Canadian Pacific Kansas City Limited (CPKC) reported a 6% increase in gross ton-miles in Q2 2026 driven by stronger shipments of grain, energy, chemicals, and metals. However, currency fluctuations, particularly the weakening Canadian dollar versus the U.S. dollar and strengthening Mexican peso, suppressed revenue growth and affected expenses. Fuel efficiency improved through enhanced locomotive productivity, contributing to operational cost control. The company continues to manage acquisition-related expenses tied to integrating Kansas City Southern, while maintaining solid liquidity supported by investment-grade credit ratings. Monitoring FX volatility and progress on network integration remains critical.