Financials Canadian Pacific Kansas City Limited

Equities

CP

CA13646K1084

Ground Freight & Logistics

Market Closed - Toronto S.E. Other stock markets 16:00:00 2025-07-14 EDT			5-day change	1st Jan Change
111.22 ^CAD	-0.42%		+2.20%	+6.86%

07-11	CN Rail and CP Kansas City Price Targets Raised at TD	MT
07-07	Freight Transport Q2 Better Than Feared, Outlook Commentary in Focus, Morgan Stanley Says	MT

Projected Income Statement: Canadian Pacific Kansas City Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	7,710	7,995	8,814	12,555	14,546	15,511	16,517	17,625
Change	-	3.7%	10.24%	42.44%	15.86%	6.63%	6.48%	6.71%
EBITDA ¹	4,090	4,017	4,256	6,425	7,543	8,078	8,872	9,631
Change	-	-1.78%	5.95%	50.96%	17.4%	7.1%	9.82%	8.56%
EBIT ¹	3,311	3,206	3,403	4,882	5,643	6,206	6,934	7,659
Change	-	-3.17%	6.14%	43.46%	15.59%	9.98%	11.73%	10.46%
Interest Paid ¹	-458	-440	-652	-771	-801	-837.5	-847.2	-882.7
Earnings before Tax (EBT) ¹	3,202	3,620	4,145	-3,053	4,772	5,691	6,518	7,323
Change	-	13.05%	14.5%	-173.66%	256.31%	19.27%	14.52%	12.35%
Net income ¹	2,444	2,852	3,517	3,927	3,718	4,230	4,864	5,225
Change	-	16.69%	23.32%	11.66%	-5.32%	13.76%	15%	7.42%
Announcement Date	1/27/21	1/27/22	1/31/23	1/30/24	1/29/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	1,792	1,863	2,012	1,959	2,054	1,942	2,040	1,838	2,202	2,312	2,462	2,266	3,174	3,339	3,776	3,520	3,603	3,549	3,874	3,795	3,815	3,787	4,079	3,954	3,996	4,071	4,366	4,252
Change	-	3.96%	8%	-2.63%	4.85%	-5.45%	5.05%	-9.9%	19.8%	5%	6.49%	-7.96%	40.07%	5.2%	13.09%	-6.78%	2.36%	-1.5%	9.16%	-2.04%	0.54%	-0.75%	7.72%	-3.06%	1.06%	1.87%	7.24%	-2.61%
EBITDA ¹	965	974	1,125	982	1,119	977	1,038	745	1,098	1,168	1,225	1,054	1,475	1,624	2,018	1,726	1,852	1,806	2,163	1,929	1,941	1,959	2,205	2,044	2,170	2,216	2,450	2,296
Change	-	0.93%	15.5%	-12.71%	13.95%	-12.69%	6.24%	-28.23%	47.38%	6.38%	4.88%	-13.96%	39.98%	10.07%	24.26%	-14.47%	7.31%	-2.49%	19.77%	-10.82%	0.64%	0.93%	12.54%	-7.32%	6.16%	2.12%	10.6%	-6.3%
EBIT ¹	770	779	928	780	919	774	832	535	887	955	1,006	829	1,065	1,278	1,561	1,259	1,379	1,334	1,675	1,425	1,501	1,525	1,764	1,605	1,716	1,746	1,973	1,760
Change	-	1.17%	19.13%	-15.95%	17.82%	-15.78%	7.49%	-35.7%	65.79%	7.67%	5.34%	-17.59%	28.52%	19.96%	22.14%	-19.35%	9.54%	-3.28%	25.57%	-14.93%	5.35%	1.59%	15.69%	-9.04%	6.93%	1.76%	12.97%	-10.8%
Charge d'intérêts ¹	-118	-114	-112	-110	-101	-104	-125	-160	-160	-166	-166	-154	-204	-207	-206	-206	-200	-192	-203	-216	-207.5	-208.1	-208.5	-211.5	-211.5	-212	-215.2	-220
Earnings before Tax (EBT) ¹	824	787	997	793	1,503	641	683	675	1,010	1,087	1,373	963	-6,347	1,038	1,293	1,033	1,195	1,099	1,445	1,201	1,393	1,407	1,645	1,485	1,564	1,558	1,781	1,555
Change	-	-4.49%	26.68%	-20.46%	89.53%	-57.35%	6.55%	-1.17%	49.63%	7.62%	26.31%	-29.86%	-759.09%	116.35%	24.57%	-20.11%	15.68%	-8.03%	31.48%	-16.89%	16.02%	0.99%	16.9%	-9.73%	5.29%	-0.32%	14.28%	-12.69%
Net income ¹	635	598	802	602	1,246	472	532	590	765	891	1,271	800	1,324	780	1,023	775	905	837	1,201	910	1,050	1,060	1,239	1,122	1,180	1,177	1,346	1,166
Change	-	-5.83%	34.11%	-24.94%	106.98%	-62.12%	12.71%	10.9%	29.66%	16.47%	42.65%	-37.06%	65.5%	-41.09%	31.15%	-24.24%	16.77%	-7.51%	43.49%	-24.23%	15.38%	0.98%	16.87%	-9.49%	5.26%	-0.3%	14.32%	-13.34%
Announcement Date	7/22/20	10/20/20	1/27/21	4/21/21	7/28/21	10/20/21	1/27/22	4/27/22	7/28/22	10/26/22	1/31/23	4/26/23	7/27/23	10/25/23	1/30/24	4/24/24	7/30/24	10/23/24	1/29/25	4/30/25	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Canadian Pacific Kansas City Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	9,624	20,058	19,200	22,030	21,884	22,365	21,964	22,271
Change	-	108.42%	-4.28%	14.74%	-0.66%	2.2%	-1.79%	1.4%
Announcement Date	1/27/21	1/27/22	1/31/23	1/30/24	1/29/25	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Canadian Pacific Kansas City Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,671	1,532	1,557	2,468	2,825	2,887	2,845	2,888
Change	-	-8.32%	1.63%	58.51%	14.47%	2.19%	-1.45%	1.49%
Free Cash Flow (FCF) ¹	1,131	2,156	2,585	1,669	2,444	3,235	3,890	4,547
Change	-	90.63%	19.9%	-35.44%	46.43%	32.36%	20.24%	16.89%
Announcement Date	1/27/21	1/27/22	1/31/23	1/30/24	1/29/25	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Canadian Pacific Kansas City Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	53.05%	50.24%	48.29%	51.17%	51.86%	52.08%	53.71%	54.64%
EBIT Margin (%)	42.94%	40.1%	38.61%	38.88%	38.79%	40.01%	41.98%	43.46%
EBT Margin (%)	41.53%	45.28%	47.03%	-24.32%	32.81%	36.69%	39.46%	41.55%
Net margin (%)	31.7%	35.67%	39.9%	31.28%	25.56%	27.27%	29.45%	29.64%
FCF margin (%)	14.67%	26.97%	29.33%	13.29%	16.8%	20.86%	23.55%	25.8%
FCF / Net Income (%)	46.28%	75.6%	73.5%	42.5%	65.73%	76.48%	79.97%	87.03%
Profitability
ROA	10.62%	6.21%	4.96%	4.67%	7.01%	4.86%	5.4%	5.65%
ROE	33.4%	12.47%	9.68%	9.77%	8.32%	8.77%	9.59%	10.38%
Financial Health
Leverage (Debt/EBITDA)	2.35x	4.99x	4.51x	3.43x	2.9x	2.77x	2.48x	2.31x
Debt / Free cash flow	8.51x	9.3x	7.43x	13.2x	8.95x	6.91x	5.65x	4.9x
Capital Intensity
CAPEX / Current Assets (%)	21.67%	19.16%	17.67%	19.66%	19.42%	18.61%	17.23%	16.38%
CAPEX / EBITDA (%)	40.86%	38.14%	36.58%	38.41%	37.45%	35.74%	32.07%	29.98%
CAPEX / FCF (%)	147.75%	71.06%	60.23%	147.87%	115.59%	89.24%	73.15%	63.51%
Items per share
Cash flow per share ¹	4.121	5.401	4.44	4.431	5.638	6.681	8.036	9.21
Change	-	31.08%	-17.8%	-0.21%	27.24%	18.51%	20.28%	14.61%
Dividend per Share ¹	0.712	0.76	0.76	0.76	0.76	0.8407	0.9427	0.9738
Change	-	6.74%	0%	0%	0%	10.62%	12.14%	3.3%
Book Value Per Share ¹	10.8	49.77	41.81	44.51	51.3	54.38	57.74	60.63
Change	-	360.71%	-15.99%	6.46%	15.25%	5.99%	6.19%	5%
EPS ¹	3.594	4.18	3.77	4.21	3.98	4.549	5.341	5.916
Change	-	16.3%	-9.81%	11.67%	-5.46%	14.29%	17.43%	10.76%
Nbr of stocks (in thousands)	671,558	929,573	930,124	931,895	933,345	930,456	930,456	930,456
Announcement Date	1/27/21	1/27/22	1/31/23	1/30/24	1/29/25	-	-	-