Here are 1-2 brief analogies for Canadian Pacific Kansas City (CP):

• FedEx or UPS for goods transported by train across North America.
• Like an AT&T or major power utility, but instead of data or electricity, its continental network moves bulk goods by rail.

• Bulk Freight Transportation: Transporting large volumes of raw materials such as agricultural products, energy products, and industrial minerals across its rail network.
• Intermodal Services: Providing rail transport for shipping containers, facilitating seamless transfer between ships, rail, and trucks for efficient supply chains.
• Automotive Transportation: Moving finished vehicles and automotive components for manufacturers and distributors across North America.
• Merchandise Freight Transportation: Carrying diverse manufactured goods, forest products, metals, minerals, and other consumer and industrial products for various industries.

Canadian Pacific Kansas City (CP) primarily sells its services to other companies, not directly to individuals.

As a Class I freight railway, CPKC serves a vast and diverse customer base composed of businesses across a wide array of industries that require the transportation of bulk commodities, manufactured goods, and intermodal containers across North America.

Due to the large number of customers, competitive considerations, and the nature of the freight rail business, CPKC does not publicly disclose the names of its individual major customer companies. Instead, its customer base is best understood by the major industrial sectors and types of companies it serves:

• Agricultural Companies: This segment includes large grain handlers, food processors, beverage manufacturers, and producers of agricultural inputs like fertilizers. These companies rely on CPKC to transport grains, oilseeds, finished food products, and other agricultural commodities in bulk.
• Intermodal Shipping and Logistics Companies, and Major Retailers: CPKC provides intermodal services for companies that move goods in containers (often from ports or distribution centers). This segment's customers include major ocean carriers, third-party logistics providers, and large retail chains who utilize rail for long-haul freight distribution of consumer goods.
• Energy, Chemicals, and Plastics Companies: This category encompasses crude oil producers, refineries, chemical manufacturers, and plastics producers that depend on CPKC for the transport of various energy products (like crude oil, refined petroleum products), industrial chemicals, and plastic resins.
• Automotive Manufacturers and Suppliers: CPKC transports finished vehicles and automotive parts for major car manufacturers and their extensive network of suppliers across North America.
• Forest Products Companies: Businesses involved in the production of lumber, pulp, paper, and other wood products constitute another key customer group, utilizing CPKC for shipping both raw materials and finished goods.
• Mining and Metals Companies: This includes producers of minerals such as potash, coal, and various metals (e.g., steel manufacturers), which rely on CPKC for bulk commodity transport from mines to processing facilities or end markets.

While specific customer names are not publicly published by CPKC, the "major customers" are effectively the large corporations within these industrial sectors that consistently ship high volumes of goods via the CPKC rail network.

• Wabtec Corporation (NYSE: WAB)
• Progress Rail (a subsidiary of Caterpillar Inc., NYSE: CAT)
• Trimble Inc. (NASDAQ: TRMB)

Keith Creel, President and Chief Executive Officer
Keith Creel became the first President and CEO of CPKC on April 14, 2023, following the combination of Canadian Pacific (CP) and Kansas City Southern. He previously served as President and Chief Executive Officer of Canadian Pacific (CP) starting in January 2017. Prior to his role at CP, Mr. Creel was Executive Vice-President and Chief Operating Officer at Canadian National Railway (CN), where he also held positions such as Executive Vice-President Operations, Senior Vice-President Eastern Region, Senior Vice-President Western Region, and Vice-President of the Prairie Division. He began his railroad career in 1992 at Burlington Northern Railway and also held roles at Grand Trunk Western Railroad and Illinois Central Railroad before its merger with CN.

Nadeem Velani, Executive Vice-President and Chief Financial Officer
Nadeem Velani serves as the Executive Vice-President and Chief Financial Officer of CPKC, a position he has held since 2017. Before this, he was the Vice President and Chief Financial Officer at Canadian Pacific (CP) from 2016 to 2017. Mr. Velani also served as Vice President of Investor Relations at CP from 2013 to 2015 and held various roles at Canadian National Railway Company (CN), including positions in strategic and financial planning, investor relations, sales and marketing, and the Office of the President and Chief Executive Officer.

John Brooks, Executive Vice-President and Chief Marketing Officer
John Brooks holds the position of Executive Vice-President and Chief Marketing Officer at CPKC. He retained this role from Canadian Pacific following the merger.

Mark Redd, Executive Vice-President and Chief Operating Officer
Mark Redd is the Executive Vice-President and Chief Operating Officer of CPKC. He previously served as Executive Vice-President of Operations at Canadian Pacific and held various roles at Kansas City Southern, including Vice President of Transportation. He joined CP in 2013.

John Orr, Executive Vice-President and Chief Transformation Officer
John Orr is the Executive Vice-President and Chief Transformation Officer at CPKC. He previously served as Chief Operating Officer at Kansas City Southern (KCS).

Autonomous trucking

Canadian Pacific Kansas City (CP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Realizing Synergies and Expanding Market Reach from the CPKC Merger: The integration of Canadian Pacific and Kansas City Southern to form CPKC, creating the only transnational railway connecting Canada, the U.S., and Mexico, is a significant growth driver. This merger unlocks "unique growth opportunities" by expanding the company's footprint into new markets, such as the U.S. South and Mexico. Specifically, the network is facilitating increased U.S. grain shipments to Mexico and is poised to expand its share in these regions.
2. Volume Growth in Key Commodity Segments: CPKC anticipates continued strong volume growth across several of its core segments. This includes sustained strength in grain shipments, particularly U.S. grain to Mexico and Canadian grain exports, as well as steady volumes across various outlets. The company has also seen and expects ongoing strong performance in potash, with positive demand fundamentals, and record automotive volumes driven by its unique operating model linking production plants and auto compounds across North America. Furthermore, coal and intermodal segments have shown robust growth, with intermodal benefiting from new services like refrigerated shipments and strategic interline partnerships.
3. Strategic Partnerships and Launch of New Services: CPKC is leveraging strategic partnerships to introduce new and expanded services that contribute to revenue growth. An example is the interline service with CSX, which is expected to launch truck-competitive intermodal and merchandise service between Dallas and Atlanta by increasing track speed on a newly connected line. This focus on innovative solutions and partnerships is aimed at expanding market offerings and customer base.
4. Industrial Development Along the Network: The company is optimistic about future growth stemming from industrial development projects that are coming online along its extensive network. These developments are expected to generate new shipping demand and freight volumes, thereby contributing to revenue expansion.

Share Repurchases

• On February 27, 2025, Canadian Pacific Kansas City (CPKC) announced a new share repurchase program, approved by the Toronto Stock Exchange, to buy back up to 37,348,539 common shares (approximately 4% of its issued and outstanding shares) between March 3, 2025, and March 2, 2026.
• This program represented roughly $2.9 billion in potential capital returns, based on the company's market capitalization at the time of the announcement.
• As of the end of the third quarter of 2025, CPKC had repurchased 34 million shares, completing approximately 91% of the program announced in March.

Share Issuance

• In September 2021, Canadian Pacific Railway Limited (CP) entered into a merger agreement to acquire Kansas City Southern (KCS) in a transaction valued at approximately USD$31 billion, including the assumption of $3.8 billion of KCS debt.
• To fund the stock consideration of this merger, CP issued 262 million new common shares.
• Specifically, on December 14, 2021, CP issued 262,597,106 new common shares as part of the KCS acquisition.

Outbound Investments

• The most significant outbound investment was the acquisition of Kansas City Southern (KCS).
• The merger agreement, announced in September 2021, valued KCS at approximately USD$31 billion, comprising a stock and cash transaction and the assumption of $3.8 billion in KCS debt.
• This acquisition, which created Canadian Pacific Kansas City (CPKC), established the first single-line rail network connecting the U.S., Mexico, and Canada.

Capital Expenditures

• CPKC's capital expenditures averaged $1.51 billion annually from fiscal years ending December 2020 to 2024.
• For 2025, CPKC budgeted capital expenditures of $2.9 billion, with an expected range of $2.6 billion to $2.8 billion per year for the 2024-2028 period.
• These investments focus on leveraging synergies from the KCS merger, including previously purchasing 5,900 high-capacity hopper cars (over C$500 million) and plans to take delivery of 100 new Tier 4 diesel-electric locomotives in 2025.