NYSE : FTS
Fortis Inc. — Financial statements
Utilities · Utilities - Regulated Electric · Canada
Last price 58.09 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 29.60B
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Financial statements
Fortis Inc. (FTS) reported revenue of 12.35B CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 12.35B | 12.17B | 11.51B | 11.52B | 11.04B | 9.45B |
| Fuel & Purchased Power | 3.41B | 3.37B | 3.25B | 3.77B | 3.95B | 2.95B |
| Depreciation & Amortization | 2.10B | 2.06B | 1.93B | 1.77B | 1.67B | 1.50B |
| Other Operating Expenses | 3.25B | 3.17B | 2.97B | 2.83B | 2.59B | 2.48B |
| Total Operating Expenses | 8.76B | 8.60B | 8.14B | 8.37B | 8.21B | 6.93B |
| Operating Income | 3.59B | 3.57B | 3.37B | 3.15B | 2.83B | 2.51B |
| Interest Expense | -1.59B | -1.57B | -1.48B | -1.36B | -1.15B | -1.04B |
| Interest Income | 51.00M | 43.00M | 64.00M | 76.00M | 11.00M | 5.00M |
| Net Interest Expense | -1.54B | -1.53B | -1.42B | -1.28B | -1.14B | -1.04B |
| Income (Loss) on Equity Investments | 17.00M | 15.00M | 14.00M | 14.00M | ||
| Currency Exchange Gain (Loss) | -18.00M | 13.00M | -10.00M | 4.00M | -9.00M | -11.00M |
| Allowance for Equity Funds for Construction | 188.00M | 174.00M | 139.00M | 101.00M | 78.00M | 77.00M |
| Allowance for Borrowed Funds for Construction | 96.00M | 96.00M | 74.00M | 56.00M | 45.00M | 39.00M |
| Other Non-Operating Income (Expenses) | 24.00M | 15.00M | 8.00M | 34.00M | 11.00M | 53.00M |
| EBT Excluding Unusual Items | 2.35B | 2.35B | 2.17B | 2.07B | 1.82B | 1.64B |
| Gain (Loss) on Sale of Investments | -18.00M | 4.00M | ||||
| Pretax Income | 2.35B | 2.35B | 2.17B | 2.07B | 1.80B | 1.64B |
| Income Tax Expense | 373.00M | 393.00M | 346.00M | 360.00M | 289.00M | 234.00M |
| Earnings From Continuing Ops. | 1.98B | 1.96B | 1.83B | 1.71B | 1.51B | 1.41B |
| Minority Interest in Earnings | -166.00M | -162.00M | -148.00M | -137.00M | -120.00M | -111.00M |
| Net Income | 1.81B | 1.80B | 1.68B | 1.57B | 1.39B | 1.29B |
| Preferred Dividends & Other Adjustments | 87.00M | 85.00M | 74.00M | 67.00M | 64.00M | 63.00M |
| Net Income to Common | 1.73B | 1.71B | 1.61B | 1.51B | 1.33B | 1.23B |
| Shares Outstanding (Basic) | 507.30M | 503.50M | 495.00M | 486.30M | 478.60M | 470.90M |
| Shares Outstanding (Diluted) | 507.45M | 503.70M | 495.20M | 486.50M | 479.00M | 471.40M |
| EPS (Basic) | 3.41 | 3.40 | 3.24 | 3.10 | 2.78 | 2.61 |
| EPS (Diluted) | 3.40 | 3.40 | 3.24 | 3.10 | 2.78 | 2.61 |
| Free Cash Flow | -1.81B | -1.88B | -1.13B | -441.00M | -513.00M | -282.00M |
| Free Cash Flow Per Share | -3.56 | -3.73 | -2.28 | -0.91 | -1.07 | -0.60 |
| Dividend Per Share | 2.54 | 2.48 | 2.39 | 2.29 | 2.17 | 2.05 |
| Profit Margin | 13.99% | 14.08% | 13.96% | 13.08% | 12.04% | 13.03% |
| Free Cash Flow Margin | -14.63% | -15.45% | -9.82% | -3.83% | -4.64% | -2.99% |
| EBITDA | 5.69B | 5.63B | 5.29B | 4.92B | 4.50B | 4.02B |
| EBITDA Margin | 46.10% | 46.25% | 45.98% | 42.71% | 40.75% | 42.54% |
| D&A For EBITDA | 2.10B | 2.06B | 1.93B | 1.77B | 1.67B | 1.50B |
| EBIT | 3.59B | 3.57B | 3.37B | 3.15B | 2.83B | 2.51B |
| EBIT Margin | 29.07% | 29.35% | 29.24% | 27.32% | 25.64% | 26.61% |
| Effective Tax Rate | 15.85% | 16.70% | 15.92% | 17.39% | 16.03% | 14.28% |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 384.00M | 367.00M | 220.00M | 625.00M | 209.00M | 131.00M |
| Accounts Receivable | 1.88B | 1.49B | 1.67B | 1.55B | 1.76B | 1.27B |
| Other Receivables | 78.00M | |||||
| Inventory | 681.00M | 649.00M | 685.00M | 566.00M | 661.00M | 478.00M |
| Prepaid Expenses | 221.00M | 179.00M | 182.00M | 150.00M | 146.00M | 116.00M |
| Other Current Assets | 1.02B | 1.12B | 1.04B | 1.06B | 1.49B | 734.00M |
| Total Current Assets | 4.19B | 3.81B | 3.80B | 4.03B | 4.27B | 2.73B |
| Property, Plant & Equipment | 53.86B | 50.95B | 49.52B | 43.44B | 41.71B | 37.86B |
| Regulatory Assets | 4.19B | 4.11B | 3.81B | 3.52B | 3.10B | 3.10B |
| Goodwill | 12.91B | 12.53B | 13.11B | 12.18B | 12.46B | 11.72B |
| Other Intangible Assets | 1.79B | 1.72B | 1.66B | 1.51B | 1.55B | 1.34B |
| Long-Term Investments | 461.00M | 484.00M | 417.00M | 316.00M | 178.00M | |
| Other Long-Term Assets | 1.83B | 1.26B | 1.10B | 830.00M | 854.00M | 737.00M |
| Total Assets | 78.76B | 74.83B | 73.49B | 65.92B | 64.25B | 57.66B |
| Accounts Payable | 3.55B | 1.15B | 1.12B | 990.00M | 886.00M | 774.00M |
| Accrued Expenses | 1.17B | 1.16B | 1.08B | 1.35B | 1.03B | |
| Short-Term Debt | 39.00M | 412.00M | 98.00M | 119.00M | 253.00M | 247.00M |
| Current Portion of Long-Term Debt | 3.40B | 3.15B | 1.99B | 2.30B | 2.48B | 1.63B |
| Current Portion of Leases | 21.00M | 21.00M | 15.00M | 11.00M | 12.00M | |
| Current Income Taxes Payable | 24.00M | 33.00M | 88.00M | 31.00M | ||
| Other Current Liabilities | 469.00M | 1.59B | 1.61B | 1.47B | 1.55B | 1.08B |
| Total Current Liabilities | 7.45B | 7.51B | 6.04B | 5.96B | 6.62B | 4.80B |
| Long-Term Debt | 32.55B | 30.72B | 31.22B | 27.23B | 25.93B | 23.71B |
| Long-Term Leases | 346.00M | 392.00M | 390.00M | 378.00M | 370.00M | 365.00M |
| Pension & Post-Retirement Benefits | 429.00M | 446.00M | 527.00M | 423.00M | 740.00M | |
| Long-Term Deferred Tax Liabilities | 5.61B | 5.29B | 5.02B | 4.40B | 4.06B | 3.63B |
| Other Long-Term Liabilities | 5.35B | 4.61B | 4.52B | 4.08B | 4.01B | 3.50B |
| Total Liabilities | 51.30B | 48.96B | 47.63B | 42.59B | 41.41B | 36.74B |
| Preferred Stock, Redeemable | 1.62B | 1.62B | 1.62B | 1.62B | 1.62B | 1.62B |
| Common Stock | 16.38B | 16.11B | 15.59B | 15.11B | 14.66B | 14.24B |
| Additional Paid-In Capital | 4.00M | 5.00M | 8.00M | 9.00M | 10.00M | 10.00M |
| Retained Earnings | 5.54B | 4.97B | 4.52B | 4.11B | 3.73B | 3.46B |
| Comprehensive Income & Other | 1.75B | 1.10B | 2.07B | 653.00M | 1.01B | -40.00M |
| Total Common Equity | 23.67B | 22.19B | 22.18B | 19.88B | 19.41B | 17.66B |
| Minority Interest | 2.17B | 2.06B | 2.04B | 1.83B | 1.81B | 1.63B |
| Shareholders' Equity | 27.46B | 25.87B | 25.85B | 23.33B | 22.84B | 20.92B |
| Total Liabilities & Equity | 78.76B | 74.83B | 73.49B | 65.92B | 64.25B | 57.66B |
| Total Debt | 36.33B | 34.69B | 33.72B | 30.04B | 29.05B | 25.96B |
| Net Cash (Debt) | -35.94B | -34.33B | -33.50B | -29.42B | -28.84B | -25.83B |
| Net Cash Per Share | -70.83 | -68.15 | -67.66 | -60.47 | -60.20 | -54.79 |
| Filing Date Shares Outstanding | 510.90M | 507.40M | 499.30M | 490.60M | 482.15M | 474.90M |
| Total Common Shares Outstanding | 510.90M | 507.34M | 499.30M | 490.59M | 482.15M | 474.76M |
| Working Capital | -3.26B | -3.71B | -2.24B | -1.94B | -2.35B | -2.07B |
| Book Value Per Share | 46.34 | 43.73 | 44.43 | 40.53 | 40.25 | 37.21 |
| Tangible Book Value | 8.98B | 7.94B | 7.41B | 6.19B | 5.39B | 4.60B |
| Tangible Book Value Per Share | 17.57 | 15.64 | 14.84 | 12.61 | 11.19 | 9.69 |
| Land | 465.00M | 490.00M | 435.00M | 395.00M | 339.00M | |
| Machinery | 58.12B | 57.00B | 50.86B | 48.88B | 44.73B | |
| Construction In Progress | 3.89B | 3.58B | 2.58B | 2.09B | 1.76B |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.98B | 1.96B | 1.83B | 1.71B | 1.51B | 1.29B |
| Depreciation & Amortization | 2.10B | 2.06B | 1.93B | 1.77B | 1.67B | 1.50B |
| Change in Accounts Receivable | -69.00M | -52.00M | -2.00M | 142.00M | -479.00M | -88.00M |
| Change in Inventory | -23.00M | -45.00M | -73.00M | -1.00M | -153.00M | -56.00M |
| Change in Accounts Payable | 289.00M | 195.00M | 115.00M | -390.00M | 449.00M | 164.00M |
| Change in Other Net Operating Assets | -264.00M | -301.00M | 29.00M | 68.00M | -134.00M | -168.00M |
| Other Operating Activities | 259.00M | 247.00M | 58.00M | 243.00M | 209.00M | 256.00M |
| Operating Cash Flow | 4.28B | 4.06B | 3.88B | 3.54B | 3.07B | 2.91B |
| Capital Expenditures | -6.08B | -5.94B | -5.01B | -3.99B | -3.59B | -3.19B |
| Divestitures | 479.00M | 479.00M | 454.00M | |||
| Sale (Purchase) of Intangibles | -275.00M | -292.00M | -206.00M | -183.00M | -278.00M | -197.00M |
| Investment in Securities | -27.00M | -24.00M | -100.00M | |||
| Other Investing Activities | 746.00M | 425.00M | -177.00M | -3.00M | -94.00M | -102.00M |
| Investing Cash Flow | -5.13B | -5.36B | -5.39B | -3.74B | -4.06B | -3.49B |
| Short-Term Debt Issued | 385.00M | 115.00M | ||||
| Long-Term Debt Issued | 13.09B | 11.74B | 10.03B | 9.72B | 6.41B | |
| Total Debt Issued | 15.30B | 13.48B | 11.74B | 10.03B | 9.72B | 6.52B |
| Short-Term Debt Repaid | -25.00M | -126.00M | -21.00M | |||
| Long-Term Debt Repaid | -11.16B | -9.77B | -8.49B | -7.91B | -5.38B | |
| Total Debt Repaid | -13.45B | -11.16B | -9.80B | -8.61B | -7.93B | -5.38B |
| Net Debt Issued (Repaid) | 1.86B | 2.31B | 1.94B | 1.42B | 1.79B | 1.14B |
| Issuance of Common Stock | 58.00M | 60.00M | 46.00M | 43.00M | 53.00M | 60.00M |
| Common Dividends Paid | -825.00M | -788.00M | -744.00M | -701.00M | -673.00M | -608.00M |
| Preferred Dividends Paid | -87.00M | -85.00M | -74.00M | -67.00M | -64.00M | -63.00M |
| Dividends Paid | -912.00M | -873.00M | -818.00M | -768.00M | -737.00M | -671.00M |
| Other Financing Activities | -2.00M | -39.00M | -108.00M | -77.00M | -71.00M | -76.00M |
| Financing Cash Flow | 1.00B | 1.46B | 1.06B | 613.00M | 1.03B | 451.00M |
| Foreign Exchange Rate Adjustments | 20.00M | -19.00M | 44.00M | 28.00M | 12.00M | |
| Net Cash Flow | 163.00M | 147.00M | -405.00M | 416.00M | 78.00M | -118.00M |
| Free Cash Flow | -1.81B | -1.88B | -1.13B | -441.00M | -513.00M | -282.00M |
| Free Cash Flow Margin | -14.63% | -15.45% | -9.82% | -3.83% | -4.64% | -2.99% |
| Free Cash Flow Per Share | -3.56 | -3.73 | -2.28 | -0.91 | -1.07 | -0.60 |
| Levered Free Cash Flow | -2.72B | -2.63B | -1.81B | -892.38M | -1.61B | -933.00M |
| Unlevered Free Cash Flow | -1.72B | -1.65B | -888.88M | -41.75M | -892.00M | -281.75M |
| Cash Interest Paid | 1.47B | 1.47B | 1.36B | 1.25B | 1.06B | 986.00M |
| Cash Income Tax Paid | 30.00M | 30.00M | -17.00M | 129.00M | 79.00M | -13.00M |
| Change in Working Capital | -67.00M | -203.00M | 69.00M | -181.00M | -317.00M | -148.00M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 29.91B | 26.11B | 20.73B | 20.16B | 19.23B | 22.81B |
| Enterprise Value | 58.39B | 53.60B | 44.80B | 45.21B | 42.97B | 45.41B |
| PE Ratio | 24.12 | 20.88 | 18.57 | 17.68 | 19.57 | 23.45 |
| PS Ratio | 3.44 | 2.94 | 2.59 | 2.31 | 2.36 | 3.06 |
| PB Ratio | 1.55 | 1.38 | 1.15 | 1.14 | 1.14 | 1.38 |
| P/OCF Ratio | 9.78 | 8.81 | 7.68 | 7.51 | 8.47 | 9.93 |
| EV/Sales Ratio | 6.71 | 6.04 | 5.60 | 5.18 | 5.27 | 6.08 |
| EV/EBITDA Ratio | 14.56 | 13.06 | 12.18 | 12.14 | 12.92 | 14.30 |
| EV/EBIT Ratio | 23.10 | 20.58 | 19.16 | 18.98 | 20.53 | 22.86 |
| Debt / Equity Ratio | 1.32 | 1.34 | 1.30 | 1.29 | 1.27 | 1.24 |
| Debt / EBITDA Ratio | 6.33 | 6.11 | 6.32 | 6.06 | 6.41 | 6.42 |
| Net Debt / Equity Ratio | 1.31 | 1.33 | 1.30 | 1.26 | 1.26 | 1.24 |
| Net Debt / EBITDA Ratio | 6.31 | 6.10 | 6.33 | 5.98 | 6.41 | 6.43 |
| Net Debt / FCF Ratio | -19.89 | -18.26 | -29.65 | -66.71 | -56.21 | -91.59 |
| Quick Ratio | 0.30 | 0.25 | 0.31 | 0.38 | 0.30 | 0.29 |
| Current Ratio | 0.56 | 0.51 | 0.63 | 0.68 | 0.65 | 0.57 |
| Asset Turnover | 0.16 | 0.16 | 0.17 | 0.18 | 0.18 | 0.17 |
| Return on Equity (ROE) | 7.47% | 7.58% | 7.43% | 7.41% | 6.92% | 6.82% |
| Return on Assets (ROA) | 2.96% | 3.01% | 3.02% | 3.02% | 2.90% | 2.78% |
| Return on Capital Employed (ROCE) | 5.00% | 5.30% | 5.00% | 5.20% | 4.90% | 4.80% |
| Earnings Yield | 4.15% | 5.03% | 5.63% | 5.91% | 5.36% | 4.48% |
| FCF Yield | -4.32% | -5.25% | -3.79% | -1.66% | -1.97% | -0.98% |
| Dividend Yield | 3.16% | 3.52% | 4.00% | 4.22% | 4.02% | 3.37% |
| Payout Ratio | 76.14% | 48.53% | 48.69% | 48.82% | 52.87% | 51.85% |
| Buyback Yield / Dilution | -1.59% | -1.72% | -1.79% | -1.57% | -1.61% | -1.29% |
| Total Shareholder Return | 1.57% | 1.81% | 2.21% | 2.65% | 2.41% | 2.08% |