Unitil Cash Flow Statement

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

Millions USD. 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	50.2	47.1	45.2	41.4	36.1
Depreciation & Amortization	88.7	76.1	67.4	62.6	59.5
Change in Accounts Receivable	-18.7	-14	8.2	-18.5	-15.2
Change in Accounts Payable	7	2	-20.9	16.2	19.2
Change in Other Net Operating Assets	-8.9	10.4	8.1	-3.7	2.2
Other Operating Activities	13	4.3	-1	-0.3	6
Operating Cash Flow	131.3	125.9	107	97.7	107.8
Operating Cash Flow Growth	4.29%	17.66%	9.52%	-9.37%	42.40%
Capital Expenditures	-185.1	-169.9	-141	-122.1	-115
Cash Acquisitions	-160.4	-	-	-	-
Investing Cash Flow	-345.5	-169.9	-141	-122.1	-115
Short-Term Debt Issued	149.9	-	46	51.9	9.4
Long-Term Debt Issued	32.1	135	25.3	-	-
Total Debt Issued	182	135	71.3	51.9	9.4
Short-Term Debt Repaid	-	-56.2	-	-	-
Long-Term Debt Repaid	-4.9	-4.9	-6.9	-10.5	-25.9
Total Debt Repaid	-4.9	-61.1	-6.9	-10.5	-25.9
Net Debt Issued (Repaid)	177.1	73.9	64.4	41.4	-16.5
Issuance of Common Stock	73.5	1.1	1.1	1	45.5
Common Dividends Paid	-30.1	-27.5	-26.2	-25.1	-23.6
Other Financing Activities	3	-3.7	-7.8	9.6	2.3
Financing Cash Flow	223.5	43.8	31.5	26.9	7.7
Net Cash Flow	9.3	-0.2	-2.5	2.5	0.5
Free Cash Flow	-53.8	-44	-34	-24.4	-7.2
Free Cash Flow Margin	-10.04%	-8.89%	-6.10%	-4.33%	-1.52%
Free Cash Flow Per Share	-3.21	-2.73	-2.12	-1.52	-0.47
Cash Interest Paid	39.3	31.2	30.9	26	26
Cash Income Tax Paid	4.9	2.5	-	1.2	1.4
Levered Free Cash Flow	-84.37	-61.35	-50.4	-20.91	-14.67
Unlevered Free Cash Flow	-56.99	-37.78	-28.59	-3.22	2.33
Change in Working Capital	-20.6	-1.6	-4.6	-6	6.2

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.

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