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NYSE · Industrials

CANADIAN PACIFIC KANSAS CITY CP

Canadian Pacific Kansas City (CP) is a North American multinational railway company formed after the merger of Canadian Pacific Railway and Kansas City Southern Railway. It operates the only single-line railway network connecting Canada, the United States, and Mexico. The company is mainly engaged in bulk commodities and intermodal freight transport, with focus on grain, automobile, coal and international container transportation. The focus of investment analysis is on the early release of revenue synergies after the merger, improvement of network efficiency, as well as the uncertainty caused by the review of U.S. railroad mergers and acquisitions and the industry competition landscape.

Sources Company earnings and call materials quartr.com
Railroad

Company profile

Business mix

  • Mainly focusing on grain, automobile, intermodal transport (international container) and coal transportation, the service network covers Canada, the United States and Mexico.
  • Through mergers and acquisitions, the only three-country single-track railway in North America will be formed to achieve revenue synergies (the target is 2028, and it is actually expected to reach 1.4-1.5 billion Canadian dollars in advance in 2026).
  • Operation efficiency is improved, train speed is increased, and winter operation safety and efficiency are improved through AI technology.

Current key questions

  • Expressed strong concern about large-scale railway mergers and acquisitions in the United States, believing that it may lead to operational risks in the Chicago hub and industry duopoly, weakening competition.
  • Uncertainty in the regulatory environment (such as USMCA and merger approval) may affect investment and growth, and companies emphasize the need to enhance shipper choice rather than reduce competition.
Holders 2 Current sample portfolio
Public mentions 2 Videos / interviews / letters
Valuation snapshot
PE 27.37 FCF 1.83% Buyback 2.86%
2026-06-07

Current firm holders

Firm Weight Value Filing period
TCI Fund Management Chris Hohn 8.1% $3.7B 2026-03-31
Alkeon Capital Management 0.3% $157.6M 2026-03-31

Recent trading changes over the last 1 quarters

Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Net buyers 0 Last 1 13F filing periods
Net reducers 5 Last 1 13F filing periods
Unchanged holders 1 Share count unchanged
Increase amount $0 Estimated from net added shares
Reduction amount $1.2B Estimated from net reduced shares
Net share change / base shares -25.1% -16,379,485 / 65,199,973
TCI Fund Management Chris Hohn 1 filing periods
13F 2026-03-31 Filed 2026-05-15
Minor reduction Shares -2.4% 13F value change +$151.0M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 47,654,423 Last 1 periods -1,132,500 (-2.4%) Total shares 46,521,923 Value $3.7B
Alkeon Capital Management 1 filing periods
13F 2026-03-31 Filed 2026-05-15
Unchanged Shares 0.0% 13F value change $0
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 2,004,000 Last 1 periods +0 (0.0%) Total shares 2,004,000 Value $157.6M
Bridgewater Associates Ray Dalio 1 filing periods
13F 2025-12-31 Filed 2026-02-13
Major reduction Shares -18.8% 13F value change -$5.3M
Settlement As of 13F 2025-12-31 · Filed 2026-02-13
Base shares 362,629 Last 1 periods -68,064 (-18.8%) Total shares 294,565 Value $21.7M
Soros Fund Management George Soros 1 filing periods
13F 2025-09-30 Filed 2025-11-14
Sold out Shares -100.0% 13F value change -$23.9M
Settlement As of 13F 2025-09-30 · Filed 2025-11-14
Base shares 301,837 Last 1 periods -301,837 (-100.0%) Total shares 0 Value $0
Mar Vista Investment Partners 1 filing periods
13F 2025-09-30 Filed 2025-11-12
Sold out Shares -100.0% 13F value change -$6.1M
Settlement As of 13F 2025-09-30 · Filed 2025-11-12
Base shares 77,288 Last 1 periods -77,288 (-100.0%) Total shares 0 Value $0
Pershing Square Capital Management Bill Ackman 1 filing periods
13F 2025-06-30 Filed 2025-08-14
Sold out Shares -100.0% 13F value change -$1.0B
Settlement As of 13F 2025-06-30 · Filed 2025-08-14
Base shares 14,799,796 Last 1 periods -14,799,796 (-100.0%) Total shares 0 Value $0

Recent mentions

PSCM 2020 Annual Investor Presentation

Pershing Square Capital Management · Bill Ackman

The 2020 Annual Presentation showcases Pershing's post-recovery portfolio and structure in 2019, centered around a return to a high-quality, focused, long-term investment framework following setbacks in previous years.

Investment presentation

PSCM 2019 Annual Investor Update Presentation

Pershing Square Capital Management · Bill Ackman

The 2019 annual update shows Pershing's mix and discount issues at the end of 2018, highlighting holdings such as Starbucks, Chipotle, Hilton, Restaurant Brands and Canadian Pacific.

Investment presentation

Mentioned by firms

Pershing Square Capital Management Bill Ackman