property additions in Q2 and significant shareholder returns.
During Q2 2026 the company repurchased 10,855,699 Common Shares for $1,298 million under its normal course issuer bid and paid dividends of $0.268 per share. Long-term debt rose to $22,248 million after issuing U.S. $1.2 billion of notes, while a U.S. $2.2 billion committed credit facility remained undrawn and commercial paper outstanding totaled $1,461 million. Environmental remediation provisions stood at $248 million.
Canadian Pacific Kansas City Limited announced that Board Chair Isabelle Courville has retired from the Board, effective July 29, 2026, and that long-time director and Vice-Chair Gordon Trafton has been appointed Chair in accordance with the Board’s succession plan.
The company stated that Courville’s decision was not due to any disagreement regarding operations, policies or practices. Courville joined the Board on May 1, 2013 and became Chair on May 7, 2019. Trafton, a director since January 1, 2017 and former senior executive at Canadian National, will lead a Board overseeing a 20,000-mile, 20,000-employee transnational rail network.
Canadian Pacific Kansas City Limited reported second-quarter 2026 revenues of $4.164 billion, up 13% from $3.699 billion in Q2 2025, as revenue ton-miles increased 4%. Operating income rose to $1.472 billion from $1.343 billion, with a reported operating ratio of 64.6% versus 63.7%.
Net income attributable to controlling shareholders was $1.024 billion, down from $1.234 billion, and diluted EPS decreased to $1.15 from $1.33, while core adjusted diluted EPS (non-GAAP) increased to $1.27 from $1.12. Operating cash flow for the first half of 2026 was $2.702 billion, up from $2.511 billion, and the company repurchased 16.6 million shares for $1.944 billion under its normal course issuer bid.
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.