EMERA
EMA · NYSEElectric Services · Fiscal year ends Dec 31 · Reports in CAD
EMERA reported revenue of CAD 8.8B in the fiscal year ended Dec 2025, up 21.9% from the year before. Operating income was CAD 2B, an operating margin of 22.5%, and net income was CAD 1.1B. Operating cash flow of CAD 1.8B less capital expenditure of CAD 3.5B left free cash flow of −CAD 1.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | CAD 5.8B | CAD 7.6B | CAD 7.6B | CAD 7.2B | CAD 8.8B |
| Operating income | CAD 930M | CAD 1.6B | CAD 1.8B | CAD 1.1B | CAD 2B |
| Net interest incomeBanks | CAD 611M | −CAD 709M | −CAD 925M | −CAD 973M | −CAD 1B |
| Interest expense | – | CAD 727M | CAD 954M | CAD 1B | CAD 1B |
| Pre-tax income | CAD 555M | CAD 1.2B | CAD 1.2B | CAD 409M | CAD 1.2B |
| Income tax | −CAD 6M | CAD 185M | CAD 128M | −CAD 159M | CAD 81M |
| Net income | CAD 561M | CAD 1B | CAD 1B | CAD 568M | CAD 1.1B |
| Diluted EPS | 1.98 | 3.55 | 3.57 | 1.71 | 3.38 |
| Diluted shares | 258M | 266M | 274M | 289M | 300M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Inventory | CAD 538M | CAD 769M | CAD 790M | CAD 781M | CAD 821M |
| Current assets | CAD 3.1B | CAD 4.9B | CAD 3.7B | CAD 3.7B | CAD 4.4B |
| Net PP&E | CAD 20.4B | CAD 23B | CAD 24.4B | CAD 26.2B | CAD 27.4B |
| Goodwill | CAD 5.7B | CAD 6B | CAD 5.9B | CAD 5.9B | CAD 5.6B |
| Total assets | CAD 34.2B | CAD 39.7B | CAD 39.5B | CAD 43B | CAD 44.8B |
| Payables | CAD 1.5B | CAD 2B | CAD 1.5B | CAD 2B | CAD 1.9B |
| Current liabilities | CAD 4.9B | CAD 7.3B | CAD 4.5B | CAD 5.1B | CAD 6.6B |
| Short-term debt | CAD 462M | CAD 574M | CAD 676M | CAD 234M | CAD 1.2B |
| Long-term debt | CAD 14.2B | CAD 15.7B | CAD 17.7B | CAD 18.2B | CAD 18.5B |
| Shareholders' equity | CAD 10.1B | CAD 11.4B | CAD 12.1B | CAD 13.3B | CAD 13.4B |
| Backlog (remaining obligations) | CAD 437M | CAD 450M | CAD 488M | CAD 495M | CAD 344M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | CAD 1.2B | CAD 913M | CAD 2.2B | CAD 2.6B | CAD 1.8B |
| Capital expenditure | CAD 2.4B | CAD 2.6B | CAD 2.9B | CAD 3.2B | CAD 3.5B |
| Free cash flow | −CAD 1.2B | −CAD 1.7B | −CAD 696M | −CAD 505M | −CAD 1.7B |
| Depreciation & amortisation | CAD 915M | CAD 959M | CAD 1.1B | CAD 1.2B | CAD 1.3B |
| Dividends paid | CAD 443M | CAD 472M | CAD 488M | CAD 538M | CAD 576M |
| Dividend per share | 2.58 | 2.68 | 2.79 | 2.88 | 2.91 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.6% | −0.3% | −4.8% | 21.9% |
| Operating income growth (YoY) | – | 75.2% | 10.1% | −39.8% | 82.9% |
| EPS growth (YoY) | – | 79.3% | 0.6% | −52.1% | 97.7% |
| Operating margin | 16.1% | 21.5% | 23.7% | 15.0% | 22.5% |
| Net margin | 9.7% | 13.3% | 13.8% | 7.9% | 12.4% |
| Return on equityBlank when equity is negative | 5.5% | 8.8% | 8.7% | 4.3% | 8.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.2% | 5.0% | 5.1% | 2.9% | 5.2% |
| Free cash flow margin | −20.4% | −22.2% | −9.2% | −7.0% | −19.7% |
| Cash conversion (CFO ÷ net income) | 2.11x | 0.90x | 2.14x | 4.66x | 1.65x |
| Interest cover | – | 2.24x | 1.88x | 1.08x | 1.88x |
| Debt ÷ equity | 1.45x | 1.43x | 1.52x | 1.39x | 1.47x |
| Current ratio | 0.64x | 0.67x | 0.82x | 0.72x | 0.66x |
Recent filings
More in Electric Services
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.