CANADIAN PACIFIC KANSAS CITY LTD/CNCP

CANADIAN PACIFIC KANSAS CITY LTD/CN Segments Disclosure

10-KFiled Feb 26, 20261 min read
Segmented and geographic information
Operating segment
The Company only has one operating segment: rail transportation.

The Company's chief operating decision-maker ("CODM") is the Company's Chief Executive Officer. The CODM uses "Net income attributable to controlling shareholders" to assess the Company's performance and decide on the allocation of resources. "Net income attributable to controlling shareholders" is used in conjunction with certain Non-GAAP measures, operational performance indicators, and figures prepared on a forecast basis to evaluate the return on the Company's assets and make operational and investment decisions. The Company's significant segment expenses are consistent with the expenses presented on the Company's Consolidated Statements of Income.

For the years ended December 31, 2025, 2024, and 2023, no single customer accounted for more than 10% of "Total revenues".

Geographic information
The Company's "Total revenues" were all earned, and long-lived assets were all held, within Canada, the U.S., and Mexico, as reported in the table below:

For the years ended and as at December 31 (in millions of Canadian dollars)CanadaU.S.Mexico Total
2025
Revenues$7,243 $5,124 $2,711 $15,078 
Long-lived assets: Properties and Operating lease ROU assets17,559 26,860 11,326 55,745 
2024
Revenues6,936 4,988 2,622 14,546 
Long-lived assets: Properties and Operating lease ROU assets16,536 27,897 11,955 56,388 
2023
Revenues6,651 4,257 1,647 12,555 

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 27, 2024
2022Feb 24, 2023
2021Feb 23, 2022
2020Feb 18, 2021
2019Feb 20, 2020
2018Feb 15, 2019
2017Feb 16, 2018
2016Feb 16, 2017
2015Feb 29, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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