What is the primary revenue source for Canadian Pacific Kansas City (CP)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze CP's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Canadian Pacific Kansas City's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Canadian Pacific Kansas City Makes Money: CP Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin declined by 0.78 percentage points year over year.

Revenue: CAD 7.87B
Largest revenue segment share (Grain Revenue): 22.84%
Income tax expense: CAD 610.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Income tax expenseIncome tax expense (note 5) · IncomeTaxExpenseBenefit
Largest revenue segment share (Grain Revenue)Grain Revenue · segment_value / revenue * 100
Operating marginOperating income · operating_income / revenue * 100
RevenueTotal revenues · Revenues

Assets

Where is the money tied up, and how is the company financed?

Watch

Current assets do not cover near-term liabilities, indicating short-term funding pressure.

Property, plant and equipment: CAD 57.16B
Goodwill: CAD 19.11B
Accounts receivable: CAD 2.25B
Total liabilities: CAD 41.67B
Shareholder equity: CAD 47.61B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Property, plant and equipmentProperties · PropertyPlantAndEquipmentNet
Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableAccounts receivable, net (note 8) · AccountsReceivableNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 144.49% of net income.

Free cash flow remains positive after capital expenditure.

Net income: CAD 1.87B
Operating cash flow: CAD 2.70B
Cash conversion: 144.49%
Free cash flow: CAD 1.28B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income attributable to controlling shareholders · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Cash dividends: CAD 408.00M
Share repurchases: CAD 1.96B
Stock issuance proceeds: CAD 55.00M
Net shareholder return: CAD 2.32B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsIssuance of common shares · ProceedsFromIssuanceOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?