Despite “challenging” macroeconomic conditions, Canadian Pacific Kansas City (CPKC) reported a 5% growth in cargo volume and a 3% increase in revenue during the third quarter of 2025 (3Q25) compared to the same period in 2024.
Keith Creel, president and CEO of the railway company, highlighted that through its network and unique partnerships, they are providing a solid service as well as innovative solutions to the market.
“CPKC once again created profitable and sustainable growth in the third quarter, while navigating challenging macroeconomic conditions,” Creel said.
“We are maintaining a continued trend of differentiated performance in our automotive franchise with another record quarter. We strengthened our bulk cargo franchise with strong growth in both grains and potash, and had another strong quarter in intermodal growth, both domestic and international, which included a significant milestone we have discussed previously: the opening of Americold ’s new facility at our Kansas City terminal. This is the first of several facilities,” he stated.
The railway company saw a 3% increase in revenue, rising from 3.549 billion Canadian dollars to 3.661 billion Canadian dollars .
Mark Redd, executive vice president and chief operating officer, mentioned that in the third quarter there were improvements in terminal dwell time, speed improved by 1%, and train length and weight by 2% . “We saw CP’s legacy network operate at record levels of productivity and railcar speed, while KCS’s network reached its highest performance levels to date.”
“Looking ahead, we expect to have more than 70 additional locomotives by 2026, with enhanced support and an industry-leading growth outlook. Furthermore, we will improve the efficiency and reliability of this fleet,” he explained.
Keith Creel explained that there is strong operational momentum towards the end of the year to close out the period, so they expect gains of between 10% and 14% compared to last year .
“Our dedicated team of railmen across CPKC’s unparalleled network continues to do what we said we would do, driving growth safely and opening new markets while upholding our commitments to our stakeholders. Through strong execution of our strategy, focused on leveraging our presence in North America, we remain on track to meet our full-year 2025 guidance,” Creel added.
Regarding the potential merger between Union Pacific (UP) and Norfolk Southern Corporation (NSC) , he reiterated that “further consolidation is not necessary at this time and is not in the best interest of the industry. As we have stated before, we remain and will continue to be active participants throughout the regulatory process to ensure that the facts are known and understood.”
In that regard, he emphasized that “the proposed merger would result in a single railroad handling approximately 40% of U.S. rail freight traffic, representing overlap in key markets such as Chicago, Memphis, St. Louis, and New Orleans . This is not a simple end-to-end merger. A merger of this magnitude introduces unprecedented risk by concentrating much of the decision-making power of our national rail network, with undeniable implications across the entire supply chain.”
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