Fortis 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	1,961	1,828	1,710	1,514	1,294
Depreciation & Amortization	2,057	1,927	1,773	1,668	1,505
Change in Accounts Receivable	-52	-2	142	-479	-88
Change in Inventory	-45	-73	-1	-153	-56
Change in Accounts Payable	195	115	-390	449	164
Change in Other Net Operating Assets	-301	29	68	-134	-168
Other Operating Activities	247	58	243	209	256
Operating Cash Flow	4,062	3,882	3,545	3,074	2,907
Operating Cash Flow Growth	4.64%	9.51%	15.32%	5.75%	7.63%
Capital Expenditures	-5,942	-5,012	-3,986	-3,587	-3,189
Divestitures	479	-	454	-	-
Sale (Purchase) of Intangibles	-292	-206	-183	-278	-197
Investment in Securities	-27	-	-24	-100	-
Other Investing Activities	425	-177	-3	-94	-102
Investing Cash Flow	-5,357	-5,395	-3,742	-4,059	-3,488
Short-Term Debt Issued	385	-	-	-	115
Long-Term Debt Issued	13,092	11,742	10,027	9,718	6,406
Total Debt Issued	13,477	11,742	10,027	9,718	6,521
Short-Term Debt Repaid	-	-25	-126	-21	-
Long-Term Debt Repaid	-11,164	-9,773	-8,486	-7,907	-5,383
Total Debt Repaid	-11,164	-9,798	-8,612	-7,928	-5,383
Net Debt Issued (Repaid)	2,313	1,944	1,415	1,790	1,138
Issuance of Common Stock	60	46	43	53	60
Common Dividends Paid	-788	-744	-701	-673	-608
Preferred Dividends Paid	-85	-74	-67	-64	-63
Dividends Paid	-873	-818	-768	-737	-671
Other Financing Activities	-39	-108	-77	-71	-76
Financing Cash Flow	1,461	1,064	613	1,035	451
Foreign Exchange Rate Adjustments	-19	44	-	28	12
Net Cash Flow	147	-405	416	78	-118
Free Cash Flow	-1,880	-1,130	-441	-513	-282
Free Cash Flow Margin	-15.45%	-9.82%	-3.83%	-4.64%	-2.99%
Free Cash Flow Per Share	-3.73	-2.28	-0.91	-1.07	-0.60
Cash Interest Paid	1,469	1,361	1,255	1,057	986
Cash Income Tax Paid	30	-17	129	79	-13
Levered Free Cash Flow	-2,633	-1,814	-892.38	-1,609	-933
Unlevered Free Cash Flow	-1,650	-888.88	-41.75	-892	-281.75
Change in Working Capital	-203	69	-181	-317	-148

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