Fortis Inc (FTS) financial statements: income statement, balance sheet and cash flow

Fortis Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Fortis Inc reported revenue of $12.2B (+5.8% year on year) and net income of $2.0B (+7.3% year on year).

Income statement

Fortis Inc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenue (Note 5)	$12.2B	$11.5B	$11.5B	$11.0B
Energy supply costs	$3.4B	$3.2B	$3.8B	$4.0B
Operating expenses	$3.3B	$3.0B	$2.9B	$2.7B
Depreciation and amortization	$2.1B	$1.9B	$1.8B	$1.7B
Total expenses	$8.7B	$8.2B	$8.4B	$8.3B
Operating income	$3.5B	$3.3B	$3.1B	$2.7B
Other income, net (Note 22)	$340.0M	$288.0M	$291.0M	$165.0M
Finance charges	$1.5B	$1.4B	$1.3B	$1.1B
Earnings before income tax expense	$2.4B	$2.2B	$2.1B	$1.8B
Income tax expense (Note 23)	$393.0M	$346.0M	$360.0M	$289.0M
Non-controlling interests	$162.0M	$148.0M	$137.0M	$120.0M
Preference equity shareholders (Note 18)	$85.0M	$74.0M	$67.0M	$64.0M
Net earnings attributable to common equity shareholders	$1.7B	$1.6B	$1.5B	$1.3B
Net earnings	$2.0B	$1.8B	$1.7B	$1.5B
Basic (CAD per share)	$3.40	$3.24	$3.10	$2.78
Diluted (CAD per share)	$3.40	$3.24	$3.10	$2.78

Fortis Inc income statement, quarters

Line item	Jun 30, 2026 · YTD	Jun 30, 2025 · YTD	Jun 30, 2024 · YTD	Jun 30, 2023 · YTD
Revenue	$6.3B	$6.2B	$5.8B	$5.9B
Energy supply costs	$1.8B	$1.8B	$1.7B	$2.1B
Operating expenses	$1.7B	$1.6B	$1.5B	$1.5B
Depreciation and amortization	$1.1B	$1.0B	$947.0M	$876.0M
Total expenses	$4.6B	$4.4B	$4.2B	$4.4B
Operating income	$1.8B	$1.8B	$1.6B	$1.5B
Other income, net (Note 9)	$210.0M	$196.0M	$138.0M	$133.0M
Finance charges	$759.0M	$739.0M	$683.0M	$638.0M
Earnings before income tax expense	$1.2B	$1.2B	$1.1B	$979.0M
Income tax expense	$188.0M	$208.0M	$170.0M	$149.0M
Non-controlling interests	$82.0M	$78.0M	$73.0M	$66.0M
Preference equity shareholders	$43.0M	$41.0M	$36.0M	$33.0M
Net earnings attributable to common equity shareholders	$897.0M	$883.0M	$790.0M	$731.0M
Net earnings	$1.0B	$1.0B	$899.0M	$830.0M
Basic (CAD per share)	$1.76	$1.76	$1.60	$1.51
Diluted (CAD per share)	$1.76	$1.76	$1.60	$1.51

Balance sheet

Fortis Inc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$367.0M	$220.0M	$625.0M	$209.0M
Accounts receivable and other current assets (Note 6)	$1.7B	$1.9B	$1.8B	$2.3B
Prepaid expenses	$179.0M	$182.0M	$150.0M	$146.0M
Inventories (Note 7)	$649.0M	$685.0M	$566.0M	$661.0M
Regulatory assets (Note 8)	$915.0M	$823.0M	$866.0M	$914.0M
Total current assets	$3.8B	$3.8B	$4.0B	$4.3B
Other assets (Note 9)	$1.8B	$1.7B	$1.3B	$1.2B
Regulatory assets (Note 8)	$4.1B	$3.8B	$3.5B	$3.1B
Property, plant and equipment, net (Note 10)	$50.9B	$49.5B	$43.4B	$41.7B
Intangible assets, net (Note 11)	$1.7B	$1.7B	$1.5B	$1.5B
Goodwill (Note 12)	$12.5B	$13.1B	$12.2B	$12.5B
Total assets	$74.8B	$73.5B	$65.9B	$64.3B
Short-term borrowings (Note 14)	$412.0M	$98.0M	$119.0M	$253.0M
Accounts payable and other current liabilities (Note 13)	$3.5B	$3.4B	$3.0B	$3.3B
Regulatory liabilities (Note 8)	$452.0M	$595.0M	$577.0M	$595.0M
Current installments of long-term debt (Note 14)	$3.1B	$2.0B	$2.3B	$2.5B
Total current liabilities	$7.5B	$6.0B	$6.0B	$6.6B
Regulatory liabilities (Note 8)	$3.8B	$3.7B	$3.4B	$3.3B
Deferred income taxes (Note 23)	$5.3B	$5.0B	$4.4B	$4.1B
Long-term debt (Note 14)	$30.7B	$31.2B	$27.2B	$25.9B
Finance leases (Note 15)	$348.0M	$343.0M	$339.0M	$336.0M
Other liabilities (Note 16)	$1.3B	$1.3B	$1.3B	$1.1B
Total liabilities	$49.0B	$47.6B	$42.6B	$41.4B
Common shares	16.1B	15.6B	15.1B	14.7B
Preference shares (Note 18)	1.6B	1.6B	1.6B	1.6B
Additional paid-in capital	$5.0M	$8.0M	$9.0M	$10.0M
Accumulated other comprehensive income (Note 19)	$1.1B	$2.1B	$653.0M	$1.0B
Retained earnings	$5.0B	$4.5B	$4.1B	$3.7B
Shareholders' equity	$23.8B	$23.8B	$21.5B	$21.0B
Non-controlling interests	$2.1B	$2.0B	$1.8B	$1.8B
Total equity	$25.9B	$25.9B	$23.3B	$22.8B
Total liabilities and equity	$74.8B	$73.5B	$65.9B	$64.3B

Fortis Inc balance sheet, quarters

Line item	Jun 30, 2026	Jun 30, 2025	Jun 30, 2024	Jun 30, 2023
Cash and cash equivalents	$384.0M	$221.0M	$561.0M	$690.0M
Accounts receivable and other current assets (Note 5)	$1.9B	$1.7B	$1.8B	$1.6B
Prepaid expenses	$221.0M	$195.0M	$193.0M	$162.0M
Inventories	$681.0M	$679.0M	$596.0M	$534.0M
Regulatory assets (Note 6)	$1.0B	$757.0M	$780.0M	$730.0M
Total current assets	$4.2B	$3.6B	$3.9B	$4.3B
Other assets	$1.8B	$1.7B	$1.4B	$1.1B
Regulatory assets (Note 6)	$4.2B	$3.9B	$3.8B	$3.2B
Property, plant and equipment, net	$53.9B	$49.5B	$45.6B	$41.8B
Intangible assets, net	$1.8B	$1.6B	$1.6B	$1.5B
Goodwill	$12.9B	$12.5B	$12.5B	$12.2B
Total assets	$78.8B	$72.8B	$68.8B	$64.1B
Short-term borrowings (Note 7)	$39.0M	$363.0M	$68.0M	$80.0M
Accounts payable and other current liabilities	$3.5B	$2.9B	$2.4B	$2.4B
Regulatory liabilities (Note 6)	$469.0M	$502.0M	$607.0M	$489.0M
Current installments of long-term debt (Note 7)	$3.4B	$2.4B	$2.6B	$2.3B
Total current liabilities	$7.5B	$6.2B	$5.7B	$5.4B
Regulatory liabilities (Note 6)	$4.0B	$3.7B	$3.5B	$3.2B
Deferred income taxes	$5.6B	$5.0B	$4.7B	$4.0B
Long-term debt (Note 7)	$32.5B	$30.7B	$28.7B	$26.8B
Finance leases	$346.0M	$341.0M	$338.0M	$335.0M
Other liabilities	$1.4B	$1.3B	$1.3B	$1.1B
Total liabilities	$51.3B	$47.2B	$44.1B	$40.9B
Common shares	16.4B	15.9B	15.3B	14.9B
Preference shares	1.6B	1.6B	1.6B	1.6B
Additional paid-in capital	$4.0M	$6.0M	$8.0M	$8.0M
Accumulated other comprehensive income	$1.8B	$1.0B	$1.2B	$669.0M
Retained earnings	$5.5B	$5.1B	$4.6B	$4.2B
Shareholders' equity	$25.3B	$23.6B	$22.7B	$21.4B
Non-controlling interests	$2.2B	$2.0B	$1.9B	$1.8B
Total equity	$27.5B	$25.6B	$24.7B	$23.2B
Total liabilities and equity	$78.8B	$72.8B	$68.8B	$64.1B

Cash flow statement

Fortis Inc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net earnings	$2.0B	$1.8B	$1.7B	$1.5B
Depreciation - property, plant and equipment	$1.8B	$1.7B	$1.5B	$1.5B
Amortization - intangible assets	$160.0M	$153.0M	$150.0M	$145.0M
Amortization - other	$87.0M	$79.0M	$81.0M	$63.0M
Deferred income tax expense (Note 23)	$252.0M	$154.0M	$272.0M	$182.0M
Equity component, allowance for funds used during construction (Note 22)	($174.0M)	($139.0M)	($101.0M)	($78.0M)
Sale of investment tax credits	$63.0M	—	—	—
Other	$106.0M	$43.0M	$72.0M	$105.0M
Change in long-term regulatory assets and liabilities	($85.0M)	($99.0M)	($100.0M)	$162.0M
Change in working capital (Note 25)	($118.0M)	$168.0M	($81.0M)	—
Cash from operating activities	$4.1B	$3.9B	$3.5B	$3.1B
Additions to property, plant and equipment	($5.9B)	($5.0B)	($4.0B)	($3.6B)
Additions to intangible assets	($292.0M)	($206.0M)	($183.0M)	($278.0M)
Contributions in aid of construction	$775.0M	$106.0M	$216.0M	$111.0M
Proceeds on dispositions, net (Note 21)	$479.0M	$0	$454.0M	—
Contributions to equity-accounted investees	($27.0M)	$0	($24.0M)	($100.0M)
Other	($350.0M)	($283.0M)	($219.0M)	($205.0M)
Cash used in investing activities	($5.4B)	($5.4B)	($3.7B)	($4.1B)
Proceeds from long-term debt, net of issuance costs (Note 14)	$2.7B	$3.1B	$2.8B	$3.1B
Repayments of long-term debt and finance leases	($108.0M)	($1.7B)	($1.2B)	($1.5B)
Borrowings under committed credit facilities	$10.4B	$8.6B	$7.2B	$6.7B
Repayments under committed credit facilities	($11.1B)	($8.1B)	($7.3B)	($6.4B)
Net change in short-term borrowings	$385.0M	($25.0M)	($126.0M)	($21.0M)
Issue of common shares, net of costs and dividends reinvested	60.0M	46.0M	43.0M	53.0M
Common shares, net of dividends reinvested	-788.0M	-744.0M	-701.0M	-673.0M
Preference shares	-85.0M	-74.0M	-67.0M	-64.0M
Subsidiary dividends paid to non-controlling interests	($54.0M)	($110.0M)	($83.0M)	($66.0M)
Other	$15.0M	$2.0M	$6.0M	($5.0M)
Cash from financing activities	$1.5B	$1.1B	$613.0M	$1.0B
Effect of exchange rate changes on cash and cash equivalents	($19.0M)	$44.0M	$0	$28.0M
Change in cash and cash equivalents	$147.0M	($405.0M)	$416.0M	$78.0M
Cash and cash equivalents, beginning of year	$220.0M	$625.0M	$209.0M	$131.0M
Cash and cash equivalents, end of year	$367.0M	$220.0M	$625.0M	$209.0M

Fortis Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Jun 30, 2025 · YTD	Jun 30, 2024 · YTD	Jun 30, 2023 · YTD
Net earnings	$1.0B	$1.0B	$899.0M	$830.0M
Depreciation - property, plant and equipment	$929.0M	$911.0M	$830.0M	$759.0M
Amortization - intangible assets	$88.0M	$78.0M	$77.0M	$76.0M
Amortization - other	$57.0M	$38.0M	$40.0M	$41.0M
Deferred income tax expense	$65.0M	$124.0M	$51.0M	$55.0M
Equity component, allowance for funds used during construction (Note 9)	($95.0M)	($81.0M)	($62.0M)	($46.0M)
Sale of investment tax credits	$63.0M	—	—	—
Other	$41.0M	$19.0M	$22.0M	$49.0M
Change in long-term regulatory assets and liabilities	($5.0M)	($19.0M)	($100.0M)	($82.0M)
Change in working capital (Note 12)	$67.0M	($55.0M)	($175.0M)	$177.0M
Cash from operating activities	$2.2B	$2.0B	$1.6B	$1.9B
Additions to property, plant and equipment	($3.1B)	($3.0B)	($2.1B)	($1.8B)
Additions to intangible assets	($108.0M)	($125.0M)	($90.0M)	($91.0M)
Contributions in aid of construction	$581.0M	$312.0M	$51.0M	$71.0M
Contribution to equity-accounted investee	$0	($27.0M)	—	—
Other	($81.0M)	($133.0M)	($112.0M)	($89.0M)
Cash used in investing activities	($2.7B)	($2.9B)	($2.3B)	($2.0B)
Proceeds from long-term debt, net of issuance costs (Note 7)	$2.1B	$1.1B	$1.4B	$1.9B
Repayments of long-term debt and finance leases	($941.0M)	($62.0M)	($696.0M)	($697.0M)
Borrowings under committed credit facilities	$7.5B	$6.4B	$3.7B	$3.9B
Repayments under committed credit facilities	($7.4B)	($6.4B)	($3.3B)	($3.9B)
Net change in short-term borrowings	($377.0M)	$277.0M	($52.0M)	($165.0M)
Issue of common shares, net of costs and dividends reinvested	32.0M	34.0M	21.0M	28.0M
Common shares, net of dividends reinvested	-420.0M	-383.0M	-363.0M	-342.0M
Preference shares	-43.0M	-41.0M	-36.0M	-33.0M
Subsidiary dividends paid to non-controlling interests	($48.0M)	($44.0M)	($54.0M)	($40.0M)
Other	$33.0M	($8.0M)	($13.0M)	$28.0M
Cash from financing activities	$475.0M	$936.0M	$623.0M	$597.0M
Effect of exchange rate changes on cash and cash equivalents	$22.0M	($17.0M)	$17.0M	($2.0M)
Change in cash and cash equivalents	$17.0M	$1.0M	($64.0M)	$500.0M
Cash and cash equivalents, beginning of period	$367.0M	$220.0M	$625.0M	$209.0M
Cash and cash equivalents, end of period	$384.0M	$221.0M	$561.0M	$690.0M

Fortis Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.