加拿大太平洋堪萨斯城 2026年季度报告

Washington, D.C. 20549 FORM 10-Q (Mark one)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the quarterly period ended March 31, 2026OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the transition period fromtoCommission File Number 001-01342 Canadian Pacific Kansas City Limited (Exact name of registrant as specified in its charter) Canada(State or Other Jurisdictionof Incorporation or Organization) 7550 Ogden Dale Road S.E., Calgary, Alberta,Canada (403) 319-7000 Registrant’s Telephone Number, Including Area Code: and (2)has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reportingcompany," and "emerging growth company" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐NoAs of the close of business on April28, 2026, there were 887,736,404 of the registrant’s Common Shares outstanding. CANADIAN PACIFIC KANSAS CITY LIMITEDFORM 10-QTABLE OF CONTENTS PART I - FINANCIAL INFORMATION Interim Consolidated Statements of Income (Unaudited)For the Three Months Ended March 31, 2026 and 2025 Interim Consolidated Statements of Comprehensive Income (Unaudited)For the Three Months Ended March 31, 2026 and 2025 Interim Consolidated Balance Sheets (Unaudited)As at March 31, 2026 and December 31, 2025 Interim Consolidated Statements of Cash Flows (Unaudited)For the Three Months Ended March 31, 2026 and 2025 Interim Consolidated Statements of Changes in Equity (Unaudited)For the Three Months Ended March 31, 2026 and 2025 Notes to Interim Consolidated Financial Statements (Unaudited) PART II - OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignature PART I NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTSMarch 31, 2026(unaudited) 1Description of business and basis of presentation Canadian Pacific Kansas City Limited ("CPKC" or the "Company") owns and operates a transcontinental freight railway spanningCanada, the United States ("U.S."), and Mexico. CPKC provides rail and intermodal transportation services over a network ofapproximately 20,000 miles, serving principal business centres across Canada, the U.S., and Mexico. The Company transports bulkcommodities, merchandise freight, and intermodal traffic. CPKC's Common Shares ("Common Shares") trade on the Toronto StockExchange ("TSX") and New York Stock Exchange under the symbol "CP". These unaudited interim consolidated financial statements ("Interim Consolidated Financial Statements") have been prepared inaccordance with accounting principles generally accepted in the U.S. ("GAAP"). They do not include all of the information required for acomplete set of annual financial statements prepared in accordance with GAAP and should be read in conjunction with the Company'saudited consolidated financial statements as at and for the year ended December 31, 2025 ("last annual consolidated financialstatements"). Selected explanatory notes are included to explain events and transactions that are significant to an understanding of thechanges in the Company's financial position and results of operations since the last annual consolidated financial statements. TheseInterim Consolidated Financial Statements have been prepared using the same significant accounting policies used in the last annualconsolidated financial statements, except for the adoption of new accounting standards (see Note 2). Amounts are stated in Canadiandollars unless otherwise noted. The Company's operations and income for interim periods can be affected by seasonal fluctuations such as changes in customerdemand 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 InterimConsolidated Statements of Income as "Net income a