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Canadian Pacific Kansas City cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$937M in Q3 2026 · $3.0B over twelve months

Operating cash flow$1.6B
Capital spending−$613M
Free cash flow+$937M
Cash / net income1.7×

Analysis

In Q3 2026, Canadian Pacific Kansas City generated $1.6B of operating cash flow and spent $613M on capital projects, leaving free cash flow of $937M. That is $523M more than in Q3 2025 ($414M).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.8B; the largest uses were buybacks ($3.8B), capital spending ($2.8B), dividends ($848M); besides operations, cash came from other financing ($1.6B), shares issued ($89.0M); the cash balance fell by $12.0M.

Operating cash flow was $1.6B against net income of $916M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$529M, deferred taxes +$114M, other operating capital +$97.0M.

Free cash flow

Canadian Pacific Kansas City: free cash flow by quarterCanadian Pacific Kansas City: free cash flow by quarter$962MQ4 2024$445MQ1 2025$612MQ2 2025$414MQ3 2025$736MQ4 2025$312MQ1 2026$968MQ2 2026$937MQ3 2026
Operating cash flow less capital spending.
Canadian Pacific Kansas City: operating cash flow against capital spendingCanadian Pacific Kansas City: operating cash flow against capital spendingOperating cash flowCapital spending$1.7B$742MQ4 2024$1.2B$711MQ1 2025$1.4B$743MQ2 2025$1.3B$860MQ3 2025$1.5B$788MQ4 2025$976M$664MQ1 2026$1.7B$758MQ2 2026$1.6B$613MQ3 2026
Latest (Q3 2026): Operating cash flow $1.6B, Capital spending $613M.

Capital allocation, year by year

Canadian Pacific Kansas City: where the cash came from (up) and went (down), by fiscal yearCanadian Pacific Kansas City: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $3.7BFY2021: Net borrowing $445MFY2021: Shares issued $25.0MFY2021: Asset sales $61.0MFY2021: Capital spending −$1.5BFY2021: Dividends −$507M$4.2BFY2021FY2022: Operating cash flow $4.1BFY2022: Net borrowing −$1.6BFY2022: Shares issued $32.0MFY2022: Capital spending −$1.6BFY2022: Dividends −$707M$4.2BFY2022FY2023: Operating cash flow $4.1BFY2023: Net borrowing −$1.3BFY2023: Shares issued $69.0MFY2023: Capital spending −$2.5BFY2023: Dividends −$707M$4.2BFY2023FY2024: Operating cash flow $5.3BFY2024: Net borrowing −$1.6BFY2024: Shares issued $69.0MFY2024: Capital spending −$2.8BFY2024: Dividends −$709M$5.3BFY2024FY2025: Operating cash flow $5.3BFY2025: Net borrowing −$1.6BFY2025: Shares issued $73.0MFY2025: Capital spending −$3.1BFY2025: Buybacks −$3.9BFY2025: Dividends −$796M$5.4BFY2025
Over these 5 years operating cash flow totalled $22.5B; the largest uses were capital spending ($11.5B) and net borrowing ($6.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$399M
Debt$24.4B
Net debt$24.0B
Due within a year$3.2B

Canadian Pacific Kansas City funds itself: free cash flow was $3.0B over the last twelve months, and $399M of cash and investments stands against $24.4B of debt ($3.2B due within a year, 0.1× covered by cash).

Canadian Pacific Kansas City: debt maturities by year (FY2025)Canadian Pacific Kansas City: debt maturities by year (FY2025)$3.2BYear 1$7.0MYear 2$1.9BYear 3$990MYear 4$1.5BYear 5$16.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $399M of cash and investments now.

Where the cash came from and went

Canadian Pacific Kansas City: sources (+) and uses (−) of cash, Q3 2026Canadian Pacific Kansas City: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.6BBuybacks−$1.4BNet borrowing (+) / repaid (−)$705MCapital spending−$613MDividends−$236MOther investing$33.0MCash drawn (+) / kept (−)−$33.0MShares issued$13.0MExchange rates$6.0M
Canadian Pacific Kansas City: sources (+) and uses (−) of cash, TTM to Q3 2026Canadian Pacific Kansas City: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$5.8BBuybacks−$3.8BCapital spending−$2.8BOther financing$1.6BDividends−$848MNet borrowing (+) / repaid (−)−$107MShares issued$89.0MOther investing$47.0MExchange rates$22.0MCash drawn (+) / kept (−)$12.0M

From profit to cash

Canadian Pacific Kansas City: net income to operating cash flow, Q3 2026Canadian Pacific Kansas City: net income to operating cash flow, Q3 2026Net income$916MDepreciation & amortization$529MStock-based pay$39.0MDeferred taxes$114MOther operating capital$97.0MOperating cash flow$1.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.6B−$613M−$1.4B−$236M$705M$13.0M−$33.0M$937M
Q2 2026$1.7B−$758M−$1.3B−$204M$426M$30.0M$43.0M$968M
Q1 2026$976M−$664M−$680M−$204M$782M$49.0M−$225M$312M
Q4 2025$1.5B−$788M−$397M−$204M−$399M$21.0M$227M$736M
Q3 2025$1.3B−$860M−$1.8B−$205M$1.2B$14.0M$388M$414M
Q2 2025$1.4B−$743M−$1.4B−$210M$673M$30.0M−$104M$612M
Q1 2025$1.2B−$711M−$347M−$177M$37.0M$8.0M$44.0M$445M
Q4 2024$1.7B−$742M—−$177M−$600M$14.0M−$276M$962M

Canadian Pacific Kansas City: income statement and cash flow

Canadian Pacific Kansas City, Q3 2026: revenue $3.0B (+15% year over year), operating margin 35.2%. The chart follows the revenue to costs, profit and cash.

Canadian Pacific Kansas City: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.