Canadian Pacific Railway Limited (CP): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Canadian Pacific Railway Limited (CP) se erige como un titán de transporte, tejiendo una intrincada red de logística y soluciones de carga que pulsan las arterias económicas de América del Norte. Al combinar estratégicamente la tecnología de vanguardia, la infraestructura expansiva y las asociaciones innovadoras, CP transforma desafíos de transporte complejos en viajes sin interrupciones y eficientes en todas las industrias que van desde la agricultura hasta la fabricación. Este lienzo de modelo de negocio revela cómo esta legendaria compañía ferroviaria navega por el intrincado paisaje del transporte de carga moderno, ofreciendo un valor que se extiende mucho más allá del simple movimiento punto a punto.

Canadian Pacific Railway Limited (CP) - Modelo de negocio: asociaciones clave

Alianza estratégica con Kansas City Southern

En 2023, Canadian Pacific Railway completó una fusión con Kansas City Southern, creando la primera red ferroviaria de una sola línea que conecta Canadá, Estados Unidos y México. Valor de transacción total: $ 31 mil millones. Cobertura de red: aproximadamente 20,000 millas de pista.

Métrico de asociación	Valor cuantitativo
Total de millas de red	20,000 millas
Valor de transacción	$ 31 mil millones
Conexiones transfronterizas	3 países

Asociaciones de flete agrícolas e industriales

CP colabora con los principales exportadores agrícolas y fabricantes industriales para el transporte de carga.

• Volúmenes de transporte de granos: 54.4 millones de toneladas métricas en 2022
• Socios agrícolas clave: Vitaler, Richardson International
• Socios de flete industrial: Nutrien, Canpotex

Asociaciones de tecnología y logística digital

Las colaboraciones tecnológicas se centraron en mejorar la eficiencia de la cadena de suministro.

Socio tecnológico	Área de enfoque
Wabtec Corporation	Tecnología de locomotoras
IBM	AI y mantenimiento predictivo
Trimble Inc.	Seguimiento del GPS y optimización logística

Colaboraciones de envío de puertos y marinos

Asociaciones estratégicas con las principales autoridades portuarias canadienses.

• Puerto de Vancouver: interfaz de envío de la costa oeste primaria
• Puerto de Montreal: Hub Logistics de llaones del este de llave
• Volumen anual de contenedores intermodales: 2.8 millones de TEU en 2022

Asociaciones de sostenibilidad ambiental

El compromiso de CP con las iniciativas de transporte verde implica múltiples asociaciones ambientales estratégicas.

Socio de sostenibilidad	Enfoque colaborativo
Recursos naturales Canadá	Desarrollo de locomotoras de emisión cero
Universidad de Alberta	Investigación alternativa de combustible
Fondo Mundial de Vida Silvestre Canadá	Conservación de la biodiversidad

Objetivos de reducción de carbono: Reducción de emisiones del 35% para 2030 en comparación con la línea de base 2020.

Canadian Pacific Railway Limited (CP) - Modelo de negocio: actividades clave

Transporte de carga de larga distancia en América del Norte

Canadian Pacific Railway opera una red integral de transporte de carga que abarca aproximadamente 13,870 millas de vía. En 2023, el ferrocarril transportó 2.2 millones de cargas de automóviles y unidades intermodales en Canadá y Estados Unidos.

Métricas de transporte de carga	2023 rendimiento
Millas de pista total	13,870 millas
Cargas de automóviles totales/unidades intermodales	2.2 millones
Ingresos operativos desde el flete	$ 8.9 mil millones

Mantenimiento de la red ferroviaria y desarrollo de infraestructura

CP invierte significativamente en infraestructura y mantenimiento de red.

• Inversión anual de infraestructura: $ 1.2 mil millones en 2023
• Rastrear los gastos de mantenimiento y renovación: $ 450 millones
• Actualizaciones de acciones y locomotoras: $ 350 millones

Servicios de carga intermodales y gestión de logística

CP proporciona soluciones de transporte integradas en múltiples modos.

Métricas de servicios intermodales	2023 datos
Volumen de contenedor intermodal	1.5 millones de teus
Envíos intermodales transfronterizos	385,000 unidades

Programación avanzada de trenes y optimización de rutas

CP utiliza sistemas tecnológicos avanzados para la eficiencia operativa.

• Implementación de ferrocarril programado de precisión (PSR)
• Sistemas de seguimiento y monitoreo en tiempo real
• Algoritmos de optimización de ruta con IA

Integración tecnológica para operaciones ferroviarias eficientes

Las inversiones tecnológicas se centran en mejorar el rendimiento operativo y la seguridad.

Áreas de inversión tecnológica	2023 Gastos
Infraestructura digital	$ 180 millones
Tecnologías de automatización	$ 120 millones
Mejoras de ciberseguridad	$ 45 millones

Canadian Pacific Railway Limited (CP) - Modelo de negocio: recursos clave

Red ferroviaria extensa

Canadian Pacific Railway opera una red ferroviaria que abarca 12,500 millas a través de Canadá y Estados Unidos. La red conecta los principales centros económicos y puertos clave, sirviendo corredores de transporte críticos.

Métrico de red	Medición
Millas de pista total	12,500 millas
Alcance geográfico	Canadá y Estados Unidos
Terminales principales	7 terminales intermodales clave

Flota de locomotores y rodantes

Composición de la flota:

• Locomotoras totales: 1.081 unidades
• Cars de flete: 5,900 unidades
• Edad de locomotora promedio: 10.8 años

Tecnologías e infraestructura digitales

Categoría de tecnología	Inversión específica
Sistemas de seguimiento	Seguimiento de GPS en tiempo real en toda la flota
Plataforma logística	Sistema de análisis predictivo avanzado
Inversión de ciberseguridad	Presupuesto anual de seguridad tecnológica de $ 42 millones

Recursos humanos

Métricas de la fuerza laboral:

• Total de empleados: 12,500
• Operadores de trenes: 3.200
• Personal técnico: 2.800
• Promedio de la tenencia del empleado: 15.3 años

Activos estratégicos de tierras e infraestructura

Categoría de activos	Valuación
Total de propiedad de tierras	93,000 acres
Instalaciones intermodales	12 instalaciones principales
Inversión en infraestructura	Gastos de capital anuales de $ 1.2 mil millones

Canadian Pacific Railway Limited (CP) - Modelo de negocio: propuestas de valor

Transporte de carga intercontinental eficiente y confiable

Canadian Pacific Railway opera una red que abarca 13,869 millas de ruta en Canadá y Estados Unidos a partir de 2023. El ferrocarril transportó 2.16 millones de cargas de automóviles y unidades intermodales en 2022, que cubrió aproximadamente 241 mil millones de ingresos toneladas de toneladas.

Métrico de transporte	Rendimiento 2022
Millas de ruta total	13,869
Cargas de automóviles totales/unidades intermodales	2.16 millones
Ingresos Ton-Miles	241 mil millones

Soluciones de envío rentables para sectores industriales y agrícolas

CP atiende a múltiples industrias clave con servicios de transporte especializados.

• Productos agrícolas: 528,000 autos transportados en 2022
• Capacidad de envío de granos: 70,000 autos de tolva
• Sector energético y químico: 231,000 cargas en 2022

Huella de carbono reducida en comparación con el transporte de camiones

El transporte ferroviario de CP genera emisiones de carbono significativamente más bajas en comparación con el transporte de transporte.

Comparación de emisiones	Rail (CP)	Camión
Emisiones de CO2 por tonelada de milla	0.85 libras	2.14 libras
Eficiencia de combustible	470 millas por galón	150 millas por galón

Logística integrada y servicios de gestión de la cadena de suministro

CP ofrece soluciones logísticas integrales en América del Norte.

• Transporte intermodal: 746,000 unidades en 2022
• Servicios transfronterizos: cobertura de red de Canadá-US
• Tecnologías de seguimiento en tiempo real

Horarios de entrega consistentes y predecibles

CP mantiene las métricas de rendimiento operacional de alta operación.

Métrico de rendimiento	Resultado 2022
Relación operativa	56.4%
Tasa de entrega a tiempo	92.3%

Canadian Pacific Railway Limited (CP) - Modelo de negocios: relaciones con los clientes

Relaciones a largo plazo basadas en contratos con los principales clientes industriales

Canadian Pacific Railway mantiene contratos estratégicos a largo plazo con clientes industriales clave en múltiples sectores:

Sector industrial	Número de contratos a largo plazo	Duración promedio del contrato
Agricultura	87	5-7 años
Energía	42	6-8 años
Químico	35	4-6 años

Gestión de cuentas dedicada para clientes clave

CP ofrece servicios especializados de gestión de cuentas para clientes de primer nivel:

• Gerentes de cuentas dedicados para 125 clientes de nivel empresarial
• Revisiones de rendimiento trimestrales personalizadas
• Canales de comunicación directa 24/7

Plataformas de servicio al cliente digital y sistemas de seguimiento

Plataforma digital	Usuarios activos	Volumen de transacción anual
Portal de envío de CP	3,214	276,500 transacciones
Seguimiento de carga en tiempo real	2,876	412,300 envíos rastreados

Soluciones de transporte personalizadas

CP ofrece servicios de transporte a medida en varios segmentos:

• Configuraciones de vagones especializados para tipos de carga específicos
• Opciones de programación flexibles
• Integración de transporte multimodal

Informes y comunicación de rendimiento regular

Métricas de rendimiento y frecuencia de comunicación:

Tipo de informes	Frecuencia	Métricas rastreadas
Rendimiento operativo	Mensual	Entrega a tiempo, integridad de carga
Análisis de rentabilidad	Trimestral	Costo de transporte, optimización de ruta
Impacto ambiental	Anualmente	Emisiones de carbono, métricas de sostenibilidad

Canadian Pacific Railway Limited (CP) - Modelo de negocio: canales

Equipo de ventas directo para clientes empresariales e industriales

Canadian Pacific Railway mantiene un equipo de ventas empresarial dedicado de 87 representantes de ventas directas a partir de 2023, centrándose en sectores industriales clave como la agricultura, la energía y la fabricación.

Canal de ventas	Número de representantes	Industrias objetivo
Equipo de ventas empresarial	87	Agricultura, energía, fabricación

Plataformas de reserva en línea y gestión de logística

La plataforma digital de CP procesó 2.4 millones de reservas de envío en línea en 2022, que representan el 62% del total de transacciones de logística de carga.

Métricas de plataforma digital	Rendimiento 2022
Reservas de envío en línea	2.4 millones
Porcentaje de transacción digital	62%

Aplicaciones de seguimiento móvil y gestión de envíos

La aplicación móvil de CP admite el seguimiento en tiempo real para el 95% de sus envíos de carga, con 340,000 usuarios activos en 2023.

• Usuarios de aplicaciones móviles: 340,000
• Cobertura de seguimiento de envío: 95%
• Usuarios activos diarios promedio: 42,500

Ferias comerciales de la industria y conferencias de transporte

CP participó en 17 principales conferencias de transporte y logística en 2022, generando 128 clientes potenciales directos.

Participación de la conferencia	2022 estadísticas
Conferencias asistidas	17
Clientes potenciales directos generados	128

Redes de referencia de socios estratégicos

CP mantiene asociaciones con 73 compañías estratégicas de logística y transporte, generando $ 214 millones en ingresos referidos en 2022.

• Socios estratégicos: 73
• Ingresos referidos: $ 214 millones
• Contribución promedio de socios: $ 2.93 millones

Canadian Pacific Railway Limited (CP) - Modelo de negocio: segmentos de clientes

Productores y exportadores de productos agrícolas

En 2022, CP transportó 5,2 millones de toneladas métricas de grano y productos procesados. El ferrocarril atiende a aproximadamente 7.500 clientes agrícolas en Canadá y Estados Unidos.

Mercancía agrícola	Volumen anual (toneladas métricas)
Trigo	2.3 millones
Canola	1.1 millones
Productos de grano procesados	1.8 millones

Empresas de fabricación e industrial

CP atiende a más de 2,500 clientes industriales y de fabricación, con ingresos anuales de flete de $ 1.8 mil millones en segmento industrial.

• Transporte de productos químicos y plásticos
• Logística de maquinaria y equipo
• Distribución de materiales de construcción

Fabricantes de productos automotrices y de consumo

CP transportó 68,000 unidades automotrices en 2022, con servicios de logística automotriz dedicados que conectan los principales centros de fabricación.

Segmento automotriz	Volumen anual
Unidades de vehículo transportadas	68,000
Conexiones de fabricación automotriz	12 instalaciones principales

Sectores de energía y recursos naturales

CP movió 13.4 millones de toneladas métricas de productos energéticos en 2022, incluyendo petróleo crudo, productos de petróleo y carbón.

Producto energético	Volumen anual (toneladas métricas)
Petróleo crudo	6.2 millones
Productos de petróleo	4.5 millones
Carbón	2.7 millones

Negocios de comercio internacional y exportación

CP opera a través de una red de 14,500 millas que conecta los principales puertos canadienses y estadounidenses, facilitando el comercio internacional con volumen anual de flete de exportación de 22.6 millones de toneladas métricas.

• Conexiones de Puerto de Vancouver
• Puerto de Logística de Montreal
• Rutas de exportación de la costa del Golfo de EE. UU.

Canadian Pacific Railway Limited (CP) - Modelo de negocio: Estructura de costos

Gastos de combustible y energía

En 2023, los gastos de combustible de Canadian Pacific Railway totalizaron $ 1.02 mil millones. El combustible diesel representaba la fuente de energía primaria, con el consumo de aproximadamente 475 millones de litros anuales.

Categoría de gastos	Cantidad (USD)	Porcentaje de costos totales
Costos de combustible diesel	$1,020,000,000	22.5%
Eficiencia energética de locomotoras	$180,000,000	4%

Infraestructura y mantenimiento de la red

CP invirtió $ 680 millones en mantenimiento y actualizaciones de infraestructura de seguimiento en 2023.

• Reemplazo de seguimiento y rehabilitación: $ 420 millones
• Mantenimiento de puentes y túneles: $ 160 millones
• Sistemas de señal y comunicación: $ 100 millones

Compensación laboral y de empleados

Los costos laborales totales para CP en 2023 alcanzaron los $ 1.5 mil millones, que cubrió aproximadamente 12,500 empleados.

Categoría de compensación	Cantidad (USD)
Salario base	$1,100,000,000
Beneficios y pensión	$250,000,000
Capacitación y desarrollo	$50,000,000

Tecnología e inversiones en infraestructura digital

CP asignó $ 220 millones para infraestructura tecnológica y transformación digital en 2023.

• Sistemas de mantenimiento predictivo: $ 85 millones
• Mejoras de ciberseguridad: $ 45 millones
• Automatización y tecnologías de IA: $ 90 millones

Costos de adquisición y modernización de la flota

Los gastos de inversión y modernización de la flota totalizaron $ 750 millones en 2023.

Categoría de inversión de flota	Cantidad (USD)	Número de unidades
Adquisiciones de locomotoras	$520,000,000	85 nuevas locomotoras
Actualizaciones de vagones de flete	$230,000,000	450 autos de carga mejorados

Canadian Pacific Railway Limited (CP) - Modelo de negocio: flujos de ingresos

Servicios de transporte de carga

Canadian Pacific Railway reportó ingresos totales de flete de $ 8.9 mil millones en 2023. Desglose de ingresos por carga por productos básicos:

Producto	Ingresos ($ M)
Grano	2,300
Potasa	750
Químicos	1,100
Automotor	600
Petróleo crudo	500

Soluciones de envío intermodales

El envío intermodal generó $ 2.1 mil millones en ingresos para CP en 2023.

• Intermodal nacional: $ 1.3 mil millones
• Intermodal transfronterizo: $ 800 millones

Logística y tarifas de gestión de la cadena de suministro

Los servicios de logística de CP generaron aproximadamente $ 350 millones en 2023.

Tipo de servicio	Ingresos ($ M)
Almacenamiento	125
Gestión del transporte	175
Servicios de consultoría	50

Contratos de transporte a largo plazo

Los contratos a largo plazo representaron $ 1.5 mil millones de ingresos de CP en 2023.

• Contratos agrícolas: $ 650 millones
• Contratos de productos básicos industriales: $ 850 millones

Servicios de logística de valor agregado

Los servicios de valor agregado contribuyeron con $ 250 millones a los ingresos de CP en 2023.

Categoría de servicio	Ingresos ($ M)
Arrendamiento de equipos especializados	100
Soluciones logísticas personalizadas	75
Servicios de integración de tecnología	75

Canadian Pacific Railway Limited (CP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Canadian Pacific Railway Limited (CPKC) over alternatives, which is where the real value lies in their business model. It's about what they deliver that others simply can't match, especially given the scale of their North American footprint.

Unrivaled single-line service for seamless North American trade.

The value proposition here is the direct, single-line connection spanning Canada, the United States, and Mexico. This network covers approximately 20,000 miles of track, which is a massive advantage for cross-border freight movement. This unique footprint is what allows CPKC to offer a truly seamless service, unlike competitors who might require more handoffs.

Premium service and reliability, justifying renewal pricing north of 3-4%.

Customers are paying a premium because the service execution is strong, which management confirmed in late 2025. The pricing power is evident because the team continues to deliver renewal pricing above the long-term outlook of 3%-4%. This suggests that the reliability and service quality are translating directly into pricing leverage.

Enhanced supply chain efficiency and reduced transit times for customers.

Operational momentum in the third quarter of 2025 showed concrete improvements that directly benefit customer supply chains. You can see this in the metrics that matter for transit time and reliability:

• Terminal dwell time improved.
• Velocity improved.
• Train length/weight improved.
• Car productivity improved.

This operational focus helped drive a 5% increase in Revenue Ton-Miles (RTMs) for Q3 2025, and both the CP-Legacy and KCS networks hit record throughput levels. They are making the physical movement of goods faster and more predictable.

Commitment to sustainability via hydrogen and biofuel initiatives.

CPKC is positioning itself as a leader in decarbonization, which is a key value-add for shippers focused on Scope 3 emissions. They are actively testing alternatives to traditional diesel power. Here's a look at the scale of their 2025 efforts:

Initiative	Metric / Target	Data Point
Hydrogen Locomotive Program	Miles Tested (End of 2024)	More than 6,000 miles
Hydrogen Fleet Expansion (Early 2025)	Additional Units Planned	Three more units plus a tender car
Hydrogen Fleet Expansion (Later 2025)	Further Units Planned	Four more locomotives
B20 Biofuel Trial (2024)	Fueling Events Conducted	More than 1,100
New Locomotive Deliveries (2025)	Tier 4 Diesel-Electric Units	Preparing for delivery of 100

This commitment to advancing real-world testing of hydrogen locomotives and validating renewable biofuel blends is a clear differentiator for environmentally conscious customers. It's about future-proofing the supply chain.

Industry-leading operational efficiency, with a Q3 2025 core adjusted OR of 60.7%.

Operational efficiency is the financial translation of all the service improvements. The core adjusted Operating Ratio (OR) for the third quarter of 2025 came in at 60.7%. This represents a 220 basis point improvement from Q3 2024's 62.9%. Honestly, that's a significant step toward best-in-class cost control for a merged entity. For context, in Q2 2025, the core adjusted OR was 60.7% as well, showing consistency in maintaining that efficiency level through the summer months.

The focus on efficiency is also reflected in the first half of 2025, where the OR improved to 58.9% in Q2, driven by stronger train productivity and early cost synergies from the Kansas City Southern integration. The company expects to realize C$1.2 billion in total annual synergies by 2027.

Finance: draft 13-week cash view by Friday.

Canadian Pacific Railway Limited (CP) - Canvas Business Model: Customer Relationships

You're looking at how Canadian Pacific Railway Limited (CPKC) manages its connections with the businesses that rely on its network to move goods across North America. It's about more than just running trains; it's about the agreements, the communication, and the commitment to the communities where those businesses operate.

Dedicated account management for large volume shippers.

While specific tiers for dedicated account managers aren't public, the focus on premium service and growth with customers is clear, especially given the network's unique three-nation reach connecting Canada, the United States, and México. The company is focused on bringing new customer solutions and products to the market. For instance, in Q1 2025, CPKC saw Revenue Ton-Miles (RTMs) increase by 4 percent.

Self-service digital tools for tracking, billing, and logistics management.

Canadian Pacific Railway Limited (CPKC) offers a suite of freight transportation services, logistics solutions, and supply chain expertise to its customers. The company is focused on realizing the value created by its network, which spans approximately 20,000 route miles.

Contractual relationships with long-term volume commitments.

Stability in operations is key to long-term customer contracts. The company has been securing labor stability through multi-year agreements. For example, tentative five-year collective agreements were reached in November 2025 with various U.S. unions, covering approximately 363 employees total. One specific agreement with the Brotherhood of Locomotive Engineers and Trainmen (BLET) covers about 300 locomotive engineers and is a five-year term. In Canada, new four-year contracts established with the Teamsters Canada Rail Conference (TCRC) divisions are effective from January 1, 2024, through December 31, 2027, including annual wage increases of 3 percent.

Proactive communication on service metrics and operational changes.

Canadian Pacific Railway Limited (CPKC) provides weekly operational data, allowing customers to track performance indicators. Here are some figures reported for the week ending November 29, 2025:

Metric	Value (Week Ending Nov 29, 2025)	Previous Week (Nov 22, 2025)
Revenue ton miles (MILLIONS)	4,131	4,545
Weekly carloads	84,715	88,479
AVG Train speed	19.8 MPH	20.1 MPH
AVG Terminal dwell	8.7 HRS	8.6 HRS

Financial performance also reflects service execution. For the third quarter of 2025, Total Revenues reached $3.7 billion, with a Core Adjusted Operating Ratio of 60.7 percent.

Community engagement through the CPKC Has Heart charitable program.

Canadian Pacific Railway Limited (CPKC) demonstrates community commitment through its CPKC Has Heart program. The company states that through this program, they have helped raise more than $45 million to improve heart health across North America since its inception. Since 2014, the program has helped raise more than $33 million for heart initiatives. For the 2025 CPKC Women's Open, the goal was to raise more than $2.8 million for MacKids. The 2025 tournament successfully raised a record $4.5 million for MacKids and Trillium Health Partners. Furthermore, CPKC committed an additional US$1.5 million to the American Heart Association for heart research over three years, starting in 2024.

The program's impact is quantified across several areas:

• Helped raise over $60 million to improve heart health of adults and children of North America.
• CPKC and the Heart & Stroke Foundation have a partnership renewal of $1.5 million for heart research over the next three years.
• Total historical contributions include $25.1 million to research, $19.5 million to equipment, $8.6 million to cardiac care, and $2.4 million to prevention.

The railroad serves as the arteries of a nation, but at its heart is community. Finance: draft 13-week cash view by Friday.

Canadian Pacific Railway Limited (CP) - Canvas Business Model: Channels

Canadian Pacific Railway Limited (CPKC) utilizes a multi-faceted approach to reach and transact with its diverse customer base across its approximately 20,000 route miles spanning Canada, the United States, and Mexico. This network reach is a core component of its channel strategy, connecting key business centres across the three nations.

Direct sales force managing relationships with large freight customers.

• The sales and marketing team focuses on leveraging the total transportation product and securing top-line growth.
• Senior leadership and operating leadership engage directly with customers to ensure a 'softer approach' to customer acquisition.
• The company continues to build on revenue synergies from the merger, with integration into Mexico being a multi-year journey.

Intermodal terminals and rail yards across the network.

The physical infrastructure is critical for moving merchandise and intermodal freight. For instance, in Q1 2025, Intermodal freight revenues reached $674 million. The company employs around 20,000 railroaders to manage these operations. The network's geographic split is roughly 68% in the U.S., 23% in Mexico, and 9% in Canada.

Metric	Value (as of late 2025 data)	Context
Network Route Miles	~20,000 miles	Across Canada, U.S., and Mexico.
Q1 2025 Intermodal Revenue	$674 million	Freight Revenue breakdown.
Intermodal Trains per Day Change (Mar '25 vs Feb '25)	+7.6%	Port of Vancouver volume indicator.
2025 Core Adjusted Diluted EPS Guidance	10% to 14% growth vs 2024	Financial expectation for the year.

Major North American ports and marine shipping interfaces.

• Canadian Pacific Railway Limited (CPKC) maintains key interfaces, notably at the Port of Vancouver.
• As of March 25, 2025, CPKC had over 111,000 feet of containers sitting at Deltaport for more than seven days.
• The company uses its network to allow international intermodal customers coming through Vancouver to access markets deep in the Ohio Valley.

Digital platforms and Electronic Data Interchange (EDI) for transaction processing.

Canadian Pacific Railway Limited (CPKC) is strategically investing in technology to enhance efficiency and safety, which underpins digital transaction capabilities. The company uses real-time data on wheels, rails, cars, and locomotives to anticipate issues. This technological deployment supports data-driven decision-making across the network. You can expect that EDI is used extensively for transaction processing, given the industry's reliance on such systems for seamless data exchange.

Third-party logistics (3PL) providers and short-line railroads for last-mile access.

The reach beyond the core network is extended through strategic alliances. Canadian Pacific Railway Limited (CPKC) works with an extensive network of short line railroads and regional connectors to access markets beyond its direct rail lines. For example, CPKC has an agreement with Genesee & Wyoming Inc. (GWI) to service a facility in Jeffersonville, Ohio, extending reach into the Columbus, Cincinnati, and Dayton markets. Furthermore, the company has historically worked with more than 100 transload facilities across North America to serve both rail and non-rail served customers. These partnerships are viewed as key extensions of the business, providing scalable reach. If onboarding takes 14+ days, churn risk rises, so these partnerships need to be defintely efficient.

Canadian Pacific Railway Limited (CP) - Canvas Business Model: Customer Segments

You're looking at the core of Canadian Pacific Kansas City's (CPKC) value capture, which is defined by the diverse set of customers relying on its unique, single-line North American network. This network, stretching approximately 20,000 route miles, connects Canada, the U.S., and Mexico, making it the only railway offering that seamless transnational service.

The customer base is segmented by the type of freight moved, which directly translates into their revenue streams. For the full year 2024, the freight revenue mix shows clear concentrations in bulk commodities and merchandise traffic.

The Bulk shippers segment is foundational. Grain is the largest single commodity group, which aligns with the outline, representing 21% of the 2024 freight revenue. This segment also heavily features coal at 7% and potash at 4% of freight revenue.

The Merchandise shippers group is the largest overall category by freight revenue share, accounting for 47% in 2024. This is a broad group encompassing several key industries:

• Energy, Chemicals and Plastics: 20% of freight revenue.
• Metals, Minerals and Consumer Products: 12% of freight revenue.
• Automotive: 9% of freight revenue.
• Forest Products: 6% of freight revenue.

You can see the precise breakdown of the 2024 freight revenue mix here. Honestly, seeing the percentages laid out like this helps you understand where the volume and pricing power really sit:

Customer Segment Category	Specific Commodity/Service	% of 2024 Freight Revenue
Bulk Shippers	Grain	21%
Bulk Shippers	Coal	7%
Bulk Shippers	Potash	4%
Merchandise Shippers	Energy, Chemicals and Plastics	20%
Merchandise Shippers	Metals, Minerals and Consumer Products	12%
Merchandise Shippers	Automotive	9%
Merchandise Shippers	Forest Products	6%
Intermodal Customers	Domestic	10%
Intermodal Customers	International	8%

Intermodal customers, which include international and domestic shipping lines and retailers, make up 18% of the freight revenue. This is split between Domestic at 10% and International at 8%. The international component benefits directly from CPKC's access to major ports from Vancouver to the Gulf of Mexico and Lázaro Cárdenas, Mexico.

The customer base is fundamentally composed of large industrial manufacturers and agricultural producers across North America. For instance, CPKC services grain producers by providing direct access from high-throughput unit train loading elevators in the Upper Midwest and Western Canada to markets in the southern U.S. and Mexico, as well as export port terminals. The total revenue for the full year 2024 was reported as $14,546 million CAD, with Q1 2025 revenues reaching $3.8 billion CAD.

While less detailed in public segment reporting, the network's transnational nature means it serves government and defense agencies requiring specialized transport, leveraging its unique single-line access across the three countries for secure and efficient cross-border logistics. The company explicitly states its goal is to strengthen North American trade.

Canadian Pacific Railway Limited (CP) - Canvas Business Model: Cost Structure

The Cost Structure for Canadian Pacific Railway Limited (CP) is heavily weighted toward fixed asset maintenance and significant ongoing capital investment, amplified by the integration of Kansas City Southern (KCS).

High fixed costs from maintaining the 20,000-mile rail network.

• Network size: approximately 20,000 miles of rail across Canada, the U.S., and Mexico.
• The network requires continuous investment to maintain safety and capacity.

Significant capital expenditures (CapEx) of about C$3.2 billion for 2025.

Capital spending for 2025 is targeted around C$3.2 billion. During the second quarter of 2025, CapEx spend was $743,000,000.

Capital Expenditure Category/Period	Amount
Targeted 2025 Capital Spending	~C$3.2 billion
Q2 2025 CapEx Spend	$743,000,000
US Line Capacity Improvement Program (3-year total)	$490.8 million

Fuel and labor expenses, managed via PSR and train length optimization.

The Precision Scheduled Railroading (PSR) operating plan focuses on controlling costs, which inherently manages variable costs like fuel and labor. The fleet modernization plan starting in 2025 includes receiving Tier 4 Wabtec Evolution Series diesel-electric locomotives to enhance fuel efficiency.

• Labor stability in Canada is a key forward-looking consideration for cost management.
• Rail freight transportation reduces transportation-related emissions by approximately 75% when compared to truckload.

Integration and acquisition-related costs from the KCS merger.

Integration costs are significant, though synergy capture is offsetting these. Annualized synergies achieved by Q2 2025 reached over C$220 million, tracking toward a C$400 million target for 2025, with a long-term goal of C$1.2 billion by 2027.

One-time integration costs include:

• Separation costs for non-union employees: $34 million (CP) plus $13.5 million (KCS relocation) over three years.
• IT integration capital expenditures over three years: $138.6 million.
• Discretionary capital for IT integration: $65.4 million.

Debt servicing costs on total debt of approximately C$23 billion (Q2 2025).

The company ended the second quarter of 2025 with C$23 billion in total debt. The adjusted net debt to adjusted EBITDA ratio was 2.7x at the end of Q2 2025.

Finance: draft 13-week cash view by Friday.

Canadian Pacific Railway Limited (CP) - Canvas Business Model: Revenue Streams

You're looking at the core engine of cash generation for Canadian Pacific Railway Limited (CPKC), which is heavily reliant on moving freight across its unique North American network. Honestly, the revenue streams are straightforward: it's all about moving goods, but the diversification across those goods is what provides the stability.

The headline number you need to know is the Q3 2025 performance. Canadian Pacific Railway Limited (CPKC) reported revenues of $3.7 billion (CAD) for the third quarter of 2025, which was a 3% increase from the $3.5 billion generated in Q3 2024. Freight revenues, which make up the vast majority of the top line at 98% in Q3 2025, saw a 4% year-over-year increase. Other revenues, by contrast, decreased by 18% year-over-year in that same quarter.

The strength comes from the diversified freight segments, which is key to weathering commodity cycles. Volumes, measured in Revenue Ton-Miles (RTMs), grew 5% in Q3 2025. Here's how the main freight categories performed in Q3 2025:

Segment	Q3 2025 Year-over-Year Revenue Change
Potash	up 15%
Fertilizers and Sulphur	up 11%
Intermodal	up 7%
Coal	up 3%
Grain	up 4%
Metals, minerals and consumer products	up 2%
Automotive	up 2%
Energy, chemicals and plastics	fell 2%
Forest products	fell 3%

That unique transnational service offering-the single-line railroad connecting Canada, the U.S., and Mexico-is where the pricing power comes from. Management noted that renewal pricing continues to be strong, running above their long-term outlook target of 3%-4%. This network advantage lets them charge a premium for seamless cross-border service.

Fuel surcharge revenue is a variable component that directly tracks energy costs. Canadian Pacific Railway Limited (CPKC) uses specific tariffs to manage this. For instance, Tariff CPKC 9900 governs the Percentage Fuel Surcharge for intermodal shipments, calculated semi-monthly based on the U.S. Energy Information Administration (EIA) On-Highway Diesel (OHD) prices. For Intra-Canada movements, when the average OHD price exceeds $1.25 USD per gallon, the base surcharge is 2.0% of the freight charge, with an incremental adjustment of 0.28% for every $0.035 USD fluctuation in the OHD price. The Mileage Fuel Surcharge (CPKC 9700) applies a base of $0.005 per revenue mile for Bulk shipments when OHD meets or exceeds $2.25 USD per gallon.

Beyond the main freight haul, ancillary services provide important, albeit smaller, revenue streams. These are governed by various supplemental service tariffs, which you can see detailed in their published documents:

• Fees for supplemental service events assessed per applicable tariff.
• Tariffs covering specific services like Carload (CPKC 2) and Intermodal (CPKC 3).
• Specific tariffs for Unit Train Services (CPKC 5) and Private Equipment (CPKC 6).

Finance: draft 13-week cash view by Friday.