FTS financial statements

The full income statement, balance sheet, and cash-flow statement for Fortis Inc. (FTS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 421.1M2018-12 428.5M2019-12 463.3M2020-12 466.8M2021-12 474.8M2022-12 482.2M2023-12 490.6M2024-12 499.3M2025-12 507.3M+20.5% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	8.71B YoY+3.8%	8.40B YoY-1.6%	8.53B YoY+1.8%	8.38B YoY+11.2%	7.54B YoY+13.1%
Cost of revenue	2.41B YoY+1.8%	2.37B YoY-15.2%	2.79B YoY-8.0%	3.04B YoY+28.9%	2.35B YoY+23.2%
	2.33B YoY+4.9%	2.22B YoY+3.6%	2.14B YoY+3.9%	2.06B YoY+2.4%	2.01B YoY+10.8%
Amortization of intangibles	115M YoY+2.6%	112M YoY+0.4%	111M YoY-0.2%	111M YoY+2.7%	109M YoY+11.1%
Provision for credit losses	27.2M YoY+24.3%	21.9M YoY-10.5%	24.5M YoY+17.9%	20.7M YoY+271.4%	5.59M YoY-79.2%
Operating income	2.50B YoY+4.1%	2.40B YoY+5.1%	2.29B YoY+8.6%	2.10B YoY+6.8%	1.97B YoY+5.3%
Interest expense	1.06B YoY+3.1%	1.03B YoY+6.1%	967M YoY+14.2%	847M YoY+5.8%	800M YoY+3.0%
Other non-operating income	716K YoY-86.0%	5.11M YoY+244.6%	1.48M YoY-89.8%	14.6M YoY+52.4%	9.58M YoY+1383.8%
Equity-method income	10.7M YoY+5.1%	10.2M YoY-1.5%	10.4M	—	5.59M YoY-62.6%
Pre-tax income	1.68B YoY+6.2%	1.59B YoY+3.4%	1.53B YoY+10.7%	1.39B YoY+5.9%	1.31B YoY+8.2%
Income tax	281M YoY+11.4%	252M YoY-5.4%	267M YoY+20.1%	222M YoY+18.9%	187M YoY+8.4%
	1.40B YoY+5.2%	1.33B YoY+5.2%	1.27B YoY+8.9%	1.16B YoY+3.7%	1.12B YoY+8.2%
Net income to non-controlling interest	116M YoY+7.4%	108M YoY+6.4%	102M YoY+10.1%	92.2M YoY+4.1%	88.6M YoY+3.3%
Preferred dividends	60.8M YoY+12.7%	54.0M YoY+8.7%	49.6M YoY+1.0%	49.2M YoY-2.2%	50.3M YoY+3.7%
Net income to common	1.23B YoY+4.7%	1.17B YoY+5.0%	1.12B YoY+9.2%	1.02B YoY+4.0%	982M YoY+8.9%
	$2.43 YoY+3.0%	$2.36 YoY+2.9%	$2.30 YoY+7.6%	$2.14 YoY+2.6%	$2.08 YoY+7.4%
EPS (basic)	$2.43 YoY+3.0%	$2.36 YoY+2.9%	$2.30 YoY+7.6%	$2.14 YoY+2.6%	$2.08 YoY+7.4%
	504M YoY+1.7%	495M YoY+1.8%	486M YoY+1.6%	479M YoY+1.6%	471M YoY+1.3%
	504M YoY+1.7%	495M YoY+1.8%	487M YoY+1.6%	479M YoY+1.6%	471M YoY+1.3%
Dividends per share	$1.80 YoY+2.2%	$1.76 YoY+2.7%	$1.71 YoY+1.3%	$1.69 YoY+1.8%	$1.66 YoY+13.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.78B YoY+5.1%	2.64B YoY-13.1%	3.04B YoY-3.6%	3.15B YoY+47.3%	2.14B YoY+4.6%
Cash & equivalents	268M YoY+74.9%	153M YoY-67.5%	472M YoY+205.8%	154M YoY+50.2%	103M YoY-47.3%
Accounts receivable	1.09B YoY-6.2%	1.16B YoY-0.7%	1.17B YoY-10.0%	1.30B YoY+30.5%	996M YoY+15.3%
Prepaid expenses	131M YoY+3.1%	127M YoY+11.9%	113M YoY+5.0%	108M YoY+18.5%	91.1M YoY+13.9%
Other current assets	147M YoY-2.4%	151M YoY+4.7%	144M YoY-66.3%	429M YoY+125.6%	190M YoY+24.3%
	54.6B YoY+6.8%	51.2B YoY+2.8%	49.8B YoY+4.9%	47.5B YoY+4.9%	45.3B YoY+4.1%
Operating lease right-of-use	43.8M YoY-1.7%	44.6M YoY+15.7%	38.5M YoY+21.3%	31.8M YoY+1.2%	31.4M YoY+0.1%
Goodwill	9.15B YoY+0.2%	9.13B YoY-0.8%	9.20B YoY-0.0%	9.21B YoY+0.1%	9.20B YoY-0.5%
Intangible assets	1.26B YoY+8.7%	1.16B YoY+1.4%	1.14B YoY-0.3%	1.14B YoY+8.5%	1.05B YoY+4.2%
Other non-current assets	1.30B YoY+13.0%	1.15B YoY+17.4%	981M YoY+9.4%	896M YoY+19.6%	750M YoY+42.7%
	5.49B YoY+30.5%	4.20B YoY-6.7%	4.51B YoY-7.8%	4.89B YoY+29.7%	3.77B YoY+15.9%
Accounts payable	838M YoY+7.4%	781M YoY+4.4%	748M YoY+14.2%	655M YoY+7.7%	608M YoY+9.6%
Short-term & current debt	2.30B YoY+65.7%	1.39B YoY-20.1%	1.73B YoY-5.4%	1.83B YoY+43.4%	1.28B YoY+30.0%
Current lease liability	11.7M YoY-1.3%	11.8M YoY+30.6%	9.06M YoY+36.3%	6.65M YoY+5.9%	6.28M YoY+14.4%
Finance lease liability (current)	3.65M YoY+31.0%	2.79M YoY+22.9%	2.27M YoY+53.4%	1.48M YoY-52.9%	3.14M YoY+100.3%
	35.7B YoY+7.8%	33.2B YoY+3.1%	32.2B YoY+5.2%	30.6B YoY+6.1%	28.8B YoY+4.5%
Long-term debt	22.4B YoY+3.2%	21.7B YoY+5.7%	20.6B YoY+7.4%	19.2B YoY+3.0%	18.6B YoY+2.7%
Deferred revenue (non-current)	10.2M YoY-26.6%	13.9M YoY-31.7%	20.4M YoY-16.3%	24.4M YoY-22.3%	31.4M YoY-12.9%
Non-current lease liability	32.1M YoY-1.9%	32.7M YoY+11.1%	29.5M YoY+17.3%	25.1M YoY+0.0%	25.1M YoY-2.9%
Operating lease liability (total)	43.8M YoY-1.7%	44.6M YoY+15.7%	38.5M YoY+21.3%	31.8M YoY+1.2%	31.4M YoY+0.1%
Finance lease liability (total)	258M YoY+6.6%	242M YoY-6.5%	258M YoY+3.5%	250M YoY-5.6%	265M YoY+1.3%
Finance lease liability	254M YoY+6.4%	239M YoY-6.7%	256M YoY+3.2%	248M YoY-5.0%	261M YoY+0.7%
Deferred tax liabilities	3.86B YoY+10.5%	3.50B YoY+5.2%	3.32B YoY+10.8%	3.00B YoY+5.4%	2.85B YoY+8.6%
Other non-current liabilities	931M YoY+1.7%	915M YoY-4.6%	959M YoY+13.3%	847M YoY-23.4%	1.11B YoY-11.8%
	17.4B YoY+4.8%	16.6B YoY+2.1%	16.2B YoY+4.6%	15.5B YoY+2.6%	15.1B YoY+3.3%
Preferred stock	1.18B YoY+4.8%	1.13B YoY-7.8%	1.23B YoY+2.2%	1.20B YoY-5.9%	1.27B YoY+0.1%
Common stock	11.8B YoY+8.4%	10.9B YoY-4.9%	11.4B YoY+5.4%	10.8B YoY-3.1%	11.2B YoY+3.2%
Additional paid-in capital	3.65M YoY-34.5%	5.57M YoY-18.1%	6.80M YoY-8.0%	7.39M YoY-5.9%	7.85M YoY-9.0%
Retained earnings	3.63B YoY+15.2%	3.15B YoY+1.4%	3.11B YoY+12.6%	2.76B YoY+1.6%	2.71B YoY+7.9%
Accumulated other comprehensive income	804M YoY-44.2%	1.44B YoY+191.8%	493M YoY-33.8%	745M YoY+2471.9%	-31.4M YoY-217.8%
Non-controlling interest	1.50B YoY+5.6%	1.42B YoY+3.2%	1.38B YoY+3.1%	1.34B YoY+4.8%	1.28B YoY+2.7%
Total equity incl. non-controlling	18.9B YoY+4.9%	18.0B YoY+2.2%	17.6B YoY+4.4%	16.9B YoY+2.8%	16.4B YoY+3.3%
Total liabilities & equity	54.6B YoY+6.8%	51.2B YoY+2.8%	49.8B YoY+4.9%	47.5B YoY+4.9%	45.3B YoY+4.1%
	507M YoY+1.6%	499M YoY+1.8%	491M YoY+1.7%	482M YoY+1.6%	475M YoY+1.7%
	507M YoY+1.6%	499M YoY+1.8%	491M YoY+1.7%	482M YoY+1.6%	475M YoY+1.7%
	507M YoY+1.6%	499M YoY+1.8%	491M YoY+1.8%	482M YoY+1.6%	475M YoY+1.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.91B YoY+2.7%	2.83B YoY+7.8%	2.63B YoY+11.2%	2.36B YoY+1.8%	2.32B YoY+15.1%
Depreciation & amortization	1.47B YoY+4.7%	1.41B YoY+7.0%	1.31B YoY+2.5%	1.28B YoY+6.7%	1.20B YoY+12.8%
Intangible amortization	115M YoY+2.6%	112M YoY+0.4%	111M YoY-0.2%	111M YoY+2.7%	109M YoY+11.1%
Deferred income taxes	180M YoY+60.5%	112M YoY-44.3%	202M YoY+44.2%	140M YoY+19.2%	117M YoY-30.4%
Change in inventory	32.2M YoY-39.5%	53.3M YoY+7087.0%	741K YoY-99.4%	118M YoY+163.0%	44.7M YoY+66.4%
Other operating activities	75.9M YoY+141.9%	31.4M YoY-41.2%	53.4M YoY-33.9%	80.7M YoY+34.8%	59.8M YoY-52.8%
	-3.83B YoY+2.6%	-3.94B YoY-41.9%	-2.77B YoY+11.1%	-3.12B YoY-12.0%	-2.78B YoY+9.7%
Capital expenditure	4.25B YoY+16.3%	3.66B YoY+23.8%	2.95B YoY+7.2%	2.76B YoY+8.3%	2.54B YoY-11.5%
Free cash flow	-1.35B YoY-63.2%	-824M YoY-152.3%	-327M YoY+17.1%	-394M YoY-75.1%	-225M YoY+73.9%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Other investing activities	251M YoY+21.3%	206M YoY+27.2%	162M YoY+3.0%	157M YoY+1.2%	156M YoY+29.6%
	1.05B YoY+34.7%	776M YoY+70.9%	454M YoY-42.9%	795M YoY+121.0%	360M YoY-63.6%
Long-term debt issued	1.92B YoY-15.6%	2.28B YoY+9.5%	2.08B YoY-11.6%	2.36B YoY+123.0%	1.06B YoY-59.2%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	42.9M YoY+28.0%	33.6M YoY+5.3%	31.9M YoY-21.7%	40.7M YoY-15.0%	47.9M YoY+10.7%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	564M YoY+3.9%	543M YoY+4.5%	519M YoY+0.5%	517M YoY+6.6%	485M YoY-17.2%
Other financing activities	10.7M YoY+635.8%	1.46M YoY-67.2%	4.45M YoY+215.7%	-3.84M YoY+73.3%	-14.4M YoY-164.2%
FX effect on cash	-13.6M YoY-142.4%	32.1M	0.00 YoY-100.0%	21.5M YoY+124.7%	9.58M YoY+175.5%
Net change in cash	105M YoY+135.6%	-295M YoY-195.8%	308M YoY+414.4%	59.9M YoY+163.6%	-94.2M YoY-4.3%
Interest paid	1.05B YoY+5.9%	993M YoY+6.8%	930M YoY+14.5%	812M YoY+3.2%	787M YoY+2.7%
Income taxes paid	21.5M YoY+273.1%	-12.4M YoY-113.0%	95.6M YoY+57.5%	60.7M YoY+685.1%	-10.4M YoY+46.5%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	26.4B YoY+27.0%	20.8B YoY+4.7%	19.8B YoY+4.3%	19.0B YoY-17.0%	22.9B YoY+20.3%
P/E	18.8× YoY+20.6%	15.6× YoY-8.7%	17.0× YoY+0.6%	17.0× YoY-17.0%	20.4× YoY+11.1%
P/S	3.0× YoY+22.4%	2.5× YoY+4.5%	2.4× YoY-6.2%	2.5× YoY-17.0%	3.0× YoY+6.3%
P/B	1.5× YoY+21.1%	1.3× YoY-1.9%	1.3× YoY+1.7%	1.3× YoY-17.0%	1.5× YoY+16.4%
	5.3% YoY-17.1%	6.4% YoY+9.5%	5.9% YoY-0.5%	5.9% YoY+20.6%	4.9% YoY-10.0%
	3.5% YoY-18.2%	4.2% YoY+1.6%	4.2% YoY-1.4%	4.2% YoY+22.8%	3.4% YoY-4.2%
Source filing	40-F	40-F	40-F	40-F	40-F

About this data

Source: FTS's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all FTS filings on SEC EDGAR → Not investment advice.