Fortis Inc. (FTS) Cash Flow Statement
Where FTS’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$4.06B +4.6% vs 2024
- Capital expenditures
- C$6.23B 51.2% of revenue
- Free cash flow
- −C$2.17B −17.8% margin
- Returned to shareholders
- C$873.0M
- Change in cash
- C$147.0M cash at year-end C$367.0M
Cash from operations
C$4.06B
Capital expenditures
−C$6.23B
Acquisitions & other
+C$877.0M
Dividends
−C$873.0M
Net borrowing (repayment)
+C$2.31B
Shares issued
+C$60.0M
Other financing
−C$39.0M
Currency & other
−C$19.0M
Change in cash
C$147.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FTS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
FTS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$1.88B2016 | C$4.06B2025 | +8.9%/yr | |
| Capital expenditures | C$2.06B2016 | C$6.23B2025 | +13.1%/yr | |
| Free cash flow | −C$177.0M2016 | −C$2.17B2025 | — | |
| Free cash flow margin | −2.6%2016 | −17.8%2025 | −15.3 pts | |
| Operating cash flow / net income | 2.642016 | 2.072025 | −0.57 | |
| Stock-based compensation | C$22.0M2016 | C$66.0M2023 | +17.0%/yr | |
| Dividends paid | C$388.0M2016 | C$873.0M2025 | +9.4%/yr | |
| Share buybacks (net) | C$200.0M2016 | C$02023 | −100.0% | |
| Capex / revenue | 30.1%2016 | 51.2%2025 | +21.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FTS cash flow by activity
OperatingInvestingFinancingChange in cash
FTS 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).
FTS cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | C$1.96B | C$1.83B | C$1.71B | C$1.51B | C$1.41B | C$1.39B | C$1.85B | C$1.29B | C$1.12B | C$713.0M |
| Depreciation & amortization | C$2.06B | C$1.93B | C$1.77B | C$1.67B | C$1.50B | C$1.43B | C$1.35B | C$1.24B | C$1.18B | C$983.0M |
| Stock-based compensation | — | — | C$66.0M | C$41.0M | C$100.0M | C$78.0M | −C$583.0M | C$37.0M | C$40.0M | C$22.0M |
| Change in working capital | −C$203.0M | C$69.0M | −C$81.0M | −C$479.0M | −C$144.0M | −C$434.0M | −C$168.0M | −C$89.0M | −C$97.0M | C$22.0M |
| Other non-cash items | C$247.0M | C$58.0M | C$77.0M | C$330.0M | C$41.0M | C$240.0M | C$212.0M | C$127.0M | C$509.0M | C$144.0M |
| Cash from operating activities | C$4.06B | C$3.88B | C$3.54B | C$3.07B | C$2.91B | C$2.70B | C$2.66B | C$2.60B | C$2.76B | C$1.88B |
| Investing activities | ||||||||||
| Capital expenditures | −C$6.23B | −C$5.22B | −C$4.17B | −C$3.87B | −C$3.39B | −C$4.04B | −C$3.72B | −C$3.22B | −C$3.02B | −C$2.06B |
| Investments (net) | — | −C$5.39B | −C$4.15B | −C$4.06B | −C$3.49B | −C$4.13B | −C$2.77B | −C$3.25B | −C$3.02B | −C$6.89B |
| Acquisitions & other investing | C$877.0M | C$5.22B | C$4.57B | C$3.87B | C$3.39B | C$4.04B | C$3.72B | C$3.22B | C$3.02B | C$2.06B |
| Cash from investing activities | −C$5.36B | −C$5.39B | −C$3.74B | −C$4.06B | −C$3.49B | −C$4.13B | −C$2.77B | −C$3.25B | −C$3.02B | −C$6.89B |
| Financing activities | ||||||||||
| Dividends paid | −C$873.0M | −C$818.0M | −C$768.0M | −C$737.0M | −C$671.0M | −C$851.0M | −C$561.0M | −C$525.0M | −C$484.0M | −C$388.0M |
| Share repurchases & issuance (net) | — | — | C$9.90B | — | C$6.52B | C$9.12B | C$7.30B | C$7.27B | C$4.62B | −C$200.0M |
| Net borrowing (repayment) | C$2.31B | C$1.94B | C$1.42B | C$1.79B | C$1.14B | C$2.15B | −C$665.0M | C$1.18B | C$375.0M | C$5.65B |
| Shares issued | C$60.0M | C$46.0M | C$41.0M | C$53.0M | C$60.0M | C$58.0M | C$1.44B | C$34.0M | C$0 | C$0 |
| Other financing | −C$39.0M | −C$108.0M | −C$9.98B | −C$71.0M | −C$6.60B | −C$9.15B | −C$7.36B | −C$7.32B | −C$4.17B | −C$8.0M |
| Cash from financing activities | C$1.46B | C$1.06B | C$613.0M | C$1.03B | C$451.0M | C$1.33B | C$154.0M | C$644.0M | C$339.0M | C$5.05B |
| Summary | ||||||||||
| Net change in cash | C$147.0M | −C$405.0M | C$416.0M | C$78.0M | −C$118.0M | −C$121.0M | C$38.0M | C$5.0M | C$58.0M | C$27.0M |
| Cash at end of period | 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 |
| Free cash flow | −C$2.17B | −C$1.34B | −C$624.0M | −C$791.0M | −C$479.0M | −C$1.34B | −C$1.06B | −C$614.0M | −C$268.0M | −C$177.0M |
| Free cash flow margin | −17.8% | −11.6% | −5.4% | −7.2% | −5.1% | −15.0% | −12.0% | −7.3% | −3.2% | −2.6% |
| Capex / revenue | 51.2% | 45.3% | 36.2% | 35.0% | 35.8% | 45.2% | 42.4% | 38.4% | 36.4% | 30.1% |
| Operating cash flow / net income | 2.07 | 2.12 | 2.07 | 2.03 | 2.07 | 1.94 | 1.44 | 2.02 | 2.45 | 2.64 |
| 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$417.2M | C$524.4M | C$485.0M | C$474.0M | C$444.0M | C$558.0M | C$451.0M | C$439.0M | C$349.0M | C$477.0M | C$300.3M | C$445.0M |
| Depreciation & amortization | C$542.0M | C$532.0M | C$512.0M | C$518.0M | C$512.0M | C$515.0M | C$500.0M | C$480.0M | C$480.0M | C$467.0M | C$454.0M | C$443.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | C$66.0M | — |
| Change in working capital | C$13.0M | C$54.1M | −C$120.0M | −C$9.0M | −C$175.0M | C$101.0M | C$5.0M | C$339.0M | −C$44.0M | −C$211.0M | −C$169.8M | −C$33.0M |
| Other non-cash items | C$157.3M | −C$4.6M | C$141.0M | C$44.0M | C$23.0M | C$39.0M | C$6.0M | C$80.0M | C$29.0M | C$35.0M | −C$87.7M | C$85.0M |
| Cash from operating activities | C$1.13B | C$1.11B | C$1.02B | C$1.03B | C$804.0M | C$1.21B | C$962.0M | C$1.34B | C$814.0M | C$768.0M | C$562.9M | C$940.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$1.60B | −C$1.51B | −C$1.69B | −C$1.45B | −C$1.54B | −C$1.54B | −C$1.69B | −C$1.25B | −C$1.11B | −C$1.11B | −C$897.1M | −C$983.0M |
| Investments (net) | — | — | — | −C$1.08B | −C$1.51B | −C$1.43B | −C$1.80B | −C$1.31B | −C$1.15B | −C$1.14B | −C$748.0M | −C$1.04B |
| Acquisitions & other investing | C$260.1M | C$132.3M | C$353.0M | C$1.45B | C$1.54B | C$1.54B | C$1.69B | C$1.25B | C$1.11B | C$1.11B | C$1.08B | C$983.0M |
| Cash from investing activities | −C$1.34B | −C$1.37B | −C$1.34B | −C$1.08B | −C$1.51B | −C$1.43B | −C$1.80B | −C$1.31B | −C$1.15B | −C$1.14B | −C$564.4M | −C$1.04B |
| Financing activities | ||||||||||||
| Dividends paid | −C$233.1M | −C$230.6M | −C$229.0M | −C$220.0M | −C$211.0M | −C$213.0M | −C$214.0M | −C$205.0M | −C$202.0M | −C$197.0M | −C$151.7M | −C$192.0M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | C$2.80B | C$1.51B |
| Net borrowing (repayment) | C$456.0M | C$465.0M | C$509.0M | C$426.0M | C$646.0M | C$732.0M | C$343.0M | C$533.0M | — | — | — | C$346.0M |
| Shares issued | C$14.0M | C$18.0M | C$15.0M | C$11.0M | C$9.0M | C$25.0M | C$12.0M | C$13.0M | C$8.0M | C$13.0M | C$9.0M | C$6.0M |
| Other financing | −C$15.8M | C$2.3M | C$10.0M | C$3.0M | −C$7.0M | −C$45.0M | −C$16.0M | −C$25.0M | C$513.0M | C$488.0M | −C$2.75B | −C$1.52B |
| Cash from financing activities | C$221.1M | C$254.7M | C$305.0M | C$220.0M | C$437.0M | C$499.0M | C$125.0M | C$316.0M | C$319.0M | C$304.0M | −C$101.1M | C$150.0M |
| Summary | ||||||||||||
| Net change in cash | C$17.4M | −C$12.8M | −C$22.0M | C$168.0M | −C$289.0M | C$290.0M | −C$676.0M | C$335.0M | −C$8.0M | −C$56.0M | −C$91.6M | C$75.0M |
| Cash at end of period | C$384.2M | 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$471.6M | C$765.0M |
| Free cash flow | −C$472.2M | −C$401.0M | −C$676.0M | −C$426.0M | −C$740.0M | −C$330.0M | −C$731.0M | C$90.0M | −C$298.0M | −C$345.0M | −C$334.2M | −C$43.0M |
| Free cash flow margin | −16.1% | −11.8% | −22.0% | −14.5% | −26.3% | −9.9% | −24.8% | 3.2% | −11.2% | −11.1% | −11.6% | −1.6% |
| Capex / revenue | 54.6% | 44.3% | 55.0% | 49.5% | 54.8% | 46.2% | 57.4% | 45.0% | 41.6% | 35.7% | 31.1% | 36.2% |
| Operating cash flow / net income | 2.71 | 2.11 | 2.10 | 2.17 | 1.81 | 2.17 | 2.13 | 3.05 | 2.33 | 1.61 | 1.87 | 2.11 |
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.
FTS cash generation
In fiscal 2025 (ended December 31, 2025), Fortis generated C$4.1 billion of cash from operations (up 4.6%) and spent C$6.2 billion on capital expenditures, leaving free cash flow of -C$2.2 billion, −17.8% of revenue. It returned C$873.0 million to shareholders through dividends (C$873.0 million) and net share buybacks (C$0). Cash and equivalents rose by C$147.0 million over the year.
Related: FTS income statement, FTS balance sheet, FTS dividend history. See the FTS stock overview for the latest quote and news.
FTS cash flow FAQ
What is Fortis's free cash flow?
Fortis's free cash flow was -C$2.2 billion in fiscal 2025: C$4.1 billion of operating cash flow minus C$6.2 billion of capital expenditures It was -C$1.3 billion a year earlier..
How much cash does Fortis generate from operations?
Fortis generated C$4.1 billion of cash from operating activities in fiscal 2025, 2.07 times its net income of C$2.0 billion.
How much does Fortis spend on capital expenditures?
Fortis spent C$6.2 billion on capital expenditures in fiscal 2025, 51.2% of revenue, compared with C$5.2 billion the year before.
How much does Fortis pay in dividends?
Fortis paid C$873.0 million in dividends in fiscal 2025.
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