CP: the cashflow

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For the quarter ending 2025-09-30, CP had -$388M decrease in cash & cash equivalents over the period. $414M in free cash flow.

Unit: Million (M) dollars (except for numbers of shares and EPS)

Cash Flow	2025-09-30	2025-06-30
Net income	917	2,143
Depreciation and amortization	503	997
Deferred income tax (recovery) expense	-11	35
Pension recovery and funding (note 12)	-93	-190
Gain on sale of equity investment (note 4)	0	333
Settlement of mexican taxes (note 5)	0	12
Settlement of foreign currency forward contracts (note 10)	0	0
Other operating activities, net	-55	28
Changes in non-cash working capital balances related to operations	-13	157
Net cash provided by operating activities	1,274	2,511
Additions to properties	860	1,454
Additions to meridian speedway properties	7	24
Proceeds from sale of properties and other assets	1	15
Proceeds from sale of equity investment (note 4)	0	493
Other investing activities, net	16	51
Net cash used in investing activities	-882	-1,021
Dividends paid	205	387
Issuance of common shares	14	38
Purchase of common shares (note 11)	1,805	1,740
Repayment of long-term debt, excluding commercial paper (note 9)	5	940
Issuance of long-term debt, excluding commercial paper (note 9)	0	3,102
Net issuance (repayment) of commercial paper (note 9)	1,221	-1,175
Net repayment of short term borrowings (note 9)	0	-277
Other financing activities, net	-2	-6
Net cash used in financing activities	-782	-1,385
Effect of foreign currency fluctuations on foreign-denominated cash and cash equivalents	2	-45
Net decrease in cash and cash equivalents	-388	60
Cash and cash equivalents at beginning of period	739	-
Cash and cash equivalents at end of period	411	-

Unit: Million (M) dollars