Canadian Pacific Kansas City Limited

TSX-CP

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	4,259	3,713	3,923	3,517	2,852	2,444	2,440	1,951	2,405	1,599	1,352
Net Income
Depreciation & Amortization	1,988	1,900	1,543	853	811	779	706	696	661	640	595
Depreciation and Amortization
Amortization of Deferred Charges and Accretion
Other Adjustments	-400	-368	-1,021	-136	91	-32	-130	24	-746	-95	237
Deferred Income Tax Expense
Change in Fair Value of Canadian Third Party Asset-Backed Commercial Paper
Environmental Remediation Charge
Restructuring and Impairment Charge
Gain on Sale of Partnership Interest
Gain on Sales of Significant Properties
Pension Recovery and Funding
Asset Impairments
Labour Restructuring, Net
Equity Earnings of Kansas City Southern
Foreign Exchange Gain on Debt and Lease Liabilities
Equity Income, Net of Cash Received
Restructuring and Environmental Remediation Payments
Remeasurement Loss of Kansas City Southern
Dividends from Kansas City Southern
Settlement of Mexican Taxes
Settlement of Foreign Currency Forward Contracts
Other Operating Activities, Net
Changes in Other Operating Activities	-25	24	-308	-92	-66	-389	-26	65	-138	-55	275
Changes in Non-Cash Working Capital Balances Related to Operations
Cash from Operating Activities	5,489	5,269	4,137	4,142	3,688	2,802	2,990	2,712	2,182	2,089	2,459
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-3,096	-2,863	-2,499	-1,557	-1,532	-1,671	-1,647	-1,551	-1,340	-1,182	-1,522
Additions to Properties
Additions to Meridian Speedway Properties
Proceeds from Sale of Property, Plant & Equipment	61	64	57	58	96	22	26	78	42	116	114
Net Proceeds from Disposal of Transportation Properties
Proceeds from Sale of Properties and Other Assets
Purchases of Investments	—	—	-267	—	-12,299	-398	—	—	—	—	—
Additions to Investments and Other Assets
Investment in Kansas City Southern
Investment in Detroit River Tunnel Partnership
Redemption of Long-Term Floating Rate Notes/ Asset-Backed Commercial Paper
Investment in Government Securities
Proceeds from Sale of Investments	—	—	274	—	—	—	—	—	—	—	—
Reduction in Investments and Other Assets
Proceeds from Settlement of Government Securities
Payments for Business Acquisitions	—	—	—	—	—	—	—	—	—	—	—
Acquisition of Dakota, Minnesota & Eastern Railroad Corporation
Proceeds from Business Divestments	—	—	—	—	—	—	—	—	—	—	281
Proceeds from the Sale of West End of Dakota, Minnesota and Eastern Railroad
Proceeds from the Sale of Delaware & Hudson South
Other Investing Activities	-73	3	273	3	5	17	-182	15	3	-3	4
Additions to Assets Held for Sale and Other
Investment in Central Maine & Québec Railway
Change in Restricted Cash and Cash Equivalents Used to Collateralize Letters of Credit
Cash Acquired on Control of Kansas City Southern
Other Investing Activities, Net
Cash from Investing Activities	-2,615	-2,796	-2,162	-1,496	-13,730	-2,030	-1,803	-1,458	-1,295	-1,069	-1,123
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	—	274	—	—	—	5	—	—	—	—	—
Net Increase in Short-Term Borrowings
Repayments of Short-Term Debt	—	—	—	—	—	—	—	—	—	—	—
Net Decrease in Short-Term Borrowing
Net Issuance / (Repayments) of Short-Term Debt	—	439	1,095	-415	-454	270	524	—	—	-8	-893
Net Issuance of Commercial Paper
Net Repayment of Commercial Paper
Change in Short-Term Borrowings
Issuance of Long-Term Debt	—	—	—	—	11,306	958	397	638	—	—	3,411
Proceeds from Term Loan
Issuance of Long-Term Debt, Excluding Commercial Paper
Repayments of Long-Term Debt	-2,963	-2,327	-2,395	-1,207	-359	-84	-500	-753	-32	-38	-505
Repayment of Long-Term Debt, Excluding Commercial Paper
Repayment of Term Loan
Net Issuance / (Repayments) of Long-Term Debt	-2,963	-2,327	-2,395	-1,207	10,947	874	-103	-115	-32	-38	2,906
Issuance of Common Shares	66	69	69	32	25	52	26	24	45	21	43
Issuance of Common Shares
Repurchases of Common Shares	—	—	—	—	—	-1,509	-1,134	-1,103	-381	-1,210	-2,787
Purchase of Common Shares
Net Issuance / (Repurchases) of Common Shares	66	69	69	32	25	-1,457	-1,108	-1,079	-336	-1,189	-2,744
Common Share Dividends Paid	-769	-709	-707	-707	-507	-467	-412	-348	-310	-255	-226
Dividends Paid
Other Financing Activities	-6	2	-17	—	-75	11	-12	—	-22	-3	—
Collection of Receivable from Financial Institution
Settlement of Foreign Exchange Forward on Long-Term Debt
Settlement of Forward Starting Swaps on De-Designation
Acquisition-Related Financing Fees
Other Financing Activities, Net
Cash from Financing Activities	-2,928	-2,252	-1,955	-2,297	9,936	-764	-1,111	-1,542	-700	-1,493	-957
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	2,393	2,406	1,638	2,585	2,156	1,131	1,343	1,161	842	907	937
NOPAT	4,341.8	4,029.7	-5,638.4	2,824.6	2,525.8	2,527.2	2,422.9	2,134.2	2,425.2	1,791.4	1,855.1
Levered Free Cash Flow	169	891	1,363	1,099	12,558	2,307	1,894	1,046	1,556	956	2,713
Unlevered Free Cash Flow	3,208.8	3,090.7	-6,902.4	2,028.6	1,738.8	1,246.2	1,455.9	1,344.2	1,608.2	1,194.4	1,203.1
Net Change in Cash	-54	221	20	349	-106	8	76	-288	187	-473	379