Canadian Pacific Railway Limited (CP) Cash Flow Statement
Where CP’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$5.31B +0.8% vs 2024
- Capital expenditures
- C$3.14B 20.8% of revenue
- Free cash flow
- C$2.17B 14.4% margin
- Returned to shareholders
- C$4.74B 218% of free cash flow
- Change in cash
- −C$555.0M cash at year-end C$184.0M
Cash from operations
C$5.31B
Capital expenditures
−C$3.14B
Acquisitions & other
+C$475.0M
Dividends
−C$796.0M
Share buybacks (net)
−C$3.94B
Net borrowing (repayment)
+C$1.53B
Shares issued
+C$73.0M
Currency & other
−C$61.0M
Change in cash
−C$555.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CP operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$2.09B2016 | C$5.31B2025 | +10.9%/yr | |
| Capital expenditures | C$1.18B2016 | C$3.14B2025 | +11.5%/yr | |
| Free cash flow | C$907.0M2016 | C$2.17B2025 | +10.2%/yr | |
| Free cash flow margin | 14.6%2016 | 14.4%2025 | −0.2 pts | |
| Operating cash flow / net income | 1.312016 | 1.282025 | −0.02 | |
| Stock-based compensation | C$51.0M2016 | C$122.0M2023 | +13.3%/yr | |
| Dividends paid | C$255.0M2016 | C$796.0M2025 | +13.5%/yr | |
| Share buybacks (net) | C$1.21B2016 | C$3.94B2025 | +14.0%/yr | |
| Capex / revenue | 19.0%2016 | 20.8%2025 | +1.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CP cash flow by activity
OperatingInvestingFinancingChange in cash
CP net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CP cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | C$4.14B | C$3.71B | C$3.93B | C$3.52B | C$2.85B | C$2.44B | C$2.44B | C$1.95B | C$2.40B | C$1.60B |
| Depreciation & amortization | C$2.02B | C$1.90B | C$1.54B | C$853.0M | C$811.0M | C$779.0M | C$662.0M | C$696.0M | C$661.0M | C$640.0M |
| Stock-based compensation | — | — | C$122.0M | C$113.0M | C$131.0M | C$170.0M | C$133.0M | C$75.0M | C$35.0M | C$51.0M |
| Change in working capital | −C$196.0M | C$24.0M | −C$308.0M | −C$174.0M | C$18.0M | −C$76.0M | C$19.0M | C$65.0M | −C$138.0M | −C$55.0M |
| Other non-cash items | −C$655.0M | −C$368.0M | −C$1.15B | −C$167.0M | −C$124.0M | −C$515.0M | −C$264.0M | −C$75.0M | −C$781.0M | −C$146.0M |
| Cash from operating activities | C$5.31B | C$5.27B | C$4.14B | C$4.14B | C$3.69B | C$2.80B | C$2.99B | C$2.71B | C$2.18B | C$2.09B |
| Investing activities | ||||||||||
| Capital expenditures | −C$3.14B | −C$2.86B | −C$2.50B | −C$1.56B | −C$1.53B | −C$1.67B | −C$1.65B | −C$1.55B | −C$1.34B | −C$1.18B |
| Investments (net) | C$0 | −C$2.80B | −C$2.28B | −C$1.50B | −C$10.53B | −C$2.03B | −C$1.80B | −C$1.46B | −C$1.29B | −C$1.07B |
| Acquisitions & other investing | C$475.0M | C$2.86B | C$2.62B | C$1.56B | −C$1.67B | C$1.67B | C$1.65B | C$1.55B | C$1.34B | C$1.18B |
| Cash from investing activities | −C$2.67B | −C$2.80B | −C$2.16B | −C$1.50B | −C$13.73B | −C$2.03B | −C$1.80B | −C$1.46B | −C$1.29B | −C$1.07B |
| Financing activities | ||||||||||
| Dividends paid | −C$796.0M | −C$709.0M | −C$707.0M | −C$707.0M | −C$507.0M | −C$467.0M | −C$412.0M | −C$348.0M | −C$310.0M | −C$255.0M |
| Share repurchases & issuance (net) | −C$3.94B | C$0 | C$1.09B | C$725.0M | C$11.31B | −C$1.51B | −C$1.13B | −C$1.10B | −C$381.0M | −C$1.21B |
| Net borrowing (repayment) | C$1.53B | −C$1.61B | −C$1.30B | −C$1.62B | C$10.49B | C$1.15B | C$421.0M | −C$115.0M | −C$32.0M | −C$46.0M |
| Shares issued | C$73.0M | C$69.0M | C$64.0M | C$32.0M | C$25.0M | C$52.0M | C$26.0M | C$24.0M | C$0 | C$0 |
| Other financing | −C$8.0M | C$2.0M | −C$1.11B | −C$725.0M | −C$11.38B | C$11.0M | −C$12.0M | C$0 | C$23.0M | C$18.0M |
| Cash from financing activities | −C$3.15B | −C$2.25B | −C$1.96B | −C$2.30B | C$9.94B | −C$764.0M | −C$1.11B | −C$1.54B | −C$700.0M | −C$1.49B |
| Summary | ||||||||||
| Net change in cash | −C$555.0M | C$275.0M | C$13.0M | C$369.0M | −C$65.0M | C$14.0M | C$72.0M | −C$277.0M | C$174.0M | −C$486.0M |
| Cash at end of period | C$184.0M | C$739.0M | C$464.0M | C$451.0M | C$82.0M | C$147.0M | C$133.0M | C$61.0M | C$338.0M | C$164.0M |
| Free cash flow | C$2.17B | C$2.41B | C$1.64B | C$2.58B | C$2.16B | C$1.13B | C$1.34B | C$1.16B | C$842.0M | C$907.0M |
| Free cash flow margin | 14.4% | 16.5% | 13.0% | 29.3% | 27.0% | 14.7% | 17.2% | 15.9% | 12.8% | 14.6% |
| Capex / revenue | 20.8% | 19.7% | 19.9% | 17.7% | 19.2% | 21.7% | 21.1% | 21.2% | 20.4% | 19.0% |
| Operating cash flow / net income | 1.28 | 1.42 | 1.05 | 1.18 | 1.29 | 1.15 | 1.23 | 1.39 | 0.91 | 1.31 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | C$1.02B | C$846.0M | C$1.08B | C$1.28B | C$1.23B | C$909.0M | C$1.20B | C$837.0M | C$905.0M | C$775.0M | C$1.02B | C$780.0M |
| Depreciation & amortization | C$519.0M | C$512.0M | C$519.0M | C$503.0M | C$493.0M | C$504.0M | C$488.0M | C$472.0M | C$473.0M | C$467.0M | C$457.0M | C$451.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | C$9.0M | C$59.0M | C$38.0M | C$13.0M |
| Change in working capital | C$120.0M | −C$285.0M | −C$52.0M | C$18.1M | C$9.0M | −C$166.0M | C$119.0M | −C$20.0M | C$28.0M | −C$103.0M | −C$112.0M | −C$67.0M |
| Other non-cash items | C$63.0M | −C$97.0M | −C$20.0M | −C$23.2M | −C$381.0M | −C$91.0M | −C$102.0M | −C$17.0M | −C$137.0M | −C$183.0M | −C$70.0M | −C$150.0M |
| Cash from operating activities | C$1.73B | C$976.0M | C$1.52B | C$1.78B | C$1.35B | C$1.16B | C$1.70B | C$1.27B | C$1.28B | C$1.01B | C$1.34B | C$1.03B |
| Investing activities | ||||||||||||
| Capital expenditures | −C$766.0M | −C$669.0M | −C$795.0M | −C$1.21B | −C$755.0M | −C$723.0M | −C$751.0M | −C$757.0M | −C$824.0M | −C$531.0M | −C$705.0M | −C$752.0M |
| Investments (net) | — | — | — | −C$882.0M | −C$306.0M | −C$715.0M | −C$712.0M | −C$760.0M | −C$782.0M | −C$542.0M | −C$401.0M | −C$742.0M |
| Acquisitions & other investing | C$4.0M | −C$3.0M | C$33.0M | C$861.1M | C$755.0M | C$723.0M | C$751.0M | C$757.0M | C$824.0M | C$531.0M | C$705.0M | C$752.0M |
| Cash from investing activities | −C$762.0M | −C$672.0M | −C$762.0M | −C$1.23B | −C$306.0M | −C$715.0M | −C$712.0M | −C$760.0M | −C$782.0M | −C$542.0M | −C$401.0M | −C$742.0M |
| Financing activities | ||||||||||||
| Dividends paid | −C$204.0M | −C$204.0M | −C$204.0M | −C$285.9M | −C$210.0M | −C$177.0M | −C$177.0M | −C$177.0M | −C$178.0M | −C$177.0M | −C$177.0M | −C$177.0M |
| Share repurchases & issuance (net) | −C$1.28B | −C$680.0M | −C$397.0M | −C$2.52B | −C$1.39B | −C$347.0M | — | — | C$0 | C$0 | −C$116.0M | — |
| Net borrowing (repayment) | C$426.0M | C$782.0M | −C$399.0M | C$1.22B | C$673.0M | C$37.0M | −C$600.0M | −C$432.0M | — | — | — | −C$159.0M |
| Shares issued | C$30.0M | C$25.0M | C$21.0M | C$14.0M | C$30.0M | C$8.0M | C$14.0M | C$13.0M | C$20.0M | C$22.0M | C$19.0M | C$13.0M |
| Other financing | C$0 | −C$4.0M | C$0 | C$482.7M | −C$1.0M | −C$5.0M | C$2.0M | C$0 | −C$306.0M | −C$276.0M | −C$479.0M | −C$1.0M |
| Cash from financing activities | −C$1.03B | −C$81.0M | −C$979.0M | −C$1.09B | −C$901.0M | −C$484.0M | −C$761.0M | −C$596.0M | −C$464.0M | −C$431.0M | −C$753.0M | −C$324.0M |
| Summary | ||||||||||||
| Net change in cash | −C$43.0M | C$225.0M | −C$227.0M | −C$541.2M | C$104.0M | −C$44.0M | C$276.0M | −C$94.0M | C$38.0M | C$55.0M | C$170.0M | −C$31.0M |
| Cash at end of period | C$366.0M | C$409.0M | C$184.0M | C$573.2M | C$799.0M | C$695.0M | C$739.0M | C$463.0M | C$557.0M | C$519.0M | C$464.0M | C$294.0M |
| Free cash flow | C$960.0M | C$307.0M | C$729.0M | C$567.7M | C$600.0M | C$433.0M | C$953.0M | C$515.0M | C$454.0M | C$484.0M | C$631.0M | C$275.0M |
| Free cash flow margin | 23.1% | 8.3% | 18.6% | 15.5% | 16.2% | 11.4% | 24.6% | 14.5% | 12.6% | 13.8% | 16.7% | 8.2% |
| Capex / revenue | 18.4% | 18.1% | 20.3% | 33.0% | 20.4% | 19.1% | 19.4% | 21.3% | 22.9% | 15.1% | 18.7% | 22.5% |
| Operating cash flow / net income | 1.69 | 1.15 | 1.42 | 1.39 | 1.10 | 1.27 | 1.42 | 1.52 | 1.41 | 1.31 | 1.31 | 1.32 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
CP cash generation
In fiscal 2025 (ended December 31, 2025), Canadian Pacific Railway generated C$5.3 billion of cash from operations (up 0.8%) and spent C$3.1 billion on capital expenditures, leaving free cash flow of C$2.2 billion, 14.4% of revenue. It returned C$4.7 billion to shareholders through dividends (C$796.0 million) and net share buybacks (C$3.9 billion). Cash and equivalents fell by C$555.0 million over the year.
Related: CP income statement, CP balance sheet, CP dividend history. See the CP stock overview for the latest quote and news.
CP cash flow FAQ
What is Canadian Pacific Railway's free cash flow?
Canadian Pacific Railway's free cash flow was C$2.2 billion in fiscal 2025: C$5.3 billion of operating cash flow minus C$3.1 billion of capital expenditures It was C$2.4 billion a year earlier..
How much cash does Canadian Pacific Railway generate from operations?
Canadian Pacific Railway generated C$5.3 billion of cash from operating activities in fiscal 2025, 1.28 times its net income of C$4.1 billion.
How much does Canadian Pacific Railway spend on capital expenditures?
Canadian Pacific Railway spent C$3.1 billion on capital expenditures in fiscal 2025, 20.8% of revenue, compared with C$2.9 billion the year before.
How much stock does Canadian Pacific Railway buy back?
Canadian Pacific Railway spent C$3.9 billion on net share repurchases in fiscal 2025.
How much does Canadian Pacific Railway pay in dividends?
Canadian Pacific Railway paid C$796.0 million in dividends in fiscal 2025, 36.7% of free cash flow.