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Fortis Balance Sheet 2025-2011 | FTS
Brief overview of Fortis 's financial position
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
The balance sheet expanded from 57.7 billion CAD to 74.8 billion CAD. Growth of +29.8% and CAGR of 6.7% look measured and sustainable.
Asset and liability trends were close, at +29.8% and +33.3%. Expansion did not materially reshape funding sources.
Shareholders' equity accounts for 31.8% of assets, previously 33.5%. Dependence on liabilities is moderate.
Net debt equals about 1.28x of equity. The burden is manageable, but further growth would warrant attention.
Retained earnings reached 5 billion CAD, changing +43.7% over the period. A positive accumulated result supports equity.
What the balance sheet shows
Fortis 's balance sheet sends more positive than negative signals, but liabilities should not begin outpacing the capital base.
Annual Balance Sheet Fortis
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
30.4 B | 31 B | 26.6 B | 25.7 B | - | 22.9 B | 21.1 B | 23.8 B | 21.3 B | 22 B | 11 B | 10.3 B | 7.18 B | 5.79 B | 5.75 B |
Long Term Debt |
30.7 B | 31.2 B | 27.2 B | 25.9 B | 23.7 B | 23.1 B | 21.5 B | 23.2 B | 20.8 B | 20.9 B | 10.8 B | 10 B | 6.47 B | 5.83 B | - |
Long Term Debt Current |
16 M | 17 M | 12 M | 9 M | - | 7 M | 8 M | 926 M | 705 M | 251 M | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | 31 B | 29.1 B | 30.3 B | 27.6 B | 27.5 B | 15.8 B | 14.8 B | 9.45 B | 8.23 B | 7.56 B |
Total Current Liabilities |
7.51 B | 6.04 B | 5.96 B | 6.62 B | 4.8 B | 4.15 B | 4.18 B | 4.25 B | 3.5 B | 3.94 B | - | - | - | - | - |
Total Liabilities |
49 B | 47.6 B | 42.6 B | 41.4 B | 36.7 B | 35.2 B | 33.3 B | 34.6 B | 31.1 B | 31.5 B | 18.5 B | 17.5 B | 11.5 B | 9.54 B | 8.88 B |
Deferred Revenue |
- | - | - | - | - | 214 M | 226 M | 267 M | 204 M | 287 M | - | - | - | - | - |
Retained Earnings |
4.97 B | 4.52 B | 4.11 B | 3.73 B | 3.46 B | 3.21 B | 2.92 B | 2.08 B | 1.73 B | 1.46 B | 1.39 B | 1.06 B | 1.04 B | 952 M | 905 M |
Total Assets |
74.8 B | 73.5 B | 65.9 B | 64.3 B | 57.7 B | 55.5 B | 53.4 B | 53.1 B | 47.8 B | 47.9 B | 28.8 B | 26.6 B | 17.9 B | 15 B | 13.6 B |
Cash and Cash Equivalents |
367 M | 220 M | 625 M | 209 M | - | 249 M | 370 M | 332 M | 327 M | 269 M | 242 M | - | - | - | - |
Book Value |
25.9 B | 25.9 B | 23.3 B | 22.8 B | 20.9 B | 20.3 B | 20.1 B | 18.5 B | 16.7 B | 16.4 B | 10.4 B | 9.11 B | 6.38 B | 5.41 B | 4.68 B |
Total Shareholders Equity |
23.8 B | 23.8 B | 21.5 B | 21 B | 19.3 B | 20.3 B | 20.1 B | 18.5 B | 15 B | 14.6 B | 10.4 B | - | - | - | - |
All numbers in CAD currency
Quarterly Balance Sheet Fortis
| 2025-Q4 | 2025-Q2 | 2024-Q4 | 2024-Q2 | 2023-Q4 | 2023-Q2 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
30.7 B | 30.7 B | 31.2 B | 28.7 B | 27.2 B | 26.8 B | 25.9 B | - | 24.6 B | - | 23.7 B | - | 23.9 B | - | 23.1 B | - | 23.6 B | - | 21.5 B | - | 22.2 B | - | 23.2 B | - | 21.6 B | - | 20.7 B | - | 19.9 B | - | 20.8 B | - | - | - | 10.8 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
49 B | 47.2 B | 47.6 B | 44.1 B | 42.6 B | 40.9 B | 41.4 B | - | 38.1 B | - | 36.7 B | - | 35.4 B | - | 35.2 B | - | 35 B | - | 33.3 B | - | 32.9 B | - | 34.6 B | - | 32.4 B | - | 31.1 B | - | 30.4 B | - | 31.5 B | - | - | - | 18.5 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
4.97 B | 5.1 B | 4.52 B | 4.61 B | 4.11 B | 4.19 B | 3.73 B | - | 3.84 B | - | 3.46 B | - | 3.58 B | - | 3.21 B | - | 3.28 B | - | 2.92 B | - | 2.92 B | - | 2.08 B | - | 2.11 B | - | 1.73 B | - | 1.84 B | - | 1.46 B | - | - | - | 1.39 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
74.8 B | 72.8 B | 73.5 B | 68.8 B | 65.9 B | 64.1 B | 64.3 B | - | 60 B | - | 57.7 B | - | 55.9 B | - | 55.5 B | - | 56.2 B | - | 53.4 B | - | 51.7 B | - | 53.1 B | - | 50.2 B | - | 47.8 B | - | 47.6 B | - | 47.9 B | - | 28.6 B | - | 28.8 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
- | - | - | - | - | - | - | - | - | - | 131 M | - | 599 M | 317 M | 249 M | - | 380 M | 272 M | 370 M | - | 191 M | 233 M | 332 M | - | 197 M | 333 M | 327 M | - | 231 M | 298 M | 269 M | - | 296 M | 232 M | 242 M | - | - | - | 230 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
25.9 B | 25.6 B | 25.9 B | 24.7 B | 23.3 B | 23.2 B | 22.8 B | - | 21.9 B | - | 20.9 B | - | 20.5 B | - | 20.3 B | - | 21.2 B | - | 20.1 B | - | 18.8 B | - | 18.5 B | - | 17.9 B | - | 16.7 B | - | 17.1 B | - | 16.4 B | - | 28.6 B | - | 10.4 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
23.8 B | 23.6 B | 23.8 B | 24.7 B | 23.3 B | 23.2 B | 22.8 B | - | 20.2 B | - | 19.3 B | - | 19 B | 20.3 B | 20.3 B | - | 19.5 B | 21.4 B | 18.5 B | - | 17.3 B | 18.4 B | 18.5 B | - | 16 B | - | 15 B | - | 15.3 B | - | 14.6 B | - | 10.3 B | - | 9.88 B | - | - | - | 9.11 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in CAD currency
Balance Sheet is a fundamental financial report of Fortis , providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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