CP financial statements

The full income statement, balance sheet, and cash-flow statement for Canadian Pacific Kansas City Limited (CP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 933.1M2024-09 933.3M2024-12 933.7M2025-03 930.5M2025-06 918.0M2025-09 900.8M2025-12 898.0M2026-03 887.7M2026-06 879.1M-5.8% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	10.7B YoY+1.9%	10.5B YoY+14.1%	9.22B YoY+37.5%	6.71B YoY+6.2%	6.32B YoY+10.7%
Amortization of intangibles	62.3M YoY+0.4%	62.0M YoY+37.2%	45.2M YoY+1861.2%	2.30M YoY-3.7%	2.39M YoY+7.0%
Operating income	4.01B YoY+6.3%	3.78B YoY+16.2%	3.25B YoY+27.1%	2.56B YoY-0.0%	2.56B YoY+3.6%
Interest expense	—	—	—	—	356M YoY+3.3%
Interest & investment income	—	—	—	—	4.79M YoY+60.5%
Other non-operating income	716K YoY-97.7%	30.6M YoY+179.5%	-38.5M YoY-195.0%	-13.1M YoY+93.1%	-189M YoY-3722.1%
Equity-method income	0.00	0.00 YoY-100.0%	170M YoY-79.3%	825M YoY+833.4%	-113M
Pre-tax income	3.92B YoY+12.7%	3.48B YoY+253.9%	-2.26B YoY-171.0%	3.18B YoY+10.2%	2.89B YoY+20.9%
Income tax	963M YoY+24.6%	773M YoY+114.9%	-5.17B YoY-1171.4%	482M YoY-21.3%	613M YoY+8.4%
	2.96B YoY+9.3%	2.71B YoY-6.8%	2.91B YoY+7.7%	2.70B YoY+18.7%	2.28B YoY+24.8%
Net income to non-controlling interest	-2.86M YoY+21.5%	-3.65M YoY-23.1%	-2.96M	0.00	0.00
	$3.23 YoY+11.2%	$2.90 YoY-6.9%	$3.12 YoY+7.7%	$2.90 YoY-13.2%	$3.34 YoY+24.6%
EPS (basic)	$3.24 YoY+11.4%	$2.90 YoY-7.1%	$3.13 YoY+7.7%	$2.90 YoY-13.3%	$3.35 YoY+24.5%
	916M YoY-1.8%	933M YoY+0.2%	931M YoY+0.1%	930M YoY+36.8%	680M YoY+0.4%
	917M YoY-1.9%	935M YoY+0.1%	934M YoY+0.1%	933M YoY+36.6%	683M YoY+0.4%
Dividends per share	$0.63 YoY+12.8%	$0.55 YoY-1.5%	$0.56 YoY-3.5%	$0.58 YoY-3.7%	$0.61 YoY+14.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.15B YoY-9.0%	2.36B YoY+3.9%	2.27B YoY+62.5%	1.40B YoY+31.5%	1.06B YoY+2.5%
Cash & equivalents	134M YoY-73.9%	515M YoY+46.8%	351M YoY+5.2%	333M YoY+515.2%	54.2M YoY-53.0%
Short-term investments	—	—	—	0.00	—
Accounts receivable	1.48B YoY+8.1%	1.37B YoY-3.9%	1.43B YoY+89.9%	751M YoY+16.8%	643M YoY-0.6%
Other current assets	164M YoY+6.7%	153M YoY-19.2%	190M YoY+86.0%	102M YoY-39.9%	170M YoY+53.4%
	62.7B YoY+2.7%	61.1B YoY+1.2%	60.4B YoY+11.2%	54.3B YoY+1.5%	53.5B YoY+188.8%
Property, plant & equipment	40.4B YoY+3.5%	39.0B YoY-0.2%	39.1B YoY+136.3%	16.5B YoY-0.6%	16.6B YoY+4.0%
Operating lease right-of-use	308M YoY+21.5%	253M YoY-3.3%	262M YoY+32.9%	197M YoY-12.4%	225M YoY-9.0%
Goodwill	13.5B YoY-0.1%	13.5B YoY+0.6%	13.4B YoY+5169.6%	254M YoY-1.3%	257M YoY-0.2%
Intangible assets	2.13B YoY-3.0%	2.19B YoY-2.5%	2.25B YoY+7140.1%	31.0M YoY-8.1%	33.8M YoY+16.4%
Other non-current assets	536M YoY+15.2%	465M YoY+5.8%	440M YoY+41.7%	310M YoY-5.7%	329M YoY-4.2%
	4.37B YoY+10.9%	3.94B YoY-8.6%	4.31B YoY+81.7%	2.37B YoY-4.3%	2.48B YoY+19.2%
Accounts payable	498M YoY-6.9%	535M YoY+4.1%	514M YoY+38.2%	372M YoY+9.6%	339M YoY+7.9%
Accrued liabilities	436M YoY-14.5%	510M YoY+1.2%	504M YoY+140.1%	210M YoY-6.5%	224M YoY-2.6%
Deferred revenue	—	—	—	—	15.7M YoY-25.8%
Short-term & current debt	2.37B YoY+20.5%	1.96B YoY-17.3%	2.37B YoY+112.8%	1.12B YoY-8.3%	1.22B YoY+30.9%
Current lease liability	81.0M YoY+3.9%	78.0M YoY+1.2%	77.1M YoY+53.4%	50.2M YoY+8.5%	46.3M YoY-6.2%
Other current liabilities	83.2M YoY-1.2%	84.3M YoY-14.8%	99.0M YoY+83.5%	53.9M YoY+37.4%	39.2M YoY+4907.1%
Finance lease liability (current)	12.4M YoY+27.3%	9.75M YoY-7.8%	10.6M YoY+78.9%	5.91M YoY-92.8%	81.6M YoY+1201.8%
	28.6B YoY+5.6%	27.1B YoY-4.5%	28.3B YoY+10.8%	25.6B YoY-5.2%	27.0B YoY+110.8%
Long-term debt	14.6B YoY+5.6%	13.8B YoY-5.7%	14.6B YoY+9.1%	13.4B YoY-8.1%	14.6B YoY+116.7%
Deferred revenue (non-current)	16.1M YoY+15.3%	13.9M YoY+15.2%	12.1M YoY-58.1%	28.8M YoY-21.9%	36.9M YoY+38.4%
Non-current lease liability	218M YoY+23.4%	177M YoY-3.2%	183M YoY+22.5%	149M YoY-15.1%	176M YoY-9.5%
Operating lease liability (total)	299M YoY+17.4%	255M YoY-2.2%	261M YoY+30.6%	199M YoY-10.2%	222M YoY-8.9%
Finance lease liability (total)	19.7M YoY-19.1%	24.4M YoY-28.3%	34.0M YoY+21.1%	28.1M YoY-74.5%	110M YoY-2.0%
Finance lease liability	7.30M YoY-50.1%	14.6M YoY-37.5%	23.4M YoY+5.7%	22.2M YoY-21.6%	28.3M YoY-73.3%
Deferred tax liabilities	8.64B YoY+3.6%	8.34B YoY-0.1%	8.35B YoY-7.4%	9.01B YoY+1.1%	8.91B YoY+210.1%
Other non-current liabilities	595M YoY-1.5%	604M YoY+0.3%	602M YoY+56.7%	384M YoY-9.7%	425M YoY-7.2%
	33.5B YoY+0.4%	33.4B YoY+6.4%	31.3B YoY+9.1%	28.7B YoY+8.2%	26.6B YoY+362.9%
Common stock	18.1B YoY+1.0%	17.9B YoY-7.5%	19.3B YoY+2.6%	18.9B YoY-5.7%	20.0B YoY+1186.5%
Additional paid-in capital	76.7M YoY+17.1%	65.5M YoY-1.5%	66.5M YoY+15.4%	57.6M YoY+11.2%	51.8M YoY+20.2%
Retained earnings	14.4B YoY+6.7%	13.5B YoY+9.1%	12.4B YoY+27.2%	9.75B YoY+19.6%	8.16B YoY+28.5%
Accumulated other comprehensive income	904M YoY-51.6%	1.87B YoY+499.8%	-467M YoY-794.4%	67.2M YoY+104.1%	-1.65B YoY+25.2%
Non-controlling interest	692M YoY-0.4%	695M YoY+0.1%	694M	0.00	—
Total equity incl. non-controlling	34.2B YoY+0.4%	34.0B YoY+6.3%	32.0B YoY+11.5%	28.7B YoY+8.2%	26.6B YoY+362.9%
Total liabilities & equity	62.7B YoY+2.7%	61.1B YoY+1.2%	60.4B YoY+11.2%	54.3B YoY+1.5%	53.5B YoY+188.8%
	898M YoY-3.8%	934M YoY+0.2%	932M YoY+0.2%	931M YoY+0.1%	930M YoY+39.5%
	898M YoY-3.8%	934M YoY+0.2%	932M YoY+0.2%	931M YoY+0.1%	930M YoY+39.5%
	898M YoY-3.8%	934M YoY+0.1%	932M YoY+0.2%	931M YoY+0.1%	930M YoY+39.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.80B YoY-1.1%	3.84B YoY+25.4%	3.07B YoY-3.7%	3.18B YoY+8.1%	2.94B YoY+40.8%
Depreciation & amortization	1.45B YoY+4.3%	1.39B YoY+21.2%	1.14B YoY+74.5%	655M YoY+1.3%	647M YoY+11.4%
Intangible amortization	62.3M YoY+0.4%	62.0M YoY+37.2%	45.2M YoY+1861.2%	2.30M YoY-3.7%	2.39M YoY+7.0%
Deferred income taxes	122M YoY+499.2%	20.4M YoY+100.3%	-5.84B YoY-5692.2%	104M YoY-45.9%	193M YoY+17.1%
Change in receivables	-22.9M YoY-123.6%	97.0M YoY-58.7%	235M YoY+108.0%	113M YoY+542.3%	-25.5M YoY-156.1%
Other operating activities	-78.7M YoY-670.9%	-10.2M YoY-123.0%	44.5M YoY+186.4%	-51.5M YoY-79.2%	-28.7M YoY-450.1%
	-1.91B YoY+6.5%	-2.04B YoY-27.3%	-1.60B YoY-39.4%	-1.15B YoY+89.5%	-11.0B YoY-623.6%
Capital expenditure	2.22B YoY+7.7%	2.06B YoY+12.7%	1.83B YoY+52.9%	1.20B YoY-2.1%	1.22B YoY-1.9%
Free cash flow	1.58B YoY-11.4%	1.78B YoY+44.2%	1.24B YoY-37.7%	1.99B YoY+15.4%	1.72B YoY+103.9%
Acquisitions	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Other investing activities	54.4M YoY+2585.4%	-2.19M YoY-111.8%	18.5M YoY+903.8%	-2.30M YoY+42.2%	-3.99M YoY-367.5%
	-2.25B YoY-37.1%	-1.64B YoY-13.4%	-1.45B YoY+17.9%	-1.76B YoY-122.3%	7.93B YoY+1491.3%
Long-term debt issued	0.00	0.00	0.00	—	—
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	52.2M YoY+3.8%	50.3M YoY-1.5%	51.1M YoY+108.0%	24.6M YoY+23.2%	19.9M YoY-48.6%
Common stock repurchased	2.82B	0.00	0.00	0.00	0.00 YoY-100.0%
Dividends paid	570M YoY+10.1%	517M YoY-1.3%	524M YoY-3.5%	543M YoY+34.3%	405M YoY+16.1%
Other financing activities	-5.73M YoY-492.4%	1.46M	0.00	0.00 YoY+100.0%	-19.2M YoY-333.4%
FX effect on cash	-37.9M YoY-196.3%	39.4M YoY+859.5%	-5.19M YoY-133.8%	15.4M YoY-53.0%	32.7M YoY+631.0%
Net change in cash	-397M YoY-298.0%	201M YoY+1982.6%	9.63M YoY-96.6%	283M YoY+646.6%	-51.9M YoY-596.7%
Interest paid	618M YoY+4.0%	594M YoY-2.9%	611M YoY+24.1%	492M YoY+44.9%	340M YoY+2.9%
Income taxes paid	827M YoY+18.3%	699M YoY+4.1%	671M YoY+114.2%	313M YoY-28.8%	440M YoY+1.5%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	66.1B YoY-2.2%	67.6B YoY-8.3%	73.7B YoY+6.2%	69.4B YoY+3.7%	66.9B YoY+44.7%
P/E	22.3× YoY-10.5%	24.9× YoY+4.7%	23.8× YoY-25.4%	31.9× YoY+8.5%	29.4× YoY+15.9%
P/S	6.2× YoY-4.0%	6.4× YoY-28.0%	8.9× YoY-16.3%	10.7× YoY+0.7%	10.6× YoY+30.7%
P/B	2.0× YoY-2.6%	2.0× YoY-16.3%	2.4× YoY-4.6%	2.5× YoY+0.7%	2.5× YoY-68.7%
P/FCF	41.9× YoY+10.4%	37.9× YoY-15.5%	44.9× YoY-19.7%	55.8× YoY+43.6%	38.9× YoY-29.0%
	4.5% YoY+11.7%	4.0% YoY-4.5%	4.2% YoY+34.1%	3.1% YoY-7.9%	3.4% YoY-13.7%
	2.4% YoY-9.5%	2.6% YoY+18.3%	2.2% YoY+24.5%	1.8% YoY-30.4%	2.6% YoY+40.9%
	0.85% YoY+10.9%	0.77% YoY+7.6%	0.71% YoY-9.0%	0.78% YoY-7.1%	0.84% YoY+10.1%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: CP's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CP filings on SEC EDGAR → Not investment advice.