EMERA INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EMERA INC files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,277	6,226	6,524	6,111	5,506	5,765	7,588	7,563	7,200	8,776
Operating income	555	1,418	1,398	1,343	1,147	930	1,629	1,794	1,080	1,975
Interest expense	598	705	724				727	954	1,004	1,048
Interest income	2						25	43	23	37
Other non-operating income	174	25	-23	12	708	93	145	158	203	165
Pre-tax income	244	819	816	771	1,325	555	1,194	1,173	409	1,171
Income tax	-22	520	69	61	341	-6	185	128	-159	81
Net income to minority interests	11	5	1	2	1	1	1	1	1	1
Net income	227	266	710	663	938	511	945	978	494	1,014
EBITDA	1,143	2,274	2,326	2,254	2,046	1,845	2,588	2,854	2,245	3,273
EPS, basic	1.33	1.25	3.05	2.76	3.78	1.98	3.56	3.57	1.71	3.39
EPS, diluted	1.32	1.24	3.04	2.76	3.78	1.98	3.55	3.57	1.71	3.38
Shares, basic (weighted)	171	213	233	240	248	257	266	274	289	299
Shares, diluted (weighted)	172	214	234	241	248	258	266	274	289	300
Dividend per share	2.00	2.13	2.28	2.38	2.48	2.58	2.68	2.79	2.88	2.91

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	491	503	372	274	220	237	302	559	191	344
Short-term investments	183	222	43	0	0	157	8	8	5	5
Receivables	972
Inventory	472	418	474	467	453	538	769	790	781	821
Other current assets	1,323	1,326	1,620	189	138	280	360	90	85	150
Total current assets	2,511	2,526	2,832	2,486	2,178	3,136	4,896	3,708	3,688	4,389
Property, plant and equipment	17,290	16,995	18,712	18,167	19,535	20,353	22,996	24,376	26,168	27,408
Lease right-of-use assets				64	61	58	58	54	52	48
Goodwill	6,213	5,805	6,313	5,835	5,720	5,696	6,012	5,871	5,858	5,580
Other non-current assets	9,420	9,285	10,770	11,189	9,521	10,755	11,850	11,396	13,095	13,020
Total assets	29,221	28,806	32,314	31,842	31,234	34,244	39,742	39,480	42,951	44,817
Accounts payable	1,242	1,161	1,289	1,118	1,148	1,485	2,025	1,454	1,992	1,948
Accrued liabilities	137	134	154	147	141	157	174	172	189	229
Short-term debt	476	741	1,119	501	1,382	462	574	676	234	1,201
Total current liabilities	3,724	3,946	4,553	4,166	4,875	4,878	7,287	4,544	5,115	6,627
Long-term debt	14,268	13,140	14,292	13,679	12,339	14,196	15,744	17,689	18,173	18,453
Lease liabilities				61	60	58	59	55	54	53
Other non-current liabilities	645	609	684	764	781	868	825	820	910	960
Total liabilities	22,376	21,602	23,956	23,241	21,996	24,094	28,301	27,392	29,660	31,421
Total debt	14,744	13,881	15,411	14,180	13,721	14,658	16,318	18,365	18,407	19,654
Paid-in capital	75	76	84	78	79	79	81	82	84	86
Retained earnings	1,076	891	1,075	1,173	1,495	1,348	1,584	1,803	1,468	1,614
Other comprehensive income	106	-165	338	95	-79	25	578	305	1,261	873
Shareholders' equity	6,704	7,112	8,317	8,566	9,204	10,116	11,427	12,074	13,277	13,382
Minority interests	112	92	41	35	34	34	14	14	14	14
Total equity	6,845	7,204	8,358	8,601	9,238	10,150	11,441	12,088	13,291	13,396
Total liabilities and equity	29,221	28,806	32,314	31,842	31,234	34,244	39,742	39,480	42,951	44,817
Shares outstanding	210	229	234	242	251	261	270	284

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	266	299	747	710	984	561	1,009	1,045	568	1,090
Depreciation and amortization	588	856	928	911	899	915	959	1,060	1,165	1,298
Deferred income tax	-67	469	185	125	381	-37	152	97	-191	71
Change in receivables	104	176
Change in inventory	-88	-31	-44	19	-6	84	214	31	-38	63
Change in payables	-162	-3	59	137	-55	-289	-423	538	-536	40
Cash from operations	1,053	1,193	1,690	1,525	1,637	1,185	913	2,241	2,646	1,802
Capital expenditures	-1,080	-1,529	-2,162	-2,495	-2,623	-2,359	-2,596	-2,937	-3,151	-3,532
Acquisitions	-8,409	0
Cash from investing	-9,037	-1,761	-2,190	-1,617	-1,224	-2,332	-2,569	-2,917	-2,218	-3,482
Debt issued	6,423	129	1,055	1,066	428	2,554	784	1,932	1,361	2,016
Debt repaid	-273	-453	-757	-1,103	-513	-1,660	-367	-151	-1,086	-201
Stock issued	354	682	10	203	285	317	277	424	284	47
Dividends paid	-221	-287	-346	-378	-409	-443	-472	-488	-538	-576
Cash from financing	7,448	593	344	14	-372	1,311	1,555	939	-818	1,841
Exchange rate effect	-65	-13	25	-20
Net change in cash	-601	12	-131	-98	-20	163	-85	256	-367	150
Free cash flow	-27	-336	-472	-970	-986	-1,174	-1,683	-696	-505	-1,730
Interest paid	480	689	696	750	679	603	699	930	989	1,003
Income taxes paid	57	63	33	107	148	-24	-67	-43	34	41

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Operating margin	22.5%	Operating income / revenue.
EBITDA margin	37.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.3%	Pre-tax income / revenue.
Net margin	11.6%	Net income / revenue.
FCF margin	-19.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.5%	Cash from operations / revenue.
Effective tax rate	6.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.3%	Net income / average total assets.
Return on invested capital (ROIC)	5.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	40.2%	Capital expenditures / revenue.
D&A / revenue	14.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	21.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	82.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	45.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	105.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	1.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	97.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-1.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-2.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-31.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.66x	Current assets / current liabilities.
Quick ratio	0.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.47x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	43.9%	Total debt / total assets.
Liabilities / assets	70.1%	Total liabilities / total assets.
Net debt	CA$19.31B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.90x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.88x	Operating income / interest expense.
Working capital	-CA$2.24B	Current assets - current liabilities.
Goodwill and intangibles / assets	12.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	CA$7.80B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.20x	Revenue / average total assets.
Fixed asset turnover	0.33x	Revenue / average property, plant and equipment.
FCF conversion	-170.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	196.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	CA$3.38	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	CA$3.39	Net income per basic share, as reported (split-adjusted).
Revenue per share	CA$29.28	Revenue / diluted weighted shares.
FCF per share	-CA$5.77	Free cash flow / diluted weighted shares.
Operating cash flow per share	CA$6.01	Cash from operations / diluted weighted shares.
Book value per share	CA$44.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	CA$26.03	Tangible book value / shares outstanding.
Cash per share	CA$1.16	(Cash + short-term investments) / shares outstanding.
Dividend per share	CA$2.91	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	56.8%	Dividends paid / net income, when net income is positive.

What was EMERA INC's revenue in fiscal 2025?

EMERA INC reported revenue of CA$8.78B for fiscal 2025, 21.9% higher than the year before.

Was EMERA INC profitable in fiscal 2025?

Yes. Net income was CA$1.01B, a net margin of 11.6%.

How much free cash flow did EMERA INC generate in fiscal 2025?

Cash from operations of CA$1.80B minus capital expenditures of CA$3.53B left free cash flow of -CA$1.73B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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