Canadian Pacific Kansas City Limited
Canadian Pacific Kansas City Limited’s revenue for fiscal 2025 (year ended December 2025) was $10.8 billion, up 1.65% from fiscal 2024. In the quarter to June 2026, revenue grew 12.5%, EPS fell 13.4%, free cash flow grew 54.8% and total debt rose 12.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Canadian Pacific Kansas City Limited (CP) Piotroski F-score
Canadian Pacific Kansas City Limited's Piotroski F-score for fiscal 2025 is 7 out of 9: 7 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 7 | 0.00 |
| FY2024 | 7 | 0.00 |
| FY2023 | 7 | 2.00 |
| FY2022 | 5 | 2.00 |
| FY2021 | 3 | (2.00) |
| FY2020 | 5 | (2.00) |
| FY2019 | 7 | 2.00 |
| FY2018 | 5 | (1.00) |
| FY2017 | 6 | (1.00) |
| FY2016 | 7 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 4.72% | 4.40% | Pass | 1 |
| Positive operating cash flow | 3.80b | 3.85b | Pass | 1 |
| Rising return on assets | 4.72% | 4.40% | Pass | 1 |
| Cash flow above net income | 835.94m | 1.13b | Pass | 1 |
| Falling long-term leverage | 0.23 | 0.23 | Pass | 1 |
| Rising current ratio | 0.49 | 0.60 | Fail | 0 |
| No new shares issued | 916,200,000 | 933,000,000 | Pass | 1 |
| Rising gross margin | 70.41% | 68.69% | Pass | 1 |
| Rising asset turnover | 0.17 | 0.17 | Fail | 0 |
| Piotroski F-score | Strong — most fundamentals improved | 7 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| TRN Trinity Industries, Inc. compare | 8 |
| UNP Union Pacific Corporation compare | 8 |
| CP Canadian Pacific Kansas City Limited | 7 |
| GBX Greenbrier Companies, Inc. (The) compare | 7 |
| RAIL Freightcar America, Inc. compare | 6 |
| NSC Norfolk Southern Corporation compare | 6 |
| WAB Wabtec compare | 6 |
| FSTR L.B. Foster Company compare | 6 |
| CSX CSX Corporation compare | 5 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover