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CP

Canadian Pacific Kansas City Ltd.

CP

Canadian Pacific Kansas City Ltd. • NYSE
$72.57 ▲ 0.67% (+0.48)
Market Cap $67.14 B
52w High $83.65
52w Low $66.49
Dividend Yield 0.59%
P/E 22.13
Volume 944.83K
Outstanding Shares 925.20M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.661B ▼ $1.177B ▲ $920M ▼ 25.13% ▼ $1.01 ▼ $1.938B ▼
Q2-2025 $3.699B ▼ $619M ▼ $1.234B ▲ 33.36% ▲ $1.34 ▲ $2.292B ▲
Q1-2025 $3.795B ▼ $627M ▲ $910M ▼ 23.979% ▼ $0.98 ▼ $1.921B ▼
Q4-2024 $3.874B ▲ $535M ▼ $1.201B ▲ 31.002% ▲ $1.29 ▲ $2.136B ▲
Q3-2024 $3.549B $597M $837M 23.584% $0.9 $1.763B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $295.098M ▼ $62.243B ▼ $28.742B ▼ $32.811B ▼
Q2-2025 $799M ▲ $85.18B ▼ $38.033B ▼ $46.204B ▼
Q1-2025 $695M ▼ $88.04B ▼ $38.797B ▼ $48.246B ▲
Q4-2024 $739M ▲ $88.402B ▲ $39.512B ▲ $47.892B ▲
Q3-2024 $463M $82.225B $37.145B $44.143B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $917M ▼ $1.274B ▼ $-882M ▼ $-782M ▲ $-388M ▼ $407M ▼
Q2-2025 $1.234B ▲ $1.355B ▲ $-306M ▲ $-901M ▼ $104M ▲ $600M ▲
Q1-2025 $909M ▼ $1.156B ▼ $-715M ▼ $-484M ▲ $-44M ▼ $433M ▼
Q4-2024 $1.199B ▲ $1.704B ▲ $-712M ▲ $-761M ▼ $276M ▲ $953M ▲
Q3-2024 $837M $1.272B $-760M $-596M $-94M $515M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Automotive
Automotive
 $320.00M ▲$320.00M ▲$330.00M ▲$340.00M ▲
Cargo and Freight
Cargo and Freight
 $3.80Bn ▲$3.73Bn ▼$3.63Bn ▼$3.59Bn ▼
Coal Revenue
Coal Revenue
 $250.00M ▲$260.00M ▲$260.00M ▲$260.00M ▲
Energy Chemicals and Plastic Revenue
Energy Chemicals and Plastic Revenue
 $740.00M ▲$760.00M ▲$710.00M ▼$700.00M ▼
Fertilizer and Sulphur Revenue
Fertilizer and Sulphur Revenue
 $110.00M ▲$110.00M ▲$100.00M ▼$100.00M ▲
Forest Products Revenue
Forest Products Revenue
 $210.00M ▲$220.00M ▲$200.00M ▼$190.00M ▼
Grain Revenue
Grain Revenue
 $950.00M ▲$790.00M ▼$740.00M ▼$700.00M ▼
Intermodal
Intermodal
 $630.00M ▲$670.00M ▲$680.00M ▲$670.00M ▼
Metals Minerals and Consumer Products Revenue
Metals Minerals and Consumer Products Revenue
 $430.00M ▲$450.00M ▲$440.00M ▼$460.00M ▲
Nonfreight excluding leasing revenues
Nonfreight excluding leasing revenues
 $40.00M ▲$40.00M ▲$40.00M ▲$40.00M ▲
Potash Revenue
Potash Revenue
 $150.00M ▲$160.00M ▲$170.00M ▲$170.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed steadily over the past five years, with a sharp step-up following the Kansas City Southern merger, showing a much larger rail franchise at work. Core profitability at the operating level has generally risen alongside this growth, suggesting the company is scaling reasonably well. Net earnings have trended upward over time but have been more uneven, with a recent softening despite higher sales that likely reflects integration costs, higher interest, or other non‑operating items. One key profitability metric showed an unusual dip in the merger year, which looks more like a one‑off accounting or integration effect than a structural problem. Overall, the income statement reflects a business that has grown in size and earnings power, but is still digesting a transformational deal.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, mainly due to the large rail acquisition, with total assets now much higher than they were a few years ago. Debt increased meaningfully to finance this growth but has been relatively stable since, rather than climbing every year, which suggests some discipline in leverage. Shareholders’ equity has risen strongly, indicating that retained profits and the combined business are building a thicker capital cushion over time. The structure looks like a typical large railroad today: asset‑heavy, with meaningful but manageable debt, and much more financial scale than before the merger. The main watch points are ongoing debt levels and how efficiently the enlarged asset base is being used.

Cash Flow

Cash Flow Cash flow from operations has improved over time, broadly tracking the growth in the business and reflecting the underlying strength of rail cash generation. Capital spending has also risen, especially after the merger, as the company invests in track, rolling stock, technology, and its expanded network. Even with heavier investment, free cash flow has stayed positive each year, though it moves around depending on the timing of big projects. This pattern—strong operating cash, significant but planned investment, and remaining cash left over—is consistent with a capital‑intensive infrastructure business that is still in a build‑and‑integrate phase. The key question going forward is how much of that cash can shift from integration and build‑out toward returns to the balance sheet over time.

Competitive Edge

Competitive Edge The merger has given the company a unique single‑line rail network that runs from Canada through the United States into Mexico, something no other North American railroad can match end‑to‑end. This creates a clear advantage for cross‑border freight, with fewer handoffs, simpler logistics, and potentially faster, more reliable service for customers. Access to major industrial regions, agricultural areas, and many ports across the continent further strengthens its role in key supply chains. At the same time, it still competes with other large railroads on overlapping lanes, and with trucking, pipelines, and barges for certain cargoes. Regulatory oversight, labor relations, and trade or border issues also remain structural constraints, even with a strong network advantage.

Innovation and R&D

Innovation and R&D The company is unusually active on the innovation front for a railroad, focusing on technology that improves safety, reliability, and environmental performance rather than traditional lab‑style research. It has rolled out sophisticated inspection and predictive‑maintenance systems—using sensors, advanced imaging, and analytics—to detect equipment and track problems before they cause service issues, which can reduce derailments and downtime. It is also testing hydrogen‑powered locomotives and building fueling infrastructure, positioning itself as an early mover in low‑carbon freight rail, though this remains an emerging, unproven area at scale. Participation in industry data initiatives like RailPulse shows a push toward better real‑time tracking and asset utilization through shared telematics. The opportunity is to turn these investments into safer, more efficient operations and premium service, while the risk lies in execution complexity, high upfront costs, and uncertain payoffs from newer technologies such as hydrogen.

Summary

Overall, Canadian Pacific Kansas City now looks like a much larger, more strategically positioned railroad, with strong revenue growth, solid underlying profitability, and healthy cash generation supporting an expanded network. The balance sheet carries more debt than in the past but is backed by a significantly bigger asset base and rising equity, typical for a major infrastructure operator following a transformational deal. Its unique north‑south network from Canada to Mexico, combined with advanced technology and sustainability initiatives, gives it a distinct edge in cross‑border supply chains. Key uncertainties center on fully realizing merger synergies, managing integration and capital spending, navigating economic and trade cycles, and proving out newer technologies. The long‑term picture is of a scaled, strategically important rail franchise with both meaningful strengths and the usual set of execution and macro risks that come with large, asset‑heavy transportation businesses.

NEWS

November 19, 2025 · 10:59 AM UTC

CPKC's President and CEO Keith Creel; SVP, Accounting, Planning and Procurement Ian Gray to address the 2025 UBS Global Industrials and Transportation Conference

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November 17, 2025 · 11:59 AM UTC

CPKC recognizes grain elevators for excellence in safety and efficiency

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November 13, 2025 · 4:15 PM UTC

CPKC reaches tentative collective agreement with the Brotherhood of Locomotive Engineers and Trainmen

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November 5, 2025 · 1:59 PM UTC

CPKC reaches tentative collective agreements in United States

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November 4, 2025 · 10:59 AM UTC

CPKC EVP and CFO Nadeem Velani to address 2025 Scotiabank Transportation & Industrials Conference

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