ADDED
As of the close of business on February 25, 2026, there were 897,958,953 of the registrant's Common Shares outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.
Form 10-K Summary 123 Signatures 124 2 / CPKC 2025 ANNUAL REPORT PART I CPKC 2025 ANNUAL REPORT / 3 ITEM 1.
CPKC's Common Shares (the "Common Shares") are listed on the Toronto Stock Exchange ("TSX") and the New York Stock Exchange ("NYSE") under the symbol "CP".
On April 14, 2023, CPKC assumed control of Kansas City Southern ("KCS") through an indirect wholly-owned subsidiary.
For the purposes of this Annual Report on Form 10-K, unless the context indicates otherwise, all references herein to "CPKC", "the Company", "we", "our" and "us" refer to Canadian Pacific Kansas City Limited and its subsidiaries, which includes KCS as a consolidated subsidiary from April 14, 2023 ("Control Date").
All references to currency amounts included in this Annual Report on Form 10-K are in Canadian dollars unless specifically noted otherwise.
"Doing what we say we are going to do" is what drives the Company in providing a reliable product with a lower cost operating model.
Business Developments On January 28, 2026, the Company announced that the TSX has accepted its notice of intention to implement an early renewal of its normal course issuer bid ("NCIB"), commencing on February 2, 2026, to purchase up to approximately 82.2 million Common Shares, less the 37.3 million Common Shares purchased under the 2025 NCIB, for net new purchases of up to 44.9 million Common Shares for cancellation on or before February 1, 2027.
CPKC has terminated its existing 2025 NCIB which commenced on March 3, 2025 and had an expiry date of March 2, 2026.
REMOVED
As of the close of business on February 26, 2025, there were 933,713,487 shares of the registrant's common shares outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.
Form 10-K Summary 125 Signatures 126 2 / CPKC 2024 ANNUAL REPORT PART I CPKC 2024 ANNUAL REPORT / 3 ITEM 1.
CPKC's Common Shares (the "Common Shares") are listed on the Toronto Stock Exchange ( TSX ) and the New York Stock Exchange ( NYSE ) under the symbol CP .
On April 14, 2023, CPKC assumed control of Kansas City Southern ( KCS ) through an indirect wholly-owned subsidiary.
For the purposes of this annual report, unless the context indicates otherwise, all references herein to CPKC , the Company , we , our and us refer to Canadian Pacific Kansas City Limited and its subsidiaries, which includes KCS as a consolidated subsidiary from April 14, 2023 ("Control Date").
All references to currency amounts included in this annual report are in Canadian dollars unless specifically noted otherwise.
Doing what we say we are going to do is what drives the Company in providing a reliable product with a lower cost operating model.
Business Developments On December 17, 2024, CPKC announced the completion of construction of the new international railway bridge span over the Rio Grande from Laredo, Texas, to Nuevo Laredo, Tamaulipas, more than doubling CPKC's capacity to move freight across the U.S.-Mexico border.
("G W") entered into an agreement in which G W committed to transfer to CPKC the track and roadway assets owned by Meridian Bigbee Railroad, L.L.C.