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	480	707	632	393
Depreciation & Amortization	1,293	711	725	642	651
Loss (Gain) on Equity Investments	-9	7	11	-7	-13
Change in Accounts Receivable	193	-49	112	-155	-105
Change in Inventory	-15	-15	-41	-3	7
Change in Accounts Payable	-156	-8	-111	264	153
Change in Other Net Operating Assets	-	-11	-61	-	-7
Other Operating Activities	625	802	438	767	639
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
Cash Acquisitions	-30	-	-691	-	-84
Divestitures	-	114	-	8	-
Sale (Purchase) of Intangibles	-128	-105	-139	-145	-143
Investment in Securities	-20	-14	-202	-8	-27
Other Investing Activities	-32	85	-24	112	40
Investing Cash Flow	-1,642	-1,409	-2,253	-1,256	-1,262
Short-Term Debt Issued	-	-	-	-	206
Long-Term Debt Issued	2,126	650	1,872	576	461
Total Debt Issued	2,126	650	1,872	576	667
Short-Term Debt Repaid	-	-	-	-206	-
Long-Term Debt Repaid	-647	-374	-881	-355	-177
Total Debt Repaid	-647	-374	-881	-561	-177
Net Debt Issued (Repaid)	1,479	276	991	15	490
Issuance of Common Stock	18	-	18	1	-
Common Dividends Paid	-498	-473	-458	-460	-476
Preferred Dividends Paid	-77	-77	-77	-75	-65
Dividends Paid	-575	-550	-535	-535	-541
Other Financing Activities	-546	-516	-493	-413	-518
Financing Cash Flow	327	-790	-19	-932	-478
Foreign Exchange Rate Adjustments	5	-5	1	-4	-6
Net Cash Flow	751	-287	-491	-52	-28
Free Cash Flow	622	427	580	916	640
Free Cash Flow Growth	45.67%	-26.38%	-36.68%	43.13%	-22.71%
Free Cash Flow Margin	16.86%	11.41%	15.28%	22.63%	18.21%
Free Cash Flow Per Share	0.78	1.57	2.15	3.40	2.37
Cash Interest Paid	-	499	453	401	385
Cash Income Tax Paid	-	17	34	25	47
Levered Free Cash Flow	-258.75	-529.38	-415.63	-20.13	-279.88
Unlevered Free Cash Flow	60.63	-211.88	-128.13	234.25	-21.75
Change in Working Capital	22	-83	-101	106	48

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.