--- title: "Canadian Pacific Kansas City | 10-K: FY2025 Revenue Beats Estimate at CAD 15.08 B" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/277072438.md" datetime: "2026-02-26T16:31:33.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277072438.md) - [en](https://longbridge.com/en/news/277072438.md) - [zh-HK](https://longbridge.com/zh-HK/news/277072438.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/277072438.md) | [English](https://longbridge.com/en/news/277072438.md) # Canadian Pacific Kansas City | 10-K: FY2025 Revenue Beats Estimate at CAD 15.08 B Revenue: As of FY2025, the actual value is CAD 15.08 B, beating the estimate of CAD 11.04 B. EPS: As of FY2025, the actual value is CAD 4.51, beating the estimate of CAD 3.3656. EBIT: As of FY2025, the actual value is CAD 6.485 B. ### Overall Company Performance #### Total Revenues Canadian Pacific Kansas City Limited reported total revenues of $15,078 million in 2025, marking a 4% increase from $14,546 million in 2024. #### Operating Income and Ratio Operating income for Canadian Pacific Kansas City Limited was $5,609 million in 2025, compared to $5,179 million in 2024. The operating ratio improved by 160 basis points to 62.8% in 2025 from 64.4% in 2024, while the core adjusted operating ratio improved by 140 basis points to 59.9% in 2025 from 61.3% in 2024. #### Operating Expenses Total operating expenses increased by 1% to $9,469 million in 2025 from $9,367 million in 2024. **Compensation and Benefits:** Increased by 1% to $2,581 million in 2025 from $2,565 million in 2024. **Fuel:** Decreased by 4% to $1,731 million in 2025 from $1,802 million in 2024. **Materials:** Increased by 17% to $474 million in 2025 from $406 million in 2024. **Equipment Rents:** Increased by 18% to $408 million in 2025 from $347 million in 2024. **Depreciation and Amortization:** Increased by 6% to $2,019 million in 2025 from $1,900 million in 2024. **Purchased Services and Other:** Decreased by 4% to $2,256 million in 2025 from $2,347 million in 2024. #### Other Income Statement Items - **Other (Income) Expense:** Other income was $1 million in 2025, a 98% decrease from $42 million in 2024. - **Other Components of Net Periodic Benefit Recovery:** Increased by 18% to $415 million in 2025 from $352 million in 2024. - **Net Interest Expense:** Increased by 9% to $876 million in 2025 from $801 million in 2024. - **Gain on Sale of Equity Investment:** Canadian Pacific Kansas City Limited recognized a pre-tax gain of $333 million from the sale of its 50% equity method investment in the Panama Canal Railway Company on April 1, 2025. - **Income Tax Expense:** Increased by 27% to $1,345 million in 2025 from $1,059 million in 2024. ### Operational Metrics #### Gross Ton-Miles (GTMs) Total GTMs increased by 4% to 403,891 million in 2025 from 388,958 million in 2024. #### Train Miles Train miles increased by 1% to 47,170 thousand in 2025 from 46,892 thousand in 2024. #### Fuel Efficiency Fuel efficiency remained flat at 1.034 U.S. gallons per 1,000 GTMs in 2025 compared to 1.033 in 2024. #### Total Employees Average total employees decreased by 1% to 19,967 in 2025 from 20,144 in 2024. #### Carloads and Revenue Ton-Miles (RTMs) Total carloads increased by 3% to 4,514.0 thousand in 2025 from 4,370.0 thousand in 2024. RTMs increased by 4% to 219,420 million in 2025 from 211,458 million in 2024. #### Freight Revenue per Carload and per RTM Freight revenue per carload increased by 1% to $3,273 in 2025 from $3,255 in 2024. Freight revenue per RTM remained flat at 6.73 cents in both 2025 and 2024. ### Revenue by Line of Business #### Freight Revenues Overall freight revenues increased by 4% to $14,776 million in 2025 from $14,223 million in 2024. #### Bulk Commodities Bulk commodities represented approximately 36% of total Freight revenues in 2025. **Grain:** Revenues increased by 7% to $3,217 million in 2025 from $3,012 million in 2024. Carloads increased by 4% and RTMs by 6%. **Coal:** Revenues increased by 9% to $1,025 million in 2025 from $943 million in 2024. Carloads increased by 8% and RTMs by 4%. **Potash:** Revenues increased by 4% to $640 million in 2025 from $614 million in 2024. Carloads increased by 4% and RTMs by 8%. **Fertilizers and Sulphur:** Revenues increased by 4% to $423 million in 2025 from $406 million in 2024. Carloads remained flat and RTMs increased by 1%. #### Merchandise Freight Merchandise freight represented approximately 46% of total Freight revenues in 2025. **Forest Products:** Revenues decreased by 3% to $792 million in 2025 from $816 million in 2024. Carloads decreased by 7% and RTMs by 3%. **Energy, Chemicals and Plastics:** Revenues increased by 2% to $2,898 million in 2025 from $2,851 million in 2024. Carloads decreased by 3% and RTMs by 3%. **Metals, Minerals and Consumer Products:** Revenues increased by 1% to $1,792 million in 2025 from $1,777 million in 2024. Carloads decreased by 4% while RTMs remained flat. **Automotive:** Revenues increased by 2% to $1,310 million in 2025 from $1,280 million in 2024. Carloads decreased by 4% while RTMs increased by 10%. #### Intermodal Traffic Intermodal traffic represented approximately 18% of total Freight revenues in 2025. **Intermodal:** Revenues increased by 6% to $2,679 million in 2025 from $2,524 million in 2024. Carloads increased by 8% and RTMs by 9%. Domestic Intermodal represented approximately 54% of Intermodal revenues and 10% of total Freight revenues in 2025. International Intermodal represented approximately 46% of Intermodal revenues and 8% of total Freight revenues in 2025. ### Cash Flow #### Operating Activities Net cash provided by operating activities increased by $40 million in 2025 compared to 2024. #### Investing Activities Net cash used in investing activities decreased by $131 million in 2025 compared to 2024, primarily due to $493 million in proceeds from the sale of an equity investment. #### Capital Expenditures Capital expenditures totaled $3,102 million in 2025, a 10% increase from $2,825 million in 2024. **Track and Roadway:** $1,736 million in 2025 ($1,968 million in 2024). **Rolling Stock:** $930 million in 2025 ($346 million in 2024), including $923 million for locomotives. **Buildings:** $96 million in 2025 ($140 million in 2024). **Other:** $340 million in 2025 ($371 million in 2024). ### Outlook / Guidance For 2026, Canadian Pacific Kansas City Limited anticipates investing approximately $2.65 billion in capital programs, with specific allocations to track and roadway, rolling stock, and other investments. The company expects its 2026 Core adjusted effective tax rate to be approximately 24.75%. Furthermore, the company forecasts that a $0.01 weakening of the Canadian dollar relative to the U.S. dollar will positively impact total revenues by approximately $78 million and negatively impact operating expenses by approximately $45 million on an annualized basis. ### 相關股票 - [Canadian Pacific Kansas City (CP.US)](https://longbridge.com/zh-HK/quote/CP.US.md) ## 相關資訊與研究 - [Assessing Canadian Pacific Kansas City (TSX:CP) Valuation After Recent Share Price Weakness](https://longbridge.com/zh-HK/news/281198870.md) - [CANADA RESEARCH ROUNDUP-AG Growth International, Bird Construction, Cogeco Communications](https://longbridge.com/zh-HK/news/280651485.md) - [Boardwalktech Raises C$384,800 in First Tranche of Private Placement](https://longbridge.com/zh-HK/news/281385232.md) - [Metatek-Group Doubles Revenue in 2025 and Closes C$35 Million TSX IPO](https://longbridge.com/zh-HK/news/281275227.md) - [19:22 ETNOTICE OF SETTLEMENT APPROVAL - SHORT FORM](https://longbridge.com/zh-HK/news/281434539.md)