CPNYSERailroads, Line-Haul OperatingFiscal year ends December 31
CANADIAN PACIFIC KANSAS CITY LTD/CN
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$86.58−0.78 (-0.89%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
37.2%−5.7 pts over 5 years
Net margin
27.5%−4.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.7% | +19.6% | +14.4% | +8.4% | |
| Operating income | +8.3% | +19.0% | +11.1% | +7.6% | |
| Net income | +11.4% | +5.6% | +11.1% | +11.8% | |
| EPS, diluted | +13.3% | +6.2% | +4.7% | +10.4% | |
| Free cash flow | -9.7% | -5.1% | +14.3% | +8.9% | |
| Dividend per share | +15.0% | +4.8% | +4.2% | +12.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 33.9% | 34.0% | 8.8% | |
| Return on assets | 8.2% | 10.6% | 4.8% | |
| Current ratio | 0.75 | 0.50 | 0.49 | |
| Debt to equity | 1.88 | 1.34 | 0.53 | |
| Net debt to EBITDA | 2.79× | 2.35× | 3.17× | |
| Interest coverage | 5.1× | 7.2× | – | |
| Capex to revenue | 19.0% | 21.7% | 20.6% | |
| Diluted shares | 753M | 680M | 917M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Canadian Pacific Kansas City generated C$22.55B from operations and spent C$18.85B on capital expenditure, dividends and share buybacks. 61% of that went back into the business.
Generated
C$22.55B
Used
C$18.85B
Capital expenditureC$11.48B61%DividendsC$3.43B18%Share buybacksC$3.94B21%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin27.5%
×Asset turnover0.17×
×Equity multiplier1.85×
=Return on equity, FY20258.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 27.5% | 0.17× | 1.85× | 8.8% |
| FY2024 | 25.6% | 0.17× | 1.88× | 8.3% |
| FY2023 | 31.3% | 0.16× | 1.91× | 9.8% |
| FY2022 | 39.9% | 0.12× | 1.95× | 9.7% |
| FY2021 | 35.7% | 0.17× | 2.23× | 13.9% |
| FY2020 | 31.7% | 0.34× | 3.20× | 34.0% |
| FY2019 | 31.3% | 0.36× | 3.18× | 35.6% |
| FY2018 | 26.7% | 0.35× | 3.17× | 29.8% |
| FY2017 | 36.7% | 0.33× | 3.56× | 43.5% |
| FY2016 | 25.7% | 0.32× | 4.12× | 33.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroC$4.14B
- Cash generatingOperating cash flow above zeroC$5.31B
- Return on assets improvedROA up on the prior year4.7% → 4.7%
- Earnings backed by cashOperating cash flow above net incomeC$5.31B vs C$4.14B
- Less leverageLong-term debt to assets fell22.6% → 23.2%
- Better liquidityCurrent ratio rose0.60 → 0.49
- No dilutionShare count did not rise935M → 917M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.18 → 0.17