加拿大太平洋铁路 2025年度报告

FORM 11-K For Annual Reports of Employee Stock Purchase, Savings and Similar Plans Pursuant toSection15(D) of the Securities Exchange Act of 1934 Annual Report Pursuant to Section15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 OR Transition Report Pursuant to Section15(d) of the Securities Exchange Act of 1934 For the transition period from Commission File No.1-01342 A.Full title of the Plan and the address of the plan, if different from that of the issuer named below: CPKC 401(k) SAVINGS PLAN120 South Sixth Street, Suite 800Minneapolis, Minnesota55402 United States B.Name of Issuer of the securities held pursuant to the plan and the address of its principal executive office: Canadian Pacific Kansas City Limited7550 Ogden Dale Road S.E.Calgary, Alberta T2C 4X9 CPKC 401(k) SAVINGS PLAN (formerly CP 401(k) SAVINGS PLAN) Employer ID No.: 41-6009079Plan Number: 002 Financial Statements as of and for the Years EndedDecember 31, 2025 and 2024, Supplemental Scheduleas of December 31, 2025, and Report of Independent CPKC 401(k) SAVINGS PLAN TABLE OF CONTENTS FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER31, 2025 AND 2024: Statements of Net Assets Available for Benefits2 Statements of Changes in Net Assets Available for Benefits3 Notes to Financial Statements SUPPLEMENTAL SCHEDULEAS OF DECEMBER31, 2025: Form 5500, ScheduleH, Part IV, Line4i—Schedule of Assets (Held at End of Year) NOTE: All other schedules required by Section2520.103-10 of the Department of Labor’s Rules andRegulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974have been omitted because they are not applicable. SIGNATURES EXHIBITS13 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Plan Administrator and Plan Participants ofCPKC 401(k) Savings Plan(formerly CP 401(k) Savings Plan)Minneapolis, Minnesota Opinion on the Financial Statements We have audited the accompanying statements of net assets available for benefits of the CPKC 401(k) Savings Plan (formerly CP401(k) Savings Plan) (the “Plan”) as of December 31, 2025 and 2024, and the related statements of changes in net assets available forbenefits for the years then ended, including the related notes and schedules (collectively referred to as the financial statements). In our Basis for Opinion These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’sfinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the auditsto obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to erroror fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidenceregarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used Supplemental Information The supplemental Schedule H, Line 4i-Schedule of Assets (Held at Year End) as of December 31, 2025 has been subjected to auditprocedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibilityof the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financialstatements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and /s/ Armanino LLP St. Louis, MissouriJune 17, 2026 We have served as the Plan’s auditor since 2023. CPKC 401(k) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTSAS OF AND FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 1.SUMMARY DESCRIPTION OF THE PLAN The following description of the CPKC 401(k) Savings Plan (the “Plan”) is provided for general informational purposes only as itrelates to the terms and conditions of the Plan as of December 31, 2025, and 2024. The Canadian Pacific U.S. Salaried RetirementIncome Plan (the "SRIP Plan") was merged into this Plan effective December 31, 2024, and certain terms and conditions of thePlansubsequently changed,effective January 1,2025.SRIP Plan assets of$22,011,512 were transferred into the Plan.Additionally, the Kansas City Southern 401(k) and Profit Sharing Plan (the "KCS 401(k) Plan") merged into the CP 401(k) Savings General- The Plan is a defined contribution savings plan covering all eligible employees of Soo Line Railroad Company ("SooLine"), Delaware and Hudson Railway Company, Inc. ("D&H"), Dakota, Minnesota and Eastern Railroad Corporation ("DM&E"),Central Maine & Quebec R