Cash and cash equivalents

Up 34% (from CAD 519 million to CAD 695 million)

Improved operating cash flows helped boost cash levels in Q1 2025 relative to the previous year, while adjustments in investing and financing activities further enhanced liquidity compared to a lower base in Q1 2024. " "

Total assets

Up 7.7% (from CAD 81,668 million to CAD 88,040 million)

Asset growth was driven by increases in both current and non-current components—including higher property values and enhanced investments—continuing trends noted in prior periods (such as the effects of acquisitions) that expanded the asset base from Q1 2024. " "

Total equity

Up 12.5% (from CAD 43,761 million to CAD 49,243 million)

Robust net income and gains in other comprehensive income, along with stock-based initiatives, contributed to a sizable equity upgrade over Q1 2024, mirroring the prior period’s trend of equity growth from similar drivers. " "

Long-term debt

Up 12.3% (from CAD 18,829 million to CAD 21,140 million)

Debt refinancing activities, including new unsecured note issuances and adjustments for maturing facilities, led to an increased debt level over Q1 2024. The current period builds on previous period adjustments in the debt portfolio as evidenced by active debt management. " "

Retained earnings

Up 16.9% (from CAD 17,018 million to CAD 19,883 million)

A Q1 net income of CAD 910 million raised retained earnings, even as share repurchases and dividend declarations partially offset the gains, similar in nature to improvements observed in prior periods where operating performance directly bolstered earnings retention. " "

Accounts receivable, net

Up 5.3% (from CAD 1,943 million to CAD 2,044 million)

A modest increase reflects higher sales and slight adjustments in credit collections, echoing past trends in rising receivables as operational activity grows compared to Q1 2024. " "

Materials and supplies

Up 16.8% (from CAD 399 million to CAD 466 million)

Rising locomotive material costs driven by a new parts agreement and increased investment in track maintenance pushed materials expenses higher in Q1 2025. This change builds on previous period cost adjustments and signals ongoing cost pressures within maintenance operations. " "