Hydro One Cash Flow Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	1,306	1,156	1,085	1,050	965	1,796
Depreciation & Amortization	951	909	852	798	785	760
Other Amortization	4	11	14	33	30	23
Change in Accounts Receivable	-103	-81	-63	-72	18	12
Change in Inventory	1	6	-10	-3	1	-
Change in Accounts Payable	36	7	17	27	-3	37
Change in Unearned Revenue	-44	125	151	-	-	-
Change in Other Net Operating Assets	139	192	157	109	84	131
Other Operating Activities	241	209	209	318	269	-729
Operating Cash Flow	2,531	2,534	2,412	2,260	2,149	2,030
Operating Cash Flow Growth	-2.62%	5.06%	6.73%	5.17%	5.86%	25.77%
Capital Expenditures	-3,141	-3,043	-2,558	-1,994	-1,928	-1,718
Cash Acquisitions	-	-	-	-	-	-126
Sale (Purchase) of Intangibles	-81	-88	-131	-120	-143	-126
Investment in Securities	-261	-	-	-	-	-
Other Investing Activities	56	-1	-4	29	-6	-7
Investing Cash Flow	-3,427	-3,132	-2,693	-2,085	-2,077	-1,977
Short-Term Debt Issued	-	2,810	6,550	6,335	4,150	4,070
Long-Term Debt Issued	-	2,781	2,375	750	900	2,725
Total Debt Issued	7,409	5,591	8,925	7,085	5,050	6,795
Short-Term Debt Repaid	-	-2,890	-7,650	-6,000	-3,905	-4,433
Long-Term Debt Repaid	-	-700	-731	-603	-804	-653
Total Debt Repaid	-5,570	-3,590	-8,381	-6,603	-4,709	-5,086
Net Debt Issued (Repaid)	1,839	2,001	544	482	341	1,709
Issuance of Common Stock	3	2	2	15	14	7
Common Dividends Paid	-776	-743	-700	-662	-629	-599
Preferred Dividends Paid	-	-	-	-	-	-18
Dividends Paid	-776	-743	-700	-662	-629	-617
Other Financing Activities	-6	-25	-16	-20	-15	-7
Financing Cash Flow	1,060	1,235	-170	-185	-289	674
Net Cash Flow	164	637	-451	-10	-217	727
Free Cash Flow	-610	-509	-146	266	221	312
Free Cash Flow Growth	-	-	-	20.36%	-29.17%	208.91%
Free Cash Flow Margin	-6.88%	-6.00%	-1.86%	3.42%	3.06%	4.28%
Free Cash Flow Per Share	-1.01	-0.85	-0.24	0.44	0.37	0.52
Cash Income Tax Paid	43	35	48	33	20	30
Levered Free Cash Flow	-1,278	-1,077	-763.5	-245.25	-624.88	-220.5
Unlevered Free Cash Flow	-863.75	-684.63	-409.75	51	-335.5	70.75
Change in Working Capital	29	249	252	61	100	180

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.