CANADIAN PACIFIC KANSAS CITY LTD/CN, 10-Q filed on 10/30/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Oct. 28, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
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   900,831,248
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
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 CP40  
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  
v3.25.3
INTERIM CONSOLIDATED STATEMENTS OF INCOME - CAD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues (Note 3)        
Total revenues $ 3,661 $ 3,549 $ 11,155 $ 10,672
Operating expenses        
Compensation and benefits 619 644 1,960 1,946
Fuel 415 419 1,301 1,343
Materials 114 99 362 290
Equipment rents 109 89 311 253
Depreciation and amortization 503 472 1,500 1,412
Purchased services and other 565 623 1,725 1,809
Total operating expenses 2,325 2,346 7,159 7,053
Operating income 1,336 1,203 3,996 3,619
Less:        
Other expense (income) 8 1 (1) (41)
Other components of net periodic benefit recovery (Note 12) (107) (89) (321) (265)
Net interest expense 222 192 646 598
Gain on sale of equity investment (Note 4) 0 0 (333) 0
Income before income taxes 1,213 1,099 4,005 3,327
Income before income tax expense        
Current income tax expense 307 257 921 773
Deferred income tax (recovery) expense (11) 5 24 40
Income tax expense (Note 5) 296 262 945 813
Net income 917 837 3,060 2,514
Net loss attributable to non-controlling interest (3) 0 (4) (3)
Net income attributable to controlling shareholders $ 920 $ 837 $ 3,064 $ 2,517
Earnings per share (Note 6)        
Basic earnings per share (in dollars per share) $ 1.01 $ 0.90 $ 3.32 $ 2.70
Diluted earnings per share (in dollars per share) $ 1.01 $ 0.90 $ 3.32 $ 2.69
Weighted-average number of shares (millions) (Note 6)        
Basic (in shares) 910.4 933.2 922.4 932.8
Diluted (in shares) 911.4 935.3 923.4 934.8
Dividends declared per share (in dollars per share) $ 0.228 $ 0.190 $ 0.646 $ 0.570
Freight        
Revenues (Note 3)        
Total revenues $ 3,589 $ 3,461 $ 10,945 $ 10,422
Non-freight        
Revenues (Note 3)        
Total revenues $ 72 $ 88 $ 210 $ 250
v3.25.3
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 917 $ 837 $ 3,060 $ 2,514
Net gain (loss) in foreign currency translation adjustments, net of hedging activities 654 (423) (1,104) 577
Change in derivatives designated as cash flow hedges 0 1 1 5
Change in pension and post-retirement defined benefit plans 3 12 8 35
Other comprehensive income (loss) from equity investees 3 (5) 6 (7)
Other comprehensive income (loss) before income taxes 660 (415) (1,089) 610
Income tax recovery (expense) 12 (7) (23) (1)
Net other comprehensive income (loss) 672 (422) (1,112) 609
Comprehensive income 1,589 415 1,948 3,123
Comprehensive income (loss) attributable to non-controlling interest 18 (15) (38) 16
Comprehensive income attributable to controlling shareholders $ 1,571 $ 430 $ 1,986 $ 3,107
v3.25.3
INTERIM CONSOLIDATED BALANCE SHEETS AS AT - CAD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 411 $ 739
Accounts receivable, net (Note 8) 2,118 1,968
Materials and supplies 485 457
Other current assets 259 220
Total current assets 3,273 3,384
Investments (Note 4)  472 586
Properties 55,615 56,024
Goodwill 18,724 19,350
Intangible assets 2,979 3,146
Pension asset 4,880 4,586
Other assets 746 668
Total assets 86,689 87,744
Current liabilities    
Accounts payable and accrued liabilities 2,900 2,842
Long-term debt maturing within one year (Note 9, 10) 2,301 2,819
Total current liabilities 5,201 5,661
Pension and other benefit liabilities 547 548
Other long-term liabilities 944 867
Long-term debt (Note 9, 10) 21,590 19,804
Deferred income taxes 11,748 11,974
Total liabilities 40,030 38,854
Shareholders’ equity    
Share capital 24,815 25,689
Additional paid-in capital 106 94
Accumulated other comprehensive income (Note 7) 1,602 2,680
Retained earnings 19,175 19,429
Total shareholders' equity 45,698 47,892
Non-controlling interest 961 998
Total equity 46,659 48,890
Total liabilities and equity $ 86,689 $ 87,744
v3.25.3
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating activities        
Net income $ 917 $ 837 $ 3,060 $ 2,514
Reconciliation of net income to cash provided by operating activities:        
Depreciation and amortization 503 472 1,500 1,412
Deferred income tax (recovery) expense (11) 5 24 40
Pension recovery and funding (Note 12) (93) (79) (283) (230)
Gain on sale of equity investment (Note 4) 0 0 (333) 0
Settlement of Mexican taxes (Note 5) 0 (2) (12) (2)
Settlement of foreign currency forward contracts (Note 10) 0 0 0 (65)
Other operating activities, net (55) 59 (27) (9)
Changes in non-cash working capital balances related to operations 13 (20) (144) (95)
Net cash provided by operating activities 1,274 1,272 3,785 3,565
Investing activities        
Additions to properties (860) (748) (2,314) (2,083)
Additions to Meridian Speedway properties (7) (9) (31) (29)
Proceeds from sale of properties and other assets 1 9 16 19
Proceeds from sale of equity investment (Note 4) 0 0 493 0
Other investing activities, net (16) (12) (67) 9
Net cash used in investing activities (882) (760) (1,903) (2,084)
Financing activities        
Dividends paid (205) (177) (592) (532)
Issuance of Common Shares 14 13 52 55
Purchase of Common Shares (Note 11) (1,805) 0 (3,545) 0
Repayment of long-term debt, excluding commercial paper (Note 9) (5) (89) (945) (309)
Issuance of long-term debt, excluding commercial paper (Note 9) 0 0 3,102 0
Net issuance (repayment) of commercial paper (Note 9) 1,221 (343) 46 (705)
Net repayment of short term borrowings (Note 9) 0 0 (277) 0
Other financing activities, net (2) 0 (8) 0
Net cash used in financing activities (782) (596) (2,167) (1,491)
Effect of foreign currency fluctuations on foreign-denominated cash and cash equivalents 2 (10) (43) 9
Cash position        
Net decrease in cash and cash equivalents (388) (94) (328) (1)
Cash and cash equivalents at beginning of period 799 557 739 464
Cash and cash equivalents at end of period 411 463 411 463
Supplemental cash flow information        
Income taxes paid 204 173 850 724
Interest paid $ 192 $ 157 $ 606 $ 563
v3.25.3
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, 2023     932.1        
Beginning balance at Dec. 31, 2023 $ 42,411 $ 41,492 $ 25,602 $ 88 $ (618) $ 16,420 $ 919
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 2,514 2,517       2,517 (3)
Contribution from non-controlling interest 2           2
Other comprehensive income (loss) 609 590     590   19
Dividends declared (532) (532)       (532)  
Effect of stock-based compensation expense 20 20   20      
Shares issued under stock option plan (shares)     1.2        
Shares issued under stock option plan 56 56 $ 70 (14)      
Ending balance (shares) at Sep. 30, 2024     933.3        
Ending balance at Sep. 30, 2024 45,080 44,143 $ 25,672 94 (28) 18,405 937
Beginning balance (shares) at Jun. 30, 2024     933.1        
Beginning balance at Jun. 30, 2024 44,823 43,872 $ 25,655 93 379 17,745 951
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 837 837       837 0
Contribution from non-controlling interest 1           1
Other comprehensive income (loss) (422) (407)     (407)   (15)
Dividends declared (177) (177)       (177)  
Effect of stock-based compensation expense 4 4   4      
Shares issued under stock option plan (shares)     0.2        
Shares issued under stock option plan 14 14 $ 17 (3)      
Ending balance (shares) at Sep. 30, 2024     933.3        
Ending balance at Sep. 30, 2024 45,080 44,143 $ 25,672 94 (28) 18,405 937
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 Stockholders' Equity [Roll Forward]              
Net income 3,060 3,064       3,064 (4)
Contribution from non-controlling interest 1           1
Other comprehensive income (loss) (1,112) (1,078)     (1,078)   (34)
Dividends declared (592) (592)       (592)  
Effect of stock-based compensation expense 25 25   25      
Common Shares repurchased (in shares)     (33.4)        
Common Shares repurchased (3,665) (3,665) $ (939)     (2,726)  
Shares issued under stock option plan (shares)     1.0        
Shares issued under stock option plan 52 52 $ 65 (13)      
Ending balance (shares) at Sep. 30, 2025     901.1        
Ending balance at Sep. 30, 2025 46,659 45,698 $ 24,815 106 1,602 19,175 961
Beginning balance (shares) at Jun. 30, 2025     917.9        
Beginning balance at Jun. 30, 2025 47,147 46,204 $ 25,285 105 951 19,863 943
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 917 920       920 (3)
Other comprehensive income (loss) 672 651     651   21
Dividends declared (205) (205)       (205)  
Effect of stock-based compensation expense 5 5   5      
Common Shares repurchased (in shares)     (17.0)        
Common Shares repurchased (1,892) (1,892) $ (489)     (1,403)  
Shares issued under stock option plan (shares)     0.2        
Shares issued under stock option plan 15 15 $ 19 (4)      
Ending balance (shares) at Sep. 30, 2025     901.1        
Ending balance at Sep. 30, 2025 $ 46,659 $ 45,698 $ 24,815 $ 106 $ 1,602 $ 19,175 $ 961
v3.25.3
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (PARENTHETICAL) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]        
Dividends declared per share (in dollars per share) $ 0.228 $ 0.190 $ 0.646 $ 0.570
v3.25.3
Description of business and basis of presentation
 9 Months Ended
Sep. 30, 2025
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, and intermodal freight. CPKC's Common Shares ("Common Shares") trade on the Toronto Stock Exchange 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, 2024 ("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. 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.
v3.25.3
Accounting changes
 9 Months Ended
Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Accounting changes Accounting changes
Recently adopted accounting standards

The accounting standards that have become effective during the three and nine months ended September 30, 2025 did not have a material impact on the Interim Consolidated Financial Statements.

Accounting standards not yet adopted
Recently issued accounting pronouncements are not expected to have a material impact on the Company's financial position or results of operations when they are adopted.
v3.25.3
Revenues
 9 Months Ended
Sep. 30, 2025
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 September 30For the nine months ended September 30
(in millions of Canadian dollars)2025202420252024
Grain$702 $668 $2,233 $2,063 
Coal255 248 768 693 
Potash167 144 490 461 
Fertilizers and sulphur102 91 314 298 
Forest products193 198 605 603 
Energy, chemicals and plastics701 712 2,171 2,109 
Metals, minerals and consumer products458 443 1,350 1,347 
Automotive343 333 988 956 
Intermodal668 624 2,026 1,892 
Total freight revenues3,589 3,461 10,945 10,422 
Non-freight excluding leasing revenues45 42 130 148 
Revenues from contracts with customers3,634 3,503 11,075 10,570 
Leasing revenues27 46 80 102 
Total revenues$3,661 $3,549 $11,155 $10,672 
v3.25.3
Gain on sale of equity investment
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Gain on sale of equity investments 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).
v3.25.3
Income taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
The effective income tax rate including discrete items for the three and nine months ended September 30, 2025 was 24.34% and 23.58%, respectively, compared to 23.88% and 24.44%, respectively for the same periods in 2024.

For the three months ended September 30, 2025, the effective income tax rate was 24.50%, excluding the discrete items of amortization of the fair value adjustments associated with purchase accounting of $97 million and acquisition-related costs of $13 million, both related to the Kansas City Southern ("KCS") acquisition.

For the three months ended September 30, 2024, the effective income tax rate was 24.24%, excluding the discrete items of amortization of the fair value adjustments associated with purchase accounting of $90 million and acquisition-related costs of $36 million, both related to the KCS acquisition, and adjustments to provisions and settlements of Mexican taxes of $7 million recovery recognized in "Compensation and benefits".

For the nine months ended September 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 $287 million and acquisition-related costs of $52 million, both related to the KCS acquisition.

For the nine months ended September 30, 2024, the effective income tax rate was 24.75%, excluding the discrete items of amortization of the fair value adjustments associated with purchase accounting of $264 million and acquisition-related costs of $90 million, both related to the KCS acquisition, adjustments to provisions and settlements of Mexican taxes of $3 million expense recognized in "Compensation and benefits", and a deferred income tax recovery of $3 million on the Arkansas state corporate income tax rate change.
Mexican Tax Settlements

During the nine months ended September 30, 2025, the Company received final audit letters for Kansas City Southern de México, S.A. de C.V. (also known as Canadian Pacific Kansas City Mexico) ("CPKCM") for 2021 and a payment of $11 million was made in respect of that year.

2014 Tax Assessment

CPKCM's 2014 Tax Assessment is currently in litigation (see Note 14).
v3.25.3
Earnings per share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
For the three months ended September 30For the nine months ended September 30
(in millions, except per share data)2025202420252024
Net income attributable to controlling shareholders$920 $837 $3,064 $2,517 
Weighted-average basic shares outstanding910.4 933.2 922.4 932.8 
Dilutive effect of stock options1.0 2.1 1.0 2.0 
Weighted-average diluted shares outstanding911.4 935.3 923.4 934.8 
Earnings per share - basic$1.01 $0.90 $3.32 $2.70 
Earnings per share - diluted$1.01 $0.90 $3.32 $2.69 
For the three and nine months ended September 30, 2025, there were 2.2 million and 1.8 million options, respectively, excluded from the computation of diluted earnings per share because their effects were not dilutive (three and nine months ended September 30, 2024 - 0.5 million and 0.5 million, respectively).
v3.25.3
Changes in Accumulated other comprehensive income ("AOCI") by component
 9 Months Ended
Sep. 30, 2025
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 and Accumulated other comprehensive loss ("AOCL") attributable to controlling shareholders, net of tax, by component are as follows:

For the three months ended September 30
(in millions of Canadian dollars)Foreign currency net of hedging activitiesDerivativesPension and post-
retirement defined
benefit plans		Equity accounted investmentsTotal
Opening balance, July 1, 2025$1,678 $11 $(736)$(2)$951 
Other comprehensive income before reclassifications646 — — 3 649 
Amounts reclassified from AOCI— (1)3 — 2 
Net other comprehensive income (loss)646 (1)3 3 651 
Balance as at September 30, 2025$2,324 $10 $(733)$1 $1,602 
Opening balance, July 1, 2024$1,816 $8 $(1,446)$1 $379 
Other comprehensive loss before reclassifications(412)— — (5)(417)
Amounts reclassified from AOCL— 1 9 — 10 
Net other comprehensive (loss) income(412)1 9 (5)(407)
Balance as at September 30, 2024$1,404 $9 $(1,437)$(4)$(28)
For the nine months ended September 30
Foreign currency net of hedging activitiesDerivativesPension and post-
retirement defined
benefit plans		Equity accounted investmentsTotal
Opening balance, January 1, 2025$3,413 $10 $(738)$(5)$2,680 
Other comprehensive loss before reclassifications(1,089)— — 6 (1,083)
Amounts reclassified from AOCI— — 5 — 5 
Net other comprehensive (loss) income(1,089)— 5 6 (1,078)
Balance as at September 30, 2025$2,324 $10 $(733)$1 $1,602 
Opening balance, January 1, 2024$837 $5 $(1,463)$3 $(618)
Other comprehensive income (loss) before reclassifications567 — — (7)560 
Amounts reclassified from AOCL— 4 26 — 30 
Net other comprehensive income (loss)567 4 26 (7)590 
Balance as at September 30, 2024$1,404 $9 $(1,437)$(4)$(28)
v3.25.3
Accounts receivable, net
 9 Months Ended
Sep. 30, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts receivable, net Accounts receivable, net
(in millions of Canadian dollars)As at September 30, 2025As at December 31, 2024
Total accounts receivable$2,247 $2,066 
Allowance for credit losses(129)(98)
Total accounts receivable, net$2,118 $1,968 
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
During the nine months ended September 30, 2025, the Company repaid, at maturity, the remaining balance of U.S. $642 million ($930 million) on its 2.90% 10-year notes.

Issuance of long-term debt

During the nine months ended September 30, 2025, the Company issued $500 million 4.00% 7-year unsecured notes due June 13, 2032 for net proceeds of $498 million, $600 million 4.40% 10.5-year unsecured notes due January 13, 2036 for net proceeds of $598 million, $300 million 4.80% 30-year unsecured notes due June 13, 2055 for net proceeds of $296 million, U.S. $600 million 4.80% 5-year unsecured notes due March 30, 2030 for net proceeds of U.S. $596 million ($857 million), and U.S. $600 million 5.20% 10-year unsecured notes due March 30, 2035 for net proceeds of U.S. $593 million ($853 million).

The issued notes pay interest semi-annually and carry a negative pledge.

Term credit facility

During the nine months ended September 30, 2025, the Company entered into, and fully repaid, a U.S. $500 million unsecured non-revolving term credit facility (the "term facility"). The Company presents draws and repayments on its term facility in the Interim Consolidated Statements of Cash Flows on a net basis.

Credit facility

Effective August 20, 2025, the Company amended its revolving credit facility agreement (the "facility") to extend the maturity dates of its five-year U.S. $1.1 billion facility and two-year U.S. $1.1 billion facility to June 25, 2030 and June 25, 2027, respectively. As at September 30, 2025, the facility was undrawn. As at December 31, 2024, the Company had U.S. $200 million ($288 million) drawn from the two-year U.S. $1.1 billion facility, which was subsequently repaid in full during the first quarter of 2025. The Company presents draws and repayments on the facility in the Interim Consolidated Statements of Cash Flows on a net basis.
Commercial paper program                
The Company has a commercial paper program, under which it may issue up to a maximum aggregate principal amount of U.S. $1.5 billion in the form of unsecured promissory notes. This commercial paper program is backed by the U.S. $2.2 billion facility. As at September 30, 2025, the Company had total commercial paper borrowings outstanding of U.S. $1,138 million ($1,584 million) recognized in "Long-term debt maturing within one year" on the Company's Interim Consolidated Balance Sheets (December 31, 2024 - U.S. $1,102 million ($1,586 million)). The weighted-average interest rate on these borrowings as at September 30, 2025 was 4.43% (December 31, 2024 - 4.75%). 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.
v3.25.3
Financial instruments
 9 Months Ended
Sep. 30, 2025
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 $22,306 million as at September 30, 2025 (December 31, 2024 - $20,749 million), had a fair value of $21,115 million (December 31, 2024 - $18,911 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 nine months ended September 30, 2025 was an unrealized FX loss of $123 million and unrealized FX gain of $182 million, respectively (three and nine months ended September 30, 2024 - unrealized FX gain of $56 million and unrealized FX loss of $88 million, respectively) recognized in “Other comprehensive income (loss)”.

Mexican Peso - U.S. dollar FX Forward contracts
The Company’s Mexican subsidiaries have net U.S. dollar-denominated monetary assets or liabilities which, for Mexican income tax purposes, are subject to periodic revaluation based on changes in the value of the Mexican peso ("Ps.") against the U.S dollar. This revaluation creates fluctuations in the Company’s Mexican income tax expense and the amount of income taxes paid in Mexican pesos. The Company also has monetary assets or liabilities denominated in Mexican pesos that are subject to periodic re-measurement and settlement that create fluctuations within "Other expense (income)". Until January 2024, the Company had hedged its net exposure to Ps./U.S. dollar fluctuations in earnings with foreign currency forward contracts. The foreign currency forward contracts involved the Company’s agreement to buy or sell Ps. at an agreed-upon exchange rate on a future date.

The Company measured the foreign currency derivative contracts at fair value each period and recognized any change in "Other expense (income)". The cash flows associated with these instruments were classified as "Operating activities" in the Interim Consolidated Statements of Cash Flows. The Company’s foreign currency forward contracts were executed with counterparties in the U.S. and were governed by International Swaps and Derivatives Association agreements that included standard netting arrangements.
On January 12, 2024, the Company settled all outstanding foreign currency forward contracts, resulting in a cash outflow of $65 million. During the nine months ended September 30, 2025, the Company recognized $nil related to FX currency forwards (three and nine months ended September 30, 2024 - loss of $4 million). As of September 30, 2025 the Company had no outstanding foreign currency forward contracts (December 31, 2024 - $nil).
v3.25.3
Share repurchases
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Share repurchases Share repurchases
On February 27, 2025, the Company announced a normal course issuer bid ("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. 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 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 shares repurchased (net of qualifying issuances of equity) as a direct cost of Common Share repurchases recognized in Shareholders’ equity. During the three and nine months ended September 30, 2025, the Company has accrued a liability of $37 million and $70 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 September 30For the nine months ended September 30
20252025
Number of Common Shares repurchased(1)
17,726,29634,089,408 
Weighted-average price per share(2)
$106.74$107.51
Amount of repurchase (in millions of Canadian dollars)(1)(2)
$1,892$3,665
(1) Includes shares repurchased but not yet cancelled at end of period.
(2) Includes brokerage fees and applicable tax on share repurchases.
v3.25.3
Pension and other benefits
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Pension and other benefits Pension and other benefits
During the three and nine months ended September 30, 2025, the Company made contributions to its defined benefit pension plans of $3 million and $11 million, respectively (three and nine months ended September 30, 2024 - $5 million and $10 million, respectively).

Net periodic benefit (recovery) cost for defined benefit pension plans and other benefits included the following components:        

For the three months ended September 30
PensionsOther benefitsTotal
(in millions of Canadian dollars)202520242025202420252024
Current service cost $22 $21 $3 $3 $25 $24 
Other components of net periodic benefit (recovery) cost:
Interest cost on benefit obligation117 116 5 6 122 122 
Expected return on plan assets(232)(223)— — (232)(223)
Recognized net actuarial loss1 10 — — 1 10 
Amortization of prior service costs2 2 — — 2 2 
Total other components of net periodic benefit (recovery) cost(112)(95)5 6 (107)(89)
Net periodic benefit (recovery) cost$(90)$(74)$8 $9 $(82)$(65)
For the nine months ended September 30
PensionsOther benefitsTotal
(in millions of Canadian dollars)202520242025202420252024
Current service cost $64 $63 $10 $9 $74 $72 
Other components of net periodic benefit (recovery) cost:
Interest cost on benefit obligation350 350 16 18 366 368 
Expected return on plan assets(695)(668)— — (695)(668)
Recognized net actuarial loss (gain)5 30 (1)— 4 30 
Amortization of prior service costs4 5 — — 4 5 
Total other components of net periodic benefit (recovery) cost(336)(283)15 18 (321)(265)
Net periodic benefit (recovery) cost$(272)$(220)$25 $27 $(247)$(193)
v3.25.3
Stock-based compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation Stock-based compensation
As at September 30, 2025, 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 nine months ended September 30, 2025 of $4 million and $96 million, respectively (three and nine months ended September 30, 2024 - expense of $52 million and $120 million, respectively).

Stock options plan

In the nine months ended September 30, 2025, under the Company’s stock options plan, the Company issued 967,335 options at the weighted-average price of $110.48 per share, based on the closing price on 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 $28 million.

Performance share unit plans

During the nine months ended September 30, 2025, the Company issued 611,516 Performance Share Units ("PSUs") with a grant date fair value of $68 million and 24,149 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 nine months ended September 30, 2025 is January 1, 2025 to December 31, 2027 and the performance factors are Free Cash Flow ("FCF") and Total Shareholder Return ("TSR") compared to the S&P/TSX 60 Index, TSR compared to the S&P 500 Industrials Index, and TSR compared to Class I railways.

The performance period for all of the 415,660 PSUs and 13,506 PDSUs granted in 2022 was January 1, 2022 to December 31, 2024, and the performance factors were FCF, Adjusted net debt to Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization ("EBITDA"), TSR compared to the S&P/TSX 60 Index, and TSR compared to the S&P 500 Industrials Index. The resulting payout was 120% of the outstanding units multiplied by the Company's average Common Share price calculated based on the last 30 trading days preceding December 31, 2024. In the first quarter of 2025, payouts were $48 million on 381,759 PSUs, including dividends reinvested. The 9,774 PDSUs that vested on December 31, 2024, with a fair value of $2 million, including dividends reinvested and matching units, will be paid out in future reporting periods pursuant to the DSU plan (as described above).
v3.25.3
Contingencies
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025 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. A damages trial will follow after the disposition of all appeals, if necessary.

(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 will address that basis for summary judgement first, then will address other arguments for summary judgement, if necessary, afterwards. On October 8, 2025, the Court heard the Company's summary judgement motion. The Court's decision is pending.

(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.

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.
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 September 30, 2025, the 2014 Assessment, including inflation, interest, and penalties was Ps.6,471 million ($490 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.

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.

The expense recognized in “Purchased services and other” in the Company's Interim Consolidated Statements of Income for the three and nine months ended September 30, 2025 was $3 million and $7 million respectively (three and nine months ended September 30, 2024 - $2 million and $6 million, respectively). 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 September 30, 2025 was $250 million (December 31, 2024 - $257 million). Payments are expected to be made over 10 years through 2034.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
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
v3.25.3
Description of business and basis of presentation (Policies)
 9 Months Ended
Sep. 30, 2025
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, 2024 ("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. 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
Recently adopted accounting standards

The accounting standards that have become effective during the three and nine months ended September 30, 2025 did not have a material impact on the Interim Consolidated Financial Statements.

Accounting standards not yet adopted
Recently issued accounting pronouncements are not expected to have a material impact on the Company's financial position or results of operations when they are adopted.
v3.25.3
Revenues (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30For the nine months ended September 30
(in millions of Canadian dollars)2025202420252024
Grain$702 $668 $2,233 $2,063 
Coal255 248 768 693 
Potash167 144 490 461 
Fertilizers and sulphur102 91 314 298 
Forest products193 198 605 603 
Energy, chemicals and plastics701 712 2,171 2,109 
Metals, minerals and consumer products458 443 1,350 1,347 
Automotive343 333 988 956 
Intermodal668 624 2,026 1,892 
Total freight revenues3,589 3,461 10,945 10,422 
Non-freight excluding leasing revenues45 42 130 148 
Revenues from contracts with customers3,634 3,503 11,075 10,570 
Leasing revenues27 46 80 102 
Total revenues$3,661 $3,549 $11,155 $10,672 
v3.25.3
Earnings per share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Shares Used in the Earnings Per Share Calculations
For the three months ended September 30For the nine months ended September 30
(in millions, except per share data)2025202420252024
Net income attributable to controlling shareholders$920 $837 $3,064 $2,517 
Weighted-average basic shares outstanding910.4 933.2 922.4 932.8 
Dilutive effect of stock options1.0 2.1 1.0 2.0 
Weighted-average diluted shares outstanding911.4 935.3 923.4 934.8 
Earnings per share - basic$1.01 $0.90 $3.32 $2.70 
Earnings per share - diluted$1.01 $0.90 $3.32 $2.69 
v3.25.3
Changes in Accumulated other comprehensive income ("AOCI") by component (Tables)
 9 Months Ended
Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Changes in Accumulated Other Comprehensive Income by Component
Changes in AOCI and Accumulated other comprehensive loss ("AOCL") attributable to controlling shareholders, net of tax, by component are as follows:

For the three months ended September 30
(in millions of Canadian dollars)Foreign currency net of hedging activitiesDerivativesPension and post-
retirement defined
benefit plans		Equity accounted investmentsTotal
Opening balance, July 1, 2025$1,678 $11 $(736)$(2)$951 
Other comprehensive income before reclassifications646 — — 3 649 
Amounts reclassified from AOCI— (1)3 — 2 
Net other comprehensive income (loss)646 (1)3 3 651 
Balance as at September 30, 2025$2,324 $10 $(733)$1 $1,602 
Opening balance, July 1, 2024$1,816 $8 $(1,446)$1 $379 
Other comprehensive loss before reclassifications(412)— — (5)(417)
Amounts reclassified from AOCL— 1 9 — 10 
Net other comprehensive (loss) income(412)1 9 (5)(407)
Balance as at September 30, 2024$1,404 $9 $(1,437)$(4)$(28)
For the nine months ended September 30
Foreign currency net of hedging activitiesDerivativesPension and post-
retirement defined
benefit plans		Equity accounted investmentsTotal
Opening balance, January 1, 2025$3,413 $10 $(738)$(5)$2,680 
Other comprehensive loss before reclassifications(1,089)— — 6 (1,083)
Amounts reclassified from AOCI— — 5 — 5 
Net other comprehensive (loss) income(1,089)— 5 6 (1,078)
Balance as at September 30, 2025$2,324 $10 $(733)$1 $1,602 
Opening balance, January 1, 2024$837 $5 $(1,463)$3 $(618)
Other comprehensive income (loss) before reclassifications567 — — (7)560 
Amounts reclassified from AOCL— 4 26 — 30 
Net other comprehensive income (loss)567 4 26 (7)590 
Balance as at September 30, 2024$1,404 $9 $(1,437)$(4)$(28)
v3.25.3
Accounts receivable, net (Tables)
 9 Months Ended
Sep. 30, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule of Accounts Receivable, Net
(in millions of Canadian dollars)As at September 30, 2025As at December 31, 2024
Total accounts receivable$2,247 $2,066 
Allowance for credit losses(129)(98)
Total accounts receivable, net$2,118 $1,968 
v3.25.3
Share repurchases (Tables)
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Share Repurchase Program
The following table provides activities under the share repurchase program:

For the three months ended September 30For the nine months ended September 30
20252025
Number of Common Shares repurchased(1)
17,726,29634,089,408 
Weighted-average price per share(2)
$106.74$107.51
Amount of repurchase (in millions of Canadian dollars)(1)(2)
$1,892$3,665
(1) Includes shares repurchased but not yet cancelled at end of period.
(2) Includes brokerage fees and applicable tax on share repurchases.
v3.25.3
Pension and other benefits (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30
PensionsOther benefitsTotal
(in millions of Canadian dollars)202520242025202420252024
Current service cost $22 $21 $3 $3 $25 $24 
Other components of net periodic benefit (recovery) cost:
Interest cost on benefit obligation117 116 5 6 122 122 
Expected return on plan assets(232)(223)— — (232)(223)
Recognized net actuarial loss1 10 — — 1 10 
Amortization of prior service costs2 2 — — 2 2 
Total other components of net periodic benefit (recovery) cost(112)(95)5 6 (107)(89)
Net periodic benefit (recovery) cost$(90)$(74)$8 $9 $(82)$(65)
For the nine months ended September 30
PensionsOther benefitsTotal
(in millions of Canadian dollars)202520242025202420252024
Current service cost $64 $63 $10 $9 $74 $72 
Other components of net periodic benefit (recovery) cost:
Interest cost on benefit obligation350 350 16 18 366 368 
Expected return on plan assets(695)(668)— — (695)(668)
Recognized net actuarial loss (gain)5 30 (1)— 4 30 
Amortization of prior service costs4 5 — — 4 5 
Total other components of net periodic benefit (recovery) cost(336)(283)15 18 (321)(265)
Net periodic benefit (recovery) cost$(272)$(220)$25 $27 $(247)$(193)
v3.25.3
Description of business and basis of presentation (Details)
mi in Thousands
 9 Months Ended
Sep. 30, 2025
segment
mi
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Miles of transportation network | mi 20
Number of operating segments | segment 1
v3.25.3
Revenues (Details) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers $ 3,634 $ 3,503 $ 11,075 $ 10,570
Leasing revenues 27 46 80 102
Total revenues 3,661 3,549 11,155 10,672
Freight        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 3,589 3,461 10,945 10,422
Total revenues 3,589 3,461 10,945 10,422
Grain        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 702 668 2,233 2,063
Coal        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 255 248 768 693
Potash        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 167 144 490 461
Fertilizers and sulphur        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 102 91 314 298
Forest products        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 193 198 605 603
Energy, chemicals and plastics        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 701 712 2,171 2,109
Metals, minerals and consumer products        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 458 443 1,350 1,347
Automotive        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 343 333 988 956
Intermodal        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 668 624 2,026 1,892
Non-freight excluding leasing revenues        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers $ 45 $ 42 $ 130 $ 148
v3.25.3
Gain on sale of equity investment (Details)
$ in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Apr. 01, 2025
USD ($)
Sep. 30, 2025
CAD ($)
Sep. 30, 2024
CAD ($)
Sep. 30, 2025
CAD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
CAD ($)
Schedule of Equity Method Investments [Line Items]            
Proceeds from sale of equity method investments   $ 0 $ 0 $ 493   $ 0
Gain on sale of equity investment   $ 0 $ 0 333   $ 0
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 method investments       493 $ 344  
Gain on sale of equity investment       333 232  
Equity method investment, realized gain on disposal, after tax       $ 282 $ 196  
v3.25.3
Income taxes (Details)
$ in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
CAD ($)
Sep. 30, 2024
CAD ($)
Sep. 30, 2025
CAD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
CAD ($)
Income Tax Disclosure [Abstract]          
Effective tax rate 24.34% 23.88% 23.58% 23.58% 24.44%
Effective tax rate, excluding discrete items 24.50% 24.24% 24.50% 24.50% 24.75%
Deferred income tax recovery         $ 3
Business Combination [Line Items]          
Settlement of Mexican tax audits $ 0 $ 2 $ 12   2
Schedule of Equity Method Investments [Line Items]          
Gain on sale of equity investment 0 0 333   0
Mexican Tax Authority          
Business Combination [Line Items]          
Other tax expense (recovery)   (7)     3
Settlement of Mexican tax audits     11    
Panama Canal Railway Company          
Schedule of Equity Method Investments [Line Items]          
Gain on sale of equity investment     333 $ 232  
KCS          
Business Combination [Line Items]          
Amortization of fair value adjustments 97 90 287   264
Acquisition-related costs $ 13 $ 36 $ 52   $ 90
v3.25.3
Earnings per share - Schedule of Shares Used in the Earnings Per Share Calculations (Details) - CAD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Net income attributable to controlling shareholders $ 920 $ 837 $ 3,064 $ 2,517
Weighted-average basic shares outstanding (in shares) 910.4 933.2 922.4 932.8
Dilutive effect of stock options (in shares) 1.0 2.1 1.0 2.0
Weighted-average diluted shares outstanding (in shares) 911.4 935.3 923.4 934.8
Earnings per share - basic (in dollars per share) $ 1.01 $ 0.90 $ 3.32 $ 2.70
Earnings per share - diluted (in dollars per share) $ 1.01 $ 0.90 $ 3.32 $ 2.69
v3.25.3
Earnings per share - Narrative (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
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) 2.2 0.5 1.8 0.5
v3.25.3
Changes in Accumulated other comprehensive income ("AOCI") by component (Details) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 47,147 $ 44,823 $ 48,890 $ 42,411
Net other comprehensive income (loss) 672 (422) (1,112) 609
Ending balance 46,659 45,080 46,659 45,080
Foreign currency net of hedging activities        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 1,678 1,816 3,413 837
Other comprehensive income (loss) before reclassifications 646 (412) (1,089) 567
Amounts reclassified from AOCI 0 0 0 0
Net other comprehensive income (loss) 646 (412) (1,089) 567
Ending balance 2,324 1,404 2,324 1,404
Derivatives        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 11 8 10 5
Other comprehensive income (loss) before reclassifications 0 0 0 0
Amounts reclassified from AOCI (1) 1 0 4
Net other comprehensive income (loss) (1) 1 0 4
Ending balance 10 9 10 9
Pension and post-
retirement defined
benefit plans        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (736) (1,446) (738) (1,463)
Other comprehensive income (loss) before reclassifications 0 0 0 0
Amounts reclassified from AOCI 3 9 5 26
Net other comprehensive income (loss) 3 9 5 26
Ending balance (733) (1,437) (733) (1,437)
Equity accounted investments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (2) 1 (5) 3
Other comprehensive income (loss) before reclassifications 3 (5) 6 (7)
Amounts reclassified from AOCI 0 0 0 0
Net other comprehensive income (loss) 3 (5) 6 (7)
Ending balance 1 (4) 1 (4)
Accumulated other comprehensive income (loss)        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 951 379 2,680 (618)
Other comprehensive income (loss) before reclassifications 649 (417) (1,083) 560
Amounts reclassified from AOCI 2 10 5 30
Net other comprehensive income (loss) 651 (407) (1,078) 590
Ending balance $ 1,602 $ (28) $ 1,602 $ (28)
v3.25.3
Accounts receivable, net (Details) - CAD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Total accounts receivable $ 2,247 $ 2,066
Allowance for credit losses (129) (98)
Total accounts receivable, net $ 2,118 $ 1,968
v3.25.3
Debt (Details)
$ in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Aug. 20, 2025
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2025
CAD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2025
CAD ($)
Sep. 30, 2025
CAD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
CAD ($)
2.90% 10-year Note | Senior Notes                
Debt Instrument [Line Items]                
Repayment of note       $ 642 $ 930      
Interest rate       2.90%   2.90%    
Note term       10 years 10 years      
4.00% 7-year Note                
Debt Instrument [Line Items]                
Proceeds from issuance of unsecured debt         $ 498      
4.00% 7-year Note | Unsecured Debt                
Debt Instrument [Line Items]                
Interest rate       4.00%   4.00%    
Note term       7 years 7 years      
Debt instrument, face amount           $ 500    
4.40% 10.5-year Note                
Debt Instrument [Line Items]                
Proceeds from issuance of unsecured debt         $ 598      
4.40% 10.5-year Note | Unsecured Debt                
Debt Instrument [Line Items]                
Interest rate       4.40%   4.40%    
Note term       10 years 6 months 10 years 6 months      
Debt instrument, face amount           $ 600    
4.80% 30-year Note                
Debt Instrument [Line Items]                
Proceeds from issuance of unsecured debt         $ 296      
4.80% 30-year Note | Unsecured Debt                
Debt Instrument [Line Items]                
Interest rate       4.80%   4.80%    
Note term       30 years 30 years      
Debt instrument, face amount           $ 300    
4.80% 5-year Note                
Debt Instrument [Line Items]                
Proceeds from issuance of unsecured debt       $ 596 $ 857      
4.80% 5-year Note | Unsecured Debt                
Debt Instrument [Line Items]                
Interest rate       4.80%   4.80%    
Note term       5 years 5 years      
Debt instrument, face amount       $ 600        
5.20% 10-year Note                
Debt Instrument [Line Items]                
Proceeds from issuance of unsecured debt       $ 593 $ 853      
5.20% 10-year Note | Unsecured Debt                
Debt Instrument [Line Items]                
Interest rate       5.20%   5.20%    
Note term       10 years 10 years      
Debt instrument, face amount       $ 600        
Term Facility | Unsecured Debt                
Debt Instrument [Line Items]                
Proceeds from term loan       500        
Repayments of term loan       500        
Commercial Paper | Unsecured Debt                
Debt Instrument [Line Items]                
Maximum borrowing capacity (up to)       1,500        
Commercial paper borrowings       $ 1,138   $ 1,584 $ 1,102 $ 1,586
Weighted average interest rate       4.43%   4.43% 4.75% 4.75%
Third Amended and Restated Credit Agreement | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity (up to)       $ 2,200        
5-Year Credit Facility | Line of Credit | Revolving Credit Facility                
Debt Instrument [Line Items]                
Note term 5 years              
Line of credit facility, current borrowing capacity $ 1,100              
2-Year Credit Facility | Line of Credit | Revolving Credit Facility                
Debt Instrument [Line Items]                
Note term 2 years     2 years 2 years      
Line of credit facility, current borrowing capacity $ 1,100     $ 1,100        
Long-term debt             $ 200 $ 288
Repayments of long-term debt   $ 200 $ 288          
v3.25.3
Financial instruments (Details) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 12, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Schedule of Investments [Line Items]            
Debt and finance lease liabilities, carrying value   $ 22,306   $ 22,306   $ 20,749
Debt and finance lease liabilities, fair value   21,115   21,115   18,911
Payments for settlement of foreign currency forward contracts   0 $ 0 0 $ 65  
Foreign Exchange Contract            
Schedule of Investments [Line Items]            
Payments for settlement of foreign currency forward contracts $ 65          
Loss on derivative       0 4  
Foreign currency contracts, fair value   0   0   $ 0
Net Investment Hedge            
Schedule of Investments [Line Items]            
Unrealized gain (loss) on net investment hedge   $ (123) $ 56 $ 182 $ (88)  
v3.25.3
Share repurchases - Narrative (Details) - March 2025 Normal Course Issuer Bid (NCIB) - CAD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Mar. 03, 2025
Share Repurchase Program [Line Items]      
Common Shares authorized to be repurchased     37.3
Share repurchase program, change in accrued tax liability $ 37 $ 70  
v3.25.3
Share repurchases - Schedule of Repurchase Program (Details) - CAD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Share Repurchase Program [Line Items]    
Amount of repurchase $ 1,892 $ 3,665
March 2025 Normal Course Issuer Bid (NCIB)    
Share Repurchase Program [Line Items]    
Number of Common Shares repurchased (in shares) 17,726,296 34,089,408
Weighted-average price per share (CAD per share) $ 106.74 $ 107.51
Amount of repurchase $ 1,892 $ 3,665
v3.25.3
Pension and other benefits - Narrative (Details) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pensions        
Defined Benefit Plan Disclosure [Line Items]        
Contributions made by the Company $ 3 $ 5 $ 11 $ 10
v3.25.3
Pension and other benefits - Net Periodic Benefit Cost for DB Pension Plans and Other Benefits (Details) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Defined Benefit Plan and Other Postretirement Benefit Plans        
Current service cost $ 25 $ 24 $ 74 $ 72
Other components of net periodic benefit (recovery) cost:        
Interest cost on benefit obligation 122 122 366 368
Expected return on plan assets (232) (223) (695) (668)
Recognized net actuarial loss 1 10 4 30
Amortization of prior service costs 2 2 4 5
Total other components of net periodic benefit (recovery) cost (107) (89) (321) (265)
Net periodic benefit (recovery) cost (82) (65) (247) (193)
Pensions        
Defined Benefit Plan and Other Postretirement Benefit Plans        
Current service cost 22 21 64 63
Other components of net periodic benefit (recovery) cost:        
Interest cost on benefit obligation 117 116 350 350
Expected return on plan assets (232) (223) (695) (668)
Recognized net actuarial loss 1 10 5 30
Amortization of prior service costs 2 2 4 5
Total other components of net periodic benefit (recovery) cost (112) (95) (336) (283)
Net periodic benefit (recovery) cost (90) (74) (272) (220)
Other benefits        
Defined Benefit Plan and Other Postretirement Benefit Plans        
Current service cost 3 3 10 9
Other components of net periodic benefit (recovery) cost:        
Interest cost on benefit obligation 5 6 16 18
Expected return on plan assets 0 0 0 0
Recognized net actuarial loss 0 0 (1) 0
Amortization of prior service costs 0 0 0 0
Total other components of net periodic benefit (recovery) cost 5 6 15 18
Net periodic benefit (recovery) cost $ 8 $ 9 $ 25 $ 27
v3.25.3
Stock-based compensation - Narrative (Details) - CAD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Stock-based compensation expense   $ 4   $ 52 $ 96 $ 120  
Stock Options              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of options issued (in shares)         967,335    
Options issued, weighted average price per share (In cad per share)         $ 110.48    
Expiration period (in years)         7 years    
Stock options grant date fair value         $ 28    
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)         611,516   415,660
Grant date fair value         $ 68    
Number of trading days         30 days    
Cash payout of associated shares (in shares)     381,759        
Performance Share Units (PSUs) | Share-based Payment Arrangement, Tranche One              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
PSU payout percentage         120.00%    
Cash payout     $ 48        
Performance Deferred Share Units (PDSUs)              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Units issued (in shares)         24,149   13,506
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) 9,774            
Payout in future periods $ 2            
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    
v3.25.3
Contingencies - Legal Proceedings (Details)
$ in Millions, $ in Millions
 9 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
Sep. 30, 2025
CAD ($)
plaintiff
claim
Sep. 30, 2025
USD ($)
plaintiff
claim
Damaged rail cars and lost crude recovery                
Other Commitments [Line Items]                
Damages awarded $ 3.9              
Lac-Megantic Rail Accident                
Other Commitments [Line Items]                
Number of plaintiffs | plaintiff       3        
Lac-Megantic Rail Accident | Claimed derailment damages                
Other Commitments [Line Items]                
Amount of fund to be distributed             $ 440  
Lac-Megantic Rail Accident | Quebec Minister of Sustainable Development, Environment, Wildlife and Parks                
Other Commitments [Line Items]                
Value of damages sought             95  
Lac-Megantic Rail Accident | Attorney General of Quebec                
Other Commitments [Line Items]                
Value of damages sought             231  
Initial value of damages sought             409  
Lac-Megantic Rail Accident | Initial Subrogated Insurers | Subrogated insurance claim                
Other Commitments [Line Items]                
Value of damages sought             14  
Initial value of damages sought             $ 16  
Number of subrogated insurer claims | claim             8 8
Lac-Megantic Rail Accident | Additional Subrogated Insurers | Subrogated insurance claim                
Other Commitments [Line Items]                
Value of damages sought             $ 3  
Number of subrogated insurer claims | claim             2 2
Lac-Megantic Rail Accident | Class Action Plaintiffs                
Other Commitments [Line Items]                
Value of damages sought             $ 5  
Number of plaintiffs | plaintiff             48 48
Number of plaintiffs who opted out | plaintiff             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                
Other Commitments [Line Items]                
Value of damages sought               $ 30.0
Lac-Megantic Rail Accident | WD Trustee | Damaged rail cars and lost crude recovery                
Other Commitments [Line Items]                
Value of damages sought               6.0
Lac-Megantic Rail Accident | WD Trustee | Reimbursement for settlement paid by consignor                
Other Commitments [Line Items]                
Value of damages sought               110.0
Lac-Megantic Rail Accident | WD Trustee | Reimbursement for settlement paid by consignee                
Other Commitments [Line Items]                
Value of damages sought               $ 60.0
Remington Development Corporation legal claim | Remington Development Corporation | Breach of contract                
Other Commitments [Line Items]                
Damages awarded     $ 165   $ 164      
Total estimated damage   $ 232            
v3.25.3
Contingencies - Tax Assessment (Details) - 9 months ended Sep. 30, 2025
$ in Millions, $ in Millions
MXN ($)
CAD ($)
Foreign Tax Authority | Mexican Tax Authority | Tax Year 2014    
Loss Contingencies [Line Items]    
Tax assessment amount $ 6,471 $ 490
v3.25.3
Contingencies - Environmental Liabilities (Details) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]          
Environmental remediation expense $ 3 $ 2 $ 7 $ 6  
Accrued environmental loss contingencies, noncurrent $ 250   $ 250   $ 257
Term for expected payments to be made     10 years