v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 4,720 $ 4,448 $ 5,625
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,938 1,892 1,817
Pension income and funding (410) (385) (418)
Loss on assets held for sale 0 78 0
Gain on disposal of property 0 0 (129)
Deferred income taxes 334 325 (288)
Changes in operating assets and liabilities:      
Accounts receivable 92 205 71
Material and supplies (24) (6) (18)
Accounts payable and other 220 (107) (191)
Other current assets (123) 0 85
Other operating activities, net 302 249 411
Net cash provided by operating activities 7,049 6,699 6,965
Investing activities      
Property additions (3,658) (3,549) (3,187)
Business acquisitions and combinations 0 0 (390)
Proceeds from disposal of property 0 0 129
Other investing activities, net (55) (58) (20)
Net cash used in investing activities (3,713) (3,607) (3,468)
Financing activities      
Issuance of debt 1,965 3,483 2,554
Repayment of debt (446) (1,038) (250)
Change in commercial paper, net (612) (1,381) 908
Settlement of foreign exchange forward contracts on debt 3 120 38
Issuance of common shares for stock options exercised 56 41 49
Withholding taxes remitted on the net settlement of equity settled awards (9) (52) (51)
Repurchase of common shares (2,059) (2,600) (4,551)
Purchase of common shares for settlement of equity settled awards (5) (5) (4)
Purchase of common shares by Share Trusts (56) (50) (28)
Dividends paid (2,208) (2,138) (2,071)
Net cash used in financing activities (3,371) (3,620) (3,406)
Effect of foreign exchange fluctuations on cash, cash equivalents, restricted cash, and restricted cash equivalents (3) 5 (1)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (38) (523) 90
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year 401 924 834
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year 363 401 924
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]      
Cash and cash equivalents, end of year 350 389 475
Restricted cash and cash equivalents, end of year 13 12 449
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year 363 401 924
Supplemental cash flow information      
Interest paid (979) (926) (776)
Income taxes paid $ (935) $ (1,221) $ (1,197)