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Utilities - Regulated gas · Utilities · Fiscal year ends Dec 31
Net income was $264M. Operating cash flow of $579M less capital expenditure of $707M left free cash flow of −$128M. Net debt was $2.6B.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,809 | 2,578 | – | – | – |
| Cost of revenue | 775 | 1,459 | 1,135 | 778 | 999 |
| Gross profit | 1,034 | 1,119 | – | – | – |
| Operating income | 310 | 350 | 378 | 399 | 457 |
| Interest expense | 60.3 | 77.5 | 115 | 147 | 143 |
| Pre-tax income | 247 | 268 | 272 | 259 | 321 |
| Income tax | 40.3 | 46.5 | 40.5 | 36.4 | 57.2 |
| Net income | 206 | 222 | 231 | 223 | 264 |
| Diluted EPS | 3.85 | 4.08 | 4.14 | 3.91 | 4.37 |
| Diluted shares | 53.7 | 54.3 | 55.9 | 57.0 | 60.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 8.9 | 9.7 | 18.8 | 58.0 | 10.6 |
| Receivables | 342 | 554 | 348 | 408 | 462 |
| Current assets | 2,225 | 1,218 | 765 | 930 | 916 |
| Net PP&E | – | – | – | 6,646 | 7,122 |
| Goodwill | 158 | 158 | 158 | 158 | 158 |
| Total assets | 8,402 | 7,776 | 7,771 | 8,426 | 8,853 |
| Payables | 259 | 360 | 278 | 261 | 222 |
| Current liabilities | 980 | 1,189 | 1,477 | 1,458 | 1,532 |
| Short-term debt | 0.0 | 0.0 | 773 | 0.0 | 250 |
| Long-term debt | 3,683 | 2,662 | 2,160 | 2,385 | 2,356 |
| Total liabilities | 6,053 | 5,192 | 5,005 | 5,321 | 5,413 |
| Shareholders' equity | 2,350 | 2,584 | 2,766 | 3,105 | 3,440 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −1,536 | 1,571 | 940 | 368 | 579 |
| Capital expenditure | 495 | 609 | 667 | 703 | 707 |
| Free cash flow | −2,031 | 961 | 273 | −335 | −128 |
| Stock-based compensation | 10.5 | 10.7 | 12.2 | 13.7 | 14.8 |
| Dividends paid | 124 | 134 | 144 | 149 | 161 |
| Dividend per share | 2.32 | 2.48 | 2.60 | 2.64 | 2.68 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 42.5% | – | – | – |
| Operating income growth (YoY) | – | 12.8% | 7.9% | 5.6% | 14.7% |
| EPS growth (YoY) | – | 6.0% | 1.5% | −5.6% | 11.8% |
| Gross margin | 57.1% | 43.4% | – | – | – |
| Operating margin | 17.2% | 13.6% | – | – | – |
| Net margin | 11.4% | 8.6% | – | – | – |
| Return on equityBlank when equity is negative | 8.8% | 8.6% | 8.4% | 7.2% | 7.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.2% | 5.3% | 6.0% | 5.7% | 6.2% |
| Free cash flow margin | −112.3% | 37.3% | – | – | – |
| Cash conversion (CFO ÷ net income) | −7.44x | 7.08x | 4.06x | 1.65x | 2.19x |
| Receivable days | 69 | 78 | – | – | – |
| Payable days | 122 | 90 | 89 | 123 | 81 |
| Interest cover | 5.15x | 4.52x | 3.27x | 2.71x | 3.20x |
| Debt ÷ equity | 1.57x | 1.03x | 1.06x | 0.77x | 0.76x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 3,675 | 2,652 | 2,915 | 2,327 | 2,595 |
| Current ratio | 2.27x | 1.02x | 0.52x | 0.64x | 0.60x |
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.