Hydro One Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Hydro One Ltd 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

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,990	6,150	6,480	7,290	7,225	7,780	7,844	8,484	9,041
Cost of revenue	2,875	2,899	3,111	3,854	3,579	3,724	3,652	4,143	4,486
Gross profit	3,115	3,251	3,369	3,436	3,646	4,056	4,192	4,341	4,555
Operating income	1,232	1,309	1,310	1,482	1,612	1,832	1,842	1,967	2,238
Interest expense	439	8,181	8,249	8,411	8,431	8,117	9,110	10,429	11,444
Pre-tax income	793	850	796	1,011	1,151	1,346	1,272	1,346	1,568
Income tax	111	915	-6	-785	178	288	178	181	219
Net income to minority interests	6	6	6	8	8	8	9	9	10
Net income	682	-65	802	1,796	973	1,050	1,085	1,156	1,339
EBITDA	1,959	2,056	2,087	2,265	2,427	2,663	2,708	2,887	3,204
EPS, basic	1.11	-0.15	1.30	2.96	1.61	1.75	1.81	1.93	2.23
EPS, diluted	1.10	-0.15	1.30	2.95	1.61	1.75	1.81	1.92	2.23
Shares, basic (weighted)	595	596	596	597	598	599	599	599	600
Shares, diluted (weighted)	598	598	599	600	600	601	601	601	601
Dividend per share	0.87	0.91	0.96	1.00	1.05	1.11	1.17	1.24	1.31

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	25	483	30	757	540	530	79	716	549
Receivables	636	628	701	722	699	767	830	911	1,083
Other current assets	105	125	122	184	303	281	132	165	133
Total current assets	1,019	1,491	1,268	1,989	1,826	1,860	1,354	2,117	2,174
Property, plant and equipment	19,947	20,687	21,501	22,631	23,842	25,077	26,874	29,093	31,450
Lease right-of-use assets			75	77	57	56	49	55	47
Goodwill	325	325	325	373	373	373	373	373	378
Intangible assets	369	410	456	514	570	608	656	661	654
Other non-current assets	5	5	87	92	93	461	216	808	1,023
Total assets	25,701	25,657	27,061	30,294	30,383	31,457	32,852	36,682	39,671
Accounts payable	177	179	189	238	255	295
Accrued liabilities	572	590	612	566	619	683
Short-term debt	752	731	653	806	603	733	700	1,150	925
Total current liabilities	2,740	3,028	3,087	2,979	2,978	3,652	2,720	3,501	3,590
Long-term debt	9,315	9,978	10,822	12,726	13,017	13,030	14,710	16,329	18,092
Lease liabilities			69	70	46	43	37	41	29
Other non-current liabilities	2,707	2,135	3,055	3,674	2,683	1,545	1,682	1,751	1,823
Total liabilities	15,448	16,014	17,192	19,666	19,407	20,065	21,087	24,509	26,925
Total debt	10,067	10,709	11,475	13,532	13,620	13,763	15,410	17,479	19,017
Paid-in capital	49	56	49	47	38	34	30	28	25
Retained earnings	4,090	3,459	3,667	4,838	5,174	5,562	5,947	6,360	6,911
Other comprehensive income	-7	-3	-5	-29	-12	11	-3	-12	-9
Shareholders' equity	10,181	9,573	9,790	10,534	10,888	11,306	11,680	12,089	12,648
Minority interests	50	49	59	72	68	66	65	65	79
Total equity	10,231	9,622	9,849	10,606	10,956	11,372	11,745	12,154	12,727
Total liabilities and equity	25,701	25,657	27,061	30,294	30,383	31,457	32,852	36,682	39,671
Shares outstanding	595	596	597	598	598	599	599	599	600

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	682	-65	802	1,796	973	1,058	1,094	1,165	1,349
Depreciation and amortization	727	747	777	783	815	831	866	920	966
Stock-based compensation		1	1	0	0	0
Deferred income tax	85	890	-30	-814	148	252	136	143	75
Change in receivables	195	11	-73	12	18	-72	-63	-81	-169
Change in payables	7	2	7	37	-3	27	17	7	23
Cash from operations	1,716	1,575	1,614	2,030	2,149	2,260	2,412	2,534	2,695
Capital expenditures	-1,467	-1,418	-1,513	-1,718	-1,928	-1,966	-2,345	-2,720	-2,970
Acquisitions			0	-126	0
Cash from investing	-1,540	-1,516	-1,628	-1,977	-2,063	-2,073	-2,691	-3,130	-3,514
Debt issued	0	1,400	1,500		900	750	0	0	0
Debt repaid	-602	-753	-730		-800	-600
Stock issued		0	6	7	0	3	0
Dividends paid	-536	-560	-588	-617	-629	-662	-700	-743	-788
Cash from financing	-201	399	-439	674	-303	-197	-172	1,233	652
Net change in cash	-25	458	-453	727	-217	-10	-451	637	-167
Free cash flow	249	157	101	312	221	294	67	-186	-275
Interest paid	475	519	494	493	506	523	581	643	724
Income taxes paid	12	17	21	30	20	33	48	35	45

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	50.4%	Gross profit / revenue.
Operating margin	24.8%	Operating income / revenue.
EBITDA margin	35.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.3%	Pre-tax income / revenue.
Net margin	14.8%	Net income / revenue.
FCF margin	-3.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.8%	Cash from operations / revenue.
Effective tax rate	14.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	Net income / average total assets.
Return on invested capital (ROIC)	6.4%	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	32.9%	Capital expenditures / revenue.
D&A / revenue	10.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.9%	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	5.8%	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	13.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.9%	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	8.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	15.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.4%	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	-5.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	16.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-5.4%	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	6.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.0%	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	5.8%	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	5.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.7%	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	5.5%	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	4.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.8%	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	3.7%	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	8.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.0%	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	5.5%	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	0.0%	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	0.0%	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	0.0%	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	0.61x	Current assets / current liabilities.
Quick ratio	0.45x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.15x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.50x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	47.9%	Total debt / total assets.
Liabilities / assets	67.9%	Total liabilities / total assets.
Net debt	CA$18.47B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.76x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.20x	Operating income / interest expense.
Working capital	-CA$1.42B	Current assets - current liabilities.
Goodwill and intangibles / assets	2.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	CA$11.62B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.24x	Revenue / average total assets.
Fixed asset turnover	0.30x	Revenue / average property, plant and equipment.
Receivables turnover	9.07x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
FCF conversion	-20.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	110.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	CA$2.23	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$2.23	Net income per basic share, as reported (split-adjusted).
Revenue per share	CA$15.05	Revenue / diluted weighted shares.
FCF per share	-CA$0.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	CA$4.49	Cash from operations / diluted weighted shares.
Book value per share	CA$21.09	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	CA$19.37	Tangible book value / shares outstanding.
Cash per share	CA$0.92	(Cash + short-term investments) / shares outstanding.
Dividend per share	CA$1.31	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	58.8%	Dividends paid / net income, when net income is positive.

What was Hydro One Ltd's revenue in fiscal 2025?

Hydro One Ltd reported revenue of CA$9.04B for fiscal 2025, 6.6% higher than the year before.

Was Hydro One Ltd profitable in fiscal 2025?

Yes. Net income was CA$1.34B, a net margin of 14.8%.

How much free cash flow did Hydro One Ltd generate in fiscal 2025?

Cash from operations of CA$2.70B minus capital expenditures of CA$2.97B left free cash flow of -CA$275.0M.

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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