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Utilities - Diversified · Utilities · Fiscal year ends Dec 31
Avista reported revenue of $2B in the fiscal year ended Dec 2025, up 1.3% from the year before. Operating income was $354M, an operating margin of 18.0%, and net income was $193M. Operating cash flow of $469M less capital expenditure of $570M left free cash flow of −$101M.
Ranks among the 17 utilities - diversified companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,439 | 1,710 | 1,752 | 1,938 | 1,964 |
| Operating income | 228 | 190 | 258 | 306 | 354 |
| Pre-tax income | 159 | 138 | 137 | 183 | 217 |
| Income tax | 12.0 | −17.0 | −34.0 | 3.0 | 24.0 |
| Net income | 147 | 155 | 171 | 180 | 193 |
| Diluted EPS | 2.10 | 2.12 | 2.24 | 2.29 | 2.38 |
| Diluted shares | 70.1 | 73.1 | 76.5 | 78.8 | 81.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 22.2 | 13.4 | 35.0 | 30.0 | 19.0 |
| Receivables | 203 | 256 | 217 | 205 | 220 |
| Inventory | 84.7 | 108 | 160 | 193 | 236 |
| Current assets | 434 | 722 | 662 | 656 | 729 |
| Goodwill | 52.4 | 52.4 | 52.0 | 52.0 | 52.0 |
| Total assets | 6,854 | 7,417 | 7,702 | 7,941 | 8,359 |
| Payables | 133 | 203 | 143 | 125 | 163 |
| Current liabilities | 913 | 965 | 775 | 771 | 878 |
| Short-term debt | 250 | 13.5 | 15.0 | 0.0 | 388 |
| Long-term debt | 1,898 | 2,281 | – | – | – |
| Total liabilities | 4,699 | 5,083 | 5,217 | 5,350 | 5,650 |
| Shareholders' equity | 2,155 | 2,335 | 2,485 | 2,591 | 2,709 |
| Backlog (remaining obligations) | 17.4 | 11.7 | 7.4 | 2.0 | 25.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 267 | 124 | 447 | 534 | 469 |
| Capital expenditure | 440 | 452 | 499 | 533 | 570 |
| Free cash flow | −173 | −328 | −52.0 | 1.0 | −101 |
| Depreciation & amortisation | 232 | 253 | 265 | 274 | 289 |
| Stock-based compensation | 4.7 | 9.0 | 8.0 | 9.0 | 9.0 |
| Dividends paid | 118 | 129 | 141 | 150 | 159 |
| Dividend per share | 1.69 | 1.76 | 1.84 | 1.90 | 1.96 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.8% | 2.5% | 10.6% | 1.3% |
| Operating income growth (YoY) | – | −16.8% | 35.8% | 18.6% | 15.7% |
| EPS growth (YoY) | – | 1.0% | 5.7% | 2.2% | 3.9% |
| Operating margin | 15.9% | 11.1% | 14.7% | 15.8% | 18.0% |
| Net margin | 10.2% | 9.1% | 9.8% | 9.3% | 9.8% |
| Return on equityBlank when equity is negative | 6.8% | 6.6% | 6.9% | 6.9% | 7.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.8% | 2.9% | 3.7% | 4.3% | 4.7% |
| Free cash flow margin | −12.0% | −19.2% | −3.0% | 0.1% | −5.1% |
| Cash conversion (CFO ÷ net income) | 1.81x | 0.80x | 2.61x | 2.97x | 2.43x |
| Receivable days | 52 | 55 | 45 | 39 | 41 |
| Debt ÷ equity | 1.00x | 0.98x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,126 | 2,281 | – | – | – |
| Current ratio | 0.48x | 0.75x | 0.85x | 0.85x | 0.83x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.