CP · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

Canadian Pacific Kansas City

40 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Elk Valley Resources

earns from · 7% of total Freight revenues

The Company’s Canadian coal traffic originates mainly from Elk Valley Resources' mines in the southeast region of British Columbia ("B.C.").Business (Item 1)

Canpotex Limited

earns from · 4% of total Freight revenues

Potash shipments for export beyond Canada and the U.S. are marketed by Canpotex Limited ("Canpotex") or K+S Potash Canada.Business (Item 1)

Nutrien Ltd.

earns from

Independently, The Mosaic Company, Nutrien Ltd., and K+S Potash Canada move domestic potash with the Company primarily to the U.S. Midwest for local application.Business (Item 1)

Also named by CF

The Mosaic Company

earns from

Canpotex is an export company jointly-owned by Nutrien Ltd. and The Mosaic Company.Business (Item 1)

K+S Potash Canada

earns from

Independently, The Mosaic Company, Nutrien Ltd., and K+S Potash Canada move domestic potash with the Company primarily to the U.S. Midwest for local application.Business (Item 1)

Suppliers

Rail equipment and materials suppliers

depends onnamed as a risk

Should these specialized suppliers cease production or experience capacity or supply shortages, this concentration of suppliers could result in the Company experiencing cost increases or difficulty in obtaining rail equipment and materials, which could have a material adverse effect on the Company's results of operations, financial condition, and liquidity.Risk factors (Item 1A)

Partners and platforms

CSX Corporation

depends on

In 2024, the Company and CSX Corporation created a new east-west Class I corridor that connects shippers in Mexico, Texas, and the U.S. Southeast providing customers with a new rail transportation routing option via the Southeast Mexico Express ("SMX").Business (Item 1)

Also named by NSC

Other companies

Teamsters Canada Rail Conference

depends on · annual wage increases of 3%named as a risk

The new collective agreements include annual wage increases of 3%, effective from January 1, 2024 to December 31, 2027.Business (Item 1)

Kansas City Southern (KCS)

named as a risk

The success of the KCS acquisition will depend on, among other things, the Company’s ability to successfully integrate the business of KCS with the Company's other U.S. rail carrier subsidiaries in a manner that facilitates growth opportunities, realizes anticipated synergies, and achieves the projected cost savings, revenue growth and profitability targets of the combined businesses without adversely affecting current revenues and investments in future growth.Risk factors (Item 1A)

Places

Mexico

operates innamed as a risk

The level and timing of the Company’s Mexican business activity is heavily dependent upon the level of United States-Mexican trade and the effects of current or future multinational trade agreements on such trade.Risk factors (Item 1A)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Port of Lázaro Cárdenas

depends onnamed as a risk

In addition, the Company has invested significant amounts in developing its intermodal operations, including the Port of Lázaro Cárdenas, in part to provide Asian importers with an alternative to the West Coast ports of the United States, and the level of intermodal traffic depends, to an extent, on the volume of Asian shipments routed through Lázaro Cárdenas.Risk factors (Item 1A)

Laredo gateway

subject tonamed as a risk

In addition, the Company inherited conditions previously imposed by the STB on KCS in connection with various prior KCS acquisitions, including in relation to KCS’s commitment to keep the Laredo gateway open on commercially reasonable terms in connection with its prior acquisition of The Texas Mexican Railway.Risk factors (Item 1A)

U.S. Gulf Coast

operates in

The Company is a main transportation provider of refined fuels from the U.S. Gulf Coast into Mexico.Business (Item 1)

Also named by DOW, ECL, OLN, PAA, PWR, VLO

Canadian Prairies

concentrated in

This business is centred in the Canadian Prairies (Saskatchewan, Manitoba, and Alberta), with grain shipped primarily west to the Port of Vancouver and east to the Port of Thunder Bay for export.Business (Item 1)

Port of Vancouver

depends on

The Company’s international intermodal business consists primarily of containerized traffic moving between the Port of Vancouver, the Port of Lázaro Cárdenas, the Port of Montréal, and the Port of Saint John, and inland points across North America.Business (Item 1)

Port of Thunder Bay

depends on

First-quarter revenues are typically lower mainly due to winter weather conditions which result in reduced capacity under the winter operating plan with train length restrictions, the closure of the Port of Thunder Bay, and reduced transportation of retail goods.Business (Item 1)

Hardisty Rail Terminal

operates in

The Company transports DRUbitTM on a single line haul from the Hardisty Rail Terminal in Alberta to Port Arthur, Texas.Business (Item 1)

Hazards

Hazardous materials (crude oil, ethanol, chlorine, anhydrous ammonia)

named as a risk

A train accident involving hazardous materials could result in significant claims against the Company arising from personal injury, property or natural resource damage, environmental penalties, and remediation obligations.Risk factors (Item 1A)

Also named by UNP

Teachers' protests in Mexico

named as a risk

For example, from time to time, teachers' protests in Mexico have resulted in service interruptions on CPKCM’s rights of way.Risk factors (Item 1A)

Commodities and inputs

Energy, chemicals and plastics

earns from · 20% of total Freight revenuesnamed as a risk

The Company’s Energy, chemicals and plastics business represented approximately 43% of merchandise revenues and 20% of total Freight revenues in 2025.Business (Item 1)

Grain

earns from · 22% of total Freight revenues

The Company’s Grain business represented approximately 61% of bulk revenues and 22% of total Freight revenues in 2025.Business (Item 1)

Also named by POST, TSCO, UNP

Automotive

earns from · 9% of total Freight revenues

The Company provides freight services to the majority of automotive plants in Mexico.Business (Item 1)

Diesel fuel

exposed to its pricenamed as a risk

Fuel expense constitutes a significant portion of the Company’s operating costs.Risk factors (Item 1A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CSX and 43 more

Mexican peso

exposed to its pricenamed as a risk

A weakening of the peso against the U.S. dollar would cause reported peso-denominated revenues and expenses to decrease, and could increase reported FX loss due to the Company’s net monetary assets that are peso-denominated.Risk factors (Item 1A)

Also named by AYI, AZO, BAX, CCK, CDRE, DCH, EZPW, FCFS and 14 more

Crude oil and petroleum energy transition

earns fromnamed as a risk

If such a transition occurs, demand for certain commodities, such as crude oil and petroleum, may decline, while demand for alternatives such as renewable fuels may increase, creating potential volatility in future revenue streams.Risk factors (Item 1A)

Regulators

U.S. Surface Transportation Board (STB)

subject to · seven-year oversight periodnamed as a risk

In connection with the STB's March 15, 2023 final decision, the STB imposed a number of conditions, including among others (i) commitments by the combined company to keep gateways open on commercially reasonable terms and create no new bottlenecks, (ii) environmental-related conditions, (iii) data reporting and retention requirements, and (iv) a seven-year oversight period for the STB to monitor adherence to these conditions.Risk factors (Item 1A)

Also named by BRK/B, CSX, L, NSC, SUN, SUNC, UNP

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject tonamed as a risk

Together, the FRA and the PHMSA have broad jurisdiction over railroad operating standards and practices, including track, freight cars, locomotives, and hazardous materials requirements.Risk factors (Item 1A)

Also named by AM, ATO, BKH, CHRD, CNX, CRC, CRGY, CSX and 29 more

Federal Railroad Administration (FRA)

subject tonamed as a risk

The Company’s U.S. operations are subject to economic and safety regulation by the STB and the FRA.Risk factors (Item 1A)

Also named by CSX, FCNCA, HESM, NSC, UNP, WAB

Canadian Transportation Agency

subject tonamed as a risk

The Company’s rail operations in Canada are subject to economic regulation by the Canadian Transportation Agency (the "Agency") pursuant to authorities under the CTA.Business (Item 1)

Also named by CSX

Secretaría de Infraestructura, Comunicaciones y Transportes (SICT)

subject tonamed as a risk

Revocation or termination of the Concession could have a material adverse effect on the Company’s results of operations.Risk factors (Item 1A)

Comisión Nacional Antimonopolios (CNA)

subject tonamed as a risk

If the CNA determines that there is no effective competition for particular movements, the ATTRAPI could set rates for those movements or grant limited trackage rights to another railroad while the condition of no effective competition remains.Business (Item 1)

Transportation Security Administration (TSA)

subject to

This plan also covers regulatory requirements such as TSA Cyber Security Directives and auditing requirements.Cybersecurity (Item 1C)

Also named by ALK, BKH, CHRW, CSX, DAL, EXC, EXPD, FDX and 13 more

Transport Canada

subject to

The Company’s rail operations in Canada are subject to safety and security regulatory requirements enforced by Transport Canada ("TC") pursuant to the Railway Safety Act ("RSA") and the Transportation of Dangerous Goods Act (the "TDGA").Business (Item 1)

Also named by WOR

Agencia de Trenes y Transporte Público Integrado (ATTRAPI)

subject to

Kansas City Southern de México, S.A. de C.V. (also known as Canadian Pacific Kansas City Mexico) ("CPKCM") must register its maximum rates with the ATTRAPI and make regular reports to the ATTRAPI and the Secretaría de Infraestructura, Comunicaciones y Transportes (also known as Secretariat of Infrastructure, Communications and Transportation) (the "SICT").Business (Item 1)

Laws and programs

Mexican rail Concession (CPKCM)

subject to · 1.25% of gross revenuesnamed as a risk

During the remainder of the Concession period, CPKCM is required to pay the Mexican government an annual concession duty equal to 1.25% of gross revenues.Business (Item 1)

Canada Transportation Act maximum revenue entitlement (grain)

subject to · 22% of total Freight revenues

The majority of Canadian grain shipments are regulated by the Canadian government through the Canada Transportation Act (the "CTA").Business (Item 1)

Fuel cost adjustment program

earns from · approximately 10% of the Company's Freight revenues

Fuel surcharge revenues accounted for approximately 10% of the Company's Freight revenues in 2025.Business (Item 1)

Canadian federal carbon tax

subject to · $168 million

This decrease was primarily due to lower fuel prices, which includes lower carbon levy surcharge revenue due to the elimination of the Canadian federal carbon tax program effective April 1, 2025, and the unfavourable impact from the timing of recoveries under the Company's fuel cost adjustment program, partially offset by higher volumes and the favourable impact of the change in foreign exchange ("FX") rates.Business (Item 1)

United States-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk

In addition, trade agreement reviews, including the scheduled 2026 joint review of the United States-Mexico-Canada Agreement, and any resulting changes to or non-renewal of these agreements could disrupt North American supply chains and adversely affect cross-border customer demand, pricing dynamics, and long-term capital investment patterns.Risk factors (Item 1A)

Also named by AYI, BMI, BWA, CLF, CMI, CW, DCH, DE and 29 more

Mexican tax reforms 2026

subject tonamed as a risk

For example, Mexican tax reforms effective January 1, 2026, requiring cash deposits to contest tax assessments may adversely affect our liquidity and ability to challenge such assessments.Risk factors (Item 1A)