Canadian Pacific Railway Limited (CP) Income Statement
CP 2025 at a glance
Fiscal year ended December 31, 2025 · Canadian dollarsCP revenue and net income
Where CP's revenue goes
2025Each bar shows an amount and its share of revenue. CP kept 27.5% of revenue as net income.
CP profit margins
CP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +20.1% | +23.5% | +14.1% | — |
| Gross profit | +26.0% | +20.9% | +13.3% | — |
| Operating income | +27.8% | +20.5% | +12.4% | — |
| Net income | +5.4% | +13.2% | +11.2% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CP income statement in Canadian dollars
| 2025 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$15.08B | C$12.55B | C$8.81B | C$8.00B | C$7.71B | C$7.79B | C$7.32B | C$6.55B | C$6.23B | C$6.71B |
| Cost of revenue | C$6.96B | C$6.11B | C$4.22B | C$3.41B | C$3.28B | C$3.45B | C$3.28B | C$2.98B | C$2.90B | C$3.42B |
| Gross profit | C$8.12B | C$6.44B | C$4.59B | C$4.59B | C$4.43B | C$4.34B | C$4.04B | C$3.58B | C$3.33B | C$3.29B |
| Research & development | — | — | — | — | — | C$44.0M | C$49.0M | C$55.0M | C$63.0M | C$69.0M |
| Sales, general & admin | — | — | C$601.0M | C$553.0M | C$762.0M | C$778.0M | C$753.0M | C$714.0M | C$689.0M | C$564.0M |
| Total operating expenses | C$2.51B | C$2.05B | C$1.26B | C$1.38B | C$1.12B | C$1.22B | C$1.20B | C$1.06B | C$923.0M | C$599.0M |
| Operating income | C$5.61B | C$4.39B | C$3.33B | C$3.21B | C$3.31B | C$3.12B | C$2.83B | C$2.52B | C$2.41B | C$2.69B |
| Interest income | — | — | — | C$581.0M | C$458.0M | C$350.0M | C$624.0M | C$293.0M | C$387.0M | C$714.0M |
| Interest expense | C$876.0M | C$771.0M | C$652.0M | C$440.0M | C$458.0M | C$454.0M | C$453.0M | C$473.0M | C$471.0M | C$394.0M |
| Income before taxes | C$5.48B | −C$3.05B | C$4.14B | C$3.62B | C$3.20B | C$3.15B | C$2.59B | C$2.50B | C$2.15B | C$1.96B |
| Income taxes | C$1.34B | −C$6.98B | C$628.0M | C$768.0M | C$758.0M | C$706.0M | C$637.0M | C$93.0M | C$553.0M | C$607.0M |
| Net income | C$4.14B | C$3.93B | C$3.52B | C$2.85B | C$2.44B | C$2.44B | C$1.95B | C$2.40B | C$1.60B | C$1.35B |
| EBITDA | C$8.12B | −C$739.0M | C$5.65B | C$4.87B | C$4.44B | C$4.31B | C$3.74B | C$3.63B | C$3.26B | C$2.95B |
| Gross margin | 53.8% | 51.3% | 52.1% | 57.4% | 57.5% | 55.7% | 55.2% | 54.5% | 53.5% | 49.0% |
| Operating margin | 37.2% | 35.0% | 37.8% | 40.1% | 42.9% | 40.1% | 38.7% | 38.4% | 38.7% | 40.0% |
| Net margin | 27.5% | 31.3% | 39.9% | 35.7% | 31.7% | 31.3% | 26.7% | 36.7% | 25.7% | 20.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$4.16B | C$3.70B | C$3.92B | C$3.66B | C$3.70B | C$3.79B | C$3.87B | C$3.55B | C$3.60B | C$3.52B | C$3.78B | C$3.34B |
| Cost of revenue | C$2.02B | C$1.80B | C$1.68B | C$1.70B | C$1.74B | C$1.85B | C$1.78B | C$1.75B | C$1.75B | C$1.79B | C$1.62B | C$1.63B |
| Gross profit | C$2.14B | C$1.90B | C$2.25B | C$1.96B | C$1.96B | C$1.95B | C$2.10B | C$1.80B | C$1.86B | C$1.73B | C$2.16B | C$1.71B |
| Sales, general & admin | — | — | — | — | — | — | C$176.0M | C$176.0M | C$258.0M | C$258.0M | C$683.0M | C$85.0M |
| Total operating expenses | C$670.0M | C$644.0M | C$633.0M | C$623.0M | C$619.0M | C$631.0M | C$535.0M | C$597.0M | C$589.0M | C$581.0M | C$714.0M | C$536.0M |
| Operating income | C$1.47B | C$1.27B | C$1.61B | C$1.34B | C$1.34B | C$1.32B | C$1.56B | C$1.20B | C$1.27B | C$1.15B | C$1.44B | C$1.17B |
| Interest expense | C$237.0M | C$228.0M | C$230.0M | C$309.6M | C$208.0M | C$216.0M | C$203.0M | C$192.0M | C$200.0M | C$206.0M | C$206.0M | C$207.0M |
| Income before taxes | C$1.36B | C$1.12B | C$1.48B | C$1.21B | C$1.59B | C$1.20B | C$1.45B | C$1.10B | C$1.20B | C$1.03B | C$1.29B | C$1.04B |
| Income taxes | C$335.0M | C$275.0M | C$400.0M | C$296.0M | C$357.0M | C$292.0M | C$246.0M | C$262.0M | C$292.0M | C$259.0M | C$275.0M | C$258.0M |
| Net income | C$1.02B | C$846.0M | C$1.08B | C$920.0M | C$1.23B | C$910.0M | C$1.20B | C$837.0M | C$905.0M | C$775.0M | C$1.02B | C$780.0M |
| EBITDA | C$2.12B | C$1.86B | C$2.25B | C$1.96B | C$1.96B | C$1.95B | C$2.14B | C$1.76B | C$1.87B | C$1.71B | C$1.96B | C$1.70B |
| Gross margin | 51.4% | 51.4% | 57.3% | 53.5% | 53.0% | 51.3% | 54.1% | 50.7% | 51.5% | 49.1% | 57.1% | 51.2% |
| Operating margin | 35.4% | 34.2% | 41.1% | 36.5% | 36.3% | 34.7% | 40.3% | 33.9% | 35.2% | 32.6% | 38.2% | 35.1% |
| Net margin | 24.6% | 22.9% | 27.5% | 25.1% | 33.4% | 24.0% | 31.0% | 23.6% | 25.1% | 22.0% | 27.1% | 23.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported in CP's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CP financial results
In fiscal year 2025 (ended December 31, 2025), Canadian Pacific Railway reported revenue of C$15.1 billion, up 20.1% from the year before. It had net income of C$4.1 billion (up 5.4%), a net profit margin of 27.5%. Over five years revenue grew at an average rate of 14.1% a year. Figures are in Canadian dollars, the currency of its financial statements.
See the CP stock overview for the latest quote and news, or the CP chart for price history and technical indicators.
CP income statement FAQ
What is Canadian Pacific Railway's annual revenue?
Canadian Pacific Railway reported total revenue of C$15.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 20.1% from C$12.6 billion the previous year.
Is Canadian Pacific Railway profitable?
Yes. Canadian Pacific Railway reported net income of C$4.1 billion in fiscal 2025, a net profit margin of 27.5%; its operating margin was 37.2%.
What is Canadian Pacific Railway's gross margin?
Canadian Pacific Railway's gross margin was 53.8% in fiscal 2025: for every $100 of revenue, Canadian Pacific Railway kept $54 after the direct cost of its products and services.
How fast is Canadian Pacific Railway growing?
Revenue grew 14.1% a year on average over the last five fiscal years, from C$7.8 billion to C$15.1 billion.
When will Canadian Pacific Railway report its next earnings?
Canadian Pacific Railway is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Canadian Pacific Railway's fiscal year end?
Canadian Pacific Railway's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.