Canadian Pacific Kansas City LTD/CN
CP · NYSERailroads, Line-Haul Operating · Fiscal year ends Dec 31 · Reports in CAD
Canadian Pacific Kansas City LTD/CN reported revenue of CAD 15B in the fiscal year ended Dec 2025, up 3.9% from the year before. Operating income was CAD 5.6B, an operating margin of 37.5%, and net income was CAD 4.1B. Operating cash flow of CAD 5.3B less capital expenditure of CAD 3.1B left free cash flow of CAD 2.2B. Net debt was CAD 19.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | CAD 7.9B | CAD 8.7B | CAD 12.4B | CAD 14.4B | CAD 15B |
| Operating income | CAD 3.2B | CAD 3.3B | CAD 4.4B | CAD 5.2B | CAD 5.6B |
| Interest expense | CAD 446M | – | – | – | – |
| Pre-tax income | CAD 3.6B | CAD 4.1B | −CAD 3.1B | CAD 4.8B | CAD 5.5B |
| Income tax | CAD 768M | CAD 628M | −CAD 7B | CAD 1.1B | CAD 1.3B |
| Net income | CAD 2.9B | CAD 3.5B | CAD 3.9B | CAD 3.7B | CAD 4.1B |
| Diluted EPS | 4.18 | 3.77 | 4.21 | 3.98 | 4.51 |
| Diluted shares | 683M | 933M | 934M | 935M | 917M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | CAD 69M | CAD 451M | CAD 464M | CAD 739M | CAD 184M |
| Receivables | CAD 819M | CAD 1B | CAD 1.9B | CAD 2B | CAD 2B |
| Current assets | CAD 1.4B | CAD 1.9B | CAD 3B | CAD 3.4B | CAD 2.9B |
| Net PP&E | CAD 21.2B | CAD 22.4B | CAD 51.7B | CAD 56B | CAD 55.3B |
| Goodwill | CAD 328M | CAD 344M | CAD 17.7B | CAD 19.4B | CAD 18.4B |
| Total assets | CAD 68.2B | CAD 73.5B | CAD 79.9B | CAD 87.7B | CAD 85.9B |
| Deferred revenue | CAD 67M | CAD 64M | CAD 52M | CAD 35M | – |
| Current liabilities | CAD 3.2B | CAD 3.2B | CAD 5.7B | CAD 5.7B | CAD 6B |
| Long-term debt | CAD 18.6B | CAD 18.1B | CAD 19.4B | CAD 19.8B | CAD 19.9B |
| Total liabilities | CAD 34.3B | CAD 34.6B | CAD 37.5B | CAD 38.9B | CAD 39.1B |
| Shareholders' equity | CAD 33.8B | CAD 38.9B | CAD 41.5B | CAD 47.9B | CAD 45.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | CAD 3.7B | CAD 4.1B | CAD 4.1B | CAD 5.3B | CAD 5.3B |
| Capital expenditure | CAD 1.5B | CAD 1.6B | CAD 2.5B | CAD 2.8B | CAD 3.1B |
| Free cash flow | CAD 2.2B | CAD 2.6B | CAD 1.7B | CAD 2.4B | CAD 2.2B |
| Depreciation & amortisation | CAD 811M | CAD 853M | CAD 1.5B | CAD 1.9B | CAD 2B |
| Stock-based compensation | CAD 131M | CAD 113M | CAD 122M | CAD 108M | CAD 59M |
| Acquisitions | CAD 0 | CAD 0 | – | – | – |
| Share buybacks | CAD 0 | CAD 0 | CAD 0 | CAD 0 | CAD 3.9B |
| Dividends paid | CAD 507M | CAD 707M | CAD 707M | CAD 709M | CAD 796M |
| Dividend per share | 0.76 | 0.76 | 0.76 | 0.76 | 0.87 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.3% | 42.5% | 15.8% | 3.9% |
| Operating income growth (YoY) | – | 3.8% | 31.8% | 18.0% | 8.3% |
| EPS growth (YoY) | – | −9.8% | 11.7% | −5.5% | 13.3% |
| Operating margin | 40.5% | 38.1% | 35.3% | 35.9% | 37.5% |
| Net margin | 36.0% | 40.3% | 31.6% | 25.8% | 27.7% |
| Return on equityBlank when equity is negative | 8.4% | 9.0% | 9.5% | 7.8% | 9.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.9% | 4.7% | 5.9% | 6.3% | 7.0% |
| Free cash flow margin | 27.2% | 29.6% | 13.4% | 17.0% | 14.7% |
| Cash conversion (CFO ÷ net income) | 1.29x | 1.18x | 1.05x | 1.42x | 1.28x |
| Receivable days | 38 | 42 | 55 | 50 | 49 |
| Interest cover | 7.19x | – | – | – | – |
| Debt ÷ equity | 0.55x | 0.47x | 0.47x | 0.41x | 0.43x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | CAD 18.5B | CAD 17.7B | CAD 18.9B | CAD 19.1B | CAD 19.8B |
| Current ratio | 0.43x | 0.59x | 0.53x | 0.60x | 0.49x |
Recent filings
More in Railroads, Line-Haul Operating
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.