ATCO Ltd. 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	261	711	819	707	469
Depreciation & Amortization	1,413	811	-	-	-
Other Adjustments	2,947	2,377	1,339	1,542	1,391
Change in Receivables	190	-100	-	-	-
Changes in Inventories	-20	-32	-	-	-
Changes in Accounts Payable	-101	47	-	-	-
Changes in Other Operating Activities	17	-131	-193	147	4
Operating Cash Flow	2,484	2,197	1,965	2,396	1,864
Operating Cash Flow Growth	13.06%	11.81%	-17.99%	28.54%	1.14%
Capital Expenditures	-1,702	-1,691	-1,423	-1,435	-1,200
Sale of Property, Plant & Equipment	20	1	4	5	30
Purchases of Intangible Assets	-138	-113	-142	-148	-146
Purchases of Investments	-27	-19	-307	-8	-27
Payments for Business Acquisitions	-33	-40	-691	-41	-84
Proceeds from Business Divestments	-	-	-	8	-
Other Investing Activities	-62	93	-26	123	44
Investing Cash Flow	-1,899	-1,798	-2,585	-1,496	-1,383
Short-Term Debt Issued	-	-	-	-206	206
Net Short-Term Debt Issued (Repaid)	-	-	-	-206	206
Long-Term Debt Issued	2,460	1,038	2,021	724	534
Long-Term Debt Repaid	-978	-523	-1,051	-502	-261
Net Long-Term Debt Issued (Repaid)	1,482	515	970	222	273
Issuance of Common Stock	-3	3	-56	-	-
Repurchase of Common Stock	-	-	-	-23	-7
Net Common Stock Issued (Repurchased)	-3	3	-56	-23	-7
Issuance of Preferred Stock	201	-	-	-	201
Repurchase of Preferred Stock	-250	-	-	-	-110
Net Preferred Stock Issued (Repurchased)	-49	-	-	-	91
Common Dividends Paid	-227	-220	-215	-211	-205
Other Financing Activities	-912	-886	-822	-735	-844
Financing Cash Flow	291	-588	-123	-953	-486
Effect of Exchange Rate Changes on Cash and Cash Equivalents	7	-5	-2	-2	-7
Net Cash Flow	883	-194	-745	-55	-12
Free Cash Flow	782	506	542	961	664
Free Cash Flow Growth	54.55%	-6.64%	-43.60%	44.73%	-26.47%
FCF Margin	15.21%	10.24%	11.43%	19.30%	15.48%
Free Cash Flow Per Share	6.94	4.51	4.78	8.41	5.80
Levered Free Cash Flow	1,239	-51	-214	-902	-471
Unlevered Free Cash Flow	-32.87	-137.36	-1,029	-353.78	-462.47

Updated Dec 31, 2025. Data Source: Fiscal.ai. Utilities template. Financial Sources.