Fortis Income 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
Revenue	12,170	11,508	11,517	11,043	9,448
Revenue Growth (YoY)	5.75%	-0.08%	4.29%	16.88%	5.74%
Fuel & Purchased Power	3,371	3,249	3,771	3,952	2,951
Depreciation & Amortization	2,057	1,927	1,773	1,668	1,505
Other Operating Expenses	3,170	2,967	2,827	2,591	2,478
Total Operating Expenses	8,598	8,143	8,371	8,211	6,934
Operating Income	3,572	3,365	3,146	2,832	2,514
Interest Expense	-1,574	-1,480	-1,361	-1,147	-1,042
Interest Income	43	64	76	11	5
Net Interest Expense	-1,531	-1,416	-1,285	-1,136	-1,037
Income (Loss) on Equity Investments	15	14	14	-	-
Currency Exchange Gain (Loss)	13	-10	4	-9	-11
Allowance for Equity Funds for Construction	174	139	101	78	77
Allowance for Borrowed Funds for Construction	96	74	56	45	39
Other Non-Operating Income (Expenses)	15	8	34	11	53
EBT Excluding Unusual Items	2,354	2,174	2,070	1,821	1,635
Gain (Loss) on Sale of Investments	-	-	-	-18	4
Pretax Income	2,354	2,174	2,070	1,803	1,639
Income Tax Expense	393	346	360	289	234
Earnings From Continuing Ops.	1,961	1,828	1,710	1,514	1,405
Minority Interest in Earnings	-162	-148	-137	-120	-111
Net Income	1,799	1,680	1,573	1,394	1,294
Preferred Dividends & Other Adjustments	85	74	67	64	63
Net Income to Common	1,714	1,606	1,506	1,330	1,231
Net Income Growth	7.08%	6.80%	12.84%	7.73%	1.57%
Shares Outstanding (Basic)	504	495	486	479	471
Shares Outstanding (Diluted)	504	495	487	479	471
Shares Change (YoY)	1.72%	1.79%	1.57%	1.61%	1.29%
EPS (Basic)	3.40	3.24	3.10	2.78	2.61
EPS (Diluted)	3.40	3.24	3.10	2.78	2.61
EPS Growth	4.94%	4.62%	11.44%	6.47%	0.39%
Free Cash Flow	-1,880	-1,130	-441	-513	-282
Free Cash Flow Per Share	-3.73	-2.28	-0.91	-1.07	-0.60
Dividend Per Share	2.485	2.390	2.290	2.170	2.050
Dividend Growth	3.98%	4.37%	5.53%	5.85%	5.81%
Profit Margin	14.08%	13.96%	13.08%	12.04%	13.03%
Free Cash Flow Margin	-15.45%	-9.82%	-3.83%	-4.64%	-2.99%
EBITDA	5,629	5,292	4,919	4,500	4,019
EBITDA Margin	46.25%	45.98%	42.71%	40.75%	42.54%
D&A For EBITDA	2,057	1,927	1,773	1,668	1,505
EBIT	3,572	3,365	3,146	2,832	2,514
EBIT Margin	29.35%	29.24%	27.32%	25.64%	26.61%
Effective Tax Rate	16.70%	15.92%	17.39%	16.03%	14.28%

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