Hydro One Income Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	9,281	9,041	8,484	7,844	7,780	7,225
Revenue Growth (YoY)	6.36%	6.57%	8.16%	0.82%	7.68%	-0.89%
Fuel and Purchased Power Expense	4,690	4,486	4,143	3,652	3,724	3,579
Operations and Maintenance Expenses	1,203	1,206	1,308	1,354	1,258	1,112
Gross Profit	3,388	3,349	3,033	2,838	2,798	2,534
Depreciation & Amortization Expenses	1,120	1,111	1,066	996	966	922
Operating Income	2,268	2,238	1,967	1,842	1,832	1,612
Interest Income	-2	9	-	-	-	-
Interest Expense	-692	-679	-621	-570	-486	-461
Total Non-Operating Income (Expense)	-694	-670	-621	-570	-486	-461
Pretax Income	1,574	1,568	1,346	1,272	1,346	1,151
Provision for Income Taxes	192	219	181	178	288	178
Net Income	624	1,339	1,156	1,094	1,058	973
Minority Interest in Earnings	4	10	9	-	-	-
Net Income to Common	624	1,339	1,156	1,094	1,058	973
Net Income Growth	11.83%	15.83%	5.67%	3.40%	8.74%	-45.82%
Shares Outstanding (Basic)	600	600	599	599	599	598
Shares Outstanding (Diluted)	601	601	601	601	601	600
Shares Change (YoY)	0.01%	0.01%	0.02%	-0.01%	0.04%	0.07%
EPS (Basic)	2.28	2.23	1.93	1.81	1.75	1.61
EPS (Diluted)	2.28	2.23	1.92	1.81	1.75	1.61
EPS Growth	11.77%	16.15%	6.08%	3.43%	8.70%	-45.42%
Shares Outstanding	599.78	599.78	599.44	599.08	598.72	598.22
Free Cash Flow	-456	-275	-186	67	294	221
Free Cash Flow Growth	-	-	-	-77.21%	33.03%	-29.17%
Free Cash Flow Per Share	-0.76	-0.46	-0.31	0.11	0.49	0.37
Dividends Per Share	1.337	1.313	1.240	1.169	1.105	1.050
Dividend Growth	1.76%	5.93%	6.09%	5.76%	5.25%	5.00%
Gross Margin	36.50%	37.04%	35.75%	36.18%	35.96%	35.07%
Operating Margin	24.44%	24.75%	23.18%	23.48%	23.55%	22.31%
Profit Margin	14.89%	14.92%	13.73%	13.95%	13.60%	13.47%
FCF Margin	-4.91%	-3.04%	-2.19%	0.85%	3.78%	3.06%
EBITDA	3,250	3,204	2,887	2,708	2,663	2,427
EBITDA Margin	35.02%	35.44%	34.03%	34.52%	34.23%	33.59%
EBIT	2,268	2,238	1,967	1,842	1,832	1,612
EBIT Margin	24.44%	24.75%	23.18%	23.48%	23.55%	22.31%
Effective Tax Rate	12.20%	13.97%	13.45%	13.99%	21.40%	15.46%

Updated May 13, 2026. Data Source: Fiscal.ai. Utilities template. Financial Sources.