Canadian Utilities 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	130	491	717	639	400
Depreciation & Amortization	1,293	711	-	-	-
Other Adjustments	2,525	2,307	1,164	1,395	1,270
Change in Receivables	193	-49	-	-	-
Changes in Inventories	-15	-15	-	-	-
Changes in Accounts Payable	-156	-8	-	-	-
Changes in Other Operating Activities	22	-94	-101	106	48
Operating Cash Flow	2,061	1,917	1,780	2,140	1,718
Operating Cash Flow Growth	7.51%	7.70%	-16.82%	24.56%	5.33%
Capital Expenditures	-1,439	-1,490	-1,200	-1,224	-1,078
Sale of Property, Plant & Equipment	7	1	3	1	30
Purchases of Intangible Assets	-128	-105	-139	-145	-143
Payments for Business Acquisitions	-30	-	-691	-	-84
Proceeds from Business Divestments	-	114	-	8	-
Other Investing Activities	-93	100	-226	104	13
Investing Cash Flow	-1,642	-1,409	-2,253	-1,256	-1,262
Net Short-Term Debt Issued (Repaid)	-	-	-	-206	206
Long-Term Debt Issued	2,126	650	1,872	576	461
Long-Term Debt Repaid	-636	-364	-871	-347	-167
Net Long-Term Debt Issued (Repaid)	1,490	286	1,001	229	294
Issuance of Common Stock	18	-	18	1	-117
Net Common Stock Issued (Repurchased)	18	-	18	1	-117
Issuance of Preferred Stock	201	-	-	-	201
Repurchase of Preferred Stock	-250	-	-	-	-110
Net Preferred Stock Issued (Repurchased)	-49	-	-	-	91
Common Dividends Paid	-498	-473	-458	-460	-476
Preferred Share Dividends Paid	-90	-88	-89	-82	-72
Other Financing Activities	-544	-515	-491	-414	-404
Financing Cash Flow	327	-790	-19	-932	-478
Effect of Exchange Rate Changes on Cash and Cash Equivalents	5	-5	1	-4	-6
Net Cash Flow	746	-282	-492	-48	-22
Free Cash Flow	622	427	580	916	640
Free Cash Flow Growth	45.67%	-26.38%	-36.68%	43.13%	-22.71%
FCF Margin	16.86%	11.41%	15.28%	22.63%	18.21%
Free Cash Flow Per Share	2.29	1.57	2.15	3.40	2.37
Levered Free Cash Flow	1,314	-130	407	-463	-137
Unlevered Free Cash Flow	129.75	-65.08	-265.86	-196.1	-331.12

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