CPKC Q2 Beats; Coupang Growth, CNI Durable

Canadian Pacific Kansas City (CPKC) reported strong Q2 2025 results driven by higher volumes, favorable pricing and operating efficiencies (EPS $1.12 vs $1.05 year‑over‑year; operating ratio ~60.7%), reaffirmed full‑year guidance, and continued sizable capital returns including buybacks representing roughly 45% of a 4% NCIB, though results included one‑time southern U.S. cutover charges and near‑term risks around CEO contract/valuation. Analyst consensus ahead of the next release has trended slightly higher (roughly $0.81 EPS and $2.68 billion revenue with an adjusted operating ratio near 60.4%), underscoring sensitivity to estimate revisions. Canadian National Railway (CNI) is reiterated as a durable long‑term compounder with a wide moat, diversified freight mix, and disciplined capital allocation. E‑commerce firm Coupang posted robust 2Q25 growth (net revenue +16% y/y; gross profit +20%; active customers +10% to 23.9M) with improving margins from higher‑margin 3P sales and Taiwan expansion, even as Developing Offerings remain loss‑making and capex/working capital pressure weighs on free cash flow. Overall, the rail franchises CPKC and CNI are portrayed as resilient but face differing near‑term valuation and governance considerations, while Coupang shows accelerating margin improvement amid continued capital intensity.