Fortis Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Fortis 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	6,838	8,301	8,390	8,783	8,935	9,448	11,043	11,517	11,508	12,170
Cost of revenue		2,361	2,495	2,520	2,562	2,951	3,952	3,771	3,249	3,371
Gross profit		5,940	5,895	6,263	6,373	6,497	7,091	7,746	8,259	8,799
Operating expenses	2,031	2,250	2,287	2,452	2,437	2,523	2,683	2,889	3,040	3,250
Operating income	1,483	2,511	2,365	3,038	2,508	2,469	2,740	3,084	3,292	3,492
Interest expense	678	914	974	1,035	1,042	1,003	1,102	1,305	1,406	1,478
Interest income	7	14	15	16	13
Other non-operating income	53	116	60	138	154	173	165	291	288	340
Pre-tax income	858	1,713	1,451	2,141	1,620	1,639	1,803	2,070	2,174	2,354
Income tax	145	588	165	289	231	234	289	360	346	393
Net income to minority interests	53	97	120	130	115	111	120	137	148	162
Net income	585	963	1,100	1,655	1,209	1,231	1,330	1,506	1,606	1,714
EBITDA	2,466	3,690	3,608	4,388	3,936	3,974	4,408	4,857	5,219	5,549
EPS, basic	1.89	2.32	2.59	3.79	2.60	2.61	2.78	3.10	3.24	3.40
EPS, diluted	1.89	2.31	2.59	3.78	2.60	2.61	2.78	3.10	3.24	3.40
Shares, basic (weighted)	309	416	425	437	465	471	479	486	495	504
Shares, diluted (weighted)	313	416	425	438	465	471	479	487	495	504
Dividend per share	1.55	1.65	1.75	1.86	1.97	2.08	2.20	2.31	2.41	2.51

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	269	327	332	370	249	131	209	625	220	367
Receivables		991	1,080	1,070	1,102	1,269	1,759	1,549	1,669	1,493
Other current assets	76	132	186	192	195	242	580	191	217	202
Total current assets	2,166	2,207	3,261	2,574	2,612	2,728	4,269	4,025	3,796	3,805
Lease right-of-use assets				46	40	40	43	51	64	60
Goodwill	12,364	11,644	12,530	12,004	11,792	11,720	12,464	12,184	13,112	12,527
Intangible assets	1,011	1,081	1,200	1,260	1,291	1,343	1,548	1,510	1,661	1,723
Other non-current assets	406	480	552	620	670	955	1,213	1,298	1,653	1,782
Total assets	47,904	47,822	53,051	53,404	55,481	57,659	64,252	65,920	73,486	74,830
Accounts payable	554	696	679	754	707	774	886	990	1,121	1,148
Accrued liabilities	178	184	193	229	248	283	270	275	303	364
Short-term debt	251	705	926	690	1,254	1,628	2,481	2,296	1,990	3,146
Total current liabilities	3,944	3,504	4,252	4,176	4,148	4,802	6,617	5,964	6,036	7,513
Long-term debt	20,817	20,691	23,159	21,501	23,113	23,707	25,931	27,235	31,224	30,723
Lease liabilities				38	33	32	34	39	47	44
Other non-current liabilities	1,279	1,210	1,138	1,446	1,599	1,409	1,146	1,270	1,314	1,275
Total liabilities	31,454	31,073	34,595	33,291	35,197	36,743	41,410	42,588	47,633	48,961
Total debt	21,068	21,396	24,085	22,191	24,367	25,335	28,412	29,531	33,214	33,869
Paid-in capital	12	10	11	11	11	10	10	9	8	5
Retained earnings	1,455	1,727	2,082	2,916	3,210	3,458	3,733	4,112	4,521	4,969
Other comprehensive income	745	61	928	336	34	-40	1,008	653	2,067	1,101
Shareholders' equity	14,597	15,003	16,533	18,531	18,697	19,288	21,030	21,505	23,808	23,810
Minority interests	1,853	1,746	1,923	1,582	1,587	1,628	1,812	1,827	2,045	2,059
Total equity	16,450	16,749	18,456	20,113	20,284	20,916	22,842	23,332	25,853	25,869
Total liabilities and equity	47,904	47,822	53,051	53,404	55,481	57,659	64,252	65,920	73,486	74,830
Shares outstanding	402	421	429	463	467	475	482	491	499	507

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	713	1,125	1,286	1,852	1,389	1,405	1,514	1,710	1,828	1,961
Depreciation and amortization	983	1,179	1,243	1,350	1,428	1,505	1,668	1,773	1,927	2,057
Deferred income tax	98	544	136	247	226	147	182	272	154	252
Change in inventory	17	-6	-8	-13	-36	-56	-153	-1	-73	-45
Cash from operations	1,884	2,756	2,604	2,663	2,701	2,907	3,074	3,545	3,882	4,062
Capital expenditures	-1,912	-2,813	-3,032	-3,499	-3,857	-3,189	-3,587	-3,986	-5,012	-5,942
Acquisitions	-4,841	0
Cash from investing	-6,891	-3,025	-3,252	-2,768	-4,132	-3,488	-4,059	-3,742	-5,395	-5,357
Debt issued	4,136	2,538	1,566	937	3,470	1,324	3,067	2,810	3,124	2,687
Stock issued	45	561	34	1,442	58	60	53	43	46	60
Dividends paid	-316	-419	-459	-494	-786	-608	-673	-701	-744	-788
Cash from financing	5,050	339	644	154	1,327	451	1,035	613	1,064	1,461
Exchange rate effect	-16	-12	24	-26	-17	12	28	0	44	-19
Net change in cash	27	58	20	23	-121	-118	78	416	-405	147
Free cash flow	-28	-57	-428	-836	-1,156	-282	-513	-441	-1,130	-1,880
Interest paid	644	927	969	1,007	1,027	986	1,057	1,255	1,361	1,469
Income taxes paid	62	69	73	-37	-26	-13	79	129	-17	30

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
Gross margin	72.3%	Gross profit / revenue.
Operating margin	28.7%	Operating income / revenue.
EBITDA margin	45.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.3%	Pre-tax income / revenue.
Net margin	14.1%	Net income / revenue.
FCF margin	-15.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	33.4%	Cash from operations / revenue.
Effective tax rate	16.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.2%	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)	5.1%	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	48.8%	Capital expenditures / revenue.
D&A / revenue	16.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	6.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.4%	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	6.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	6.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.8%	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	7.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	4.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.5%	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	4.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.7%	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	8.5%	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	4.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.5%	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	5.0%	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	0.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.2%	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	5.0%	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	1.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.2%	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	6.2%	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	1.7%	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	1.7%	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	1.6%	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	0.51x	Current assets / current liabilities.
Quick ratio	0.25x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	45.3%	Total debt / total assets.
Liabilities / assets	65.4%	Total liabilities / total assets.
Net debt	CA$33.50B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.36x	Operating income / interest expense.
Working capital	-CA$3.71B	Current assets - current liabilities.
Goodwill and intangibles / assets	19.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	CA$9.56B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.16x	Revenue / average total assets.
Receivables turnover	7.70x	Revenue / average receivables.
Days sales outstanding	47 days	365 x average receivables / revenue.
Days payables	123 days	365 x average accounts payable / cost of revenue.
FCF conversion	-109.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	146.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	CA$3.40	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$3.40	Net income per basic share, as reported (split-adjusted).
Revenue per share	CA$24.16	Revenue / diluted weighted shares.
FCF per share	-CA$3.73	Free cash flow / diluted weighted shares.
Operating cash flow per share	CA$8.06	Cash from operations / diluted weighted shares.
Book value per share	CA$46.93	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	CA$18.84	Tangible book value / shares outstanding.
Cash per share	CA$0.72	(Cash + short-term investments) / shares outstanding.
Dividend per share	CA$2.51	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	46.0%	Dividends paid / net income, when net income is positive.

What was Fortis Inc.'s revenue in fiscal 2025?

Fortis Inc. reported revenue of CA$12.17B for fiscal 2025, 5.8% higher than the year before.

Was Fortis Inc. profitable in fiscal 2025?

Yes. Net income was CA$1.71B, a net margin of 14.1%.

How much free cash flow did Fortis Inc. generate in fiscal 2025?

Cash from operations of CA$4.06B minus capital expenditures of CA$5.94B left free cash flow of -CA$1.88B.

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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