CANADIAN PACIFIC KANSAS CITY LTD/CN PP&E Disclosure
| 2025 | 2025 | 2024 | |||||||||||||||||||||
| As at December 31 (in millions of Canadian dollars except percentages) | Weighted-average annual depreciation rate | Cost | Accumulated depreciation | Net book value | Cost | Accumulated depreciation | Net book value | ||||||||||||||||
| Track and roadway | 2.7 | % | $ | 46,283 | $ | 8,306 | $ | 37,977 | $ | 46,646 | $ | 7,741 | $ | 38,905 | |||||||||
| Rolling stock | 3.9 | % | 9,196 | 1,974 | 7,222 | 8,723 | 1,880 | 6,843 | |||||||||||||||
| Land | N/A | 3,663 | — | 3,663 | 3,765 | — | 3,765 | ||||||||||||||||
| Concession land rights | 1.4 | % | 1,843 | 67 | 1,776 | 1,935 | 45 | 1,890 | |||||||||||||||
| Buildings | 2.8 | % | 1,990 | 322 | 1,668 | 1,927 | 319 | 1,608 | |||||||||||||||
| Other | 6.1 | % | 4,673 | 1,656 | 3,017 | 4,493 | 1,480 | 3,013 | |||||||||||||||
| Total | $ | 67,648 | $ | 12,325 | $ | 55,323 | $ | 67,489 | $ | 11,465 | $ | 56,024 | |||||||||||
| 2025 | 2024 | |||||||||||||||||||
| As at December 31 (in millions of Canadian dollars) | Cost | Accumulated depreciation | Net book value | Cost | Accumulated depreciation | Net book value | ||||||||||||||
| Track and roadway | $ | 7,591 | $ | 451 | $ | 7,140 | $ | 7,871 | $ | 302 | $ | 7,569 | ||||||||
| Concession land rights | 1,843 | 67 | 1,776 | 1,935 | 45 | 1,890 | ||||||||||||||
| Buildings | 245 | 28 | 217 | 249 | 20 | 229 | ||||||||||||||
| Other | 120 | 14 | 106 | 157 | 9 | 148 | ||||||||||||||
| Total | $ | 9,799 | $ | 560 | $ | 9,239 | $ | 10,212 | $ | 376 | $ | 9,836 | ||||||||
| 2025 | 2024 | |||||||||||||||||||
| As at December 31 (in millions of Canadian dollars) | Cost | Accumulated depreciation | Net book value | Cost | Accumulated depreciation | Net book value | ||||||||||||||
| Rolling stock | $ | 188 | $ | 102 | $ | 86 | $ | 186 | $ | 90 | $ | 96 | ||||||||
| Other | 18 | 4 | 14 | 8 | 2 | 6 | ||||||||||||||
| Total ROU assets held under finance lease | $ | 206 | $ | 106 | $ | 100 | $ | 194 | $ | 92 | $ | 102 | ||||||||
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 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.