ATLANTA, GEORGIA (By Chad Archey, Energy Analytics Institute, 28.Jan.2026, Words: 315) — The Toronto Stock Exchange (“TSX”) has accepted a notice of intention from Canadian Pacific Kansas City to implement an early renewal of its normal course issuer bid (the “2026 NCIB”).
Under the 2026 NCIB, CPKC will be permitted to purchase for cancellation, up to 82,214,163 common shares in the capital of CPKC, or approximately 9% of its public float of common shares. This is less the 37,348,539 common shares purchased under the 2025 NCIB, subject to normal terms and limitations of such bids for net new purchases of up to 44,865,624 common shares (representing approximately 5% of the 897,704,154 issued and outstanding common shares as at 19 Jan. 2026).
The 2026 NCIB is expected to commence on 2 Feb. 2026 and is due to terminate on 1 Feb. 2027 or such earlier date as CPKC may determine, CPKC said on 28 Jan. 2026 in an official statement.
“CPKC’s strong free cash flow generation, robust growth pipeline, and proven operational execution underpin our confidence in launching this new share repurchase program,” said CPKC president and CEO Keith Creel.
“We remain firmly committed to creating long-term shareholder value through disciplined and opportunistic capital allocation,” Creel said.
CPKC has terminated its existing normal course issuer bid which commenced on 3 Mar. 2025 and had an expiry date of 2 Mar. c2026 (the “2025 NCIB”). CPKC repurchased and cancelled 37,348,539 of the 37,348,539 common shares it was authorized to repurchase under its 2025 NCIB, at a weighted average price per common share of $105.53. As a result of the early termination of the 2025 NCIB, the 37,348,539 common shares purchased under the 2025 NCIB will be deducted from the 2026 NCIB annual limit of common shares as per the requirements of the TSX, the company said.
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By Chad Archey reporting from Atlanta. © 1999-2026 Energy Analytics Institute (EAI). All Rights Reserved.
