Hydro One Cash Flow 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
Net Income	1,339	1,156	1,085	1,050	965
Depreciation & Amortization	963	909	852	798	785
Other Amortization	3	11	14	33	30
Change in Accounts Receivable	-169	-81	-63	-72	18
Change in Inventory	-1	6	-10	-3	1
Change in Accounts Payable	23	7	17	27	-3
Change in Unearned Revenue	-23	125	151	-	-
Change in Other Net Operating Assets	223	192	157	109	84
Other Operating Activities	337	209	209	318	269
Operating Cash Flow	2,695	2,534	2,412	2,260	2,149
Operating Cash Flow Growth	6.35%	5.06%	6.73%	5.17%	5.86%
Capital Expenditures	-3,183	-3,043	-2,558	-1,994	-1,928
Sale (Purchase) of Intangibles	-80	-88	-131	-120	-143
Investment in Securities	-261	-	-	-	-
Other Investing Activities	7	-1	-4	29	-6
Investing Cash Flow	-3,517	-3,132	-2,693	-2,085	-2,077
Short-Term Debt Issued	6,070	2,810	6,550	6,335	4,150
Long-Term Debt Issued	2,698	2,781	2,375	750	900
Total Debt Issued	8,768	5,591	8,925	7,085	5,050
Short-Term Debt Repaid	-6,170	-2,890	-7,650	-6,000	-3,905
Long-Term Debt Repaid	-1,150	-700	-731	-603	-804
Total Debt Repaid	-7,320	-3,590	-8,381	-6,603	-4,709
Net Debt Issued (Repaid)	1,448	2,001	544	482	341
Issuance of Common Stock	3	2	2	15	14
Common Dividends Paid	-788	-743	-700	-662	-629
Dividends Paid	-788	-743	-700	-662	-629
Other Financing Activities	-8	-25	-16	-20	-15
Financing Cash Flow	655	1,235	-170	-185	-289
Net Cash Flow	-167	637	-451	-10	-217
Free Cash Flow	-488	-509	-146	266	221
Free Cash Flow Growth	-	-	-	20.36%	-29.17%
Free Cash Flow Margin	-5.40%	-6.00%	-1.86%	3.42%	3.06%
Free Cash Flow Per Share	-0.81	-0.85	-0.24	0.44	0.37
Cash Income Tax Paid	45	35	48	33	20
Levered Free Cash Flow	-1,106	-1,077	-763.5	-245.25	-624.88
Unlevered Free Cash Flow	-683.25	-684.63	-409.75	51	-335.5
Change in Working Capital	53	249	252	61	100

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