Cash Flow Statement

Operating Cash Flow

+28%

+89%

10Y

Currency: CAD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	474	518	468	488	453	318	344	401	323	373	458	411	468	508	535	543	571	826	786	796	816	695	750	932	894	792	744	628	594	577	616	550	594	623	611	651	583	545	534	570	678	653	691	484	559	708	808	875	912	1 031	1 107	1 476	1 542	1 561	1 484	1 352	1 572	1 510	1 534	1 599	1 490	1 642	1 805	2 405	2 322	2 278	2 390	1 951	2 037	2 325	2 321	2 440	2 415	2 326	2 306	2 444	2 637	3 248	3 122	2 852	2 840	2 359	2 778	3 517	3 727	4 287	4 176	3 923	3 897	3 475	3 532	3 713	3 848	4 179	4 259	4 137
Depreciation & Amortization	341	343	346	340	343	349	355	372	381	393	402	407	417	425	434	445	450	458	462	464	468	469	472	428	429	434	437	428	428	423	424	483	485	488	491	490	491	490	488	490	495	508	522	539	553	559	561	565	565	561	557	552	557	565	579	595	611	627	633	640	644	648	655	661	665	672	684	696	686	697	708	706	738	750	760	779	789	794	802	811	819	830	840	853	868	1 067	1 305	1 543	1 785	1 848	1 869	1 900	1 937	1 957	1 988	2 019
Change in Deffered Taxes	75	67	95	95	160	82	81	32	27	104	105	132	156	175	219	258	262	79	65	75	70	242	241	48	5	(20)	(64)	171	165	187	273	133	185	174	135	211	178	186	169	187	225	221	231	140	157	196	238	212	238	136	146	354	297	386	266	234	295	311	361	320	294	228	255	(210)	(236)	(223)	(223)	256	253	198	217	181	182	249	198	221	233	193	278	242	190	295	203	136	161	(7 905)	(7 940)	(7 885)	(7 892)	78	80	28	37	28	12	171
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	34	0	0	0	31	0	38	50	68	86	61	76	71	65	56	19	43	54	54	75	64	112	119	116	92	81	76	109	110	84	84	63	66	61	57	67	51	49	53	33	35	49	62	79	75	95	116	103	133	110	114	101	170	129	111	135	131	151	128	123	113	101	138	130	122	149	119	158	108	83	133	85	0
Other Non-Cash Items	(87)	(114)	(86)	(113)	(184)	(4)	(46)	(81)	8	(83)	(152)	(87)	(93)	(91)	(113)	(81)	(93)	(173)	(78)	(80)	(81)	(108)	(149)	(239)	(215)	(161)	(75)	(67)	(93)	(161)	(268)	(732)	(720)	(771)	(1 330)	(801)	(803)	(654)	(35)	(647)	(643)	(652)	(652)	254	252	261	258	351	328	309	288	(135)	(113)	(100)	(12)	3	(276)	(358)	(405)	(415)	(299)	(325)	(493)	(536)	(407)	(337)	(300)	(256)	(300)	(350)	(267)	(311)	(145)	(158)	(162)	(253)	(513)	(457)	(438)	(115)	12	(219)	(228)	(1 362)	(534)	6 833	6 721	6 504	6 644	(502)	(432)	(382)	(347)	(701)	(713)	(712)
Cash Taxes Paid	0	0	0	0	0	0	0	0	0	0	0	15	0	0	21	8	13	15	28	51	54	51	33	7	42	57	61	59	18	5	(40)	(39)	(40)	(38)	4	8	6	7	5	4	8	(7)	(7)	(3)	(3)	15	32	31	36	59	146	226	214	246	191	176	371	374	343	322	300	351	412	425	359	295	291	318	363	419	467	506	496	393	582	582	576	710	528	552	578	532	470	408	433	599	737	906	964	1 014	982	958	953	1 053	1 084	1 155
Cash Interest Paid	0	0	0	246	0	0	0	229	0	0	0	219	0	0	0	200	0	0	0	193	0	0	0	209	0	0	0	269	328	429	466	289	276	348	345	347	351	267	274	271	273	265	285	278	293	295	293	295	301	304	306	309	304	310	331	336	424	422	489	488	483	486	478	475	468	463	470	463	469	462	456	444	452	432	454	443	441	435	425	426	421	533	528	641	638	740	744	825	923	813	818	814	749	822	857	863
Change in Working Capital	(0)	(55)	(12)	(46)	13	(34)	(24)	(419)	(384)	(283)	(278)	(81)	(190)	(149)	(168)	(115)	(44)	(119)	(160)	(207)	(170)	(114)	(66)	107	94	(20)	(79)	(217)	(175)	(155)	(51)	17	(43)	38	(5)	(49)	4	(88)	(104)	(88)	(178)	(38)	(93)	(89)	(127)	(136)	(105)	(53)	(73)	58	27	(124)	108	(81)	176	275	(80)	(41)	(179)	(55)	53	88	(5)	(138)	(76)	(22)	(37)	65	52	(132)	(91)	(26)	(124)	13	(252)	(389)	(251)	236	305	(102)	(142)	(793)	(567)	998	188	314	259	52	(163)	(243)	(148)	10	(65)	24	(57)	(306)
Cash from Operating Activities	803 N/A	759 -5%	811 +7%	764 -6%	785 +3%	712 -9%	710 0%	306 -57%	355 +16%	504 +42%	535 +6%	783 +46%	758 -3%	868 +14%	906 +4%	1 051 +16%	1 147 +9%	1 070 -7%	1 074 +0%	1 049 -2%	1 103 +5%	1 185 +7%	1 248 +5%	1 276 +2%	1 207 -5%	1 026 -15%	964 -6%	943 -2%	920 -2%	871 -5%	993 +14%	451 -55%	500 +11%	553 +11%	(99) N/A	502 N/A	453 -10%	478 +6%	1 054 +120%	512 -51%	578 +13%	692 +20%	698 +1%	1 328 +90%	1 394 +5%	1 588 +14%	1 760 +11%	1 950 +11%	1 970 +1%	2 095 +6%	2 125 +1%	2 123 0%	2 391 +13%	2 331 -3%	2 493 +7%	2 459 -1%	2 122 -14%	2 049 -3%	1 944 -5%	2 089 +7%	2 182 +4%	2 281 +5%	2 217 -3%	2 182 -2%	2 268 +4%	2 368 +4%	2 514 +6%	2 712 +8%	2 728 +1%	2 738 +0%	2 888 +5%	2 990 +4%	3 066 +3%	3 180 +4%	2 850 -10%	2 802 -2%	2 895 +3%	4 014 +39%	4 069 +1%	3 688 -9%	3 719 +1%	2 472 -34%	3 026 +22%	4 142 +37%	4 410 +6%	4 596 +4%	4 521 -2%	4 137 -8%	4 271 +3%	4 656 +9%	4 901 +5%	5 269 +8%	5 410 +3%	5 487 +1%	5 489 +0%	5 309 -3%
Investing Cash Flow
Capital Expenditures	(597)	(576)	(581)	(559)	(681)	(705)	(706)	(687)	(644)	(665)	(668)	(674)	(677)	(698)	(742)	(884)	(933)	(901)	(889)	(794)	(806)	(787)	(773)	(836)	(759)	(838)	(874)	(816)	(812)	(820)	(773)	(704)	(671)	(594)	(583)	(726)	(769)	(819)	(986)	(1 104)	(1 204)	(1 277)	(1 213)	(1 148)	(1 118)	(1 127)	(1 138)	(1 236)	(1 257)	(1 254)	(1 370)	(1 449)	(1 488)	(1 545)	(1 580)	(1 522)	(1 537)	(1 512)	(1 357)	(1 182)	(1 134)	(1 150)	(1 175)	(1 340)	(1 351)	(1 418)	(1 529)	(1 551)	(1 534)	(1 580)	(1 614)	(1 647)	(1 778)	(1 821)	(1 841)	(1 671)	(1 639)	(1 553)	(1 441)	(1 532)	(1 435)	(1 389)	(1 439)	(1 557)	(1 736)	(2 003)	(2 333)	(2 499)	(2 625)	(2 812)	(2 817)	(2 863)	(3 055)	(2 986)	(3 096)	(3 140)
Other Items	(24)	(15)	(11)	8	12	4	8	(14)	(15)	(2)	(6)	11	12	12	25	15	(3)	5	62	100	124	100	(109)	(1 621)	(1 773)	(1 821)	(1 677)	16	167	383	510	345	346	207	104	91	87	84	78	60	98	101	163	137	84	(22)	(335)	(361)	(345)	(3)	563	288	353	101	58	399	387	395	125	113	61	65	62	45	40	32	26	93	95	94	90	(156)	(168)	(138)	(140)	(359)	(315)	(338)	(2 096)	(12 198)	(12 215)	(12 218)	(10 449)	61	45	56	54	337	322	345	332	67	86	493	481	475
Cash from Investing Activities	(620) N/A	(591) +5%	(592) 0%	(551) +7%	(668) -21%	(701) -5%	(699) +0%	(700) 0%	(659) +6%	(667) -1%	(674) -1%	(663) +2%	(665) 0%	(686) -3%	(717) -5%	(869) -21%	(935) -8%	(896) +4%	(827) +8%	(694) +16%	(682) +2%	(687) -1%	(882) -28%	(2 457) -179%	(2 532) -3%	(2 659) -5%	(2 551) +4%	(800) +69%	(644) +19%	(437) +32%	(263) +40%	(359) -36%	(325) +9%	(387) -19%	(480) -24%	(636) -32%	(681) -7%	(735) -8%	(907) -23%	(1 044) -15%	(1 105) -6%	(1 176) -6%	(1 050) +11%	(1 011) +4%	(1 034) -2%	(1 149) -11%	(1 473) -28%	(1 597) -8%	(1 602) 0%	(1 257) +22%	(807) +36%	(1 161) -44%	(1 135) +2%	(1 444) -27%	(1 522) -5%	(1 123) +26%	(1 150) -2%	(1 117) +3%	(1 232) -10%	(1 069) +13%	(1 073) 0%	(1 085) -1%	(1 113) -3%	(1 295) -16%	(1 311) -1%	(1 386) -6%	(1 503) -8%	(1 458) +3%	(1 439) +1%	(1 486) -3%	(1 524) -3%	(1 803) -18%	(1 946) -8%	(1 959) -1%	(1 981) -1%	(2 030) -2%	(1 954) +4%	(1 891) +3%	(3 537) -87%	(13 730) -288%	(13 650) +1%	(13 607) +0%	(11 888) +13%	(1 496) +87%	(1 691) -13%	(1 947) -15%	(2 279) -17%	(2 162) +5%	(2 303) -7%	(2 467) -7%	(2 485) -1%	(2 796) -13%	(2 969) -6%	(2 493) +16%	(2 615) -5%	(2 665) -2%
Financing Cash Flow
Net Issuance of Common Stock	(698)	(697)	4	2	2	1	1	2	2	3	2	3	6	(5)	(69)	(49)	(60)	(136)	(153)	(220)	(219)	(328)	(247)	(201)	(183)	(12)	(11)	20	503	533	537	514	21	21	36	32	39	36	19	29	58	73	152	198	200	206	131	83	(28)	(476)	(923)	(1 988)	(2 430)	(2 537)	(3 614)	(2 744)	(2 226)	(2 478)	(1 367)	(1 189)	(1 166)	(515)	(332)	(336)	(654)	(778)	(550)	(1 079)	(992)	(982)	(1 480)	(1 108)	(1 382)	(1 174)	(1 077)	(1 457)	(972)	(925)	(524)	25	25	18	23	32	42	60	64	69	73	74	74	69	(292)	(1 675)	(3 479)	(3 869)
Net Issuance of Debt	1 171	604	(426)	(406)	(34)	(202)	301	323	138	498	181	178	(3)	(268)	(270)	(274)	(286)	(25)	(28)	(23)	(108)	300	300	1 787	1 709	1 493	1 517	(271)	(129)	(576)	(598)	105	127	(194)	152	(249)	(252)	324	(143)	384	428	421	531	(6)	(57)	(51)	(54)	(56)	(180)	(184)	(186)	588	890	1 261	2 782	2 013	1 843	1 652	330	(46)	(40)	(218)	(399)	(32)	(32)	(66)	(121)	(115)	282	91	498	421	565	628	689	1 149	685	(26)	592	10 493	10 199	10 959	9 378	(1 622)	(1 886)	(1 824)	(1 430)	(1 300)	(1 090)	(1 336)	(1 609)	(1 614)	(1 301)	(322)	1 326	1 527
Cash Paid for Dividends	(120)	(90)	(61)	(81)	(81)	(81)	(81)	(81)	(81)	(81)	(81)	(82)	(83)	(83)	(87)	(90)	(92)	(101)	(107)	(112)	(118)	(123)	(128)	(133)	(139)	(142)	(145)	(149)	(152)	(156)	(159)	(163)	(167)	(167)	(171)	(175)	(179)	(183)	(188)	(193)	(198)	(204)	(213)	(223)	(233)	(242)	(244)	(244)	(244)	(246)	(245)	(244)	(241)	(236)	(232)	(226)	(222)	(218)	(236)	(255)	(274)	(294)	(302)	(310)	(319)	(327)	(336)	(348)	(357)	(367)	(391)	(412)	(435)	(456)	(453)	(467)	(480)	(494)	(508)	(507)	(557)	(607)	(657)	(707)	(707)	(707)	(707)	(707)	(707)	(709)	(709)	(709)	(709)	(741)	(769)	(796)
Other	(154)	196	287	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(31)	0	(2)	3	34	0	225	223	223	0	3	0	(3)	0	0	0	1	0	0	0	(3)	0	0	14	14	0	0	(3)	0	(2)	(3)	(3)	(3)	(1)	(22)	(22)	(22)	0	0	0	0	0	0	(2)	(12)	(1)	(1)	1	11	(33)	(49)	(52)	(75)	(42)	(26)	(23)	0	0	(16)	(17)	(17)	0	(1)	0	2	(3)	(4)	(6)	(8)
Cash from Financing Activities	199 N/A	12 -94%	(197) N/A	(485) -147%	(113) +77%	(282) -150%	221 N/A	244 +11%	60 -76%	420 +605%	102 -76%	98 -4%	(80) N/A	(356) -347%	(425) -19%	(413) +3%	(438) -6%	(262) +40%	(287) -10%	(355) -24%	(444) -25%	(151) +66%	(75) +51%	1 454 N/A	1 388 -4%	1 339 -4%	1 360 +2%	(431) N/A	191 N/A	(201) N/A	(218) -8%	489 N/A	15 -97%	(115) N/A	240 N/A	(168) N/A	(169) -1%	180 N/A	(312) N/A	217 N/A	285 +31%	288 +1%	467 +62%	(30) N/A	(89) -197%	(86) +3%	(166) -93%	(220) -33%	(455) -107%	(909) -100%	(1 340) -47%	(1 630) -22%	(1 767) -8%	(1 498) +15%	(1 067) +29%	(957) +10%	(607) +37%	(1 047) -72%	(1 276) -22%	(1 493) -17%	(1 481) +1%	(1 049) +29%	(1 055) -1%	(700) +34%	(1 027) -47%	(1 171) -14%	(1 007) +14%	(1 542) -53%	(1 067) +31%	(1 258) -18%	(1 375) -9%	(1 111) +19%	(1 253) -13%	(1 003) +20%	(840) +16%	(764) +9%	(800) -5%	(1 494) -87%	(492) +67%	9 936 N/A	9 625 -3%	10 344 +7%	8 721 -16%	(2 297) N/A	(2 551) -11%	(2 487) +3%	(2 090) +16%	(1 955) +6%	(1 741) +11%	(1 972) -13%	(2 244) -14%	(2 252) 0%	(2 305) -2%	(2 742) -19%	(2 928) -7%	(3 146) -7%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	0	0	0	(19)	(18)	(18)	(14)	28	29	21	6	(20)	(32)	(12)	(9)	(17)	(16)	(29)	(5)	1	9	11	(6)	(1)	(1)	7	1	10	19	(2)	11	7	5	16	28	45	22	22	6	(13)	2	(1)	(10)	(13)	(6)	2	4	11	5	0	6	(4)	28	14	9	6	(28)	(14)	0	41	44	53	56	20	24	9	4	(7)	2	15	(3)	54	40	(10)	2	(53)
Net Change in Cash	382 N/A	180 -53%	23 -88%	(272) N/A	4 N/A	(271) N/A	232 N/A	(150) N/A	(245) -63%	256 N/A	(37) N/A	218 N/A	14 -94%	(174) N/A	(237) -36%	(231) +2%	(227) +2%	(87) +61%	(40) +54%	3 N/A	(24) N/A	346 N/A	291 -16%	254 -13%	46 -82%	(311) N/A	(241) +22%	(260) -8%	495 N/A	254 -49%	518 +104%	562 +8%	157 -72%	39 -75%	(348) N/A	(319) +9%	(413) -30%	(106) +74%	(171) -61%	(314) -84%	(234) +26%	(186) +20%	110 N/A	286 +161%	270 -6%	360 +33%	122 -66%	143 +17%	(68) N/A	(73) -7%	(11) +85%	(661) -5 909%	(506) +23%	(595) -18%	(68) +89%	424 N/A	387 -9%	(93) N/A	(558) -500%	(486) +13%	(370) +24%	146 N/A	39 -73%	174 +346%	(76) N/A	(187) -146%	8 N/A	(277) N/A	227 N/A	(6) N/A	(5) +17%	72 N/A	(105) N/A	232 N/A	38 -84%	14 -63%	113 +707%	615 +444%	40 -93%	(65) N/A	(262) -303%	(738) -182%	(85) +88%	369 N/A	192 -48%	171 -11%	156 -9%	13 -92%	229 +1 662%	232 +1%	169 -27%	275 +63%	176 -36%	242 +38%	(52) N/A	(555) -967%
Free Cash Flow
Free Cash Flow	207 N/A	183 -11%	230 +26%	205 -11%	104 -49%	7 -94%	4 -40%	(381) N/A	(290) +24%	(162) +44%	(133) +18%	109 N/A	81 -25%	171 +110%	164 -4%	166 +1%	214 +29%	169 -21%	186 +10%	256 +38%	296 +16%	397 +34%	475 +19%	440 -7%	448 +2%	188 -58%	90 -52%	127 +42%	108 -15%	51 -53%	220 +332%	(253) N/A	(171) +32%	(41) +76%	(682) -1 572%	(224) +67%	(316) -41%	(341) -8%	68 N/A	(592) N/A	(626) -6%	(586) +6%	(514) +12%	180 N/A	276 +53%	461 +67%	622 +35%	714 +15%	713 0%	841 +18%	755 -10%	674 -11%	903 +34%	786 -13%	913 +16%	937 +3%	585 -38%	537 -8%	587 +9%	907 +55%	1 048 +16%	1 131 +8%	1 042 -8%	842 -19%	917 +9%	950 +4%	985 +4%	1 161 +18%	1 194 +3%	1 158 -3%	1 274 +10%	1 343 +5%	1 288 -4%	1 359 +6%	1 009 -26%	1 131 +12%	1 256 +11%	2 461 +96%	2 628 +7%	2 156 -18%	2 284 +6%	1 083 -53%	1 587 +47%	2 585 +63%	2 674 +3%	2 593 -3%	2 188 -16%	1 638 -25%	1 646 +0%	1 844 +12%	2 084 +13%	2 406 +15%	2 355 -2%	2 501 +6%	2 393 -4%	2 169 -9%

Income Statement Balance Sheet Cash Flow Statement

Canadian Pacific Railway Ltd
TSX:CP

Cash Flow Statement

Cash Flow Statement
Canadian Pacific Railway Ltd

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Canadian Pacific Railway Ltd TSX:CP

Cash Flow Statement

Cash Flow Statement Canadian Pacific Railway Ltd

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Canadian Pacific Railway Ltd
TSX:CP

Cash Flow Statement
Canadian Pacific Railway Ltd