Core Insights - Canadian Pacific Kansas City Limited (CP) has reached a tentative five-year collective agreement with the Brotherhood of Locomotive Engineers and Trainmen, enhancing labor stability across its U.S. network [1][6] - The agreement includes wage increases and more flexible work rules for approximately 300 locomotive engineers operating in key Midwest states [1][6] - CP has also secured 13 additional tentative five-year agreements with various U.S. unions, positioning the company for stronger workforce certainty and improved service performance [2][6] Labor Strategy - The new agreements are expected to strengthen CP's ability to deliver safe and efficient service, contributing to long-term business and economic growth [2] - The company is focused on maintaining network fluidity and service performance, which are essential for competitive supply-chain operations [2] Network Expansion - CP continues to enhance its role as the first single-line transnational railway connecting Canada, the United States, and Mexico, building long-term labor stability to support ongoing growth [3] - The expansion of network reach and service offerings is aimed at enhancing productivity and contributing to economic activity across North America [3] Share Price Performance - Despite positive developments, CP shares have underperformed by 4.4% over the past year, compared to a 3.3% decline in the Transportation - Rail industry [4]