O Canadian Pacific Railway Limited (CP): modelo de negócios [Jan-2025 Atualizado]

O Canadian Pacific Railway Limited (CP) se destaca como um titã de transporte, tecendo uma intrincada rede de soluções de logística e frete que pulsam pelas artérias econômicas da América do Norte. Ao misturar estrategicamente tecnologia de ponta, infraestrutura expansiva e parcerias inovadoras, a CP transforma desafios de transporte complexos em viagens perfeitas e eficientes em toda as indústrias que variam da agricultura à fabricação. Esta tela de modelo de negócios revela como essa lendária empresa ferroviária navega no cenário intrincado do transporte moderno de carga, oferecendo valor que se estende muito além do simples movimento ponto a ponto.

Canadian Pacific Railway Limited (CP) - Modelo de negócios: Parcerias -chave

Aliança Estratégica com Kansas City Southern

Em 2023, a Canadian Pacific Railway concluiu uma fusão com o Kansas City Southern, criando a primeira rede ferroviária de linha única que conecta o Canadá, os Estados Unidos e o México. Valor total da transação: US $ 31 bilhões. Cobertura da rede: aproximadamente 20.000 milhas de pista.

Métrica de Parceria	Valor quantitativo
Miles de rede total	20.000 milhas
Valor da transação	US $ 31 bilhões
Conexões transfronteiriças	3 países

Parcerias de frete agrícola e industrial

A CP colabora com os principais exportadores agrícolas e fabricantes industriais para transporte de mercadorias.

• Volumes de transporte de grãos: 54,4 milhões de toneladas em 2022
• Principais parceiros agrícolas: Viterra, Richardson International
• Parceiros de frete industrial: Nutrien, Canpotex

Parcerias de tecnologia e logística digital

As colaborações tecnológicas se concentraram no aumento da eficiência da cadeia de suprimentos.

Parceiro de tecnologia	Área de foco
WABTEC Corporation	Tecnologia locomotiva
IBM	IA e manutenção preditiva
Trimble Inc.	Rastreamento GPS e otimização de logística

Colaborações de transporte marítimo e marítimo

Parcerias estratégicas com as principais autoridades portuárias canadenses.

• Porto de Vancouver: interface de remessa primária da Costa Oeste
• Porto de Montreal: Key Eastern Seboard Logistics Hub
• Volume anual de contêineres intermodais: 2,8 milhões de teus em 2022

Parcerias de Sustentabilidade Ambiental

O compromisso da CP com as iniciativas de transporte verde envolve várias parcerias ambientais estratégicas.

Parceiro de sustentabilidade	Foco colaborativo
RECURSOS NATURAIS CANADÁ	Desenvolvimento locomotivo de emissão zero
Universidade de Alberta	Pesquisa alternativa de combustível
World Wildlife Fund Canada	Conservação da biodiversidade

Alvos de redução de carbono: Redução de 35% de emissões até 2030 em comparação com a linha de base de 2020.

Canadian Pacific Railway Limited (CP) - Modelo de Negócios: Atividades -chave

Transporte de carga de longo curso em toda a América do Norte

A Canadian Pacific Railway opera uma rede abrangente de transporte de carga, abrangendo aproximadamente 13.870 milhas de pista. Em 2023, a ferrovia transportou 2,2 milhões de cargas e unidades intermodais em todo o Canadá e nos Estados Unidos.

Métricas de transporte de frete	2023 desempenho
Miles de pista total	13.870 milhas
Total de cargas/unidades intermodais	2,2 milhões
Receita de operação de frete	US $ 8,9 bilhões

Manutenção da rede ferroviária e desenvolvimento de infraestrutura

A CP investe significativamente na infraestrutura e manutenção da rede.

• Investimento anual de infraestrutura: US $ 1,2 bilhão em 2023
• Rastrear as despesas de manutenção e renovação: US $ 450 milhões
• Rolling Stock e Locomotive Upgrades: US $ 350 milhões

Serviços de frete intermodal e gerenciamento de logística

O CP fornece soluções de transporte integradas em vários modos.

Métricas de serviço intermodal	2023 dados
Volume intermodal de contêiner	1,5 milhão de teus
Remessas intermodais transfronteiriças	385.000 unidades

Programação avançada de trem e otimização de rota

A CP utiliza sistemas tecnológicos avançados para eficiência operacional.

• Implementação de ferrovia agendada para precisão (PSR)
• Sistemas de rastreamento e monitoramento em tempo real
• Algoritmos de otimização de rota movidos a IA

Integração de tecnologia para operações ferroviárias eficientes

Os investimentos tecnológicos se concentram no aumento do desempenho e segurança operacionais.

Áreas de investimento em tecnologia	2023 Despesas
Infraestrutura digital	US $ 180 milhões
Tecnologias de automação	US $ 120 milhões
Aprimoramentos de segurança cibernética	US $ 45 milhões

Canadian Pacific Railway Limited (CP) - Modelo de Negócios: Recursos -Principais

Extensa rede ferroviária

A Canadian Pacific Railway opera uma rede ferroviária que custa 12.500 milhas no Canadá e nos Estados Unidos. A rede conecta os principais centros econômicos e os principais portos, servindo corredores críticos de transporte.

Métrica de rede	Medição
Miles de pista total	12.500 milhas
Alcance geográfico	Canadá e Estados Unidos
Principais terminais	7 terminais intermodais -chave

Frota de locomotiva e estoque

Composição da frota:

• Locomotivas totais: 1.081 unidades
• Carros de frete: 5.900 unidades
• Idade média da locomotiva: 10,8 anos

Tecnologias digitais e infraestrutura

Categoria de tecnologia	Investimento específico
Sistemas de rastreamento	Rastreamento de GPS em tempo real em toda a frota
Plataforma de logística	Sistema de análise preditiva avançada
Investimento de segurança cibernética	Orçamento anual de segurança tecnológico de US $ 42 milhões

Recursos Humanos

Métricas da força de trabalho:

• Total de funcionários: 12.500
• Operadores de trem: 3.200
• Pessoal técnico: 2.800
• Posse média dos funcionários: 15,3 anos

Ativos estratégicos de terra e infraestrutura

Categoria de ativos	Avaliação
TOTAL DE TERRAS	93.000 acres
Instalações intermodais	12 principais instalações
Investimento de infraestrutura	US $ 1,2 bilhão de despesas de capital anual

Canadian Pacific Railway Limited (CP) - Modelo de Negócios: Proposições de Valor

Transporte de frete eficiente e confiável continental

A Canadian Pacific Railway opera uma rede que abrange 13.869 milhas de rota no Canadá e nos Estados Unidos a partir de 2023. A ferrovia transportou 2,16 milhões de cargas e unidades intermodais em 2022, cobrindo aproximadamente 241 bilhões de receitas.

Métrica de transporte	2022 Performance
Miles totais de rota	13,869
Total de cargas/unidades intermodais	2,16 milhões
Miles de receita	241 bilhões

Soluções de remessa econômicas para setores industriais e agrícolas

A CP atende a vários setores -chave com serviços de transporte especializados.

• Produtos Agrícolas: 528.000 cargas transportadas em 2022
• Capacidade de envio de grãos: 70.000 carros de tremonha
• Setor de energia e química: 231.000 cargas em 2022

Pegada de carbono reduzida em comparação com o transporte de caminhões

O transporte ferroviário da CP gera emissões significativamente mais baixas de carbono em comparação com o caminhão.

Comparação de emissão	Trilho (CP)	Caminhão
Emissões de CO2 por tonelada	0,85 lbs	2,14 lbs
Eficiência de combustível	470 milhas por galão	150 milhas por galão

Serviços integrados de logística e cadeia de suprimentos

A CP oferece soluções de logística abrangentes em toda a América do Norte.

• Transporte intermodal: 746.000 unidades em 2022
• Serviços transfronteiriços: cobertura de rede Canadá-EUA
• Tecnologias de rastreamento em tempo real

Cronogramas de entrega consistentes e previsíveis

A CP mantém métricas de alto desempenho operacional.

Métrica de desempenho	2022 Resultado
Taxa operacional	56.4%
Taxa de entrega no tempo	92.3%

O Canadian Pacific Railway Limited (CP) - Modelo de Negócios: Relacionamentos do Cliente

Relacionamentos baseados em contratos de longo prazo com os principais clientes industriais

A Canadian Pacific Railway mantém contratos estratégicos de longo prazo com os principais clientes industriais em vários setores:

Setor da indústria	Número de contratos de longo prazo	Duração média do contrato
Agricultura	87	5-7 anos
Energia	42	6-8 anos
Químico	35	4-6 anos

Gerenciamento de conta dedicado para clientes -chave

A CP fornece serviços especializados de gerenciamento de contas para clientes de primeira linha:

• Gerentes de conta dedicados para 125 clientes de nível corporativo
• Revisões de desempenho trimestrais personalizadas
• Canais de comunicação direta 24/7

Plataformas de atendimento ao cliente digital e sistemas de rastreamento

Plataforma digital	Usuários ativos	Volume anual de transações
Portal de envio do CP	3,214	276.500 transações
Rastreamento de carga em tempo real	2,876	412.300 remessas rastreadas

Soluções de transporte personalizadas

A CP oferece serviços de transporte personalizado em vários segmentos:

• Configurações especializadas de vagões para tipos de carga específicos
• Opções de agendamento flexíveis
• Integração de transporte multimodal

Relatórios de desempenho regulares e comunicação

Métricas de desempenho e frequência de comunicação:

Tipo de relatório	Freqüência	Métricas rastreadas
Desempenho operacional	Mensal	Entrega pontual, integridade de carga
Análise de eficiência de custos	Trimestral	Custo de transporte, otimização de rota
Impacto ambiental	Anualmente	Emissões de carbono, métricas de sustentabilidade

Canadian Pacific Railway Limited (CP) - Modelo de Negócios: Canais

Equipe direta de vendas para clientes corporativos e industriais

A Canadian Pacific Railway mantém uma equipe de vendas empresarial dedicada de 87 representantes de vendas diretas a partir de 2023, com foco nos principais setores industriais, como agricultura, energia e fabricação.

Canal de vendas	Número de representantes	Indústrias -alvo
Equipe de vendas corporativa	87	Agricultura, energia, fabricação

Plataformas de gerenciamento de reservas e logística on -line

A plataforma digital da CP processou 2,4 milhões de reservas de remessa on -line em 2022, representando 62% do total de transações de logística de frete.

Métricas de plataforma digital	2022 Performance
Reservas de remessa on -line	2,4 milhões
Porcentagem de transações digitais	62%

Aplicativos de rastreamento móvel e gerenciamento de remessa

O aplicativo móvel da CP suporta rastreamento em tempo real para 95% de suas remessas de frete, com 340.000 usuários ativos em 2023.

• Usuários de aplicativos móveis: 340.000
• Cobertura de rastreamento de remessa: 95%
• Usuários ativos médios diários: 42.500

Feiras de indústria e conferências de transporte

A CP participou de 17 principais conferências de transporte e logística em 2022, gerando 128 leads de negócios diretos.

Participação da conferência	2022 Estatísticas
Conferências participaram	17
Leads de negócios diretos gerados	128

Redes de referência de parceiro estratégico

A CP mantém parcerias com 73 empresas estratégicas de logística e transporte, gerando US $ 214 milhões em receita referida em 2022.

• Parceiros estratégicos: 73
• Receita referida: US $ 214 milhões
• Contribuição média do parceiro: US $ 2,93 milhões

Canadian Pacific Railway Limited (CP) - Modelo de Negócios: Segmentos de Clientes

Produtores e exportadores de commodities agrícolas

Em 2022, a CP transportou 5,2 milhões de toneladas de grãos e produtos processados. A ferrovia atende a aproximadamente 7.500 clientes agrícolas em todo o Canadá e nos Estados Unidos.

Commodity agrícola	Volume anual (toneladas métricas)
Trigo	2,3 milhões
Canola	1,1 milhão
Produtos de grão processado	1,8 milhão

Empresas de Manufatura e Industrial

A CP atende a mais de 2.500 clientes industriais e de fabricação, com receita anual de frete de US $ 1,8 bilhão em segmento industrial.

• Transporte de produtos químicos e plásticos
• Máquinas e logística de equipamentos
• Distribuição de materiais de construção

Fabricantes de bens automotivos e de consumo

A CP transportou 68.000 unidades automotivas em 2022, com serviços de logística automotiva dedicados conectando os principais centros de fabricação.

Segmento automotivo	Volume anual
Unidades de veículos transportadas	68,000
Conexões de fabricação automotiva	12 principais instalações

Setores de energia e recursos naturais

A CP moveu 13,4 milhões de toneladas de produtos para energia em 2022, incluindo petróleo bruto, produtos petrolíferos e carvão.

Produto de energia	Volume anual (toneladas métricas)
Petróleo bruto	6,2 milhões
Produtos de petróleo	4,5 milhões
Carvão	2,7 milhões

Negócios de comércio e exportação internacionais

A CP opera em uma rede de 14.500 milhas que conecta os principais portos canadenses e dos EUA, facilitando o comércio internacional com volume anual de frete de exportação de 22,6 milhões de toneladas.

• Conexões de porto de Vancouver
• Porto de Montreal Logistics
• Rotas de exportação da Costa do Golfo dos EUA

Canadian Pacific Railway Limited (CP) - Modelo de Negócios: Estrutura de Custo

Despesas de combustível e energia

Em 2023, as despesas de combustível da Canadian Pacific Railway totalizaram US $ 1,02 bilhão. O combustível a diesel representou a fonte de energia primária, com o consumo de aproximadamente 475 milhões de litros por ano.

Categoria de despesa	Quantidade (USD)	Porcentagem de custos totais
Custos de combustível a diesel	$1,020,000,000	22.5%
Eficiência energética locomotiva	$180,000,000	4%

Infraestrutura e manutenção de rede

A CP investiu US $ 680 milhões em manutenção e atualizações de infraestrutura de pista em 2023.

• Substituição e reabilitação de rastreamento: US $ 420 milhões
• Manutenção de ponte e túnel: US $ 160 milhões
• Sistemas de sinal e comunicação: US $ 100 milhões

Compensação de trabalho e funcionário

Os custos totais de mão -de -obra para CP em 2023 atingiram US $ 1,5 bilhão, cobrindo aproximadamente 12.500 funcionários.

Categoria de compensação	Quantidade (USD)
Salário base	$1,100,000,000
Benefícios e pensão	$250,000,000
Treinamento e desenvolvimento	$50,000,000

Investimentos de tecnologia e infraestrutura digital

A CP alocou US $ 220 milhões para infraestrutura tecnológica e transformação digital em 2023.

• Sistemas de manutenção preditiva: US $ 85 milhões
• Aprimoramentos de segurança cibernética: US $ 45 milhões
• Automação e tecnologias de IA: US $ 90 milhões

Aquisição de frota e custos de modernização

As despesas de investimento e modernização da frota totalizaram US $ 750 milhões em 2023.

Categoria de investimento da frota	Quantidade (USD)	Número de unidades
Aquisições de locomotivas	$520,000,000	85 novas locomotivas
Atualizações de carros de frete	$230,000,000	450 carros de carga atualizados

Canadian Pacific Railway Limited (CP) - Modelo de negócios: fluxos de receita

Serviços de transporte de frete

A Canadian Pacific Railway reportou receitas totais de frete de US $ 8,9 bilhões em 2023. Repartição da receita de frete por commodity:

Mercadoria	Receita ($ m)
Grão	2,300
Potassa	750
Produtos químicos	1,100
Automotivo	600
Petróleo bruto	500

Soluções de envio intermodal

O transporte intermodal gerou US $ 2,1 bilhões em receita para CP em 2023.

• Intermodal doméstico: US $ 1,3 bilhão
• Intermodal transfronteiriço: US $ 800 milhões

Taxas de gerenciamento de logística e cadeia de suprimentos

Os serviços de logística da CP geraram aproximadamente US $ 350 milhões em 2023.

Tipo de serviço	Receita ($ m)
Armazenamento	125
Gerenciamento de transporte	175
Serviços de consultoria	50

Contratos de transporte de longo prazo

Os contratos de longo prazo representaram US $ 1,5 bilhão da receita da CP em 2023.

• Contratos agrícolas: US $ 650 milhões
• Contratos de commodities industriais: US $ 850 milhões

Serviços de logística de valor agregado

Os serviços de valor agregado contribuíram com US $ 250 milhões para a receita da CP em 2023.

Categoria de serviço	Receita ($ m)
Leasing de equipamentos especializados	100
Soluções de logística personalizadas	75
Serviços de integração de tecnologia	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.