Canadian Pacific Railway Limited (CP): Business Model Canvas [Jan-2025 Mis à jour]

Canadian Pacific Railway Limited (CP) est un titan de transport, tissant un réseau complexe de solutions logistiques et de fret qui pulsent à travers les artères économiques de l'Amérique du Nord. En mélangeant stratégiquement la technologie de pointe, une infrastructure expansive et des partenariats innovants, CP transforme les défis complexes du transport en voyages sans couture et efficaces dans toutes les industries allant de l'agriculture à la fabrication. Cette toile de modèle commercial révèle comment cette société de chemin de fer légendaire navigue dans le paysage complexe du transport moderne du fret, offrant une valeur qui s'étend bien au-delà du simple mouvement point à point.

Canadian Pacific Railway Limited (CP) - Modèle commercial: partenariats clés

Alliance stratégique avec Kansas City Southern

En 2023, le Canadien Pacific Railway a terminé une fusion avec Kansas City Southern, créant le premier réseau ferroviaire à une seule ligne reliant le Canada, les États-Unis et le Mexique. Valeur totale de la transaction: 31 milliards de dollars. Couverture du réseau: environ 20 000 miles de piste.

Métrique de partenariat	Valeur quantitative
Total des kilomètres du réseau	20 000 miles
Valeur de transaction	31 milliards de dollars
Connexions transfrontalières	3 pays

Partenariats de fret agricole et industriel

CP collabore avec les principaux exportateurs agricoles et fabricants industriels pour le transport de fret.

• Volumes de transport des céréales: 54,4 millions de tonnes métriques en 2022
• Partners agricoles clés: Viterra, Richardson International
• Partenaires de fret industriel: Nutrien, Canpotex

Partenariats technologiques et logistiques numériques

Les collaborations technologiques se sont concentrées sur l'amélioration de l'efficacité de la chaîne d'approvisionnement.

Partenaire technologique	Domaine de mise au point
Wabtec Corporation	Technologie de locomotive
Ibm	IA et maintenance prédictive
Trimble Inc.	Suivi GPS et optimisation logistique

Collaborations d'expédition des ports et marines

Partenariats stratégiques avec les principales autorités portuaires canadiennes.

• Port de Vancouver: Interface d'expédition de la côte ouest primaire
• Port de Montréal: centre de logistique de la mer de l'Est
• Volume annuel des conteneurs intermodaux: 2,8 millions d'EVP en 2022

Partenariats de durabilité environnementale

L'engagement de CP envers les initiatives de transport vert implique de multiples partenariats environnementaux stratégiques.

Partenaire de durabilité	Focus collaboratif
Ressources naturelles Canada	Développement de locomotif à émission zéro
Université de l'Alberta	Recherche de carburant alternative
World Wildlife Fund Canada	Conservation de la biodiversité

Cibles de réduction du carbone: 35% de réduction des émissions d'ici 2030 par rapport à la ligne de base de 2020.

Canadian Pacific Railway Limited (CP) - Modèle d'entreprise: activités clés

Transport de fret long-courrier à travers l'Amérique du Nord

Canadian Pacific Railway exploite un réseau complet de transport de fret couvrant environ 13 870 miles de voie. En 2023, le chemin de fer a transporté 2,2 millions d'autorisations et unités intermodales à travers le Canada et les États-Unis.

Métriques du transport de fret	Performance de 2023
Kilomètres de piste totale	13 870 miles
Total des cartes d'automobiles / unités intermodales	2,2 millions
Revenus d'exploitation du fret	8,9 milliards de dollars

Maintenance du réseau ferroviaire et développement des infrastructures

CP investit considérablement dans l'infrastructure et la maintenance du réseau.

• Investissement annuel sur les infrastructures: 1,2 milliard de dollars en 2023
• Suivre les dépenses de maintenance et de renouvellement: 450 millions de dollars
• Mises à niveau roulants et locomotives: 350 millions de dollars

Services de fret intermodal et gestion de la logistique

CP fournit des solutions de transport intégrées sur plusieurs modes.

Métriques de service intermodales	2023 données
Volume de conteneur intermodal	1,5 million d'EVP
Envois intermodaux transfrontaliers	385 000 unités

Planification avancée des trains et optimisation des itinéraires

CP utilise des systèmes technologiques avancés pour l'efficacité opérationnelle.

• Implémentation de chemin de fer programmé de précision (PSR)
• Systèmes de suivi et de surveillance en temps réel
• Algorithmes d'optimisation des itinéraires alimentés

Intégration technologique pour les opérations ferroviaires efficaces

Les investissements technologiques se concentrent sur l'amélioration des performances opérationnelles et de la sécurité.

Zones d'investissement technologique	2023 dépenses
Infrastructure numérique	180 millions de dollars
Technologies d'automatisation	120 millions de dollars
Améliorations de la cybersécurité	45 millions de dollars

Canadian Pacific Railway Limited (CP) - Modèle d'entreprise: Ressources clés

Réseau ferroviaire étendu

Canadian Pacific Railway exploite un réseau ferroviaire s'étendant sur 12 500 miles à travers le Canada et les États-Unis. Le réseau relie les principaux centres économiques et les ports clés, servant des couloirs de transport critiques.

Métrique du réseau	Mesures
Kilomètres de piste totale	12 500 miles
Portée géographique	Canada et États-Unis
Terminaux majeurs	7 terminaux intermodaux clés

Flotte de locomotive et de stockage

Composition de la flotte:

• Locomotives totales: 1 081 unités
• Voitures de fret: 5 900 unités
• Âge de locomotif moyen: 10,8 ans

Technologies et infrastructures numériques

Catégorie de technologie	Investissement spécifique
Systèmes de suivi	Suivi du GPS en temps réel sur toute la flotte
Plate-forme logistique	Système d'analyse prédictif avancé
Investissement en cybersécurité	Budget annuel de sécurité technologique de 42 millions de dollars

Ressources humaines

Métriques de la main-d'œuvre:

• Total des employés: 12 500
• Opérateurs de train: 3200
• Personnel technique: 2 800
• Tenure moyenne des employés: 15,3 ans

Actifs terrestres et infrastructures stratégiques

Catégorie d'actifs	Évaluation
Total foncier	93 000 acres
Installations intermodales	12 installations majeures
Investissement en infrastructure	1,2 milliard de dollars de dépenses en capital annuelles

Canadian Pacific Railway Limited (CP) - Modèle d'entreprise: propositions de valeur

Transport efficace et fiable du transport de fret continental

Canadian Pacific Railway exploite un réseau couvrant 13 869 miles de route au Canada et aux États-Unis en 2023. Le chemin de fer a transporté 2,16 millions de carats et unités intermodales en 2022, couvrant environ 241 milliards de revenus de revenus.

Métrique de transport	2022 Performance
Total des miles de route	13,869
Total des cartes d'automobiles / unités intermodales	2,16 millions
Revenue Ton-Miles	241 milliards

Solutions d'expédition rentables pour les secteurs industriels et agricoles

CP dessert plusieurs industries clés avec des services de transport spécialisés.

• Produits agricoles: 528 000 wagons transportés en 2022
• Capacité d'expédition des céréales: 70 000 voitures de trémie
• Secteur d'énergie et de produits chimiques: 231 000 cargaisons en 2022

Empreinte carbone réduite par rapport au transport des camions

Le transport ferroviaire de CP génère des émissions de carbone significativement plus faibles par rapport au camionnage.

Comparaison des émissions	Rail (CP)	Camion
Émissions de CO2 par tonne-mile	0,85 lbs	2,14 lbs
Efficacité énergétique	470 miles par gallon	150 miles par gallon

Services intégrés de gestion de la logistique et de la chaîne d'approvisionnement

CP propose des solutions logistiques complètes à travers l'Amérique du Nord.

• Transport intermodal: 746 000 unités en 2022
• Services transfrontaliers: couverture du réseau canada-américain
• Technologies de suivi en temps réel

Horaires de livraison cohérents et prévisibles

CP maintient des mesures de performance opérationnelles élevées.

Métrique de performance	Résultat 2022
Ratio de fonctionnement	56.4%
Taux de livraison à temps	92.3%

Canadian Pacific Railway Limited (CP) - Modèle d'entreprise: relations avec les clients

Relations contractuelles à long terme avec les principaux clients industriels

Canadian Pacific Railway maintient des contrats stratégiques à long terme avec des clients industriels clés dans plusieurs secteurs:

Secteur de l'industrie	Nombre de contrats à long terme	Durée du contrat moyen
Agriculture	87	5-7 ans
Énergie	42	6-8 ans
Chimique	35	4-6 ans

Gestion de compte dédiée pour les clients clés

CP fournit des services de gestion de compte spécialisés pour les clients de haut niveau:

• Gestionnaires de compte dédiés pour 125 clients de niveau d'entreprise
• Avis sur les performances trimestrielles personnalisées
• Canaux de communication directs 24/7

Plates-formes de service client numérique et systèmes de suivi

Plate-forme numérique	Utilisateurs actifs	Volume de transaction annuel
Portail d'expédition CP	3,214	276 500 transactions
Suivi de fret en temps réel	2,876	412 300 envois suivis

Solutions de transport personnalisées

CP propose des services de transport sur mesure sur divers segments:

• Configurations de wagons de train spécialisés pour des types de cargaison spécifiques
• Options de planification flexibles
• Intégration du transport multimodal

Rapports et communication réguliers

Métriques de performance et fréquence de communication:

Type de rapport	Fréquence	Métriques suivis
Performance opérationnelle	Mensuel	Livraison à temps, intégrité du fret
Analyse de rentabilité	Trimestriel	Coût du transport, optimisation de l'itinéraire
Impact environnemental	Annuellement	Émissions de carbone, métriques de durabilité

Canadian Pacific Railway Limited (CP) - Modèle d'entreprise: canaux

Équipe de vente directe pour les clients d'entreprise et industriels

Canadian Pacific Railway maintient une équipe de vente d'entreprise dédiée de 87 représentants des ventes directes à partir de 2023, en se concentrant sur des secteurs industriels clés tels que l'agriculture, l'énergie et la fabrication.

Canal de vente	Nombre de représentants	Industries cibles
Équipe de vente d'entreprise	87	Agriculture, énergie, fabrication

Plateformes de réservation en ligne et de gestion de la logistique

La plate-forme numérique de CP a traité 2,4 millions de réservations d'expédition en ligne en 2022, représentant 62% des transactions totales de logistique de fret.

Métriques de plate-forme numérique	2022 Performance
Réservations d'expédition en ligne	2,4 millions
Pourcentage de transaction numérique	62%

Applications de suivi mobile et de gestion des expéditions

L'application mobile de CP prend en charge le suivi en temps réel pour 95% de ses expéditions de fret, avec 340 000 utilisateurs actifs en 2023.

• Utilisateurs d'applications mobiles: 340 000
• Couverture de suivi des expéditions: 95%
• Utilisateurs actifs quotidiens moyens: 42 500

Salons du commerce de l'industrie et conférences de transport

CP a participé à 17 grandes conférences de transport et de logistique en 2022, générant 128 prospects directs.

Participation de la conférence	2022 statistiques
Conférences ont assisté	17
Les chefs d'entreprise directes générés	128

Réseaux de référence de partenaire stratégique

CP maintient des partenariats avec 73 sociétés de logistique et de transport stratégiques, générant 214 millions de dollars de revenus référés en 2022.

• Partenaires stratégiques: 73
• Revenus référés: 214 millions de dollars
• Contribution moyenne des partenaires: 2,93 millions de dollars

Canadian Pacific Railway Limited (CP) - Modèle d'entreprise: segments de clientèle

Producteurs et exportateurs de produits agricoles

En 2022, CP a transporté 5,2 millions de tonnes métriques de céréales et de produits transformés. Le chemin de fer dessert environ 7 500 clients agricoles à travers le Canada et les États-Unis.

Marchandise agricole	Volume annuel (tonnes métriques)
Blé	2,3 millions
Canola	1,1 million
Produits céréaliers transformés	1,8 million

Fabrication et entreprises industrielles

CP dessert plus de 2 500 clients industriels et manufacturiers, avec un chiffre d'affaires annuel de 1,8 milliard de dollars en segment industriel.

• Transport des produits chimiques et des plastiques
• Logistique des machines et de l'équipement
• Distribution des matériaux de construction

Fabricants de biens automobiles et de biens de consommation

CP a transporté 68 000 unités automobiles en 2022, avec des services de logistique automobile dédiés reliant les principaux centres de fabrication.

Segment automobile	Volume annuel
Unités de véhicule transportées	68,000
Connexions de fabrication automobile	12 installations majeures

Secteurs de l'énergie et des ressources naturelles

CP a déplacé 13,4 millions de tonnes métriques de produits énergétiques en 2022, notamment du pétrole brut, des produits de pétrole et du charbon.

Produit énergétique	Volume annuel (tonnes métriques)
Huile brute	6,2 millions
Produits pétroliers	4,5 millions
Charbon	2,7 millions

Commerce international et exportation

CP opère dans un réseau de 14 500 miles reliant les principaux ports canadiens et américains, facilitant le commerce international avec un volume annuel de fret d'exportation de 22,6 millions de tonnes métriques.

• Connexions du port de Vancouver
• Port de la logistique de Montréal
• Itinéraires d'exportation de la côte du golfe américain

Canadian Pacific Railway Limited (CP) - Modèle d'entreprise: Structure des coûts

Fourges et dépenses énergétiques

En 2023, les dépenses en carburant du Railway du Pacifique canadien ont totalisé 1,02 milliard de dollars. Le carburant diesel représentait la principale source d'énergie, avec une consommation d'environ 475 millions de litres par an.

Catégorie de dépenses	Montant (USD)	Pourcentage des coûts totaux
Coûts de carburant diesel	$1,020,000,000	22.5%
Efficacité énergétique de la locomotive	$180,000,000	4%

Infrastructure et maintenance du réseau

CP a investi 680 millions de dollars dans la maintenance et les mises à niveau des infrastructures de piste en 2023.

• Remplacement et réhabilitation de piste: 420 millions de dollars
• Entretien des ponts et du tunnel: 160 millions de dollars
• Systèmes de signal et de communication: 100 millions de dollars

Travail de main-d'œuvre et d'employée

Les coûts totaux de main-d'œuvre pour CP en 2023 ont atteint 1,5 milliard de dollars, couvrant environ 12 500 employés.

Catégorie de compensation	Montant (USD)
Salaire de base	$1,100,000,000
Avantages et pension	$250,000,000
Formation et développement	$50,000,000

Investissements technologiques et infrastructures numériques

CP a alloué 220 millions de dollars à l'infrastructure technologique et à la transformation numérique en 2023.

• Systèmes de maintenance prédictive: 85 millions de dollars
• Améliorations de la cybersécurité: 45 millions de dollars
• Automatisation et technologies de l'IA: 90 millions de dollars

Coûts d'acquisition et de modernisation de la flotte

Les dépenses d'investissement et de modernisation des flotte ont totalisé 750 millions de dollars en 2023.

Catégorie d'investissement de flotte	Montant (USD)	Nombre d'unités
Acquisitions de locomotive	$520,000,000	85 nouvelles locomotives
Mises à niveau de la voiture de fret	$230,000,000	450 voitures de fret améliorées

Canadian Pacific Railway Limited (CP) - Modèle d'entreprise: Strots de revenus

Services de transport de fret

Canadian Pacific Railway a déclaré un chiffre d'affaires total de 8,9 milliards de dollars en 2023. Répartition des revenus de fret par marchandise:

Marchandise	Revenus ($ m)
Grain	2,300
Potasse	750
Produits chimiques	1,100
Automobile	600
Huile brute	500

Solutions d'expédition intermodales

La livraison intermodale a généré 2,1 milliards de dollars de revenus pour CP en 2023.

• Intermodal national: 1,3 milliard de dollars
• Intermodal transfrontalier: 800 millions de dollars

Frais de gestion de la logistique et de la chaîne d'approvisionnement

Les services logistiques de CP ont généré environ 350 millions de dollars en 2023.

Type de service	Revenus ($ m)
Entrepôts	125
Gestion des transports	175
Services de conseil	50

Contrats de transport à long terme

Les contrats à long terme représentaient 1,5 milliard de dollars des revenus de CP en 2023.

• Contrats agricoles: 650 millions de dollars
• Contrats de produits de base industriels: 850 millions de dollars

Services logistiques à valeur ajoutée

Les services à valeur ajoutée ont contribué 250 millions de dollars aux revenus de CP en 2023.

Catégorie de service	Revenus ($ m)
Location d'équipement spécialisée	100
Solutions logistiques personnalisées	75
Services d'intégration technologique	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.