Fortis (FTS) financial statements

Utilities · Utilities - Regulated Electric · Market cap $27.0B

Fortis reported revenue of 11.9B CAD in fiscal 2025, up 6.3% a year over 9 years.

Net income was 1.7B CAD and the operating margin 29.3%, against 21.7% in 2016.

Free cash flow was -1.9B CAD, and the company returned 788M CAD in dividends.

The diluted share count rose 61% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CAD).

-50510152016201720182019202020212022202320242025RevenueFree cash flow
Embed this chart

Free to use in articles and newsletters with the source line. Paste this HTML:

Income statement

Fiscal years, in CAD, from Fortis's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue6.8B CAD8.2B CAD8.3B CAD8.6B CAD8.7B CAD9.3B CAD10.9B CAD11.2B CAD11.2B CAD11.9B CAD
Cost of revenue—2.4B CAD2.5B CAD2.5B CAD2.6B CAD3.0B CAD4.0B CAD3.8B CAD3.2B CAD3.4B CAD
Gross profit—5.8B CAD5.8B CAD6.1B CAD6.2B CAD6.3B CAD7.0B CAD7.4B CAD8.0B CAD8.5B CAD
Operating income1.5B CAD2.5B CAD2.4B CAD3.0B CAD2.5B CAD2.5B CAD2.7B CAD3.1B CAD3.3B CAD3.5B CAD
Interest expense678M CAD914M CAD974M CAD1.0B CAD1.0B CAD1.0B CAD1.1B CAD1.3B CAD1.4B CAD1.5B CAD
Pre-tax income858M CAD1.7B CAD1.5B CAD2.1B CAD1.6B CAD1.6B CAD1.8B CAD2.1B CAD2.2B CAD2.4B CAD
Income tax145M CAD588M CAD165M CAD289M CAD231M CAD234M CAD289M CAD360M CAD346M CAD393M CAD
Net income585M CAD963M CAD1.1B CAD1.7B CAD1.2B CAD1.2B CAD1.3B CAD1.5B CAD1.6B CAD1.7B CAD
EPS (diluted)1.89 CAD2.31 CAD2.59 CAD3.78 CAD2.60 CAD2.61 CAD2.78 CAD3.10 CAD3.24 CAD3.40 CAD
Diluted shares313M416M425M438M465M471M479M486M495M504M
Gross margin—71.2%70.0%70.7%70.7%68.1%63.8%66.2%71.1%71.7%
Operating margin21.7%30.6%28.4%35.3%28.7%26.7%25.1%27.6%29.3%29.3%
Net margin8.6%11.7%13.2%19.2%13.8%13.3%12.2%13.5%14.3%14.4%

Balance sheet

Fiscal years, in CAD, from Fortis's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments269M CAD327M CAD332M CAD370M CAD249M CAD131M CAD209M CAD625M CAD220M CAD367M CAD
Receivables—991M CAD1.1B CAD1.1B CAD1.1B CAD1.3B CAD1.8B CAD1.5B CAD1.7B CAD1.5B CAD
Total current assets2.2B CAD2.2B CAD3.3B CAD2.6B CAD2.6B CAD2.7B CAD4.3B CAD4.0B CAD3.8B CAD3.8B CAD
Goodwill12.4B CAD11.6B CAD12.5B CAD12.0B CAD11.8B CAD11.7B CAD12.5B CAD12.2B CAD13.1B CAD12.5B CAD
Total assets47.9B CAD47.8B CAD53.1B CAD53.4B CAD55.5B CAD57.7B CAD64.3B CAD65.9B CAD73.5B CAD74.8B CAD
Total current liabilities3.9B CAD3.5B CAD4.3B CAD4.2B CAD4.1B CAD4.8B CAD6.6B CAD6.0B CAD6.0B CAD7.5B CAD
Long-term debt20.8B CAD20.7B CAD23.2B CAD21.5B CAD23.1B CAD23.7B CAD25.9B CAD27.2B CAD31.2B CAD30.7B CAD
Total liabilities31.5B CAD31.1B CAD34.6B CAD33.3B CAD35.2B CAD36.7B CAD41.4B CAD42.6B CAD47.6B CAD49.0B CAD
Shareholders' equity14.6B CAD15.0B CAD16.5B CAD18.5B CAD18.7B CAD19.3B CAD21.0B CAD21.5B CAD23.8B CAD23.8B CAD
Net debt20.8B CAD21.1B CAD23.8B CAD21.8B CAD24.1B CAD25.2B CAD28.2B CAD28.9B CAD33.0B CAD33.5B CAD

Cash flow

Fiscal years, in CAD, from Fortis's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow1.9B CAD2.8B CAD2.6B CAD2.7B CAD2.7B CAD2.9B CAD3.1B CAD3.5B CAD3.9B CAD4.1B CAD
Capital spending1.9B CAD2.8B CAD3.0B CAD3.5B CAD3.9B CAD3.2B CAD3.6B CAD4.0B CAD5.0B CAD5.9B CAD
Free cash flow-28M CAD-57M CAD-428M CAD-836M CAD-1.2B CAD-282M CAD-513M CAD-441M CAD-1.1B CAD-1.9B CAD
Dividends paid316M CAD419M CAD459M CAD494M CAD786M CAD608M CAD673M CAD701M CAD744M CAD788M CAD
Net borrowing4.5B CAD2.3B CAD1.6B CAD1.4B CAD3.5B CAD1.3B CAD3.1B CAD2.8B CAD3.1B CAD2.7B CAD
Free cash flow margin-0.4%-0.7%-5.1%-9.7%-13.2%-3.0%-4.7%-4.0%-10.1%-15.8%
Dividends per share1.01 CAD1.01 CAD1.08 CAD1.13 CAD1.69 CAD1.29 CAD1.41 CAD1.44 CAD1.50 CAD1.56 CAD
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for FTS.
Open FTS in Investingly

Questions

What was Fortis's revenue in 2025?

11.9B CAD in fiscal 2025, from its 10-K filing.

How much free cash flow does Fortis generate?

-1.9B CAD in fiscal 2025 (operating cash flow minus capital spending).

From Fortis's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.