Fortis
FTS · NYSEElectric Services · Fiscal year ends Dec 31 · Reports in CAD
Fortis reported revenue of CAD 11.9B in the fiscal year ended Dec 2025, up 5.8% from the year before. Operating income was CAD 3.5B, an operating margin of 29.3%, and net income was CAD 2B. Operating cash flow of CAD 4.1B less capital expenditure of CAD 5.9B left free cash flow of −CAD 1.9B. Net debt was CAD 33.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | CAD 9.3B | CAD 10.9B | CAD 11.2B | CAD 11.2B | CAD 11.9B |
| Cost of revenue | CAD 3B | CAD 4B | CAD 3.8B | CAD 3.2B | CAD 3.4B |
| Gross profit | CAD 6.3B | CAD 7B | CAD 7.4B | CAD 8B | CAD 8.5B |
| Operating income | CAD 2.5B | CAD 2.7B | CAD 3.1B | CAD 3.3B | CAD 3.5B |
| Interest expense | CAD 1B | CAD 1.1B | CAD 1.3B | CAD 1.4B | CAD 1.5B |
| Pre-tax income | CAD 1.6B | CAD 1.8B | CAD 2.1B | CAD 2.2B | CAD 2.4B |
| Income tax | CAD 234M | CAD 289M | CAD 360M | CAD 346M | CAD 393M |
| Net income | CAD 1.4B | CAD 1.5B | CAD 1.7B | CAD 1.8B | CAD 2B |
| Diluted EPS | 2.61 | 2.78 | 3.10 | 3.24 | 3.40 |
| Diluted shares | 471M | 479M | 487M | 495M | 504M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | CAD 131M | CAD 209M | CAD 625M | CAD 220M | CAD 367M |
| Receivables | CAD 1.3B | CAD 1.8B | CAD 1.5B | CAD 1.7B | CAD 1.5B |
| Current assets | CAD 2.7B | CAD 4.3B | CAD 4B | CAD 3.8B | CAD 3.8B |
| Goodwill | CAD 11.7B | CAD 12.5B | CAD 12.2B | CAD 13.1B | CAD 12.5B |
| Total assets | CAD 57.7B | CAD 64.3B | CAD 65.9B | CAD 73.5B | CAD 74.8B |
| Current liabilities | CAD 4.8B | CAD 6.6B | CAD 6B | CAD 6B | CAD 7.5B |
| Short-term debt | CAD 1.6B | CAD 2.5B | CAD 2.3B | CAD 2B | CAD 3.1B |
| Long-term debt | CAD 23.7B | CAD 25.9B | CAD 27.2B | CAD 31.2B | CAD 30.7B |
| Total liabilities | CAD 36.7B | CAD 41.4B | CAD 42.6B | CAD 47.6B | CAD 49B |
| Shareholders' equity | CAD 19.3B | CAD 21B | CAD 21.5B | CAD 23.8B | CAD 23.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | CAD 2.9B | CAD 3.1B | CAD 3.5B | CAD 3.9B | CAD 4.1B |
| Capital expenditure | CAD 3.2B | CAD 3.6B | CAD 4B | CAD 5B | CAD 5.9B |
| Free cash flow | −CAD 282M | −CAD 513M | −CAD 441M | −CAD 1.1B | −CAD 1.9B |
| Depreciation & amortisation | CAD 1.5B | CAD 1.7B | CAD 1.8B | CAD 1.9B | CAD 2.1B |
| Dividends paid | CAD 608M | CAD 673M | CAD 701M | CAD 744M | CAD 788M |
| Dividend per share | 2.08 | 2.20 | 2.31 | 2.41 | 2.51 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.9% | 2.3% | 0.7% | 5.8% |
| Operating income growth (YoY) | – | 11.0% | 12.6% | 6.7% | 6.1% |
| EPS growth (YoY) | – | 6.5% | 11.5% | 4.5% | 4.9% |
| Gross margin | 68.1% | 63.8% | 66.2% | 71.1% | 71.7% |
| Operating margin | 26.7% | 25.1% | 27.6% | 29.3% | 29.3% |
| Net margin | 15.2% | 13.9% | 15.3% | 16.3% | 16.5% |
| Return on equityBlank when equity is negative | 7.3% | 7.2% | 8.0% | 7.7% | 8.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.7% | 4.8% | 5.1% | 4.9% | 5.2% |
| Free cash flow margin | −3.0% | −4.7% | −4.0% | −10.1% | −15.8% |
| Cash conversion (CFO ÷ net income) | 2.07x | 2.03x | 2.07x | 2.12x | 2.07x |
| Receivable days | 50 | 59 | 51 | 54 | 46 |
| Interest cover | 2.46x | 2.49x | 2.36x | 2.34x | 2.36x |
| Debt ÷ equity | 1.31x | 1.35x | 1.37x | 1.40x | 1.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | CAD 25.2B | CAD 28.2B | CAD 28.9B | CAD 33B | CAD 33.5B |
| Current ratio | 0.57x | 0.65x | 0.67x | 0.63x | 0.51x |
Recent filings
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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.