CANADIAN PACIFIC KANSAS CITY LTD/CN, 10-Q filed on 7/30/2026
Quarterly Report
v3.26.1
Cover - shares
 6 Months Ended
Jun. 30, 2026
Jul. 28, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
Document Transition Report false  
Entity File Number 001-01342  
Entity Registrant Name CANADIAN PACIFIC KANSAS CITY LTD/CN  
Entity Incorporation, State or Country Code Z4  
Entity Tax Identification Number 98-0355078  
Entity Address, Address Line One 7550 Ogden Dale Road S.E.  
Entity Address, City or Town Calgary  
Entity Address, State or Province AB  
Entity Address, Country CA  
Entity Address, Postal Zip Code T2C 4X9  
City Area Code (403)  
Local Phone Number 319-7000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   879,079,224
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000016875  
Current Fiscal Year End Date --12-31  
Common Shares, without par value, of Canadian Pacific Railway Limited | NEW YORK STOCK EXCHANGE, INC.    
Entity Information [Line Items]    
Title of 12(b) Security Common Shares, without par value, of Canadian Pacific Kansas City Limited  
Trading Symbol CP  
Security Exchange Name NYSE  
Common Shares, without par value, of Canadian Pacific Railway Limited | TORONTO STOCK EXCHANGE    
Entity Information [Line Items]    
Title of 12(b) Security Common Shares, without par value, of Canadian Pacific Kansas City Limited  
Trading Symbol CP  
Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company | NEW YORK STOCK EXCHANGE, INC.    
Entity Information [Line Items]    
Title of 12(b) Security Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company  
Trading Symbol CP/40  
Security Exchange Name NYSE  
Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company | LONDON STOCK EXCHANGE    
Entity Information [Line Items]    
Title of 12(b) Security Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company  
Trading Symbol BC87  
v3.26.1
INTERIM CONSOLIDATED STATEMENTS OF INCOME - CAD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues (Note 3)        
Total revenues $ 4,164 $ 3,699 $ 7,865 $ 7,494
Operating expenses        
Compensation and benefits 723 659 1,414 1,341
Fuel 618 405 1,076 886
Materials 130 124 257 248
Equipment rents 97 103 192 202
Depreciation and amortization 519 493 1,031 997
Purchased services and other 605 572 1,165 1,160
Total operating expenses 2,692 2,356 5,135 4,834
Operating income 1,472 1,343 2,730 2,660
Less:        
Other (income) expense (14) (16) 6 (9)
Other components of net periodic benefit recovery (Note 12) (110) (107) (220) (214)
Net interest expense 237 208 465 424
Gain on sale of equity investment (Note 4) 0 (333) 0 (333)
Income before income taxes 1,359 1,591 2,479 2,792
Income before income tax expense        
Current income tax expense 281 348 541 614
Deferred income tax expense 54 9 69 35
Income tax expense (Note 5) 335 357 610 649
Net income 1,024 1,234 1,869 2,143
Net loss attributable to non-controlling interest 0 0 (1) (1)
Net income attributable to controlling shareholders $ 1,024 $ 1,234 $ 1,870 $ 2,144
Earnings per share (Note 6)        
Basic earnings per share (in dollars per share) $ 1.16 $ 1.34 $ 2.10 $ 2.31
Diluted earnings per share (in dollars per share) $ 1.15 $ 1.33 $ 2.10 $ 2.31
Weighted-average number of shares (millions) (Note 6)        
Basic (in shares) 886.4 923.8 891.6 928.4
Diluted (in shares) 887.1 924.8 892.2 929.5
Dividends declared per share (in dollars per share) $ 0.268 $ 0.228 $ 0.496 $ 0.418
Freight        
Revenues (Note 3)        
Total revenues $ 4,088 $ 3,629 $ 7,716 $ 7,356
Non-freight        
Revenues (Note 3)        
Total revenues $ 76 $ 70 $ 149 $ 138
v3.26.1
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of Comprehensive Income [Abstract]        
Net income $ 1,024 $ 1,234 $ 1,869 $ 2,143
Net gain (loss) in foreign currency translation adjustments, net of hedging activities 652 (1,729) 1,190 (1,758)
Change in derivatives designated as cash flow hedges (1) 0 (2) 1
Change in pension and post-retirement defined benefit plans 0 2 1 5
Other comprehensive income from equity investees 1 3 2 3
Other comprehensive income (loss) before income taxes 652 (1,724) 1,191 (1,749)
Income tax recovery (expense) 15 (32) 29 (35)
Net other comprehensive income (loss) 667 (1,756) 1,220 (1,784)
Comprehensive income (loss) 1,691 (522) 3,089 359
Comprehensive income (loss) attributable to non-controlling interest 18 (54) 33 (56)
Comprehensive income (loss) attributable to controlling shareholders $ 1,673 $ (468) $ 3,056 $ 415
v3.26.1
INTERIM CONSOLIDATED BALANCE SHEETS AS AT - CAD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 366 $ 184
Accounts receivable, net (Note 8) 2,253 2,029
Materials and supplies 542 502
Other current assets 292 224
Total current assets 3,453 2,939
Investments 522 473
Properties 57,165 55,323
Goodwill 19,111 18,436
Intangible assets 2,974 2,911
Pension asset 5,330 5,129
Other assets 727 734
Total assets 89,282 85,945
Current liabilities    
Accounts payable and accrued liabilities 2,913 2,751
Long-term debt maturing within one year (Note 9, 10) 2,899 3,240
Total current liabilities 5,812 5,991
Pension and other benefit liabilities 540 537
Other long-term liabilities 910 815
Long-term debt (Note 9, 10) 22,248 19,948
Deferred income taxes 12,165 11,829
Total liabilities 41,675 39,120
Shareholders’ equity    
Share capital 24,360 24,751
Additional paid-in capital 115 105
Accumulated other comprehensive income (Note 7) 2,424 1,238
Retained earnings 19,727 19,783
Total shareholders' equity 46,626 45,877
Non-controlling interest 981 948
Total equity 47,607 46,825
Total liabilities and equity $ 89,282 $ 85,945
v3.26.1
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating activities        
Net income $ 1,024 $ 1,234 $ 1,869 $ 2,143
Reconciliation of net income to net cash provided by operating activities:        
Depreciation and amortization 519 493 1,031 997
Deferred income tax expense 54 9 69 35
Pension recovery and funding (Note 12) (96) (95) (195) (190)
Gain on sale of equity investment (Note 4) 0 (333) 0 (333)
Settlement of Mexican taxes 0 (1) 0 (12)
Other operating activities, net 105 39 93 28
Changes in non-cash working capital balances related to operations 120 9 (165) (157)
Net cash provided by operating activities 1,726 1,355 2,702 2,511
Investing activities        
Additions to properties (758) (743) (1,422) (1,454)
Additions to Meridian Speedway properties (8) (12) (13) (24)
Proceeds from sale of properties and other assets 4 4 12 15
Proceeds from sale of equity investment (Note 4) 0 493 0 493
Other investing activities, net 0 (48) (11) (51)
Net cash used in investing activities (762) (306) (1,434) (1,021)
Financing activities        
Dividends paid (204) (210) (408) (387)
Issuance of Common Shares 30 30 55 38
Purchase of Common Shares (Note 11) (1,283) (1,393) (1,963) (1,740)
Repayment of long-term debt, excluding commercial paper (Note 9) (352) (5) (697) (940)
Issuance of long-term debt, excluding commercial paper (Note 9) 0 1,392 1,621 3,102
Net issuance (repayment) of commercial paper (Note 9) 778 (722) 284 (1,175)
Net issuance (repayment) of short-term borrowings (Note 9) 0 8 0 (277)
Other financing activities, net 0 (1) (4) (6)
Net cash used in financing activities (1,031) (901) (1,112) (1,385)
Effect of foreign currency fluctuations on foreign-denominated cash and cash equivalents 24 (44) 26 (45)
Cash position        
Net (decrease) increase in cash and cash equivalents (43) 104 182 60
Cash and cash equivalents at beginning of period 409 695 184 739
Cash and cash equivalents at end of period 366 799 366 799
Supplemental cash flow information        
Income taxes paid 286 409 577 646
Interest paid $ 247 $ 234 $ 450 $ 414
v3.26.1
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($)
shares in Millions, $ in Millions
Total
Total shareholders’ equity
Share capital
Additional paid-in capital
Accumulated other comprehensive income (loss)
Retained earnings
Non-controlling interest
Beginning balance (shares) at Dec. 31, 2024     933.5        
Beginning balance at Dec. 31, 2024 $ 48,890 $ 47,892 $ 25,689 $ 94 $ 2,680 $ 19,429 $ 998
Increase (Decrease) in Equity [Roll Forward]              
Net income 2,143 2,144       2,144 (1)
Contribution from non-controlling interest 1           1
Other comprehensive income (loss) (1,784) (1,729)     (1,729)   (55)
Dividends declared (387) (387)       (387)  
Effect of stock-based compensation expense 20 20   20      
Common Shares repurchased (in shares)     (16.4)        
Common Shares repurchased (1,773) (1,773) $ (450)     (1,323)  
Shares issued under stock option plan (shares)     0.8        
Common Shares issued under stock option plan 37 37 $ 46 (9)      
Ending balance (shares) at Jun. 30, 2025     917.9        
Ending balance at Jun. 30, 2025 47,147 46,204 $ 25,285 105 951 19,863 943
Beginning balance (shares) at Mar. 31, 2025     930.4        
Beginning balance at Mar. 31, 2025 49,243 48,246 $ 25,603 107 2,653 19,883 997
Increase (Decrease) in Equity [Roll Forward]              
Net income 1,234 1,234       1,234  
Other comprehensive income (loss) (1,756) (1,702)     (1,702)   (54)
Dividends declared (210) (210)       (210)  
Effect of stock-based compensation expense 4 4   4      
Common Shares repurchased (in shares)     (13.1)        
Common Shares repurchased (1,398) (1,398) $ (354)     (1,044)  
Shares issued under stock option plan (shares)     0.6        
Common Shares issued under stock option plan 30 30 $ 36 (6)      
Ending balance (shares) at Jun. 30, 2025     917.9        
Ending balance at Jun. 30, 2025 47,147 46,204 $ 25,285 105 951 19,863 943
Beginning balance (shares) at Dec. 31, 2025     897.6        
Beginning balance at Dec. 31, 2025 46,825 45,877 $ 24,751 105 1,238 19,783 948
Increase (Decrease) in Equity [Roll Forward]              
Net income 1,869 1,870       1,870 (1)
Other comprehensive income (loss) 1,220 1,186     1,186   34
Dividends declared (440) (440)       (440)  
Effect of stock-based compensation expense 22 22   22      
Common Shares repurchased (in shares)     (16.4)        
Common Shares repurchased (1,944) (1,944) $ (458)     (1,486)  
Shares issued under stock option plan (shares)     0.8        
Common Shares issued under stock option plan 55 55 $ 67 (12)      
Ending balance (shares) at Jun. 30, 2026     882.0        
Ending balance at Jun. 30, 2026 47,607 46,626 $ 24,360 115 2,424 19,727 981
Beginning balance (shares) at Mar. 31, 2026     892.6        
Beginning balance at Mar. 31, 2026 47,416 46,453 $ 24,623 118 1,775 19,937 963
Increase (Decrease) in Equity [Roll Forward]              
Net income 1,024 1,024       1,024  
Other comprehensive income (loss) 667 649     649   18
Dividends declared (236) (236)       (236)  
Effect of stock-based compensation expense 3 3   3      
Common Shares repurchased (in shares)     (11.0)        
Common Shares repurchased (1,298) (1,298) $ (300)     (998)  
Shares issued under stock option plan (shares)     0.4        
Common Shares issued under stock option plan 31 31 $ 37 (6)      
Ending balance (shares) at Jun. 30, 2026     882.0        
Ending balance at Jun. 30, 2026 $ 47,607 $ 46,626 $ 24,360 $ 115 $ 2,424 $ 19,727 $ 981
v3.26.1
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (PARENTHETICAL) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of Stockholders' Equity [Abstract]        
Dividends declared per share (in dollars per share) $ 0.268 $ 0.228 $ 0.496 $ 0.418
v3.26.1
Description of business and basis of presentation
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of business and basis of presentation Description of business and basis of presentation
Canadian Pacific Kansas City Limited ("CPKC" or the "Company") owns and operates a transcontinental freight railway spanning Canada, the United States ("U.S."), and Mexico. CPKC provides rail and intermodal transportation services over a network of approximately 20,000 miles, serving principal business centres across Canada, the U.S., and Mexico. The Company transports bulk commodities, merchandise freight, and intermodal traffic. CPKC's Common Shares ("Common Shares") trade on the Toronto Stock Exchange ("TSX") and New York Stock Exchange under the symbol "CP".

These unaudited interim consolidated financial statements ("Interim Consolidated Financial Statements") have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"). They do not include all of the information required for a complete set of annual financial statements prepared in accordance with GAAP and should be read in conjunction with the Company's audited consolidated financial statements as at and for the year ended December 31, 2025 ("last annual consolidated financial statements"). Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company's financial position and results of operations since the last annual consolidated financial statements. These Interim Consolidated Financial Statements have been prepared using the same significant accounting policies used in the last annual consolidated financial statements, except for the adoption of new accounting standards (see Note 2). Amounts are stated in Canadian dollars unless otherwise noted.

The Company's operations and income for interim periods can be affected by seasonal fluctuations such as changes in customer demand and weather conditions, and may not be indicative of annual results.

Operating segment

The Company only has one operating segment: rail transportation. The Company's measure of segment profit is reported on the Interim Consolidated Statements of Income as "Net income attributable to controlling shareholders". CPKC's significant segment expenses are consistent with the expenses presented on the Interim Consolidated Statements of Income.
v3.26.1
Accounting changes
 6 Months Ended
Jun. 30, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Accounting changes Accounting changes
Accounting Standards Update ("ASU") 2025-05 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets

On January 1, 2026, the Company prospectively adopted ASU 2025-05, which simplifies estimating credit losses on current accounts receivable and current contract assets. Under the new guidance, CPKC elected to adopt a practical expedient allowing the Company to assume that conditions existing as of the balance sheet date will remain unchanged over the remaining life of the asset when developing reasonable and supportable forecasts for estimating expected credit losses. Adoption of ASU 2025-05 did not have a material impact on the Company's Interim Consolidated Financial Statements.

Other accounting standards that became effective during the three and six months ended June 30, 2026, did not have a material impact on the Company's Interim Consolidated Financial Statements. Recently issued accounting pronouncements are not expected to have a material impact on the Company's financial position or results of operations upon adoption.
v3.26.1
Revenues
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The following table presents disaggregated information about the Company’s revenues from contracts with customers by major source:

For the three months ended June 30For the six months ended June 30
(in millions of Canadian dollars)2026202520262025
Grain$925 $743 $1,796 $1,531 
Coal209 256 435 513 
Potash184 167 333 323 
Fertilizers and sulphur110 98 222 212 
Forest products198 195 379 412 
Energy, chemicals and plastics777 712 1,477 1,470 
Metals, minerals and consumer products524 444 962 892 
Automotive403 330 699 645 
Intermodal758 684 1,413 1,358 
Total freight revenues4,088 3,629 7,716 7,356 
Non-freight excluding leasing revenues49 44 94 85 
Revenues from contracts with customers4,137 3,673 7,810 7,441 
Leasing revenues27 26 55 53 
Total revenues$4,164 $3,699 $7,865 $7,494 
v3.26.1
Gain on sale of equity investment
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Gain on sale of equity investment Gain on sale of equity investment
On April 1, 2025, CPKC sold its 50% equity method investment in the Panama Canal Railway Company to APM Terminals Panama Rail LP (“APM Terminals”), a subsidiary of A.P. Moller-Maersk A/S, for gross proceeds of U.S. $350 million. After finalizing purchase price adjustments for cash acquired and debt and net working capital assumed by APM Terminals, the Company received cash consideration of U.S. $344 million ($493 million) and recognized a pre-tax gain of U.S. $232 million ($333 million) in "Gain on sale of equity investment”. The after-tax gain was U.S. $196 million ($282 million).
v3.26.1
Income taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
The effective income tax rate including discrete items for the three and six months ended June 30, 2026 was 24.65% and 24.63%, respectively, compared to 22.45% and 23.26%, respectively for the same periods in 2025.

For the three months ended June 30, 2026, the effective income tax rate was 24.75%, excluding the discrete items of amortization of the fair value adjustments associated with purchase accounting of $94 million and acquisition-related costs of $27 million, both related to the Kansas City Southern ("KCS") acquisition, and advisory costs related to the analysis and advocacy in connection with the U.S. Surface Transportation Board's (the "STB") review of the proposed merger between Union Pacific Corporation ("UP") and Norfolk Southern Corporation ("NS") of $14 million.

For the three months ended June 30, 2025, the effective income tax rate was 24.50%, excluding the discrete items of a gain on sale of an equity investment of $333 million, amortization of the fair value adjustments associated with purchase accounting of $96 million and acquisition-related costs of $19 million, both related to the KCS acquisition.

For the six months ended June 30, 2026, the effective income tax rate was 24.75%, excluding the discrete items of amortization of the fair value adjustments associated with purchase accounting of $187 million and acquisition-related costs of $36 million, both related to the KCS acquisition, and advisory costs related to the analysis and advocacy in connection with the STB's review of the proposed merger between UP and NS of $27 million.

For the six months ended June 30, 2025, the effective income tax rate was 24.50%, excluding the discrete items of a gain on sale of an equity investment of $333 million, amortization of the fair value adjustments associated with purchase accounting of $190 million and acquisition-related costs of $39 million, both related to the KCS acquisition.

2014 Tax Assessment

Canadian Pacific Kansas City Mexico's ("CPKCM") 2014 Tax Assessment is currently in litigation (see Note 14).
v3.26.1
Earnings per share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
For the three months ended June 30For the six months ended June 30
(in millions, except per share data)2026202520262025
Net income attributable to controlling shareholders$1,024 $1,234 $1,870 $2,144 
Weighted-average basic shares outstanding886.4 923.8 891.6 928.4 
Dilutive effect of stock options0.7 1.0 0.6 1.1 
Weighted-average diluted shares outstanding887.1 924.8 892.2 929.5 
Earnings per share - basic$1.16 $1.34 $2.10 $2.31 
Earnings per share - diluted$1.15 $1.33 $2.10 $2.31 

For the three and six months ended June 30, 2026, there were 0.3 million and 0.8 million options, respectively, excluded from the computation of diluted earnings per share because their effects were not dilutive (three and six months ended June 30, 2025 - 1.8 million and 1.6 million, respectively).
v3.26.1
Changes in Accumulated other comprehensive income ("AOCI") by component
 6 Months Ended
Jun. 30, 2026
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Changes in Accumulated other comprehensive income ("AOCI") by component Changes in Accumulated other comprehensive income ("AOCI") by component
Changes in AOCI attributable to controlling shareholders, net of tax, by component are as follows:

For the three months ended June 30
(in millions of Canadian dollars)Foreign currency net of hedging activitiesDerivativesPension and post-
retirement defined
benefit plans		Equity accounted investmentsTotal
Opening balance, April 1, 2026$2,365 $8 $(601)$3 $1,775 
Other comprehensive income before reclassifications649 — — 1 650 
Amounts reclassified from AOCI— (1)— — (1)
Net other comprehensive income (loss)649 (1)— 1 649 
Balance as at June 30, 2026$3,014 $7 $(601)$4 $2,424 
Opening balance, April 1, 2025$3,385 $10 $(737)$(5)$2,653 
Other comprehensive (loss) income before reclassifications(1,707)— — 3 (1,704)
Amounts reclassified from AOCI— 1 1 — 2 
Net other comprehensive (loss) income(1,707)1 1 3 (1,702)
Balance as at June 30, 2025$1,678 $11 $(736)$(2)$951 

For the six months ended June 30
Foreign currency net of hedging activitiesDerivativesPension and post-retirement defined benefit plansEquity accounted investmentsTotal
Opening balance, January 1, 2026$1,829 $9 $(602)$2 $1,238 
Other comprehensive income before reclassifications1,185 — — 2 1,187 
Amounts reclassified from AOCI— (2)1 — (1)
Net other comprehensive income (loss)1,185 (2)1 2 1,186 
Balance as at June 30, 2026$3,014 $7 $(601)$4 $2,424 
Opening balance, January 1, 2025$3,413 $10 $(738)$(5)$2,680 
Other comprehensive (loss) income before reclassifications(1,735)— — 3 (1,732)
Amounts reclassified from AOCI— 1 2 — 3 
Net other comprehensive (loss) income(1,735)1 2 3 (1,729)
Balance as at June 30, 2025$1,678 $11 $(736)$(2)$951 
v3.26.1
Accounts receivable, net
 6 Months Ended
Jun. 30, 2026
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts receivable, net Accounts receivable, net
(in millions of Canadian dollars)As at June 30, 2026As at December 31, 2025
Total accounts receivable$2,371 $2,146 
Allowance for credit losses(118)(117)
Total accounts receivable, net$2,253 $2,029 
v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
During the six months ended June 30, 2026, the Company repaid, at maturity, U.S. $250 million ($339 million) 3.70% 10.5-year notes and U.S. $250 million ($345 million) 3.125% 10-year notes.

Issuance of long-term debt

During the six months ended June 30, 2026, the Company issued U.S. $600 million ($821 million) 4.00% 3-year unsecured notes due March 15, 2029 for net proceeds of U.S. $597 million ($816 million), and U.S. $600 million ($821 million) 5.50% 30-year unsecured notes due March 15, 2056 for net proceeds of U.S. $589 million ($805 million). The issued notes pay interest semi-annually and carry a negative pledge.

Credit facility

Effective July 6, 2026, the Company amended its revolving credit facility agreement (the "facility") to extend the maturity dates of its two-year U.S. $1.1 billion tranche and five-year U.S. $1.1 billion tranche to June 25, 2028, and June 25, 2031, respectively. As at June 30, 2026, the facility was undrawn (December 31, 2025 - undrawn). The Company presents draws and repayments on the facility in the Interim Consolidated Statements of Cash Flows on a net basis.

Commercial paper program
Effective March 27, 2026, the Company increased the maximum size of its commercial paper program through the addition of a Canadian dollar commercial paper program which allows the Company to borrow Canadian dollars in the form of unsecured promissory notes. This increased the maximum amount the Company can borrow under the program from U.S. $1.5 billion to U.S. $2.2 billion, or the Canadian dollar equivalent, on a combined basis. Both the Canadian and U.S. dollar commercial paper programs are backed by the U.S. $2.2 billion facility. As at June 30, 2026, the Company had total commercial paper borrowings outstanding of U.S. $1,028 million ($1,461 million) recognized in "Long-term debt maturing within one year" on the Company's Interim Consolidated Balance Sheets (December 31, 2025 - U.S. $850 million ($1,165 million)). The weighted-average interest rate on these borrowings as at June 30, 2026 was 2.70% (December 31, 2025 - 4.02%). The Company presents issuances and repayments of commercial paper, all of which have a maturity of less than 90 days, in the Interim Consolidated Statements of Cash Flows on a net basis.
v3.26.1
Financial instruments
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial instruments Financial instruments
A. Fair values of financial instruments

The Company categorizes its financial assets and liabilities measured at fair value into a three-level hierarchy that prioritizes those inputs to valuation techniques used to measure fair value based on the degree to which they are observable. The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices in active markets for identical assets and liabilities; Level 2 inputs, other than quoted prices included within Level 1, are observable for the asset or liability either directly or indirectly; and Level 3 inputs are not observable in the market.

The Company’s short-term financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and short-term borrowings, including commercial paper and term loans. The carrying value of short-term financial instruments approximate their fair value.

The carrying value of the Company’s debt does not approximate its fair value. The estimated fair value has been determined based on market information, where available, or by discounting future payments of principal and interest at estimated interest rates expected to be available to the Company at the balance sheet date. All measurements are classified as Level 2. The Company’s long-term debt, including current maturities, with a carrying value of $23,686 million as at June 30, 2026 (December 31, 2025 - $22,023 million), had a fair value of $22,182 million (December 31, 2025 - $20,740 million).
B. Financial risk management

Foreign exchange ("FX") management

Net investment hedge
The majority of the Company’s U.S. dollar-denominated long-term debt, finance lease obligations, and operating lease liabilities have been designated as a hedge of the Company's net investment in foreign subsidiaries. This designation has the effect of mitigating volatility on Net income by offsetting long-term FX gains and losses on U.S. dollar-denominated long-term debt and gains and losses on its net investment. The effect of the Company's net investment hedge for the three and six months ended June 30, 2026 was an FX loss of $134 million and $257 million, respectively (three and six months ended June 30, 2025 - FX gain of $299 million and $305 million, respectively) recognized in “Other comprehensive income (loss)”.
v3.26.1
Share repurchases
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Share repurchases Share repurchases
On January 28, 2026, the Company announced a normal course issuer bid ("NCIB"), commencing February 2, 2026, to purchase up to 44.9 million Common Shares in the open market for cancellation on or before February 1, 2027.

On February 27, 2025, the Company announced a NCIB, commencing March 3, 2025, to purchase up to 37.3 million Common Shares in the open market for cancellation on or before March 2, 2026. By October 29, 2025, the Company had purchased and cancelled all 37.3 million Common Shares authorized to be purchased under the NCIB.

All purchases were made in accordance with the respective NCIB at prevailing market prices plus brokerage fees, with consideration allocated to "Share capital" up to the average carrying amount of the Common Shares and any excess allocated to "Retained earnings".

In accordance with Canadian tax legislation, the Company has accrued for a 2% tax on the fair market value of Common Shares repurchased (net of qualifying issuances of equity) as a direct cost of Common Share repurchases recognized in Shareholders’ equity. During the three and six months ended June 30, 2026, the Company has accrued a liability of $25 million and $36 million, respectively, for the tax due on the net share repurchases made, payable within the first quarter of the following year.

The following table provides activities under the share repurchase program:

For the three months ended June 30For the six months ended June 30
2026202520262025
Number of Common Shares repurchased(1)
10,855,69912,882,45416,591,60616,363,112 
Weighted-average price per share(2)
$119.60 $108.52 $117.18 $108.34 
Amount of repurchase (in millions of Canadian dollars)(1)(2)
$1,298 $1,398 $1,944 $1,773 
(1) Includes shares repurchased but not yet cancelled at end of period.
(2) Includes brokerage fees and applicable tax on share repurchases.
v3.26.1
Pension and other benefits
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Pension and other benefits Pension and other benefits
During the three months ended June 30, 2026, the Company received a refund, net of contributions, from its defined benefit pension plans of $1 million, and during the six months ended June 30, 2026, made contributions, net of refunds, of $2 million (three and six months ended June 30, 2025 - $4 million and $8 million contributions, net of refunds, respectively).
Net periodic benefit (recovery) cost for defined benefit pension plans and other benefits included the following components:        

For the three months ended June 30
PensionsOther benefitsTotal
(in millions of Canadian dollars)202620252026202520262025
Current service cost $19 $21 $3 $4 $22 $25 
Other components of net periodic benefit (recovery) cost:
Interest cost on benefit obligation118 116 6 6 124 122 
Expected return on plan assets(234)(231)— — (234)(231)
Recognized net actuarial (gain) loss(1)2 — (1)(1)1 
Amortization of prior service costs1 1 — — 1 1 
Total other components of net periodic benefit (recovery) cost(116)(112)6 5 (110)(107)
Net periodic benefit (recovery) cost$(97)$(91)$9 $9 $(88)$(82)

For the six months ended June 30
PensionsOther benefitsTotal
(in millions of Canadian dollars)202620252026202520262025
Current service cost $38 $42 $6 $7 $44 $49 
Other components of net periodic benefit (recovery) cost:
Interest cost on benefit obligation236 233 11 11 247 244 
Expected return on plan assets(468)(463)— — (468)(463)
Recognized net actuarial (gain) loss(2)4 — (1)(2)3 
Amortization of prior service costs3 2 — — 3 2 
Total other components of net periodic benefit (recovery) cost(231)(224)11 10 (220)(214)
Net periodic benefit (recovery) cost$(193)$(182)$17 $17 $(176)$(165)
v3.26.1
Stock-based compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation Stock-based compensation
As at June 30, 2026, the Company had several stock-based compensation plans including stock option plans, various cash‑settled liability plans, and an employee share purchase plan. These plans resulted in an expense for the three and six months ended June 30, 2026 of $94 million and $143 million, respectively (three and six months ended June 30, 2025 - $59 million and $92 million, respectively).

Stock options plan

In the six months ended June 30, 2026, under the Company’s stock option plan, the Company issued 1,189,411 options at the weighted-average price of $104.69 per share, based on the closing price of the Company's Common Shares on the TSX at the grant date. Pursuant to the employee plan, these options may be exercised upon vesting, which is between 12 months and 48 months after the grant date, and will expire seven years from the grant date.

Under the fair value method, the fair value of the stock options at the grant date was approximately $30 million.

Performance share unit plans

During the six months ended June 30, 2026, the Company issued 629,722 Performance Share Units ("PSUs") with a grant date fair value of $66 million and 20,386 Performance Deferred Share Units ("PDSUs") with a grant date fair value, including the fair value of expected future matching units, of $3 million. PSUs and PDSUs attract dividend equivalents in the form of additional units based on dividends paid on the Company’s Common Shares, and vest three to four years after the grant date, contingent on the Company’s performance ("performance factor"). Vested PSUs are settled in cash. Vested PDSUs are converted into Deferred Share Units ("DSUs") pursuant to the DSU plan, are eligible for a 25% Company match if the employee has not exceeded their Common Share ownership requirements, and are settled in cash only when the holder ceases their employment with the Company.
The performance period for all PSUs and all PDSUs granted in the six months ended June 30, 2026 is January 1, 2026 to December 31, 2028 and the performance factors are Free Cash Flow ("FCF"), Total Shareholder Return ("TSR") compared to the Standard and Poor's ("S&P")/TSX 60 Index, and TSR compared to the S&P 500 Industrials Index.

The performance period for the 544,175 PSUs and 26,333 PDSUs granted in 2023 was January 1, 2023 to December 31, 2025, and the performance factors were FCF, Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA"), TSR compared to the S&P/TSX 60 Index, TSR compared to the S&P 500 Industrials Index, and TSR compared to other Class I railways. The resulting payout was 91% of the outstanding units multiplied by the Company's average Common Share price calculated based on the last 30 trading days preceding December 31, 2025. In the first quarter of 2026, payouts were $42 million on 461,766 PSUs, including dividends reinvested. The 26,555 PDSUs that vested on December 31, 2025, with a fair value of $3 million, including dividends reinvested and matching units, will be paid out in future reporting periods pursuant to the DSU plan (as described above).
v3.26.1
Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
Litigation

In the normal course of its operations, the Company becomes involved in various legal actions, including claims relating to injuries and damage to property. The Company maintains provisions it considers to be adequate for such actions. While the final outcome with respect to actions outstanding or pending as at June 30, 2026 cannot be predicted with certainty, it is the opinion of management that their resolution will not have a material adverse effect on the Company’s business, financial position, results of operations, or liquidity. However, an unexpected adverse resolution of one or more of these legal actions could have a material adverse effect on the Company's business, financial position, results of operations, or liquidity in a particular quarter or fiscal year.

Legal proceedings related to Lac-Mégantic rail accident

On July 6, 2013, a train carrying petroleum crude oil operated by Montréal Maine and Atlantic Railway (“MMAR”) or a subsidiary, Montréal Maine & Atlantic Canada Co. (“MMAC” and collectively the “MMA Group”), derailed in Lac-Mégantic, Québec. The derailment occurred on a section of railway owned and operated by the MMA Group and while the MMA Group exclusively controlled the train.

Following the derailment, MMAC sought court protection in Canada under the Companies’ Creditors Arrangement Act and MMAR filed for bankruptcy in the U.S. Plans of arrangement were approved in both Canada and the U.S. (the “Plans”), providing for the distribution of approximately $440 million amongst those claiming derailment damages.

A number of legal proceedings, set out below, were commenced in Canada and the U.S. against the Company and others:

(1)Québec's Minister of Sustainable Development, Environment, Wildlife and Parks ordered various parties, including the Company, to remediate the derailment site (the "Cleanup Order") and served the Company with a Notice of Claim for $95 million for those costs. The Company appealed the Cleanup Order and contested the Notice of Claim with the Administrative Tribunal of Québec. These proceedings are stayed pending determination of the Attorney General of Québec (“AGQ”) action (paragraph 2 below).

(2)The AGQ sued the Company in the Québec Superior Court claiming $409 million in damages, which was further amended and reduced to $231 million (the “AGQ Action”). The AGQ Action alleges that: (i) the Company was responsible for the petroleum crude oil from its point of origin until its delivery to Irving Oil Ltd.; and (ii) the Company is vicariously liable for the acts and omissions of the MMA Group.

(3)A class action in the Québec Superior Court on behalf of persons and entities residing in, owning or leasing property in, operating a business in, or physically present in Lac-Mégantic at the time of the derailment was certified against the Company on May 8, 2015 (the "Class Action"). Other defendants including MMAC and Mr. Thomas Harding ("Harding") were added to the Class Action on January 25, 2017. On November 28, 2019, the plaintiffs' motion to discontinue their action against Harding was granted. The Class Action seeks unquantified damages, including for wrongful death, personal injury, property damage, and economic loss.

(4)Eight subrogated insurers sued the Company in the Québec Superior Court claiming approximately $16 million in damages, which was amended and reduced to approximately $14 million (the “Promutuel Action”), and two additional subrogated insurers sued the Company claiming approximately $3 million in damages (the “Royal Action”). Both actions contain similar allegations as the AGQ Action. The actions do not identify the subrogated parties. As such, the extent of any overlap between the damages claimed in these actions and under the Plans is unclear. The Royal Action is stayed pending determination of the consolidated proceedings described below.
On December 11, 2017, the AGQ Action, the Class Action and the Promutuel Action were consolidated. The joint liability trial of these consolidated claims commenced on September 21, 2021 with oral arguments ending on June 15, 2022. The Québec Superior Court issued a decision on December 14, 2022 dismissing all claims against the Company, finding that the Company’s actions were not the direct and immediate cause of the accident and the damages suffered by the plaintiffs. All three plaintiffs filed a declaration of appeal on January 13, 2023. The appeal was heard October 7 to 10, 2024 by the Québec Court of Appeal. On February 26, 2025, the Québec Court of Appeal issued its unanimous decision upholding the trial decision and dismissing the appeals in their entirety. On April 28, 2025, all three plaintiffs filed applications for leave to appeal to the Supreme Court of Canada. On May 30, 2025, the Company filed its response to the plaintiffs' leave applications. On May 14, 2026, the Supreme Court of Canada dismissed all three plaintiffs’ filed applications for leave to appeal.

(5)Forty-eight plaintiffs (all individual claims joined in one action) sued the Company, MMAC, and Harding in the Québec Superior Court claiming approximately $5 million in damages for economic loss and pain and suffering, and asserting similar allegations as in the Class Action and the AGQ Action. The majority of the plaintiffs opted-out of the Class Action and all but two are also plaintiffs in litigation against the Company, described in paragraph 7 below. This action is stayed pending determination of the consolidated claims described above.

(6)The MMAR U.S. bankruptcy estate representative commenced an action against the Company in November 2014 in the Maine Bankruptcy Court claiming that the Company failed to abide by certain regulations and seeking approximately U.S. $30 million in damages for MMAR’s loss in business value according to an expert report filed by the bankruptcy estate. This action asserts that the Company knew or ought to have known that the shipper misclassified the petroleum crude oil and therefore should have refused to transport it. Summary judgement motion was argued and taken under advisement on June 9, 2022. On May 23, 2023, the case management judge stayed the proceedings pending the outcome of the appeal in the Canadian consolidated claims. On April 18, 2025, the Court lifted the stay and ordered briefing concerning the Company’s request for summary judgement based on the preclusive effect of matters decided in other Lac-Mégantic cases. The Court would address that basis for summary judgement first, then would address other arguments for summary judgement, if necessary, afterwards. On October 8, 2025, the Court heard the Company's summary judgement motion. On April 21, 2026, the Court granted CPKC’s motion for summary judgement, dismissing the bankruptcy estate representative’s claims. The deadline for any appeal passed in May 2026 and no appeal was filed.

(7)The class and mass tort action commenced against the Company in June 2015 in Texas (on behalf of Lac-Mégantic residents and wrongful death representatives) and the wrongful death and personal injury actions commenced against the Company in June 2015 in Illinois and Maine, were all transferred and consolidated in Federal District Court in Maine (the “Maine Actions”). The Maine Actions allege that the Company negligently misclassified and improperly packaged the petroleum crude oil. On the Company’s motion, the Maine Actions were dismissed. The plaintiffs appealed the dismissal decision to the U.S. First Circuit Court of Appeals, which dismissed the plaintiffs' appeal on June 2, 2021. The plaintiffs further petitioned the U.S. First Circuit Court of Appeals for a rehearing, which was denied on September 8, 2021. On January 24, 2022, the plaintiffs further appealed to the U.S. Supreme Court on two bankruptcy procedural grounds. On May 31, 2022, the U.S. Supreme Court denied the petition, thereby rejecting the plaintiffs' appeal.

(8)The trustee for the wrongful death trust commenced Carmack Amendment claims against the Company in North Dakota Federal Court, seeking to recover approximately U.S. $6 million for damaged rail cars and lost crude oil and reimbursement for the settlement paid by the consignor and the consignee under the Plans (alleged to be U.S. $110 million and U.S. $60 million, respectively). The Court issued an Order on August 6, 2020 granting and denying in parts the parties' summary judgement motions which has been reviewed and confirmed following motions by the parties for clarification and reconsideration. Final briefs of dispositive motions for summary judgement and for reconsideration on tariff applicability were submitted on September 30, 2022. On January 20, 2023, the Court granted in part the Company's summary judgement motion by dismissing all claims for recovery of settlement payments but leaving for trial the determination of the value of the lost crude oil. It also dismissed the Company's motion for reconsideration on tariff applicability. The remaining issues of the value of the lost crude oil and applicability of judgement reduction provisions did not require trial, and were fully briefed in 2024. On January 5, 2024, the Court issued its decision finding that the Company was liable for approximately U.S. $3.9 million plus pre-judgement interest, but declined to determine whether judgement reduction provisions were applicable, referring the parties to a court in Maine on that issue. On January 18, 2024, the Company filed a motion for reconsideration for the Court to apply the judgement reduction provisions. On January 19, 2024, the trustee for the wrongful death trust filed a Notice of Appeal for the January 5, 2024 decision, as well as prior decisions. On February 23, 2024, the Court denied the Company’s motion for reconsideration, again referring the parties to a court in Maine to apply the judgement reduction provision. On March 6, 2024, the Company filed its notice of appeal of this latest ruling, as well as prior decisions. The appeal was heard on March 18, 2025. On July 3, 2025, the U.S. Eighth Circuit Court of Appeals unanimously allowed the Company’s appeal, reversing the district court decision and remanding the matter back to the district court for a complete reduction of the judgement against the Company. On July 17, 2025, the trustee for the wrongful death trust petitioned the U.S. Eighth Circuit Court of Appeals for a rehearing. On August 7, 2025, the U.S. Eighth Circuit Court of Appeals denied the petition for a rehearing. The deadline for any petition to the U.S. Supreme Court for certiorari passed in November 2025 and no petition was filed.

At this stage of the proceedings, any potential responsibility and the quantum of potential losses cannot be determined. Nevertheless, the Company denies liability and is vigorously defending these proceedings.
Court decision related to Remington Development Corporation legal claim

On October 20, 2022, the Court of King’s Bench of Alberta issued a decision in a claim brought by Remington Development Corporation (“Remington”) against the Company and the Province of Alberta (“Alberta”) with respect to an alleged breach of contract by the Company in relation to the sale of certain properties in Calgary. In its decision, the Court found the Company had breached its contract with Remington and Alberta had induced the contract breach. The Court found the Company and Alberta liable for damages of approximately $164 million plus interest and costs, and subject to an adjustment to the acquisition value of the property. In a further decision on August 30, 2023, the Court determined that adjustment and set the total damages at $165 million plus interest and costs. On October 20, 2023, the Court determined the costs payable to Remington, however, the Court had not provided any indication of how the damages, which were estimated to total approximately $232 million as at June 30, 2025, should be apportioned between the Company and Alberta. On November 17, 2022, the Company filed an appeal of the Court’s decision. On April 11, 2024, the Court of Appeal of Alberta ("ABCA") stayed the judgement pending the outcome of the appeal. On September 10, 2024, the ABCA heard the Company's appeal and reserved its decision. On July 2, 2025, the ABCA unanimously allowed the Company’s appeal and set aside the trial judgement and costs order. A majority of the ABCA ordered a new trial in the Court of King’s Bench. On September 26, 2025, Remington sought leave to appeal the ABCA’s decision to the Supreme Court of Canada. On July 2, 2026, the Supreme Court of Canada dismissed Remington's application for leave to appeal the ABCA's decision.

2014 tax assessment

On April 13, 2022, the Servicio de Administracion Tributaria ("SAT") delivered an audit assessment of CPKCM’s 2014 tax returns (the "2014 Assessment"). As at June 30, 2026, the 2014 Assessment, including inflation, interest, and penalties was Mexican Pesos ("Ps.") 6,667 million ($540 million).

On July 7, 2022, CPKCM filed an administrative appeal (the “Administrative Appeal”) before the SAT, seeking to revoke the 2014 Assessment on the basis that the SAT’s notification of the 2014 Assessment through the tax mailbox was not legal, because it was in violation of a tax mailbox injunction previously granted to CPKCM on March 19, 2015. On September 26, 2022, the SAT dismissed the Administrative Appeal, on the basis that it was not a timely submission (the “Administrative Appeal Resolution”).

On October 10, 2022, CPKCM submitted an annulment lawsuit (the "Annulment Lawsuit") before the Federal Administrative Court (the "Administrative Court"), challenging the 2014 Assessment, its notification, and the Administrative Appeal Resolution. On April 24, 2024, the Administrative Court resolved the Annulment Lawsuit, confirming the Administrative Appeal Resolution and the 2014 Assessment (the "Administrative Court Resolution").

On June 21, 2024, CPKCM challenged the Administrative Court Resolution by submitting an Amparo appeal (Demanda de Amparo) before the Collegiate Circuit Courts (Tribunales Colegiados de Circuito). On June 4, 2025, the Twenty Third Collegiate Court of the First Circuit (the "Circuit Court") unanimously granted CPKCM’s Amparo petition, vacating the prior decision and sending the matter back to the Administrative Court with an order to issue a new resolution addressing CPKCM’s arguments that were presented in the Annulment Lawsuit. On June 25, 2025, the Administrative Court resolved the Annulment Lawsuit unfavourably to CPKCM (the "2025 Administrative Court Resolution"). On August 19, 2025, CPKCM submitted a new Amparo appeal challenging the 2025 Administrative Court Resolution. On September 8, 2025, the Circuit Court admitted the Amparo appeal submitted by CPKCM. CPKCM expects to prevail based on the technical merits of its case.

On August 20, 2025, derived from the submission of the Amparo appeal, the Administrative Court issued a resolution granting an injunction against the enforcement and collection of the 2014 Assessment, as long as the 2014 Assessment is duly guaranteed.

On March 24, 2026, CPKC filed with the International Centre for Settlement of Investment Disputes ("ICSID") a Request for Arbitration against the United Mexican States, under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership ("CPTPP"), for the actions taken by the SAT in connection with the 2014 Assessment. On April 27, 2026, the ICSID registered the Request for Arbitration filed by the Company, which is a procedural step taken to preserve CPKCM’s legal rights under the CPTPP.

Environmental liabilities

Environmental remediation accruals, recognized on an undiscounted basis unless a reliable, determinable estimate as to an amount and timing of costs can be established, cover site-specific remediation programs.
The accruals for environmental remediation represent the Company’s best estimate of its probable future obligation and include both asserted and unasserted claims, without reduction for anticipated recoveries from third parties. Although the recognized accruals include the Company’s best estimate of all probable costs, the Company’s total environmental remediation costs cannot be predicted with certainty. Accruals for environmental remediation may change from time to time as new information about previously untested sites becomes known, and as environmental laws and regulations evolve and advances are made in environmental remediation technology. The accruals may also vary as the courts decide legal proceedings against outside parties responsible for contamination. These potential charges, which cannot be quantified at this time, may materially affect income in the particular period in which a charge is recognized. Costs related to existing, but as yet unknown, or future contamination will be accrued in the period in which they become probable and reasonably estimable.

Provisions for environmental remediation costs are recognized in the Company's Interim Consolidated Balance Sheets in “Other long-term liabilities”, except for the current portion, which is recognized in “Accounts payable and accrued liabilities”. The total amount provided as at June 30, 2026 was $248 million (December 31, 2025 - $241 million). Payments are expected to be made over 10 years through 2035.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Description of business and basis of presentation (Policies)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation
These unaudited interim consolidated financial statements ("Interim Consolidated Financial Statements") have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"). They do not include all of the information required for a complete set of annual financial statements prepared in accordance with GAAP and should be read in conjunction with the Company's audited consolidated financial statements as at and for the year ended December 31, 2025 ("last annual consolidated financial statements"). Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company's financial position and results of operations since the last annual consolidated financial statements. These Interim Consolidated Financial Statements have been prepared using the same significant accounting policies used in the last annual consolidated financial statements, except for the adoption of new accounting standards (see Note 2). Amounts are stated in Canadian dollars unless otherwise noted.

The Company's operations and income for interim periods can be affected by seasonal fluctuations such as changes in customer demand and weather conditions, and may not be indicative of annual results.
Recently adopted accounting standards & Accounting standards not yet adopted
Accounting Standards Update ("ASU") 2025-05 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets

On January 1, 2026, the Company prospectively adopted ASU 2025-05, which simplifies estimating credit losses on current accounts receivable and current contract assets. Under the new guidance, CPKC elected to adopt a practical expedient allowing the Company to assume that conditions existing as of the balance sheet date will remain unchanged over the remaining life of the asset when developing reasonable and supportable forecasts for estimating expected credit losses. Adoption of ASU 2025-05 did not have a material impact on the Company's Interim Consolidated Financial Statements.

Other accounting standards that became effective during the three and six months ended June 30, 2026, did not have a material impact on the Company's Interim Consolidated Financial Statements. Recently issued accounting pronouncements are not expected to have a material impact on the Company's financial position or results of operations upon adoption.
v3.26.1
Revenues (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents disaggregated information about the Company’s revenues from contracts with customers by major source:

For the three months ended June 30For the six months ended June 30
(in millions of Canadian dollars)2026202520262025
Grain$925 $743 $1,796 $1,531 
Coal209 256 435 513 
Potash184 167 333 323 
Fertilizers and sulphur110 98 222 212 
Forest products198 195 379 412 
Energy, chemicals and plastics777 712 1,477 1,470 
Metals, minerals and consumer products524 444 962 892 
Automotive403 330 699 645 
Intermodal758 684 1,413 1,358 
Total freight revenues4,088 3,629 7,716 7,356 
Non-freight excluding leasing revenues49 44 94 85 
Revenues from contracts with customers4,137 3,673 7,810 7,441 
Leasing revenues27 26 55 53 
Total revenues$4,164 $3,699 $7,865 $7,494 
v3.26.1
Earnings per share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
For the three months ended June 30For the six months ended June 30
(in millions, except per share data)2026202520262025
Net income attributable to controlling shareholders$1,024 $1,234 $1,870 $2,144 
Weighted-average basic shares outstanding886.4 923.8 891.6 928.4 
Dilutive effect of stock options0.7 1.0 0.6 1.1 
Weighted-average diluted shares outstanding887.1 924.8 892.2 929.5 
Earnings per share - basic$1.16 $1.34 $2.10 $2.31 
Earnings per share - diluted$1.15 $1.33 $2.10 $2.31 
v3.26.1
Changes in Accumulated other comprehensive income ("AOCI") by component (Tables)
 6 Months Ended
Jun. 30, 2026
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Changes in Accumulated Other Comprehensive Income by Component
Changes in AOCI attributable to controlling shareholders, net of tax, by component are as follows:

For the three months ended June 30
(in millions of Canadian dollars)Foreign currency net of hedging activitiesDerivativesPension and post-
retirement defined
benefit plans		Equity accounted investmentsTotal
Opening balance, April 1, 2026$2,365 $8 $(601)$3 $1,775 
Other comprehensive income before reclassifications649 — — 1 650 
Amounts reclassified from AOCI— (1)— — (1)
Net other comprehensive income (loss)649 (1)— 1 649 
Balance as at June 30, 2026$3,014 $7 $(601)$4 $2,424 
Opening balance, April 1, 2025$3,385 $10 $(737)$(5)$2,653 
Other comprehensive (loss) income before reclassifications(1,707)— — 3 (1,704)
Amounts reclassified from AOCI— 1 1 — 2 
Net other comprehensive (loss) income(1,707)1 1 3 (1,702)
Balance as at June 30, 2025$1,678 $11 $(736)$(2)$951 

For the six months ended June 30
Foreign currency net of hedging activitiesDerivativesPension and post-retirement defined benefit plansEquity accounted investmentsTotal
Opening balance, January 1, 2026$1,829 $9 $(602)$2 $1,238 
Other comprehensive income before reclassifications1,185 — — 2 1,187 
Amounts reclassified from AOCI— (2)1 — (1)
Net other comprehensive income (loss)1,185 (2)1 2 1,186 
Balance as at June 30, 2026$3,014 $7 $(601)$4 $2,424 
Opening balance, January 1, 2025$3,413 $10 $(738)$(5)$2,680 
Other comprehensive (loss) income before reclassifications(1,735)— — 3 (1,732)
Amounts reclassified from AOCI— 1 2 — 3 
Net other comprehensive (loss) income(1,735)1 2 3 (1,729)
Balance as at June 30, 2025$1,678 $11 $(736)$(2)$951 
v3.26.1
Accounts receivable, net (Tables)
 6 Months Ended
Jun. 30, 2026
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule of Accounts Receivable, Net
(in millions of Canadian dollars)As at June 30, 2026As at December 31, 2025
Total accounts receivable$2,371 $2,146 
Allowance for credit losses(118)(117)
Total accounts receivable, net$2,253 $2,029 
v3.26.1
Share repurchases (Tables)
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Schedule of Share Repurchase Program
The following table provides activities under the share repurchase program:

For the three months ended June 30For the six months ended June 30
2026202520262025
Number of Common Shares repurchased(1)
10,855,69912,882,45416,591,60616,363,112 
Weighted-average price per share(2)
$119.60 $108.52 $117.18 $108.34 
Amount of repurchase (in millions of Canadian dollars)(1)(2)
$1,298 $1,398 $1,944 $1,773 
(1) Includes shares repurchased but not yet cancelled at end of period.
(2) Includes brokerage fees and applicable tax on share repurchases.
v3.26.1
Pension and other benefits (Tables)
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Net Periodic Benefit Cost for Defined Benefit Pension Plans and Other Benefits
Net periodic benefit (recovery) cost for defined benefit pension plans and other benefits included the following components:        

For the three months ended June 30
PensionsOther benefitsTotal
(in millions of Canadian dollars)202620252026202520262025
Current service cost $19 $21 $3 $4 $22 $25 
Other components of net periodic benefit (recovery) cost:
Interest cost on benefit obligation118 116 6 6 124 122 
Expected return on plan assets(234)(231)— — (234)(231)
Recognized net actuarial (gain) loss(1)2 — (1)(1)1 
Amortization of prior service costs1 1 — — 1 1 
Total other components of net periodic benefit (recovery) cost(116)(112)6 5 (110)(107)
Net periodic benefit (recovery) cost$(97)$(91)$9 $9 $(88)$(82)

For the six months ended June 30
PensionsOther benefitsTotal
(in millions of Canadian dollars)202620252026202520262025
Current service cost $38 $42 $6 $7 $44 $49 
Other components of net periodic benefit (recovery) cost:
Interest cost on benefit obligation236 233 11 11 247 244 
Expected return on plan assets(468)(463)— — (468)(463)
Recognized net actuarial (gain) loss(2)4 — (1)(2)3 
Amortization of prior service costs3 2 — — 3 2 
Total other components of net periodic benefit (recovery) cost(231)(224)11 10 (220)(214)
Net periodic benefit (recovery) cost$(193)$(182)$17 $17 $(176)$(165)
v3.26.1
Description of business and basis of presentation (Details)
mi in Thousands
 6 Months Ended
Jun. 30, 2026
segment
mi
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Miles of transportation network | mi 20
Number of operating segments | segment 1
v3.26.1
Revenues (Details) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers $ 4,137 $ 3,673 $ 7,810 $ 7,441
Leasing revenues 27 26 55 53
Total revenues 4,164 3,699 7,865 7,494
Freight        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 4,088 3,629 7,716 7,356
Total revenues 4,088 3,629 7,716 7,356
Grain        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 925 743 1,796 1,531
Coal        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 209 256 435 513
Potash        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 184 167 333 323
Fertilizers and sulphur        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 110 98 222 212
Forest products        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 198 195 379 412
Energy, chemicals and plastics        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 777 712 1,477 1,470
Metals, minerals and consumer products        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 524 444 962 892
Automotive        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 403 330 699 645
Intermodal        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 758 684 1,413 1,358
Non-freight excluding leasing revenues        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers $ 49 $ 44 $ 94 $ 85
v3.26.1
Gain on sale of equity investment (Details)
$ in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Apr. 01, 2025
USD ($)
Jun. 30, 2026
CAD ($)
Jun. 30, 2025
CAD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
CAD ($)
Jun. 30, 2025
CAD ($)
Schedule of Equity Method Investments [Line Items]            
Proceeds from sale of equity investment   $ 0 $ 493   $ 0 $ 493
Gain on sale of equity investment   $ 0 333   $ 0 333
Panama Canal Railway Company            
Schedule of Equity Method Investments [Line Items]            
Equity method investment, ownership percentage sold 50.00%          
Equity method investments, Gross sale amount $ 350          
Proceeds from sale of equity investment     493 $ 344    
Gain on sale of equity investment     333 232   $ 333
Gain on sale of equity investment, after tax     $ 282 $ 196    
v3.26.1
Income taxes (Details)
$ in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
CAD ($)
Jun. 30, 2025
CAD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
CAD ($)
Jun. 30, 2025
CAD ($)
Income Tax Disclosure [Abstract]          
Effective tax rate 24.65% 22.45% 22.45% 24.63% 23.26%
Effective tax rate, excluding discrete items 24.75% 24.50% 24.50% 24.75% 24.50%
Advisory costs $ 14     $ 27  
Business Combination [Line Items]          
Gain on sale of equity investment 0 $ 333   0 $ 333
Panama Canal Railway Company          
Business Combination [Line Items]          
Gain on sale of equity investment   333 $ 232   333
KCS          
Business Combination [Line Items]          
Amortization of fair value adjustments 94 96   187 190
Acquisition-related costs $ 27 $ 19   $ 36 $ 39
v3.26.1
Earnings per share - Schedule of Earnings per Share (Details) - CAD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Earnings Per Share [Abstract]        
Net income attributable to controlling shareholders $ 1,024 $ 1,234 $ 1,870 $ 2,144
Weighted-average basic shares outstanding (in shares) 886.4 923.8 891.6 928.4
Dilutive effect of stock options (in shares) 0.7 1.0 0.6 1.1
Weighted-average diluted shares outstanding (in shares) 887.1 924.8 892.2 929.5
Earnings per share - basic (in dollars per share) $ 1.16 $ 1.34 $ 2.10 $ 2.31
Earnings per share - diluted (in dollars per share) $ 1.15 $ 1.33 $ 2.10 $ 2.31
v3.26.1
Earnings per share - Narrative (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Stock Options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Number of options excluded from the computation of diluted earnings per share (in shares) 0.3 1.8 0.8 1.6
v3.26.1
Changes in Accumulated other comprehensive income ("AOCI") by component (Details) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 47,416 $ 49,243 $ 46,825 $ 48,890
Net other comprehensive income (loss) 667 (1,756) 1,220 (1,784)
Ending balance 47,607 47,147 47,607 47,147
Accumulated other comprehensive income (loss)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 1,775 2,653 1,238 2,680
Other comprehensive income (loss) before reclassifications 650 (1,704) 1,187 (1,732)
Amounts reclassified from AOCI (1) 2 (1) 3
Net other comprehensive income (loss) 649 (1,702) 1,186 (1,729)
Ending balance 2,424 951 2,424 951
Foreign currency net of hedging activites        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 2,365 3,385 1,829 3,413
Other comprehensive income (loss) before reclassifications 649 (1,707) 1,185 (1,735)
Amounts reclassified from AOCI 0 0 0 0
Net other comprehensive income (loss) 649 (1,707) 1,185 (1,735)
Ending balance 3,014 1,678 3,014 1,678
Derivatives        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 8 10 9 10
Other comprehensive income (loss) before reclassifications 0 0 0 0
Amounts reclassified from AOCI (1) 1 (2) 1
Net other comprehensive income (loss) (1) 1 (2) 1
Ending balance 7 11 7 11
Pension and post - retirement defined benefit plans        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (601) (737) (602) (738)
Other comprehensive income (loss) before reclassifications 0 0 0 0
Amounts reclassified from AOCI 0 1 1 2
Net other comprehensive income (loss) 0 1 1 2
Ending balance (601) (736) (601) (736)
Equity accounted investments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 3 (5) 2 (5)
Other comprehensive income (loss) before reclassifications 1 3 2 3
Amounts reclassified from AOCI 0 0 0 0
Net other comprehensive income (loss) 1 3 2 3
Ending balance $ 4 $ (2) $ 4 $ (2)
v3.26.1
Accounts receivable, net (Details) - CAD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Total accounts receivable $ 2,371 $ 2,146
Allowance for credit losses (118) (117)
Total accounts receivable, net $ 2,253 $ 2,029
v3.26.1
Debt (Details)
$ in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2026
CAD ($)
Jun. 30, 2026
CAD ($)
Mar. 27, 2026
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
CAD ($)
The Facility | Revolving Credit Facility            
Debt Instrument [Line Items]            
Maximum borrowing capacity (up to) $ 2,200          
3.700% 10.5-year Notes | Senior Notes            
Debt Instrument [Line Items]            
Repayment of note $ 250 $ 339        
Interest rate 3.70%   3.70%      
Debt term 10 years 6 months 10 years 6 months        
3.125% 10-Year Notes | Senior Notes            
Debt Instrument [Line Items]            
Repayment of note $ 250 $ 345        
Interest rate 3.125%   3.125%      
Debt term 10 years 10 years        
4.00% 3-year Note            
Debt Instrument [Line Items]            
Proceeds from issuance of unsecured debt $ 597 $ 816        
4.00% 3-year Note | Unsecured Debt            
Debt Instrument [Line Items]            
Interest rate 4.00%   4.00%      
Debt term 3 years 3 years        
Debt instrument, face amount $ 600   $ 821      
5.50% 30-year Note            
Debt Instrument [Line Items]            
Proceeds from issuance of unsecured debt $ 589 $ 805        
5.50% 30-year Note | Unsecured Debt            
Debt Instrument [Line Items]            
Interest rate 5.50%   5.50%      
Debt term 30 years 30 years        
Debt instrument, face amount $ 600   $ 821      
2-Year Credit Facility | Line of Credit | Revolving Credit Facility            
Debt Instrument [Line Items]            
Debt term 2 years 2 years        
Line of credit facility, current borrowing capacity $ 1,100          
5-Year Credit Facility | Line of Credit | Revolving Credit Facility            
Debt Instrument [Line Items]            
Debt term 5 years 5 years        
Line of credit facility, current borrowing capacity $ 1,100          
Commercial Paper | Commercial Paper Program            
Debt Instrument [Line Items]            
Maximum borrowing capacity (up to)       $ 2,200 $ 1,500  
Commercial Paper | Unsecured Debt            
Debt Instrument [Line Items]            
Commercial paper borrowings $ 1,028   $ 1,461   $ 850 $ 1,165
Weighted average interest rate 2.70%   2.70%   4.02% 4.02%
v3.26.1
Financial instruments (Details) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Schedule of Investments [Line Items]          
Long-term debt, excluding commercial paper $ 23,686   $ 23,686   $ 22,023
Long-term debt, fair value 22,182   22,182   $ 20,740
Net Investment Hedge          
Schedule of Investments [Line Items]          
Gain (loss) on net investment hedge $ (134) $ 299 $ (257) $ 305  
v3.26.1
Share repurchases - Narrative (Details) - CAD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended 8 Months Ended
Jun. 30, 2026
Jun. 30, 2026
Oct. 29, 2025
Feb. 02, 2026
Mar. 03, 2025
February 2026 Normal Course Issuer Bid (NCIB)          
Share Repurchase Program [Line Items]          
Common Shares authorized to be repurchased       44.9  
Share Repurchase Program, Accrued Tax Liability $ 25 $ 36      
March 2025 Normal Course Issuer Bid (NCIB)          
Share Repurchase Program [Line Items]          
Common Shares authorized to be repurchased         37.3
Common Shares repurchased (in shares)     37.3    
v3.26.1
Share repurchases - Schedule of Repurchase Program (Details) - CAD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Stockholders' Equity Note [Abstract]        
Number of Common Shares repurchased (in shares) 10,855,699 12,882,454 16,591,606 16,363,112
Weighted-average price per share (CAD per share) $ 119.60 $ 108.52 $ 117.18 $ 108.34
Amount of repurchase $ 1,298 $ 1,398 $ 1,944 $ 1,773
v3.26.1
Pension and other benefits - Narrative (Details) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Pensions        
Defined Benefit Plan Disclosure [Line Items]        
(Refund), net of contributions made by the Company $ (1) $ 4 $ 2 $ 8
v3.26.1
Pension and other benefits - Net Periodic Benefit Cost for DB Pension Plans and Other Benefits (Details) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Defined Benefit Plan and Other Postretirement Benefit Plans        
Current service cost $ 22 $ 25 $ 44 $ 49
Other components of net periodic benefit (recovery) cost:        
Interest cost on benefit obligation 124 122 247 244
Expected return on plan assets (234) (231) (468) (463)
Recognized net actuarial (gain) loss (1) 1 (2) 3
Amortization of prior service costs 1 1 3 2
Total other components of net periodic benefit (recovery) cost (110) (107) (220) (214)
Net periodic benefit (recovery) cost (88) (82) (176) (165)
Pensions        
Defined Benefit Plan and Other Postretirement Benefit Plans        
Current service cost 19 21 38 42
Other components of net periodic benefit (recovery) cost:        
Interest cost on benefit obligation 118 116 236 233
Expected return on plan assets (234) (231) (468) (463)
Recognized net actuarial (gain) loss (1) 2 (2) 4
Amortization of prior service costs 1 1 3 2
Total other components of net periodic benefit (recovery) cost (116) (112) (231) (224)
Net periodic benefit (recovery) cost (97) (91) (193) (182)
Other benefits        
Defined Benefit Plan and Other Postretirement Benefit Plans        
Current service cost 3 4 6 7
Other components of net periodic benefit (recovery) cost:        
Interest cost on benefit obligation 6 6 11 11
Expected return on plan assets 0 0 0 0
Recognized net actuarial (gain) loss 0 (1) 0 (1)
Amortization of prior service costs 0 0 0 0
Total other components of net periodic benefit (recovery) cost 6 5 11 10
Net periodic benefit (recovery) cost $ 9 $ 9 $ 17 $ 17
v3.26.1
Stock-based compensation - Narrative (Details) - CAD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2025
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Stock-based compensation expense   $ 94   $ 59 $ 143 $ 92  
Stock Options              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of options issued (in shares)         1,189,411    
Options issued, weighted average price per share (In cad per share)         $ 104.69    
Expiration period (in years)         7 years    
Stock options grant date fair value         $ 30    
Stock Options | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period (in years or months)         12 months    
Stock Options | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period (in years or months)         48 months    
Performance Share Units (PSUs)              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Units issued (in shares)         629,722   544,175
Grant date fair value         $ 66    
Number of trading days         30 days    
Cash payout of associated shares (in shares)     461,766        
Performance Share Units (PSUs) | Share-based Payment Arrangement, Tranche One              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
PSU payout percentage         91.00%    
Cash payout     $ 42        
Performance Deferred Share Units (PDSUs)              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Units issued (in shares)         20,386   26,333
Grant date fair value         $ 3    
Number of units that can be granted as percentage of shares acquired   25.00%     25.00%    
Vested in period (in shares) 26,555            
Payout in future periods $ 3            
PSUs and PDSUs | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period (in years or months)         3 years    
PSUs and PDSUs | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period (in years or months)         4 years    
v3.26.1
Contingencies (Details)
$ in Millions, $ in Millions, $ in Millions
 6 Months Ended
Jan. 05, 2024
USD ($)
Oct. 20, 2023
CAD ($)
Aug. 30, 2023
CAD ($)
Jan. 13, 2023
plaintiff
Oct. 20, 2022
CAD ($)
Jan. 24, 2022
procedural_ground
Jun. 30, 2026
CAD ($)
claim
plaintiff
Jun. 30, 2026
USD ($)
plaintiff
Jun. 30, 2026
MXN ($)
plaintiff
Dec. 31, 2025
CAD ($)
Commitments and Contingencies [Line Items]                    
Accrual for Environmental Loss Contingencies             $ 248     $ 241
Term for expected payments to be made             10 years 10 years 10 years  
Foreign Tax Authority | Mexican Tax Authority | Tax Year 2014                    
Commitments and Contingencies [Line Items]                    
Tax assessment amount             $ 540   $ 6,667  
WD Trustee                    
Commitments and Contingencies [Line Items]                    
Damages awarded $ 3.9                  
Lac-Megantic Rail Accident                    
Commitments and Contingencies [Line Items]                    
Number of plaintiffs | plaintiff       3            
Lac-Megantic Rail Accident | Claimed derailment damages                    
Commitments and Contingencies [Line Items]                    
Amount of fund to be distributed             440      
Lac-Megantic Rail Accident | Quebec Minister of Sustainable Development, Environment, Wildlife and Parks                    
Commitments and Contingencies [Line Items]                    
Value of damages sought             95      
Lac-Megantic Rail Accident | Attorney General of Quebec                    
Commitments and Contingencies [Line Items]                    
Value of damages sought             231      
Initial value of damages sought             409      
Lac-Megantic Rail Accident | Initial Subrogated Insurers | Subrogated insurance claim                    
Commitments and Contingencies [Line Items]                    
Value of damages sought             14      
Initial value of damages sought             $ 16      
Number of subrogated insurer claims | claim             8      
Lac-Megantic Rail Accident | Additional Subrogated Insurers | Subrogated insurance claim                    
Commitments and Contingencies [Line Items]                    
Value of damages sought             $ 3      
Number of subrogated insurer claims | claim             2      
Lac-Megantic Rail Accident | Class Action Plaintiffs                    
Commitments and Contingencies [Line Items]                    
Value of damages sought             $ 5      
Number of plaintiffs | plaintiff             48 48 48  
Number of plaintiffs who opted out | plaintiff             2 2 2  
Number of appeals from bankruptcy procedural grounds | procedural_ground           2        
Lac-Megantic Rail Accident | MMAR Estate Representative | Damages for loss in business value                    
Commitments and Contingencies [Line Items]                    
Value of damages sought               $ 30.0    
Lac-Megantic Rail Accident | WD Trustee | Damaged rail cars and lost crude recovery                    
Commitments and Contingencies [Line Items]                    
Value of damages sought               6.0    
Lac-Megantic Rail Accident | WD Trustee | Reimbursement for settlement paid by consignor                    
Commitments and Contingencies [Line Items]                    
Value of damages sought               110.0    
Lac-Megantic Rail Accident | WD Trustee | Reimbursement for settlement paid by consignee                    
Commitments and Contingencies [Line Items]                    
Value of damages sought               $ 60.0    
Remington Development Corporation legal claim | Remington Development Corporation | Breach of contract                    
Commitments and Contingencies [Line Items]                    
Damages awarded     $ 165   $ 164          
Total estimated damage   $ 232