Fortis Inc. (FTS) Balance Sheet

NYSE: FTSAssets, liabilities, debt and equity over 10 years.

FTS balance sheet, 2025

December 31, 2025 · Canadian dollars

C$74.83B assets = C$48.96B liabilities + C$25.87B equity

Both columns are drawn to the same scale: what FTS owns equals what it owes plus shareholders’ equity. Hover a block for its value.

FTS financial health

Current ratio0.51

Tight · current assets cover current liabilities 0.51×

Debt / equity1.46

Moderate leverage · C$1.46 of debt for each $1 of equity

Equity / assets31.8%

Balanced · of assets funded by shareholders

Cash / debt1.1%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles19.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

FTS balance sheet trends, 2016–2025

Fortis Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	C$47.90B2016	C$74.83B2025	+5.1%/yr
Total liabilities	C$31.45B2016	C$48.96B2025	+5.0%/yr
Shareholders’ equity	C$14.60B2016	C$23.81B2025	+5.6%/yr
Cash & short-term investments	C$269.0M2016	C$367.0M2025	+3.5%/yr
Total debt	C$22.82B2016	C$34.67B2025	+4.8%/yr
Net cash (debt)	−C$22.55B2016	−C$34.31B2025	−C$11.8B
Working capital	−C$1.78B2016	−C$3.71B2025	−C$1.9B
Current ratio	0.552016	0.512025	−0.04
Debt / equity	1.562016	1.462025	−0.11
Shares outstanding	313.4M2016	529.1M2025	+6.0%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

FTS assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

FTS liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

FTS debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

FTS balance sheet in Canadian dollars

Fortis Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	C$367.0M	C$220.0M	C$625.0M	C$209.0M	C$131.0M	C$249.0M	C$370.0M	C$332.0M	C$327.0M	C$269.0M
Cash & equivalents	C$367.0M	C$220.0M	C$625.0M	C$209.0M	C$131.0M	C$249.0M	C$370.0M	C$332.0M	C$327.0M	C$269.0M
Short-term investments	—	—	—	—	—	—	C$0	C$0	C$0	C$3.0M
Receivables	C$1.70B	C$1.67B	C$1.63B	C$1.76B	C$1.27B	C$1.10B	C$1.10B	C$1.17B	C$991.0M	C$1.05B
Inventory	C$649.0M	C$685.0M	C$566.0M	C$661.0M	C$478.0M	C$422.0M	C$394.0M	C$398.0M	C$367.0M	C$372.0M
Other current assets	C$1.09B	C$1.22B	C$1.21B	C$1.64B	C$850.0M	C$839.0M	C$705.0M	C$1.36B	C$522.0M	C$474.0M
Total current assets	C$3.81B	C$3.80B	C$4.03B	C$4.27B	C$2.73B	C$2.61B	C$2.57B	C$3.26B	C$2.21B	C$2.17B
Property, plant & equipment (net)	C$50.89B	C$49.52B	C$43.44B	C$41.71B	C$37.86B	C$36.04B	C$34.03B	C$32.76B	C$29.67B	C$29.34B
Goodwill & intangible assets	C$14.25B	C$14.77B	C$13.69B	C$14.01B	C$13.06B	C$13.08B	C$13.26B	C$13.73B	C$12.72B	C$13.38B
Long-term investments	C$461.0M	C$484.0M	C$370.0M	C$316.0M	C$178.0M	C$158.0M	C$126.0M	C$153.0M	C$124.0M	C$99.0M
Other non-current assets	C$5.43B	C$4.91B	C$4.39B	C$3.95B	C$3.83B	C$3.59B	C$3.41B	C$3.15B	C$3.10B	C$2.93B
Total assets	C$74.83B	C$73.49B	C$65.92B	C$64.25B	C$57.66B	C$55.48B	C$53.40B	C$53.05B	C$47.82B	C$47.90B
Liabilities
Accounts payable	C$3.50B	C$1.12B	C$990.0M	C$886.0M	C$774.0M	C$707.0M	C$754.0M	C$679.0M	C$696.0M	C$554.0M
Short-term debt	C$3.56B	C$2.09B	C$2.42B	C$2.73B	C$1.88B	C$1.40B	C$1.23B	C$1.24B	C$961.0M	C$1.48B
Deferred revenue	—	C$360.0M	C$263.0M	C$401.0M	C$288.0M	C$214.0M	C$226.0M	C$267.0M	C$204.0M	C$287.0M
Total current liabilities	C$7.51B	C$6.04B	C$5.96B	C$6.62B	C$4.80B	C$4.15B	C$4.18B	C$4.25B	C$3.50B	C$3.94B
Long-term debt	C$30.72B	C$31.22B	C$27.23B	C$25.93B	C$24.04B	C$23.44B	C$21.91B	C$23.55B	C$21.11B	C$21.28B
Lease obligations	C$392.0M	C$390.0M	C$378.0M	C$370.0M	C$365.0M	C$364.0M	C$513.0M	C$642.0M	C$461.0M	C$536.0M
Other long-term liabilities	C$10.72B	C$10.37B	C$9.39B	C$8.86B	C$7.90B	C$7.61B	C$7.20B	C$6.79B	C$6.46B	C$6.23B
Total liabilities	C$48.96B	C$47.63B	C$42.59B	C$41.41B	C$36.74B	C$35.20B	C$33.29B	C$34.59B	C$31.07B	C$31.45B
Shareholders' equity
Common stock & paid-in capital	C$16.11B	C$15.59B	C$15.11B	C$14.66B	C$14.24B	C$13.82B	C$13.64B	C$11.89B	C$11.58B	C$10.76B
Retained earnings (deficit)	C$4.97B	C$4.52B	C$4.11B	C$3.73B	C$3.46B	C$3.21B	C$2.92B	C$2.08B	C$1.73B	C$1.46B
Treasury stock	—	—	—	—	—	—	C$0	C$0	C$0	C$0
Accumulated other comprehensive income	C$1.10B	C$2.07B	C$653.0M	C$1.01B	−C$40.0M	C$34.0M	C$336.0M	C$928.0M	C$61.0M	C$745.0M
Minority interest	C$2.06B	C$2.04B	C$1.83B	C$1.81B	—	—	C$0	C$0	C$0	C$0
Total shareholders' equity	C$23.81B	C$23.81B	C$21.50B	C$21.03B	C$19.29B	C$18.70B	C$18.53B	C$16.53B	C$15.00B	C$14.60B
Key figures
Total debt	C$34.67B	C$33.70B	C$30.03B	C$29.04B	C$25.95B	C$24.87B	C$23.22B	C$24.79B	C$22.13B	C$22.82B
Net cash (debt)	−C$34.31B	−C$33.48B	−C$29.40B	−C$28.83B	−C$25.82B	−C$24.62B	−C$22.85B	−C$24.45B	−C$21.80B	−C$22.55B
Working capital	−C$3.71B	−C$2.24B	−C$1.94B	−C$2.35B	−C$2.07B	−C$1.54B	−C$1.60B	−C$991.0M	−C$1.30B	−C$1.78B
Tangible book value	C$9.56B	C$9.04B	C$7.81B	C$7.02B	C$6.22B	C$5.61B	C$5.27B	C$2.80B	C$2.28B	C$1.22B
Shares outstanding	529.1M	495.2M	486.5M	479.0M	471.4M	454.7M	454.7M	425.2M	416.2M	313.4M
Current ratio	0.51	0.63	0.67	0.65	0.57	0.63	0.62	0.77	0.63	0.55
Quick ratio	0.27	0.31	0.38	0.30	0.29	0.33	0.35	0.35	0.38	0.33
Debt / equity	1.46	1.42	1.40	1.38	1.35	1.33	1.25	1.50	1.47	1.56
Equity / assets	31.8%	32.4%	32.6%	32.7%	33.5%	33.7%	34.7%	31.2%	31.4%	30.5%

Fortis Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	C$384.0M	C$359.9M	C$367.0M	C$389.0M	C$221.0M	C$510.0M	C$220.0M	C$896.0M	C$561.0M	C$569.0M	C$625.0M	C$765.0M
Cash & equivalents	C$384.0M	C$359.9M	C$367.0M	C$389.0M	C$221.0M	C$510.0M	C$220.0M	C$896.0M	C$561.0M	C$569.0M	C$625.0M	C$765.0M
Short-term investments	—	—	—	—	—	—	—	—	—	—	−C$47.0M	—
Receivables	C$1.88B	C$1.83B	C$1.70B	C$1.62B	C$1.71B	C$1.92B	C$1.67B	C$1.69B	C$1.79B	C$1.91B	C$1.63B	C$1.65B
Inventory	C$681.0M	C$644.7M	C$649.0M	C$655.0M	C$679.0M	C$680.0M	C$685.0M	C$607.0M	C$596.0M	C$547.0M	C$566.0M	C$588.0M
Other current assets	C$1.24B	C$1.28B	C$1.09B	C$990.0M	C$952.0M	C$1.01B	C$1.22B	C$1.02B	C$973.0M	C$965.0M	C$1.21B	C$1.52B
Total current assets	C$4.19B	C$4.12B	C$3.81B	C$3.66B	C$3.57B	C$4.12B	C$3.80B	C$4.21B	C$3.92B	C$3.99B	C$4.03B	C$4.52B
Property, plant & equipment (net)	C$53.86B	C$52.34B	C$50.89B	C$50.56B	C$49.51B	C$50.24B	C$49.52B	C$46.33B	C$45.64B	C$44.62B	C$43.44B	C$43.22B
Goodwill & intangible assets	C$14.70B	C$14.46B	C$14.25B	C$14.39B	C$14.12B	C$14.80B	C$14.77B	C$13.97B	C$14.09B	C$13.96B	C$13.69B	C$13.97B
Long-term investments	C$0	C$0	C$461.0M	C$0	C$0	C$0	C$484.0M	C$0	C$0	C$0	C$370.0M	C$0
Other non-current assets	C$6.02B	C$5.99B	C$5.43B	C$5.89B	C$5.60B	C$5.56B	C$4.91B	C$5.13B	C$5.13B	C$5.01B	C$4.39B	C$4.57B
Total assets	C$78.76B	C$76.91B	C$74.83B	C$74.50B	C$72.79B	C$74.72B	C$73.49B	C$69.64B	C$68.77B	C$67.58B	C$65.92B	C$66.28B
Liabilities
Accounts payable	C$3.55B	C$3.77B	C$3.50B	C$2.99B	C$2.91B	C$3.38B	C$1.12B	C$3.10B	C$2.38B	C$2.79B	C$990.0M	C$2.88B
Short-term debt	C$3.43B	C$4.29B	C$3.56B	C$1.98B	C$2.75B	C$1.50B	C$2.09B	C$1.96B	C$2.70B	C$3.24B	C$2.42B	C$2.85B
Deferred revenue	—	—	—	—	—	—	C$360.0M	—	—	C$1	C$263.0M	—
Total current liabilities	C$7.45B	C$8.48B	C$7.51B	C$5.51B	C$6.16B	C$5.43B	C$6.04B	C$5.73B	C$5.68B	C$6.61B	C$5.96B	C$6.37B
Long-term debt	C$32.55B	C$30.78B	C$30.72B	C$32.09B	C$30.72B	C$32.55B	C$31.22B	C$29.71B	C$28.67B	C$27.36B	C$27.23B	C$27.17B
Lease obligations	C$346.0M	C$356.0M	C$392.0M	C$349.0M	C$341.0M	C$351.0M	C$390.0M	C$347.0M	C$338.0M	C$347.0M	C$378.0M	C$342.0M
Other long-term liabilities	C$11.30B	C$11.10B	C$10.72B	C$10.65B	C$10.31B	C$10.54B	C$10.37B	C$9.81B	C$9.76B	C$9.60B	C$9.39B	C$9.20B
Total liabilities	C$51.30B	C$50.36B	C$48.96B	C$48.25B	C$47.20B	C$48.52B	C$47.63B	C$45.25B	C$44.12B	C$43.57B	C$42.59B	C$42.74B
Shareholders' equity
Common stock & paid-in capital	C$16.38B	C$16.29B	C$16.11B	C$15.98B	C$15.86B	C$15.73B	C$15.59B	C$15.47B	C$15.35B	C$15.23B	C$15.11B	C$14.99B
Retained earnings (deficit)	C$5.54B	C$5.16B	C$4.97B	C$5.20B	C$5.09B	C$4.71B	C$4.52B	C$4.43B	C$4.61B	C$4.28B	C$4.11B	C$4.02B
Accumulated other comprehensive income	C$1.75B	C$1.37B	C$1.10B	C$1.40B	C$1.04B	C$2.07B	C$2.07B	C$969.0M	C$1.16B	C$998.0M	C$653.0M	C$1.05B
Minority interest	C$2.17B	C$2.10B	C$2.06B	C$2.05B	C$1.97B	—	—	—	—	—	—	—
Total shareholders' equity	C$25.30B	C$24.45B	C$23.81B	C$24.20B	C$23.63B	C$24.14B	C$23.81B	C$22.50B	C$22.75B	C$22.14B	C$21.50B	C$21.69B
Key figures
Total debt	C$36.33B	C$35.50B	C$34.67B	C$34.42B	C$33.81B	C$34.41B	C$33.70B	C$32.02B	C$31.71B	C$30.95B	C$30.03B	C$30.36B
Net cash (debt)	−C$35.94B	−C$35.14B	−C$34.31B	−C$34.03B	−C$33.59B	−C$33.90B	−C$33.48B	−C$31.12B	−C$31.15B	−C$30.38B	−C$29.40B	−C$29.60B
Working capital	−C$3.26B	−C$4.36B	−C$3.71B	−C$1.85B	−C$2.60B	−C$1.31B	−C$2.24B	−C$1.51B	−C$1.76B	−C$2.62B	−C$1.94B	−C$1.85B
Tangible book value	C$10.60B	C$9.98B	C$9.56B	C$9.81B	C$9.51B	C$9.34B	C$9.04B	C$8.53B	C$8.66B	C$8.18B	C$7.81B	C$7.72B
Shares outstanding	480.8M	508.5M	609.0M	504.8M	500.6M	500.6M	496.4M	496.4M	494.2M	491.8M	489.1M	482.8M
Current ratio	0.56	0.49	0.51	0.66	0.58	0.76	0.63	0.74	0.69	0.60	0.67	0.71
Quick ratio	0.30	0.26	0.27	0.37	0.31	0.45	0.31	0.45	0.41	0.38	0.38	0.38
Debt / equity	1.44	1.45	1.46	1.42	1.43	1.43	1.42	1.42	1.39	1.40	1.40	1.40
Equity / assets	32.1%	31.8%	31.8%	32.5%	32.5%	32.3%	32.4%	32.3%	33.1%	32.8%	32.6%	32.7%

Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed February 12, 2026); data from EODHD.

FTS financial position

At the end of fiscal 2025 (December 31, 2025), Fortis had total assets of C$74.8 billion (up 1.8% from a year earlier), total liabilities of C$49.0 billion and shareholders' equity of C$23.8 billion. It held C$367.0 million in cash and short-term investments against C$34.7 billion of debt, net debt of C$34.3 billion. Its current ratio was 0.51. In the latest quarter (ended June 30, 2026) total assets were C$78.8 billion and equity C$25.3 billion.

Related: FTS income statement, FTS cash flow statement, FTS key metrics. See the FTS stock overview for the latest quote and news.

FTS balance sheet FAQ

What are Fortis's total assets?

Fortis reported total assets of C$74.8 billion at the end of fiscal 2025 (December 31, 2025), compared with C$73.5 billion a year earlier.

How much debt does Fortis have?

Fortis had C$34.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.46.

How much cash does Fortis have?

Fortis held C$367.0 million in cash and short-term investments at the end of fiscal 2025; with C$34.7 billion of debt that is net debt of C$34.3 billion.

What is Fortis's book value?

Fortis's shareholders' equity (book value) was C$23.8 billion at the end of fiscal 2025.

What is Fortis's current ratio?

Fortis had current assets of C$3.8 billion and current liabilities of C$7.5 billion, a current ratio of 0.51 (current liabilities exceed current assets).

How much goodwill does Fortis have?

Fortis carried C$14.2 billion of goodwill and intangible assets, 19.0% of total assets, at the end of fiscal 2025.