Hydro One Income Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	8,986	8,444	7,796	7,737	7,183
Other Revenue	55	40	48	43	42
Revenue	9,041	8,484	7,844	7,780	7,225
Revenue Growth (YoY)	6.57%	8.16%	0.82%	7.68%	-0.89%
Fuel & Purchased Power	4,486	4,143	3,652	3,724	3,579
Operations & Maintenance	1,206	1,308	1,354	1,258	1,112
Depreciation & Amortization	1,111	1,066	996	966	922
Total Operating Expenses	6,803	6,517	6,002	5,948	5,613
Operating Income	2,238	1,967	1,842	1,832	1,612
Interest Expense	-677	-627	-566	-474	-463
Interest Income	17	24	12	7	3
Net Interest Expense	-660	-603	-554	-467	-460
Income (Loss) on Equity Investments	9	-	-	-	-
Other Non-Operating Income (Expenses)	-19	-18	-16	-19	-1
EBT Excluding Unusual Items	1,568	1,346	1,272	1,346	1,151
Pretax Income	1,568	1,346	1,272	1,346	1,151
Income Tax Expense	219	181	178	288	178
Earnings From Continuing Ops.	1,349	1,165	1,094	1,058	973
Minority Interest in Earnings	-10	-9	-9	-8	-8
Net Income	1,339	1,156	1,085	1,050	965
Net Income to Common	1,339	1,156	1,085	1,050	965
Net Income Growth	15.83%	6.54%	3.33%	8.81%	-46.03%
Shares Outstanding (Basic)	600	599	599	599	598
Shares Outstanding (Diluted)	601	601	601	601	600
Shares Change (YoY)	0.01%	0.02%	-0.01%	0.04%	0.07%
EPS (Basic)	2.23	1.93	1.81	1.75	1.61
EPS (Diluted)	2.23	1.92	1.81	1.75	1.61
EPS Growth	16.15%	6.08%	3.43%	8.70%	-45.42%
Free Cash Flow	-488	-509	-146	266	221
Free Cash Flow Per Share	-0.81	-0.85	-0.24	0.44	0.37
Dividend Per Share	1.313	1.240	1.169	1.105	1.050
Dividend Growth	5.93%	6.09%	5.76%	5.25%	5.00%
Profit Margin	14.81%	13.63%	13.83%	13.50%	13.36%
Free Cash Flow Margin	-5.40%	-6.00%	-1.86%	3.42%	3.06%
EBITDA	3,201	2,876	2,694	2,630	2,397
EBITDA Margin	35.41%	33.90%	34.34%	33.80%	33.18%
D&A For EBITDA	963	909	852	798	785
EBIT	2,238	1,967	1,842	1,832	1,612
EBIT Margin	24.75%	23.18%	23.48%	23.55%	22.31%
Effective Tax Rate	13.97%	13.45%	13.99%	21.40%	15.47%
Revenue as Reported	9,041	8,484	7,844	7,780	7,225

Source: S&P Global Market Intelligence. Utility template. Financial Sources.