Fortis Inc. (TSX:FTS)

Fortis Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	12,040	11,508	11,517	11,043	9,448	8,935
Revenue Growth (YoY)	5.21%	-0.08%	4.29%	16.88%	5.74%	1.73%
Fuel & Purchased Power	3,303	3,249	3,771	3,952	2,951	2,562
Depreciation & Amortization	2,045	1,927	1,773	1,668	1,505	1,428
Other Operating Expenses	3,128	2,967	2,827	2,591	2,478	2,406
Total Operating Expenses	8,476	8,143	8,371	8,211	6,934	6,396
Operating Income	3,564	3,365	3,146	2,832	2,514	2,539
Interest Expense	-1,551	-1,480	-1,361	-1,147	-1,042	-1,083
Interest Income	46	64	76	11	5	13
Net Interest Expense	-1,505	-1,416	-1,285	-1,136	-1,037	-1,070
Income (Loss) on Equity Investments	19	14	14	-	-	20
Currency Exchange Gain (Loss)	5	-10	4	-9	-11	11
Allowance for Equity Funds for Construction	163	139	101	78	77	78
Allowance for Borrowed Funds for Construction	74	74	56	45	39	41
Other Non-Operating Income (Expenses)	13	8	34	11	53	1
EBT Excluding Unusual Items	2,333	2,174	2,070	1,821	1,635	1,620
Gain (Loss) on Sale of Investments	-	-	-	-18	4	-
Pretax Income	2,333	2,174	2,070	1,803	1,639	1,620
Income Tax Expense	406	346	360	289	234	231
Earnings From Continuing Ops.	1,927	1,828	1,710	1,514	1,405	1,389
Net Income to Company	1,927	1,828	1,710	1,514	1,405	1,389
Minority Interest in Earnings	-157	-148	-137	-120	-111	-115
Net Income	1,770	1,680	1,573	1,394	1,294	1,274
Preferred Dividends & Other Adjustments	82	74	67	64	63	65
Net Income to Common	1,688	1,606	1,506	1,330	1,231	1,209
Net Income Growth	6.43%	6.80%	12.84%	7.73%	1.57%	-26.02%
Shares Outstanding (Basic)	501	495	486	479	471	465
Shares Outstanding (Diluted)	502	495	487	479	471	465
Shares Change (YoY)	1.80%	1.79%	1.57%	1.61%	1.29%	6.38%
EPS (Basic)	3.37	3.24	3.10	2.78	2.61	2.60
EPS (Diluted)	3.36	3.24	3.10	2.78	2.61	2.60
EPS Growth	4.08%	4.62%	11.44%	6.47%	0.39%	-31.22%
Free Cash Flow	-1,947	-1,130	-441	-513	-282	-1,156
Free Cash Flow Per Share	-3.88	-2.28	-0.91	-1.07	-0.60	-2.48
Dividend Per Share	2.460	2.385	2.290	2.170	2.050	1.938
Dividend Growth	4.02%	4.15%	5.53%	5.85%	5.81%	6.02%
Profit Margin	14.02%	13.96%	13.08%	12.04%	13.03%	13.53%
Free Cash Flow Margin	-16.17%	-9.82%	-3.83%	-4.64%	-2.99%	-12.94%
EBITDA	5,609	5,292	4,919	4,500	4,019	3,967
EBITDA Margin	46.59%	45.98%	42.71%	40.75%	42.54%	44.40%
D&A For EBITDA	2,045	1,927	1,773	1,668	1,505	1,428
EBIT	3,564	3,365	3,146	2,832	2,514	2,539
EBIT Margin	29.60%	29.24%	27.32%	25.64%	26.61%	28.42%
Effective Tax Rate	17.40%	15.92%	17.39%	16.03%	14.28%	14.26%

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