Fortis PFD F (FORFF) Financials
Newest figures come from the 40-F for FY2025, filed Feb 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FORFF SEC filings page.
Fortis Inc PFD F (FORFF) reported $8.9B in revenue for fiscal year 2025, up 11.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (40-F and 6-K reports).
Fortis converts recurring operating earnings into cash, but expanding infrastructure investment increasingly requires funding beyond operations.
Fortis generated operating cash flow of$3.0B in FY2025, versus capital spending of$4.3B . From FY2023 to FY2025, capital expenditures rose43.5% while revenue rose only1.7% , showing that reinvestment—not weak operating conversion—is driving the cash shortfall.
The business achieved a margin improvement without a comparable sales expansion: operating margin reached
The balance sheet is becoming more obligation-heavy: from FY2023 to FY2025, liabilities grew
Financial Health Signals
We do not publish a peer-relative financial health score for Fortis Inc PFD F, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Fortis Inc PFD F passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Fortis Inc PFD F generates $2.26 in operating cash flow ($3.0B OCF vs $1.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Fortis Inc PFD F earns $2.36 in operating income for every $1 of interest expense ($2.5B vs $1.1B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Fortis Inc PFD F generated $8.9B in revenue in fiscal year 2025. This represents an increase of 11.1% from the prior year.
Fortis Inc PFD F's EBITDA was $4.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.7% from the prior year.
Fortis Inc PFD F reported $1.3B in net income in fiscal year 2025. This represents an increase of 12.5% from the prior year.
Fortis Inc PFD F earned $2.48 per diluted share (EPS) in fiscal year 2025. This represents an increase of 10.2% from the prior year.
Cash & Balance Sheet
Fortis Inc PFD F recorded an outflow of $1.4B in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
Fortis Inc PFD F held $267.6M in cash against $22.4B in long-term debt as of fiscal year 2025.
Fortis Inc PFD F paid $1.83 per share in dividends in fiscal year 2025. This represents an increase of 9.4% from the prior year.
Margins & Returns
Fortis Inc PFD F's margin after energy costs was 72.3% in fiscal year 2025, which is the share of revenue left once the energy it buys and burns is paid for. Plant running and maintenance costs come out after this line, so the figure reads higher than a gross margin that counted them would. This is up 0.5 percentage points from the prior year.
Fortis Inc PFD F's operating margin was 28.7% in fiscal year 2025, reflecting core business profitability. This is up 0.1 percentage points from the prior year.
Fortis Inc PFD F's net profit margin was 14.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.2 percentage points from the prior year.
Fortis Inc PFD F's ROE was 7.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the prior year.
Capital Allocation
Fortis Inc PFD F invested $4.3B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 24.5% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
FORFF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F | FY1940-F | FY1840-F | FY1740-F | FY1640-F | FY1540-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.9B+11.1% | $8.0B-8.4% | $8.7B+6.9% | $8.2B+10.4% | $7.4B+5.5% | $7.0B+3.4% | $6.8B+10.2% | $6.1B-7.3% | $6.6B+30.2% | $5.1B+4.3% | $4.9B |
| Energy Costs | $2.5B+9.0% | $2.3B-21.0% | $2.9B-2.2% | $2.9B+26.4% | $2.3B+15.0% | $2.0B+3.3% | $1.9B+6.3% | $1.8B-3.1% | $1.9B | N/A | N/A |
| Revenue Less Energy Costs | $6.4B+11.9% | $5.7B-2.2% | $5.9B+12.0% | $5.2B+3.1% | $5.1B+1.8% | $5.0B+3.4% | $4.8B+11.8% | $4.3B-9.0% | $4.7B | N/A | N/A |
| Operating Income | $2.5B+11.4% | $2.3B-2.1% | $2.3B+15.4% | $2.0B+4.8% | $1.9B-1.7% | $2.0B-16.1% | $2.3B+35.2% | $1.7B-13.6% | $2.0B+81.6% | $1.1B+7.7% | $1.0B |
| EBITDA | $4.0B+11.7% | $3.6B-1.5% | $3.7B+12.9% | $3.3B+4.7% | $3.1B+0.8% | $3.1B-8.8% | $3.4B+28.0% | $2.6B-10.3% | $2.9B+60.5% | $1.8B+10.9% | $1.7B |
| Interest Expense | $1.1B+10.4% | $976.4M-1.2% | $988.5M+21.4% | $814.4M+3.7% | $785.0M-3.9% | $817.1M+2.3% | $798.5M+11.9% | $713.9M-2.2% | $730.2M+44.6% | $505.0M+26.4% | $399.6M |
| Income Tax | $286.6M+19.3% | $240.3M-11.9% | $272.7M+27.7% | $213.6M+16.6% | $183.1M+1.1% | $181.1M-18.8% | $223.0M+84.4% | $120.9M-74.3% | $469.8M+335.0% | $108.0M-33.0% | $161.1M |
| Net Income | $1.3B+12.5% | $1.2B-2.1% | $1.2B+15.7% | $1.0B+1.7% | $1.0B+1.4% | $999.0M-24.8% | $1.3B+55.5% | $854.6M+4.1% | $821.3M+67.1% | $491.6M-15.5% | $581.7M |
| EPS (Basic) | $2.48+10.2% | $2.25-4.2% | $2.35+14.3% | $2.05+0.6% | $2.04+0.2% | $2.04-30.3% | $2.92+54.0% | $1.90+2.4% | $1.85+31.7% | $1.41-25.4% | $1.89 |
| EPS (Diluted) | $2.48+10.2% | $2.25-4.2% | $2.35+14.3% | $2.05+0.6% | $2.04+0.2% | $2.04-30.1% | $2.92+53.6% | $1.90+2.9% | $1.85+31.1% | $1.41-24.8% | $1.87 |
| Diluted Shares (Avg) | 504M+1.7% | 495M+1.8% | 487M+1.6% | 479M+1.6% | 471M+1.3% | 465M+6.4% | 438M+2.9% | 425M+2.2% | 416M+32.8% | 313M+10.1% | 285M |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.
FORFF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F | FY1940-F | FY1840-F | FY1740-F | FY1640-F | FY1540-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $54.6B+6.9% | $51.0B+2.2% | $49.9B+5.2% | $47.5B+5.2% | $45.1B+3.7% | $43.5B+5.6% | $41.2B+6.0% | $38.9B+1.8% | $38.2B+7.1% | $35.7B+71.4% | $20.8B |
| Current Assets | $2.8B+5.3% | $2.6B-13.5% | $3.0B-3.4% | $3.2B+47.8% | $2.1B+4.2% | $2.0B+3.1% | $2.0B-16.9% | $2.4B+35.6% | $1.8B+9.3% | $1.6B+20.2% | $1.3B |
| Cash & Equivalents | $267.6M+75.2% | $152.8M-67.7% | $473.4M+206.5% | $154.4M+50.6% | $102.5M-47.5% | $195.2M-31.6% | $285.4M+17.3% | $243.3M-6.9% | $261.2M+30.4% | $200.4M+14.6% | $174.9M |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Accounts Receivable | $1.1B-6.1% | $1.2B-1.2% | $1.2B-9.7% | $1.3B+30.9% | $993.2M+14.9% | $864.1M+4.7% | $825.5M+4.3% | $791.6M0.0% | $791.7M | N/A | N/A |
| Long-Term Investments | $179.4M+14.8% | $156.3M+14.6% | $136.3M+60.4% | $85.0M+26.3% | $67.3M+30.1% | $51.8M+56.0% | $33.2M+33.1% | $24.9M+7.6% | $23.2Mn/m | $0-100.0% | $23.8M |
| Goodwill | $9.1B+0.3% | $9.1B-1.3% | $9.2B+0.2% | $9.2B+0.4% | $9.2B-0.8% | $9.2B-0.2% | $9.3B+0.8% | $9.2B-1.3% | $9.3B+1.0% | $9.2B+205.4% | $3.0B |
| Total Liabilities | $35.7B+7.9% | $33.1B+2.5% | $32.3B+5.4% | $30.6B+6.4% | $28.8B+4.2% | $27.6B+7.5% | $25.7B+1.3% | $25.4B+2.1% | $24.8B+6.0% | $23.4B+75.7% | $13.3B |
| Current Liabilities | $5.5B+30.7% | $4.2B-7.2% | $4.5B-7.6% | $4.9B+30.1% | $3.8B+15.5% | $3.3B+1.0% | $3.2B+3.4% | $3.1B+11.3% | $2.8B-4.7% | $2.9B+54.1% | $1.9B |
| Non-Current Liabilities | $30.2B+4.6% | $28.9B+4.1% | $27.7B+7.9% | $25.7B+2.9% | $25.0B+2.7% | $24.3B+8.4% | $22.5B+1.0% | $22.2B+1.0% | $22.0B+7.5% | $20.5B+79.3% | $11.4B |
| Long-Term Debt | $22.4B+3.3% | $21.7B+5.1% | $20.6B+7.7% | $19.2B+3.3% | $18.6B+2.4% | $18.1B+9.3% | $16.6B-2.3% | $17.0B+2.7% | $16.5B+6.6% | $15.5B+99.0% | $7.8B |
| Total Equity | $17.4B+5.0% | $16.5B+1.5% | $16.3B+4.8% | $15.5B+2.9% | $15.1B+3.0% | $14.7B+2.5% | $14.3B+18.0% | $12.1B+1.1% | $12.0B+10.2% | $10.9B+52.3% | $7.1B |
| Retained Earnings | $3.6B+15.4% | $3.1B+0.8% | $3.1B+12.9% | $2.8B+1.9% | $2.7B+7.5% | $2.5B+11.9% | $2.2B+47.4% | $1.5B+10.6% | $1.4B+27.3% | $1.1B+8.1% | $1.0B |
Not reported in any period shown, so not listed: Inventory.
FORFF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F | FY1940-F | FY1840-F | FY1740-F | FY1640-F | FY1540-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.0B+9.9% | $2.7B+0.4% | $2.7B+18.2% | $2.3B-0.2% | $2.3B+7.4% | $2.1B+3.1% | $2.1B+7.6% | $1.9B-13.3% | $2.2B+56.9% | $1.4B+16.1% | $1.2B |
| Depreciation & Amortization | $1.5B+12.1% | $1.3B-0.4% | $1.3B+9.0% | $1.2B+4.6% | $1.2B+5.2% | $1.1B+7.5% | $1.0B+14.3% | $911.0M-3.3% | $941.9M+28.6% | $732.2M+16.1% | $630.8M |
| Capital Expenditures | $4.3B+24.5% | $3.5B+15.3% | $3.0B+13.9% | $2.7B+6.2% | $2.5B-17.5% | $3.0B+12.0% | $2.7B+21.5% | $2.2B-1.1% | $2.2B+57.8% | $1.4B-7.5% | $1.5B |
| Free Cash Flow | -$1.4Bn/m | -$784.7Mn/m | -$334.0Mn/m | -$379.1Mn/m | -$220.7Mn/m | -$906.5Mn/m | -$645.0Mn/m | -$313.7Mn/m | -$45.5Mn/m | -$20.9Mn/m | -$330.9M |
| Investing Cash Flow | -$3.9Bn/m | -$3.7Bn/m | -$2.8Bn/m | -$3.0Bn/m | -$2.7Bn/m | -$3.2Bn/m | -$2.1Bn/m | -$2.4Bn/m | -$2.4Bn/m | -$5.1Bn/m | -$988.5M |
| Financing Cash Flow | $1.1B+44.2% | $738.9M+59.1% | $464.3M-39.3% | $764.9M+116.7% | $353.0M-66.1% | $1.0B+775.8% | $118.8M-74.8% | $472.0M+74.3% | $270.8M-92.8% | $3.8Bn/m | -$250.0M |
| Dividends Paid | $574.7M+11.2% | $516.7M-2.7% | $531.0M+6.8% | $497.3M+4.5% | $475.9M-22.8% | $616.3M+61.7% | $381.1M+13.3% | $336.4M+0.5% | $334.7M+42.2% | $235.4M+40.4% | $167.6M |
Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.
FORFF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F | FY1940-F | FY1840-F | FY1740-F | FY1640-F | FY1540-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Margin After Energy Costs | 72.3%+0.5pp | 71.8%+4.5pp | 67.3%+3.0pp | 64.2%-4.6pp | 68.8%-2.6pp | 71.3%0.0pp | 71.3%+1.0pp | 70.3%-1.3pp | 71.6% | N/A | N/A |
| Operating Margin | 28.7%+0.1pp | 28.6%+1.8pp | 26.8%+2.0pp | 24.8%-1.3pp | 26.1%-1.9pp | 28.1%-6.5pp | 34.6%+6.4pp | 28.2%-2.1pp | 30.3%+8.6pp | 21.7%+0.7pp | 21.0% |
| Net Margin | 14.8%+0.2pp | 14.6%+0.9pp | 13.7%+1.0pp | 12.6%-1.1pp | 13.7%-0.6pp | 14.3%-5.3pp | 19.6%+5.7pp | 13.9%+1.5pp | 12.4%+2.7pp | 9.7%-2.3pp | 11.9% |
| Return on Equity | 7.6%+0.5pp | 7.1%-0.3pp | 7.3%+0.7pp | 6.6%-0.1pp | 6.7%-0.1pp | 6.8%-2.5pp | 9.3%+2.2pp | 7.0%+0.2pp | 6.9%+2.3pp | 4.5%-3.6pp | 8.2% |
| Return on Assets | 2.4%+0.1pp | 2.3%-0.1pp | 2.4%+0.2pp | 2.2%-0.1pp | 2.2%-0.1pp | 2.3%-0.9pp | 3.2%+1.0pp | 2.2%+0.1pp | 2.1%+0.8pp | 1.4%-1.4pp | 2.8% |
| Current Ratio | 0.51-0.1x | 0.630.0x | 0.670.0x | 0.65+0.1x | 0.57-0.1x | 0.630.0x | 0.62-0.2x | 0.77+0.1x | 0.63+0.1x | 0.55-0.2x | 0.70 |
| Debt-to-Equity | 1.290.0x | 1.310.0x | 1.270.0x | 1.230.0x | 1.230.0x | 1.24+0.1x | 1.16-0.2x | 1.400.0x | 1.380.0x | 1.43+0.3x | 1.09 |
| Liabilities-to-Equity | 2.06+0.1x | 2.000.0x | 1.980.0x | 1.97+0.1x | 1.910.0x | 1.88+0.1x | 1.80-0.3x | 2.090.0x | 2.07-0.1x | 2.15+0.3x | 1.87 |
| Asset Turnover | 0.160.0x | 0.160.0x | 0.170.0x | 0.170.0x | 0.160.0x | 0.160.0x | 0.160.0x | 0.160.0x | 0.170.0x | 0.14-0.1x | 0.23 |
| FCF Margin | -15.4%-5.6pp | -9.8%-6.0pp | -3.8%+0.8pp | -4.7%-1.7pp | -3.0%+10.0pp | -12.9%-3.4pp | -9.5%-4.4pp | -5.1%-4.4pp | -0.7%-0.3pp | -0.4%+6.4pp | -6.8% |
Note: The current ratio is below 1.0 (0.51), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Fortis Inc PFD F FORFF | FY2025 | $8.9B | $1.3B | 14.8% | N/A | — |
| Hydro One Ltd HRNNF | FY2025 | $6.6B | $976.5M | 14.8% | $24.6B | — |
| Wisc Elec PWR 6 PR WELPM | FY2025 | $4.5B | $626.8M | 14.0% | N/A | — |
| Cyber Enviro-Tech Inc. CETI | FY2025 | $0 | -$7.6M | N/A | $733K | — |
| Greenbriar Susble Living GEBRF | FY2025 | N/A | -$1.1M | N/A | $13.4M | — |
Where Fortis Inc PFD F Ranks
Frequently Asked Questions
Fortis Inc PFD F (FORFF) reported $8.9B in total revenue for fiscal year 2025. This represents a 11.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Fortis Inc PFD F (FORFF) revenue grew by 11.1% year-over-year, from $8.0B to $8.9B in fiscal year 2025.
Yes, Fortis Inc PFD F (FORFF) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 14.8%.
Fortis Inc PFD F (FORFF) had EBITDA of $4.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Fortis Inc PFD F (FORFF) had $267.6M in cash and equivalents against $22.4B in long-term debt.
Fortis Inc PFD F (FORFF) had a margin after energy costs of 72.3% in fiscal year 2025, which is the share of revenue left once the energy it buys and burns is paid for. Plant running and maintenance costs come out after this line, so the figure reads higher than a gross margin that counted them would.
Fortis Inc PFD F (FORFF) had an operating margin of 28.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Fortis Inc PFD F (FORFF) had a net profit margin of 14.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Yes, Fortis Inc PFD F (FORFF) paid $1.83 per share in dividends during fiscal year 2025.
Fortis Inc PFD F (FORFF) has a return on equity of 7.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Fortis Inc PFD F (FORFF) recorded an outflow of $1.4B in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Fortis Inc PFD F (FORFF) generated $3.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Fortis Inc PFD F (FORFF) had $54.6B in total assets as of fiscal year 2025, including both current and long-term assets.
Fortis Inc PFD F (FORFF) invested $4.3B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Fortis Inc PFD F (FORFF) had a current ratio of 0.51 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Fortis Inc PFD F (FORFF) had a debt-to-equity ratio of 1.29 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Fortis Inc PFD F (FORFF) had a liabilities-to-equity ratio of 2.06 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Fortis Inc PFD F (FORFF) had a return on assets of 2.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Fortis Inc PFD F (FORFF) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving margin after energy costs, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Fortis Inc PFD F (FORFF) has an earnings quality ratio of 2.26x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Fortis Inc PFD F (FORFF) has an interest coverage ratio of 2.36x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.