CANADIAN PACIFIC KANSAS CITY LTD/CN Earnings Per Share Disclosure
| For the year ended December 31 (in millions of Canadian dollars, except per share data) | 2025 | 2024 | 2023 | ||||||||
| Net income attributable to controlling shareholders | $ | 4,141 | $ | 3,718 | $ | 3,927 | |||||
| Weighted-average basic shares outstanding (millions) | 916.2 | 933.0 | 931.3 | ||||||||
| Dilutive effect of stock options (millions) | 0.9 | 1.6 | 2.4 | ||||||||
| Weighted-average diluted shares outstanding (millions) | 917.1 | 934.6 | 933.7 | ||||||||
| Basic earnings per share | $ | 4.52 | $ | 3.98 | $ | 4.22 | |||||
| Diluted earnings per share | $ | 4.51 | $ | 3.98 | $ | 4.21 | |||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Feb 29, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.