Emera Incorporated (EMA) Cash Flow Statement
Where EMA’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$1.80B −32.0% vs 2024
- Capital expenditures
- C$3.53B 42.5% of revenue
- Free cash flow
- −C$1.73B −20.8% margin
- Returned to shareholders
- C$650.5M
- Change in cash
- C$161.6M cash at year-end C$364.7M
Cash from operations
C$1.80B
Capital expenditures
−C$3.53B
Acquisitions & other
+C$50.0M
Dividends
−C$650.5M
Net borrowing (repayment)
+C$2.45B
Shares issued
+C$47.0M
Other financing
−C$11.0M
Change in cash
C$161.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
EMA operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
EMA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$1.05B2016 | C$1.80B2025 | +6.1%/yr | |
| Capital expenditures | C$1.03B2016 | C$3.53B2025 | +14.7%/yr | |
| Free cash flow | C$22.0M2016 | −C$1.73B2025 | — | |
| Free cash flow margin | 0.5%2016 | −20.8%2025 | −21.3 pts | |
| Operating cash flow / net income | 3.962016 | 1.652025 | −2.30 | |
| Stock-based compensation | C$22.0M2016 | C$28.0M2023 | +3.5%/yr | |
| Dividends paid | C$249.0M2016 | C$650.5M2025 | +11.3%/yr | |
| Capex / revenue | 24.1%2016 | 42.5%2025 | +18.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EMA cash flow by activity
OperatingInvestingFinancingChange in cash
EMA net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
EMA cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | C$1.09B | C$568.0M | C$1.04B | C$1.01B | C$561.0M | C$984.0M | C$710.0M | C$747.0M | C$299.0M | C$266.0M |
| Depreciation & amortization | C$1.30B | C$1.17B | C$1.06B | C$959.0M | C$915.0M | C$899.0M | C$911.0M | C$928.0M | C$851.0M | C$593.0M |
| Stock-based compensation | — | — | C$28.0M | C$38.0M | C$34.0M | C$36.0M | C$60.0M | C$18.0M | C$24.0M | C$22.0M |
| Change in working capital | −C$756.4M | C$452.0M | −C$95.0M | −C$234.0M | −C$152.0M | C$217.0M | −C$73.0M | −C$116.0M | −C$104.0M | C$134.0M |
| Other non-cash items | C$171.9M | C$461.0M | C$203.0M | −C$859.0M | −C$173.0M | −C$499.0M | −C$83.0M | C$113.0M | C$123.0M | C$38.0M |
| Cash from operating activities | C$1.80B | C$2.65B | C$2.24B | C$913.0M | C$1.19B | C$1.64B | C$1.52B | C$1.69B | C$1.19B | C$1.05B |
| Investing activities | ||||||||||
| Capital expenditures | −C$3.53B | −C$3.15B | −C$2.94B | −C$2.60B | −C$2.36B | −C$2.62B | −C$2.50B | −C$2.16B | −C$1.53B | −C$1.03B |
| Investments (net) | — | −C$2.22B | −C$2.92B | −C$2.57B | −C$2.33B | — | — | — | — | — |
| Acquisitions & other investing | C$50.0M | C$3.15B | C$2.94B | C$2.60B | C$2.36B | C$1.40B | C$878.0M | −C$28.0M | −C$232.0M | −C$8.07B |
| Cash from investing activities | −C$3.48B | −C$2.22B | −C$2.92B | −C$2.57B | −C$2.33B | −C$1.22B | −C$1.62B | −C$2.19B | −C$1.76B | −C$9.11B |
| Financing activities | ||||||||||
| Dividends paid | −C$650.5M | −C$611.0M | −C$554.0M | −C$535.0M | −C$493.0M | −C$454.0M | −C$423.0M | −C$382.0M | −C$315.0M | −C$249.0M |
| Net borrowing (repayment) | C$2.45B | −C$494.0M | C$1.08B | C$1.82B | C$1.08B | — | — | — | — | — |
| Shares issued | C$47.0M | C$284.0M | C$424.0M | C$277.0M | C$733.0M | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | −C$11.0M | C$3.0M | −C$12.0M | −C$7.0M | −C$13.0M | C$82.0M | C$437.0M | C$726.0M | C$908.0M | C$7.70B |
| Cash from financing activities | C$1.84B | −C$818.0M | C$939.0M | C$1.55B | C$1.31B | −C$372.0M | C$14.0M | C$344.0M | C$593.0M | C$7.45B |
| Summary | ||||||||||
| Net change in cash | C$161.6M | −C$367.0M | C$256.0M | −C$85.0M | C$163.0M | −C$20.0M | −C$98.0M | −C$131.0M | C$12.0M | −C$669.0M |
| Cash at end of period | C$364.7M | C$221.0M | C$588.0M | C$332.0M | C$417.0M | C$254.0M | C$274.0M | C$372.0M | C$503.0M | C$404.0M |
| Free cash flow | −C$1.73B | −C$505.0M | −C$696.0M | −C$1.68B | −C$1.17B | −C$986.0M | −C$970.0M | −C$472.0M | −C$336.0M | C$22.0M |
| Free cash flow margin | −20.8% | −7.0% | −9.2% | −22.2% | −20.4% | −17.9% | −15.9% | −7.2% | −5.4% | 0.5% |
| Capex / revenue | 42.5% | 43.8% | 38.8% | 34.2% | 40.9% | 47.6% | 40.8% | 33.1% | 24.6% | 24.1% |
| Operating cash flow / net income | 1.65 | 4.66 | 2.14 | 0.90 | 2.11 | 1.66 | 2.15 | 2.26 | 3.99 | 3.96 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | C$124.1M | C$418.4M | C$86.9M | C$248.0M | C$154.0M | C$601.0M | C$173.0M | C$23.0M | C$147.0M | C$225.0M | C$307.0M | C$118.0M |
| Depreciation & amortization | C$336.1M | C$243.7M | C$334.7M | C$324.0M | C$318.0M | C$321.0M | C$287.0M | C$299.0M | C$293.0M | C$286.0M | C$266.0M | C$272.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | C$28.0M | — |
| Change in working capital | C$31.0M | −C$28.8M | −C$374.7M | C$125.0M | −C$473.0M | −C$34.0M | C$232.0M | C$271.0M | C$11.0M | −C$62.0M | −C$75.5M | C$217.0M |
| Other non-cash items | C$176.1M | −C$105.0M | C$164.9M | C$94.0M | C$101.0M | −C$189.0M | C$2.0M | C$166.0M | C$173.0M | C$120.0M | −C$102.5M | C$260.0M |
| Cash from operating activities | C$667.3M | C$528.4M | C$211.8M | C$791.0M | C$100.0M | C$699.0M | C$694.0M | C$759.0M | C$624.0M | C$569.0M | C$423.0M | C$867.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$877.4M | −C$631.9M | −C$965.2M | −C$846.0M | −C$996.0M | −C$724.0M | −C$928.0M | −C$876.0M | −C$746.0M | −C$601.0M | −C$874.0M | −C$712.0M |
| Investments (net) | — | — | — | −C$846.0M | −C$964.0M | −C$708.0M | −C$929.0M | −C$874.0M | C$189.0M | −C$604.0M | — | — |
| Acquisitions & other investing | C$218.1M | C$5.0M | C$2.0M | C$846.0M | C$996.0M | C$724.0M | C$928.0M | C$876.0M | C$746.0M | C$601.0M | C$2.0M | C$10.0M |
| Cash from investing activities | −C$659.3M | −C$626.9M | −C$963.2M | −C$846.0M | −C$964.0M | −C$708.0M | −C$929.0M | −C$874.0M | C$189.0M | −C$604.0M | −C$872.0M | −C$702.0M |
| Financing activities | ||||||||||||
| Dividends paid | −C$173.1M | −C$122.2M | −C$171.9M | −C$164.0M | −C$158.0M | −C$157.0M | −C$158.0M | −C$150.0M | −C$152.0M | −C$151.0M | −C$111.7M | −C$139.0M |
| Net borrowing (repayment) | −C$1.95B | C$2.18B | C$1.07B | C$219.0M | C$902.0M | C$260.0M | C$253.0M | −C$7.0M | — | — | — | — |
| Shares issued | C$19.0M | C$198.0M | C$7.0M | C$10.0M | C$10.0M | C$20.0M | C$84.0M | C$150.0M | C$19.0M | C$31.0M | C$0 | C$0 |
| Other financing | −C$8.8M | −C$669.4M | −C$8.9M | −C$1.0M | C$0 | C$0 | C$0 | C$8.0M | −C$577.0M | −C$168.0M | C$884.7M | −C$95.0M |
| Cash from financing activities | −C$2.11B | C$1.59B | C$899.3M | C$64.0M | C$754.0M | C$123.0M | C$179.0M | C$1.0M | −C$710.0M | −C$288.0M | C$773.0M | −C$234.0M |
| Summary | ||||||||||||
| Net change in cash | −C$2.12B | C$1.51B | C$142.0M | C$11.0M | −C$117.0M | C$114.0M | −C$43.0M | −C$117.0M | C$105.0M | −C$312.0M | C$315.0M | −C$62.0M |
| Cash at end of period | C$407.2M | C$1.78B | C$364.7M | C$229.0M | C$218.0M | C$335.0M | C$221.0M | C$264.0M | C$381.0M | C$276.0M | C$588.0M | C$273.0M |
| Free cash flow | −C$210.1M | −C$103.5M | −C$753.4M | −C$55.0M | −C$896.0M | −C$25.0M | −C$234.0M | −C$117.0M | −C$122.0M | −C$32.0M | −C$451.0M | C$155.0M |
| Free cash flow margin | −10.6% | −4.2% | −37.3% | −2.6% | −45.1% | −0.9% | −13.3% | −6.5% | −7.5% | −1.6% | −22.9% | 8.9% |
| Capex / revenue | 44.4% | 25.5% | 47.8% | 40.2% | 50.1% | 27.1% | 52.6% | 48.6% | 46.1% | 29.8% | 44.3% | 40.9% |
| Operating cash flow / net income | 5.38 | 1.26 | 2.44 | 3.19 | 0.65 | 1.16 | 4.01 | 33.00 | 4.24 | 2.53 | 1.38 | 7.35 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
EMA cash generation
In fiscal 2025 (ended December 31, 2025), Emera generated C$1.8 billion of cash from operations (down 32.0%) and spent C$3.5 billion on capital expenditures, leaving free cash flow of -C$1.7 billion, −20.8% of revenue. It returned C$650.5 million to shareholders through dividends (C$650.5 million) and net share buybacks (C$0). Cash and equivalents rose by C$161.6 million over the year.
Related: EMA income statement, EMA balance sheet, EMA dividend history. See the EMA stock overview for the latest quote and news.
EMA cash flow FAQ
What is Emera's free cash flow?
Emera's free cash flow was -C$1.7 billion in fiscal 2025: C$1.8 billion of operating cash flow minus C$3.5 billion of capital expenditures It was -C$505.0 million a year earlier..
How much cash does Emera generate from operations?
Emera generated C$1.8 billion of cash from operating activities in fiscal 2025, 1.65 times its net income of C$1.1 billion.
How much does Emera spend on capital expenditures?
Emera spent C$3.5 billion on capital expenditures in fiscal 2025, 42.5% of revenue, compared with C$3.2 billion the year before.
How much does Emera pay in dividends?
Emera paid C$650.5 million in dividends in fiscal 2025.
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