CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CAD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)
Operating activities
Net income	$ 4,137	$ 3,713	$ 3,923
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization (Note 13, 15)	2,019	1,900	1,543
Deferred income tax expense (recovery) (Note 11)	171	28	(7,885)
Pension recovery and funding (Note 23)	(367)	(305)	(306)
Equity earnings of Kansas City Southern (Note 11, 12)	0	0	(230)
Remeasurement loss of Kansas City Southern (Note 11)	0	0	7,175
Gain on sale of equity investment (Note 6)	(333)	0	0
Dividends from Kansas City Southern (Note 12)	0	0
Settlement of Mexican taxes (Note 7)	(12)	(12)	(135)
Settlement of foreign currency forward contracts (Note 18)	0	(65)	0
Other operating activities, net	(110)	(14)	60
Change in non-cash working capital balances related to operations (Note 22)	(196)	24	(308)
Net cash provided by operating activities	5,309	5,269	4,137
Investing activities
Additions to properties	(3,102)	(2,825)	(2,468)
Additions to Meridian Speedway properties	(38)	(38)	(31)
Proceeds from sale of properties and other assets	58	64	57
Proceeds from Sale of Equity Method Investments	493	0	0
Cash acquired on control of Kansas City Southern (Note 11)	0	0	298
Investment in government securities (Note 17)	0	0	(267)
Proceeds from settlement of government securities (Note 17)	0	0	274
Other investing activities, net	(76)	3	(25)
Net cash used in investing activities	(2,665)	(2,796)	(2,162)
Financing activities
Dividends paid	(796)	(709)	(707)
Issuance of Common Shares (Note 21)	73	69	69
Payments for Repurchase of Common Stock	(3,942)	0	0
Repayment of Long-Term Debt, Long-Term Lease Obligation, and Capital Security	(951)	(2,327)	(2,395)
Issuance of long-term debt, excluding commercial paper (Note 17)	3,102	0	0
Net (repayment) Issuance of commercial paper (note 17)	(346)	439	1,095
Net (repayment) issuance in short-term borrowings (Note 17)	(278)	274	0
Acquisition-related financing fees	0	0	(17)
Other financing activities, net	(8)	2	0
Net cash used in financing activities	(3,146)	(2,252)	(1,955)
Effect of foreign currency fluctuations on foreign-denominated cash and cash equivalents	(53)	54	(7)
Cash position
(Decrease) increase in cash and cash equivalents	(555)	275	13
Cash and cash equivalents at beginning of period	739	464	451
Cash and cash equivalents at end of year	184	739	464
Supplemental disclosures of cash flow information:
Income taxes paid	1,155	958	906
Interest paid	$ 863	$ 814	$ 825

CANADIAN PACIFIC KANSAS CITY LTD/CN 10-K