- Canadian Pacific Kansas City (CP) Keeps Breaking Grain Shipping Records As Momentum Builds
May 12, 2026
With an upside potential of 12.19%, Canadian Pacific Kansas City Limited (NYSE:CP) is among the Best Transport Infrastructure Stocks to Buy for 2026.
On May 4, Canadian Pacific Kansas City Limited (NYSE:CP) reported that it broke its April monthly record for transporting Canadian grain and grain products, moving 2.9 million metric tons (MMT). This surpassed the previous April record set in 2020, with 30,381 carloads also establishing a new monthly high. Q1 totals reached 7.2 MMT, exceeding the prior quarterly record set in Q1 2021. Over the first 38 weeks of the 2025–2026 crop year, CPKC transported more than 21.9 MMT of Canadian grain and grain products, marking the highest levels since the 2020–2021 crop year. Earlier in 2026, the company set new monthly records in January with 2.395 MMT and 24,688 carloads, and in February with 2.232 MMT and 23,088 carloads, each surpassing prior records set in 2023 and 2021, respectively.
On May 1, Citigroup raised its price target on Canadian Pacific Kansas City Limited (NYSE:CP) to $97 from $93 while maintaining a Buy rating, reflecting continued confidence in the company’s operational momentum and growth outlook.
Canadian Pacific Kansas City Limited (NYSE:CP), formed on April 14, 2023, through the merger of Canadian Pacific and Kansas City Southern, is a Calgary, Alberta-headquartered railway holding company that operates the single-line freight rail network connecting Canada, the United States, and Mexico.
Record-breaking grain transportation volumes highlight CP’s strong demand environment and its ability to efficiently scale operations across its unique tri-national network. Combined with positive analyst sentiment and pricing power in essential commodities transport, the company is well-positioned to deliver sustained revenue growth and margin expansion.
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- CN: STB should reject ‘incomplete’ UP-NS merger application
May 11, 2026
Canadian National urged the U.S. Surface Transportation Board to reject the amended merger application by Union Pacific and Norfolk Southern, claiming it still fails to meet the regulator’s requirements.
Montreal-based CN (NYSE: CNI) in a filing Monday said the application “continues to omit required information regulators and stakeholders need to meaningfully assess the competitive and operational impacts of this major proposed merger.”
The STB in January rejected the initial application from UP (NYSE: UNP) and NS (NYSE: NSC) for missing information on, among other elements, forward-looking market share data; details that would allow UP to walk away from the deal; and specifics on control of a terminal railway in St. Louis that interchanges traffic between railroads.
CN said the revised application addressed only one deficiency by providing the complete merger agreement.
“Applicants still have not offered meaningful competitive enhancements, falling far short of the STB’s higher burden for Class I mergers to enhance competition and meet the public interest standard,” CN said.
The filing also lacks complete competition analyses and market share information, and instances where rail service to shippers would shrink from two Class I options to one, or from three to two. Also, it noted the absence of analyses of downstream competitive impacts from future potential rail consolidation.
CN criticized the proposed Committed Gateway Pricing (CGP) program, which it termed the sole alleged enhancement to competition, calling it a “temporary” and “highly limited” program that applies to less than 1% of U.S. rail traffic.
“CGP excludes major categories of traffic including finished vehicles, intermodal shipments, unit trains, and all customers currently served by CN, CPKC (NYSE: CP), and most short lines,” CN said. According to UP and NS, it claimed, “CGP will actually harm many shippers. Importantly, many shippers would face increases in rail shipping costs due to the CGP program, as shown in the state maps submitted with CN’s comments.
“Rather than provide the required competition analyses, they recycled the same flawed approach the board already rejected,” said Olivier Chouc, CN executive vice-president and chief legal officer, in a release. “Rather than submit the required Terminal Railroad Association of St. Louis application, they deleted their prior filing and offered a vague promise in its place. And rather than propose real competitive enhancements, they doubled down on a pricing program that will harm more shippers than it helps as shown by their own expert’s study.
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“This is not a serious effort to comply with the Board’s requirements – it is a disregard for the process and for the stakeholders who depend on it.”
The company said it expects the STB to conduct a thorough and fair review.
“CN remains confident the board will hold applicants to the standards required by the board’s regulations and to reject this incomplete application.”
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The post CN: STB should reject ‘incomplete’ UP-NS merger application appeared first on FreightWaves.
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- CPKC CEO Keith Creel statement on UP-NS merger application refiling
May 11, 2026
CALGARY, AB, May 11, 2026 /CNW/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) President and Chief Executive Officer Keith Creel today issued the following statement regarding the merger application refiled by Union Pacific (UP) and Norfolk Southern (NS) with the Surface Transportation Board (STB) on April30, 2026:
Having taken nearly four months to refile their application, longer than it took for them to prepare the initial filing, UP and NS' new application doesn't change the underlying reality that this mega-merger is unnecessary and falls well short of meeting the high benchmark set out in the STB's updated 2001 major merger rules. A combined UP-NS could place nearly 50percent of U.S. freight rail traffic in the hands of a single company that already has a troubled history, some very recent, of abusing market power to the detriment of American businesses and workers. None of this serves the public interest. None of this serves the interests of shippers. All of it puts our supply chains and economy at needless risk.
On Friday, May 8, 2026, CPKC filed comments addressing the completeness of the revised application. In those comments, we address why it does not appear that UP and NS have met the specific STB requirements to submit a detailed market impact analysis based on their projected future shares of rail traffic flows for key commodities and corridors. This has left us asking, did UP overlook this specific instruction from the STB? If not, does UP have something to hide? One thing is certain: This is emblematic of UP continuing to have its own interpretation of rules and STB orders, and of how those apply to UP.
We are confident that, if the STB accepts the refiled application, it will conduct a vigorous assessment and regulatory review. CPKC encourages every rail customer to get involved. File a notice of intent to participate. All stakeholders must carefully consider what is being proposed here and fully participate in this process. If rail customers, and other stakeholders, don't provide their perspectives on this irreversible decision, those perspectives will never be heard.
About CPKC With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing approximately 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC. CP-IR
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- CPKC CEO Keith Creel statement on UP-NS merger application refiling
May 11, 2026 · prnewswire.com
CALGARY, AB, May 11, 2026 /PRNewswire/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) President and Chief Executive Officer Keith Creel today issued the following statement regarding the merger application refiled by Union Pacific (UP) and Norfolk Southern (NS) with the Surface Transportation Board (STB) on April 30, 2026: Having taken nearly four months to refile their application, longer than it took for them to prepare the initial filing, UP and NS' new application doesn't change the underlying reality that this mega-merger is unnecessary and falls well short of meeting the high benchmark set out in the STB's updated 2001 major merger rules. A combined UP-NS could place nearly 50 percent of U.S. freight rail traffic in the hands of a single company that already has a troubled history, some very recent, of abusing market power to the detriment of American businesses and workers.
- CPKC CEO KEITH CREEL STATEMENT ON UP-NS MERGER APPLICATION REFILING
May 11, 2026
CALGARY, AB, MAY 11, 2026 /PRNEWSWIRE/ - CANADIAN PACIFIC KANSAS CITY (TSX: CP) (NYSE: CP) (CPKC) PRESIDENT AND CHIEF EXECUTIVE OFFICER KEITH CREEL TODAY ISSUED THE FOLLOWING STATEMENT REGARDING THE MERGER APPLICATION REFILED BY UNION PACIFIC (UP) AND NORFOLK SOUTHERN (NS) WITH THE SURFACE TRANSPORTATION BOARD (STB) ON APRIL 30, 2026: HAVING TAKEN NEARLY FOUR MONTHS TO REFILE THEIR APPLICATION, LONGER THAN IT TOOK FOR THEM TO PREPARE THE INITIAL FILING, UP AND NS' NEW APPLICATION DOESN'T CHANGE THE UNDERLYING REALITY THAT THIS MEGA-MERGER IS UNNECESSARY AND FALLS WELL SHORT OF MEETING THE HIGH BENCHMARK SET OUT IN THE STB'S UPDATED 2001 MAJOR MERGER RULES. A COMBINED UP-NS COULD PLACE NEARLY 50 PERCENT OF U.S. FREIGHT RAIL TRAFFIC IN THE HANDS OF A SINGLE COMPANY THAT ALREADY HAS A TROUBLED HISTORY, SOME VERY RECENT, OF ABUSING MARKET POWER TO THE DETRIMENT OF AMERICAN BUSINESSES AND WORKERS.
- The golden spike 2.0: Union Pacific bets $85B to finish what it started in 1869
May 10, 2026
[Old West]
tness74/iStock via Getty Images
Today is a historic date in the history of the railroad industry. On the morning of May 10, 1869, a crowd gathered at a desolate stretch of Utah Territory called Promontory Summit. Two locomotives faced each other on a single track, separated by one final rail. Workers from the Central Pacific and Union Pacific (UNP [https://seekingalpha.com/symbol/UNP]) railroads witnessed a ceremonial golden spike connect the two tracks to create a transcontinental railroad. The occasion was marked by church bells ringing in San Francisco and cannons being fired in New York City.
[UNP]
Union Pacific
The transcontinental railroad shortened weeks of dangerous wagon travel into days of much easier passage and helped to open the American West to settlement and commerce. Over the generations that followed, the American freight rail system evolved into a patchwork of regional carriers divided largely between East and West. For the last 100 years, shipments crossing the country still required handoffs between competing railroads, adding time, cost, and complication.
Exactly 157 years since the golden spike connected the continent, the same Union Pacific brand exists after a series of mergers and bankruptcies that included a corporate lineage of Union Pacific Rail Road (1862–1880), the Union Pacific Railway (1880–1897), the Union Pacific Railroad Mark I (1897–1998), and the Union Pacific Railroad Mark II (1969–present).
Today, Union Pacific (UNP [https://seekingalpha.com/symbol/UNP]) and Norfolk Southern (NSC [https://seekingalpha.com/symbol/NSC]) want to create America's first true transcontinental railroad being run by a single company. By combining Union Pacific's expansive western network with Norfolk Southern's deep reach into eastern manufacturing and population centers, the two companies would stitch together over 50K route miles across 43 states. If regulators approve the deal, the single-line freight service will run coast to coast, with no handoffs, a development that would disrupt the rails and trucking industries.
TRUCKING STOCKS: Knight-Swift Transportation (KNX [https://seekingalpha.com/symbol/KNX]), USA Truck (USAK), Marten Transport (MRTN [https://seekingalpha.com/symbol/MRTN]), ArcBest (ARCB [https://seekingalpha.com/symbol/ARCB]), Old Dominion Freight Line (ODFL [https://seekingalpha.com/symbol/ODFL]), Werner Enterprises (WERN [https://seekingalpha.com/symbol/WERN]), TFI International (TFII [https://seekingalpha.com/symbol/TFII]), Landstar System (LSTR [https://seekingalpha.com/symbol/LSTR]), Schneider National (SNDR [https://seekingalpha.com/symbol/SNDR]), J.B. Hunt Transport Services (JBHT [https://seekingalpha.com/symbol/JBHT]), and Heartland Express (HTLD [https://seekingalpha.com/symbol/HTLD]).
RAILS STOCKS: Union Pacific (UNP [https://seekingalpha.com/symbol/UNP]), Norfolk Southern (NSC [https://seekingalpha.com/symbol/NSC]), CSX (CSX [https://seekingalpha.com/symbol/CSX]), Canadian National Railway (CNI [https://seekingalpha.com/symbol/CNI]), and Canadian Pacific Kansas City (CP [https://seekingalpha.com/symbol/CP]). BNSF Railway is owned by Berkshire Hathaway (BRK.A [https://seekingalpha.com/symbol/BRK.A]) (BRK.B [https://seekingalpha.com/symbol/BRK.B]).
MORE ON UNION PACIFIC AND NORFOLK SOUTHERN
* Union Pacific: This High-Quality Railroad Stock Is A Long-Term Play [https://seekingalpha.com/article/4895639-union-pacific-high-quality-railroad-stock-long-term-play]
* Norfolk Southern Corporation (NSC) Q1 2026 Earnings Call Transcript [https://seekingalpha.com/article/4893982-norfolk-southern-corporation-nsc-q1-2026-earnings-call-transcript]
* Norfolk Southern: Watch It, But Union Pacific Is The Better Trade In The Deal Now (Earnings Review) [https://seekingalpha.com/article/4894011-norfolk-southern-watch-it-but-union-pacific-is-better-trade-in-deal-now-earnings-review]
* Union Pacific, Norfolk Southern say a transcontinental rail deal would cut trucks on the road [https://seekingalpha.com/news/4582737-union-pacific-norfolk-southern-say-transcontinental-rail-deal-would-cut-trucks-on-the-road]
* Rails rivals, unions unite to block the Norfolk Southern-Union Pacific merger [https://seekingalpha.com/news/4581940-rails-rivals-unions-unite-to-block-the-norfolk-southern-union-pacific-merger]
- CPKC President and CEO Keith Creel to address 2026 Wolfe Research Global Transportation & Industrials Conference
May 8, 2026
CALGARY, AB, May 8, 2026 /CNW/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) President and Chief Executive Officer Keith Creel will address the 2026 Wolfe Research Global Transportation & Industrials Conference on May 20, 2026, at 10:25 a.m. ET.
CPKC will provide access to the live audio webcast at investor.cpkcr.com. A replay will also be available following the conclusion of the event.
About CPKC
With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing approximately 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC. CP-IRKeith Creel, CPKC President and Chief Executive Officer (CNW Group/CPKC)CPKC Logo (CNW Group/CPKC)Cision
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- CPKC President and CEO Keith Creel to address 2026 Wolfe Research Global Transportation & Industrials Conference
May 8, 2026
CALGARY, AB, May 8, 2026 /CNW/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) President and Chief Executive Officer Keith Creel will address the 2026 Wolfe Research Global Transportation & Industrials Conference on May 20, 2026, at 10:25 a.m. ET.
CPKC will provide access to the live audio webcast at investor.cpkcr.com. A replay will also be available following the conclusion of the event.
About CPKC
With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing approximately 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC. CP-IRKeith Creel, CPKC President and Chief Executive Officer (CNW Group/CPKC)CPKC Logo (CNW Group/CPKC)Cision
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- CPKC President and CEO Keith Creel to address 2026 Wolfe Research Global Transportation & Industrials Conference
May 8, 2026 · prnewswire.com
CALGARY, AB, May 8, 2026 /PRNewswire/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) President and Chief Executive Officer Keith Creel will address the 2026 Wolfe Research Global Transportation & Industrials Conference on May 20, 2026, at 10:25 a.m. ET. CPKC will provide access to the live audio webcast at investor.cpkcr.com.
- CPKC PRESIDENT AND CEO KEITH CREEL TO ADDRESS 2026 WOLFE RESEARCH GLOBAL TRANSPORTATION & INDUSTRIALS CONFERENCE
May 8, 2026
CALGARY, AB, MAY 8, 2026 /PRNEWSWIRE/ - CANADIAN PACIFIC KANSAS CITY (TSX: CP) (NYSE: CP) (CPKC) PRESIDENT AND CHIEF EXECUTIVE OFFICER KEITH CREEL WILL ADDRESS THE 2026 WOLFE RESEARCH GLOBAL TRANSPORTATION & INDUSTRIALS CONFERENCE ON MAY 20, 2026, AT 10:25 A.M. ET. CPKC WILL PROVIDE ACCESS TO THE LIVE AUDIO WEBCAST AT INVESTOR.CPKCR.COM.
