CANADIAN PACIFIC KANSAS CITY LTD (CP) [Rocket]

In millions of CAD, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Freight	8,627	7,816	7,541	7,613		6,375	6,060
Grain	1,776	1,684	1,829	1,684		1,532
Intermodal	2,242	1,724	1,563	1,593		1,365
Energy, chemicals, and plastics						898
Other							172
Total revenues [+]	8,730	7,916	7,648	7,729	7,254	6,492	6,232	6,712
Cargo & freight								6,552
Other								160
Revenue growth [+]	10.3%	3.5%	-1.0%	6.5%	11.7%	4.2%	-7.2%	1.4%
Freight	10.4%	3.6%	-0.9%			5.2%
Grain	5.5%	-7.9%	8.6%
Intermodal	30.0%	10.3%	-1.9%
Cost of goods sold [+]	2,970	2,424	2,212	2,422	2,386	3,295	3,919	3,450
Labor costs	1,570	1,570	1,560	1,540	1,468	1,309	1,356	1,371
Sales commissions and fees						1,309	1,356	1,371
Fuel costs	1,400	854	652	882	918	677	567	708
Depreciation and amortization							640
Gross profit	5,760	5,492	5,436	5,307	4,868	3,197	2,313	3,262
Gross margin	66.0%	69.4%	71.1%	68.7%	67.1%	49.2%	37.1%	48.6%
Selling, general and administrative	853	811	779	706	696	4,035	3,821	4,024
Equity in earnings	-1,074	141
Other operating expenses	725	664	567	771	645	-4,018	-3,944	-3,977
EBITDA [+]	3,108	4,158	4,090	3,830	3,527	3,180	3,076	3,215
EBITDA growth	-25.3%	1.7%	6.8%	8.6%	10.9%	3.4%	-4.3%	11.2%
EBITDA margin	35.6%	52.5%	53.5%	49.6%	48.6%	49.0%	49.4%	47.9%
Depreciation	850	808	779	706	696	661	640	595
EBITA	2,258	3,350	3,311	3,124	2,831	2,519	2,436	2,620
EBITA margin	25.9%	42.3%	43.3%	40.4%	39.0%	38.8%	39.1%	39.0%
Amortization of intangibles	3	3
EBIT [+]	2,255	3,347	3,311	3,124	2,831	2,519	2,436	2,620
EBIT growth	-32.6%	1.1%	6.0%	10.3%	12.4%	3.4%	-7.0%	12.0%
EBIT margin	25.8%	42.3%	43.3%	40.4%	39.0%	38.8%	39.1%	39.0%
Non-recurring items [+]							25	-68
Loss (gain) on sale of assets								-68
Interest expense, net [+]	652	440	458	442	451	471	470	393
Interest expense	652	440	458	448	453	473	471	394
Interest income				6	2	2	1	1
Other income (expense), net [+]	2,542	713	349	464	208	450	211	-336
Gain (loss) on debt retirement		-845
Other	-17	-237	7	89	-174	-178	-45
Pre-tax income	4,145	3,620	3,202	3,146	2,588	2,498	2,152	1,959
Income taxes	628	768	758	706	637	93	553	607
Tax rate	15.2%	21.2%	23.7%	22.4%	24.6%	3.7%	25.7%	31.0%
Net income	3,517	2,852	2,444	2,440	1,951	2,405	1,599	1,352
Net margin	40.3%	36.0%	32.0%	31.6%	26.9%	37.0%	25.7%	20.1%

Basic EPS [+]	$3.78	$4.20	$3.61	$3.52	$13.65	$16.48	$10.69	$8.47
Growth	-9.9%	16.3%	2.6%	-74.2%	-17.2%	54.2%	26.3%	-0.9%
Diluted EPS [+]	$3.77	$4.18	$3.59	$3.50	$13.61	$16.44	$10.62	$8.40
Growth	-9.7%	16.2%	2.6%	-74.3%	-17.2%	54.7%	26.5%	-0.8%

Dividends per share [+]	$0.76	$0.76	$0.71	$0.63	$2.51	$2.19	$1.85	$1.40
Growth	0.0%	6.7%	13.4%	-75.0%	14.9%	18.2%	32.1%	0.0%

Shares outstanding (basic) [+]	930	680	677	694	143	146	150	160
Growth	36.8%	0.4%	-2.4%	385.5%	-2.1%	-2.5%	-6.3%	-7.6%
Shares outstanding (diluted) [+]	933	683	680	696	143	146	151	161
Growth	36.6%	0.4%	-2.4%	385.9%	-2.1%	-2.8%	-6.5%	-7.7%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.