CANADIAN PACIFIC KANSAS CITY LTD/CN

Listed Company

CPCIK 0000016875NYSELarge AcceleratedRailroads, Line-Haul OperatingZ4CAFY ends Dec 31

Period

FY 2025

Revenue

$15.08B

Net Income

$4.14B

Total Assets

—

Equity

—

Shares Out

887.74M

Op. Cash Flow

$5.31B

Business

CANADIAN PACIFIC KANSAS CITY LTD/CN owns and operates the only freight railway that spans Canada, the United States, and Mexico, providing integrated rail transportation across an extensive North American network. The company offers rail and intermodal transportation services moving bulk commodities, merchandise freight, and containerized intermodal traffic, plus related logistics such as truck-rail transload and specialized automotive and closed-loop services. CPKC reports a single operating segment—rail transportation—organized by lines of business including Bulk (grain, coal, potash, fertilizers), Merchandise (forest products, energy/chemicals, metals, automotive) and Intermodal. Its services cover principal business centers and ports across Canada, the U.S., and Mexico, delivered via mainline rail, gateways, transload facilities and intermodal marketing channels.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	15,078	14,546	12,555	8,814	7,995
Compensation and benefits (Note 11, 23, 24)	2,581	2,565	2,332	1,570	1,570
Fuel	1,731	1,802	1,681	1,400	854
Materials	474	406	346	260	215
Equipment rents	408	347	277	140	121
Depreciation and amortization (Note 13, 15)	2,019	1,900	1,543	853	811
Purchased services and other (Note 26)	2,256	2,347	1,988	1,262	1,218
Total operating expenses	9,469	9,367	8,167	5,485	4,789
Operating income	5,609	5,179	4,388	3,329	3,206
Equity earnings of Kansas City Southern (Note 11, 12)	0	0	−230	−1,074	141
Other (income) expense (Note 5, 17, 18)	−1	−42	52	17	237
Other components of net periodic benefit recovery (Note 23)	−415	−352	−327	−411	−387
Net interest expense	876	801	771	652	—
Remeasurement loss of Kansas City Southern (Note 11)	0	0	7,175	0	0
Gain on sale of equity investment (Note 6)	−333	0	0	—	—
Income (loss) before income tax expense (recovery)	5,482	4,772	−3,053	4,145	3,620
Current income tax expense	1,174	1,031	909	492	526
Deferred income tax expense (recovery) (Note 11)	171	28	−7,885	136	242
Income tax expense (recovery) (Note 7)	1,345	1,059	−6,976	628	768
Net income	4,137	3,713	3,923	3,517	2,852
Net loss attributable to non-controlling interest	−4	−5	−4	0	0
Net income attributable to controlling shareholders	4,141	3,718	3,927	3,517	2,852
Basic earnings per share (cad per share)	4.52	3.98	4.22	3.78	4.2
Diluted earnings per share (cad per share)	4.51	3.98	4.21	3.77	4.18
Basic (in shares)	916	933	931	930	680
Diluted (in shares)	917	935	934	933	683

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-03-31	FY 2022 2022-12-31
Cash and cash equivalents	184	739	464	—	451
Accounts receivable, net (Note 10)	2,029	1,968	1,887	—	1,016
Materials and supplies	502	457	400	—	284
Other current assets	224	220	251	—	138
Total current assets	2,939	3,384	3,002	—	1,889
Equity Method Investments	—	—	0	44,402	45,091
Investments	473	586	533	—	223
properties	55,323	56,024	51,744	—	22,385
Goodwill (Note 11, 14)	18,436	19,350	17,729	—	344
Intangible assets (Note 15)	2,911	3,146	2,974	—	42
Pension asset (Note 23)	5,129	4,586	3,338	—	3,101
Other assets (Note 20)	734	668	582	—	420
Total assets	85,945	87,744	79,902	—	73,495
Accounts payable and accrued liabilities (Note 16, 20)	2,751	2,842	2,567	—	1,703
Long-term debt maturing within one year (Note 17, 18, 20)	3,240	2,819	3,143	—	1,510
Total current liabilities	5,991	5,661	5,710	—	3,213
Pension and other benefit liabilities (Note 23)	537	548	581	—	538
Other long-term liabilities (Note 19, 20)	815	867	797	—	520
Long-term debt (Note 17, 18, 20)	19,948	19,804	19,351	—	18,141
Deferred income taxes (Note 7)	11,829	11,974	11,052	—	12,197
Total liabilities	39,120	38,854	37,491	—	34,609
Share capital (Note 21) Authorized unlimited Common Shares without par value. Issued and outstanding are 897.6 million and 933.5 million as at December 31, 2025 and 2024, respectively.	24,751	25,689	25,602	—	25,516
Additional paid-in capital	105	94	88	—	78
Accumulated other comprehensive income (Note 9)	1,238	2,680	−618	—	91
Retained earnings	19,783	19,429	16,420	—	13,201
Total shareholders' equity	45,877	47,892	41,492	—	38,886
Non-controlling interest	948	998	919	—	0
Total equity	46,825	48,890	42,411	—	38,886
Total liabilities and equity	85,945	87,744	79,902	—	73,495

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Pension recovery and funding (Note 23)	−367	−305	−306	−288	−249
Dividends from Kansas City Southern (Note 12)	0	0	300	1,157	0
Settlement of Mexican taxes (Note 7)	−12	−12	−135	0	0
Settlement of foreign currency forward contracts (Note 18)	0	−65	0	0	—
Other operating activities, net	−110	−14	60	−67	−36
Change in non-cash working capital balances related to operations (Note 22)	−196	24	−308	−92	−66
Net cash provided by operating activities	5,309	5,269	4,137	4,142	3,688
Additions to properties	−3,102	−2,825	−2,468	−1,557	−1,532
Additions to Meridian Speedway properties	−38	−38	−31	0	0
Proceeds from sale of properties and other assets	58	64	57	58	96
Proceeds from Sale of Equity Method Investments	493	0	0	—	—
Cash acquired on control of Kansas City Southern (Note 11)	0	0	298	0	0
Investment in government securities (Note 17)	0	0	−198	0	0
Proceeds from settlement of government securities (Note 17)	0	0	200	0	0
Other investing activities, net	−76	3	−25	3	5
Net cash used in investing activities	−2,665	−2,796	−2,162	−1,496	−13,730
Dividends paid	−796	−709	−707	−707	−507
Issuance of Common Shares (Note 21)	73	69	69	32	25
Payments for Repurchase of Common Stock	−3,942	0	0	0	0
Repayment of Long-Term Debt, Long-Term Lease Obligation, and Capital Security	−951	−2,327	−2,395	−571	−359
Issuance of long-term debt, excluding commercial paper (Note 17)	3,102	0	0	0	10,673
Net (repayment) Issuance of commercial paper (note 17)	−346	439	1,095	−415	−454
Net (repayment) issuance in short-term borrowings (Note 17)	−278	274	0	0	0
Acquisition-related financing fees	0	0	−17	0	−51
Other financing activities, net	−8	2	0	0	−24
Net cash used in financing activities	−3,146	−2,252	−1,955	−2,297	9,936
Effect of foreign currency fluctuations on foreign-denominated cash and cash equivalents	−53	54	−7	20	41
(Decrease) increase in cash and cash equivalents	−555	275	13	369	−65
Income taxes paid	1,155	958	906	408	552
Interest paid	863	814	825	641	426

Filings

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