CANADIAN PACIFIC KANSAS CITY LTD/CN financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CANADIAN PACIFIC KANSAS CITY LTD/CN files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,232	6,554	7,316	7,792	7,710	7,995	8,814	12,555	14,546	15,078
Operating expenses	3,821	4,035	4,485	4,668
Operating income	2,411	2,519	2,831	3,124	3,311	3,206	3,329	4,388	5,179	5,609
Interest expense	472	475	455	454	462	446
Interest income	1	2	2	6	4	6
Other non-operating income	45	178	-174	89	7	-237	-17	-52	42	1
Pre-tax income	2,152	2,498	2,588	3,146	3,202	3,620	4,145	-3,053	4,772	5,482
Income tax	553	93	637	706	758	768	628	-6,976	1,059	1,345
Net income to minority interests						0	0	-4	-5	-4
Net income	1,599	2,405	1,951	2,440	2,444	2,852	3,517	3,927	3,718	4,141
EBITDA	3,051	3,180	3,527	3,830	4,090	4,017	4,182	5,931	7,079	7,628
EPS, basic	2.14	3.29	2.73	3.52	3.61	4.20	3.78	4.22	3.98	4.52
EPS, diluted	2.12	3.28	2.72	3.50	3.59	4.18	3.77	4.21	3.98	4.51
Shares, basic (weighted)	749	730	715	694	677	680	930	931	933	916
Shares, diluted (weighted)	753	732	717	696	680	683	933	934	935	917
Dividend per share	0.37	0.44	0.50	0.63	0.71	0.76	0.76	0.76	0.76	0.87

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	164	338	61	133	147	69	451	464	739	184
Short-term investments	0	0	0				0
Receivables	591	687	815	805	825	819	1,016	1,887	1,968	2,029
Other current assets	70	97	68	90	141	216	138	251	220	224
Total current assets	1,009	1,274	1,117	1,210	1,321	1,352	1,889	3,002	3,384	2,939
Property, plant and equipment	16,689	17,016	18,418	19,156	20,422	21,200	22,385	51,744	56,024	55,323
Lease right-of-use assets			0	358	316	287	267	347	364	422
Goodwill	191	178	194	194	329	328	344	17,729	19,350	18,436
Intangible assets	11	9	8	12	37	43	42	2,974	3,146	2,911
Other non-current assets	57	69	71	451	438	419	420	582	668	734
Total assets	19,221	20,135	21,254	22,367	23,640	68,177	73,495	79,902	87,744	85,945
Accounts payable	352	402	474	453	401	432	503	680	768	682
Accrued liabilities	282	256	360	348	294	286	284	667	732	597
Deferred revenue			2	142	27	20
Short-term debt	25	746	506	599	1,186	1,550	1,510	3,143	2,819	3,240
Total current liabilities	1,347	1,984	1,955	2,292	2,653	3,159	3,213	5,710	5,661	5,991
Long-term debt	8,659	7,413	8,190	8,158	8,585	18,577	18,141	19,351	19,804	19,948
Lease liabilities			0	285	248	224	202	242	254	299
Other non-current liabilities	284	231	237	562	585	542	520	797	867	815
Total liabilities	14,595	13,698	14,618	15,298	16,321	34,348	34,609	37,491	38,854	39,120
Total debt	8,684	8,159	8,696	8,757	9,771	20,127	19,651	22,494	22,623	23,188
Paid-in capital	52	43	42	48	55	66	78	88	94	105
Retained earnings	4,371	6,103	6,635	7,550	8,095	10,391	13,201	16,420	19,429	19,783
Other comprehensive income	-1,799	-1,741	-2,043	-2,522	-2,814	-2,103	91	-618	2,680	1,238
Shareholders' equity	4,626	6,437	6,636	7,069	7,319	33,829	38,886	41,492	47,892	45,877
Minority interests							0	919	998	948
Total equity	4,626	6,437	6,636	7,069	7,319	33,829	38,886	42,411	48,890	46,825
Total liabilities and equity	19,221	20,135	21,254	22,367	23,640	68,177	73,495	79,902	87,744	85,945
Shares outstanding	732	725	703	685	666	930	931	932	934	898

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,599	2,405	1,951	2,440	2,444	2,852	3,517	3,923	3,713	4,137
Depreciation and amortization	640	661	696	706	779	811	853	1,543	1,900	2,019
Stock-based compensation	51	35	75	133	170	131	113	122	108	59
Deferred income tax	320	-210	256	181	221	242	136	-7,885	28	171
Change in receivables	44	-91	-107	27	-61	32	-147	-317	-133	32
Change in payables	-95	-30	153	-21	-308	-108	95	57	202	-271
Cash from operations	2,089	2,182	2,712	2,990	2,802	3,688	4,142	4,137	5,269	5,309
Capital expenditures	-1,182	-1,340	-1,551	-1,647	-1,671	-1,532	-1,557	-2,468	-2,825	-3,102
Acquisitions			0	0	-398	0	0
Cash from investing	-1,069	-1,295	-1,458	-1,803	-2,030	-13,730	-1,496	-2,162	-2,796	-2,665
Stock issued	21	45	24	26	52	25	32	69	69	73
Share buybacks	-1,210	-381	-1,103	-1,134	-1,509	0	0	0	0	-3,942
Dividends paid	-255	-310	-348	-412	-467	-507	-707	-707	-709	-796
Cash from financing	-1,493	-700	-1,542	-1,111	-764	9,936	-2,297	-1,955	-2,252	-3,146
Exchange rate effect	-13	-13	11	-4	6	41	20	-7	54	-53
Net change in cash	-486	174	-277	72	14	-65	369	13	275	-555
Free cash flow	907	842	1,161	1,343	1,131	2,156	2,585	1,669	2,444	2,207
Interest paid	488	475	463	444	443	426	641	825	814	863
Income taxes paid	322	425	318	506	582	552	408	906	958	1,155

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Operating margin	36.8%	Operating income / revenue.
EBITDA margin	50.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	33.5%	Pre-tax income / revenue.
Net margin	25.0%	Net income / revenue.
FCF margin	15.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	35.6%	Cash from operations / revenue.
Effective tax rate	25.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.3%	Net income / average total assets.
Return on invested capital (ROIC)	5.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	19.9%	Capital expenditures / revenue.
D&A / revenue	13.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	8.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	22.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	11.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	11.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	13.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	4.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-9.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-5.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	14.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	15.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	44.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	29.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.59x	Current assets / current liabilities.
Quick ratio	0.45x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.54x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.2%	Total debt / total assets.
Liabilities / assets	46.7%	Total liabilities / total assets.
Net debt	CA$24.78B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.20x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-CA$2.36B	Current assets - current liabilities.
Goodwill and intangibles / assets	24.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	CA$24.54B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.
Fixed asset turnover	0.27x	Revenue / average property, plant and equipment.
Receivables turnover	6.86x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
FCF conversion	62.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	55.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	CA$4.36	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	CA$17.42	Revenue / diluted weighted shares.
FCF per share	CA$2.74	Free cash flow / diluted weighted shares.
Operating cash flow per share	CA$6.20	Cash from operations / diluted weighted shares.
Book value per share	CA$52.56	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	CA$27.66	Tangible book value / shares outstanding.
Cash per share	CA$0.41	(Cash + short-term investments) / shares outstanding.
Payout ratio	21.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	33.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	171.4%	Share buybacks / free cash flow, when free cash flow is positive.

What was CANADIAN PACIFIC KANSAS CITY LTD/CN's revenue in fiscal 2025?

CANADIAN PACIFIC KANSAS CITY LTD/CN reported revenue of CA$15.08B for fiscal 2025, 3.7% higher than the year before.

Was CANADIAN PACIFIC KANSAS CITY LTD/CN profitable in fiscal 2025?

Yes. Net income was CA$4.14B, a net margin of 27.5%.

How much free cash flow did CANADIAN PACIFIC KANSAS CITY LTD/CN generate in fiscal 2025?

Cash from operations of CA$5.31B minus capital expenditures of CA$3.10B left free cash flow of CA$2.21B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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