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Visual31 Oct 2025
Three decades of Rolls-Royce
Canadian Pacific Kansas City (CP) investor relations material
Canadian Pacific Kansas City Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 revenues rose 3% year-over-year to $3.7 billion, with diluted EPS up 12% to $1.01 and core adjusted diluted EPS up 11% to $1.10, driven by higher volumes in Intermodal, Grain, Potash, Coal, and Automotive.
Operating ratio improved by 260 basis points to 63.5%, and core adjusted operating ratio improved by 220 basis points to 60.7%.
Volumes measured in Revenue Ton-Miles increased 5% year-over-year, and carloads rose 4%.
Safety metrics improved, with personal injury and train accident frequencies both declining.
Network operating efficiently, building momentum into year-end, and on track to meet 2025 earnings guidance.
Financial highlights
Net income attributable to controlling shareholders was $920 million for Q3 2025, up from $837 million in Q3 2024.
Operating income for Q3 2025 was $1,336 million, up 11% year-over-year; core adjusted operating income was $1,440 million.
Year-to-date cash from operations increased 6% to $3.8 billion.
Dividends declared per share increased to $0.228 for Q3 and $0.646 for the nine months.
Cash and cash equivalents at September 30, 2025, were $411 million.
Outlook and guidance
Management expects 10–14% core adjusted diluted EPS growth for 2025, with strong network momentum into Q4.
CapEx investment of $2.9 billion projected for 2025.
Long-term guidance (2024–2028): high single-digit revenue growth, double-digit core adjusted EPS growth, and annual capex of $2.6–$2.8 billion.
Effective tax rate expected at 24.5% for Q4 and full year.
Ongoing integration of KCS and realization of synergies expected to drive future growth.
What drives 2025 year-end grain strength?
Explain Q3 Materials & Equipment rent increase
Hydrogen locomotive program next steps?
Rationale for increased share repurchases?
Why decline in Energy/Chemicals/Plastics RTMs?
Update on Lac-Mégantic and Mexican tax cases?
CPKC's strategy to leverage alliances?
Meridian Speedway upgrade impact on growth?
Key drivers for 2026 EPS growth?
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Next Canadian Pacific Kansas City earnings date
Q4 202528 Jan, 2026
Next Canadian Pacific Kansas City earnings date
Q4 202528 Jan, 2026
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Frequently asked questions
Canadian Pacific Kansas City Limited (formerly, pre-merger, Canadian Pacific Railway Limited), owns and operates a transcontinental freight railway in Canada and the United States. The company transports bulk commodities, including grain, coal, potash, fertilizers, and sulphur; and merchandise freight consisting of finished vehicles and machinery, forestry products, chemicals and plastics. The company's rail network also provides intermodal traffic services.
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