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Fortis Income Statement 2025-2011 | FTS
Brief overview of revenue and earnings at Fortis
The conclusions below are based on five years of reported results. Revenue reported by Fortis was 8.9 billion Canadian dollars at the beginning of the period and 12.2 billion Canadian dollars at the end. The cumulative result was +36.2%, corresponding to roughly 6.4% per year. This represents moderate business growth.
Gross profit changed from 6.4 billion Canadian dollars to 8.8 billion Canadian dollars (+38.1%). There was no major divergence between sales and cost of revenue. Gross margin moved from 71.3% to 72.3%. There was no meaningful shift in gross profitability.
The five-year EBITDA result moved by +41%: from 3.9 billion Canadian dollars to 5.5 billion Canadian dollars. Operating performance was consistent with the change in sales. At the operating-margin level, the figure shifted from 44.1% to 45.6%. The EBITDA margin stayed near its previous level.
Over the period, net income shifted from 1.3 billion Canadian dollars to 2 billion Canadian dollars (+53.9%). Net income reached a five-year high at the end of the interval.
Over the period, capitalization shifted from 17.8 billion Canadian dollars to 28.5 billion Canadian dollars (+60.5%). The share-price trend was broadly consistent with improving results.
Conclusion
Most key measures improved without a pronounced weak signal. The strongest signals are a stable gross margin, sales growth and higher operating efficiency. The key question is whether sales can be converted into sustainable profit.
Annual Income Statement Fortis
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
28.5 B | 21.9 B | 19 B | 18.9 B | 22.2 B | 17.8 B | 16.3 B | 12.1 B | 14.4 B | 9.65 B | 8.03 B | 7.49 B | 5.42 B | 6.53 B | 5.95 B |
Shares |
504 M | 495 M | 486 M | 479 M | 471 M | 465 M | 437 M | 425 M | 416 M | 309 M | 279 M | 226 M | 202 M | 190 M | 182 M |
Historical Prices |
56.6 | 44.1 | 39 | 39.6 | 47.1 | 38.2 | 37.3 | 28.5 | 29.8 | 23.9 | 19.9 | 23.2 | 19.1 | 22.3 | 20.4 |
Net Income |
1.96 B | 1.83 B | 1.71 B | 1.51 B | 1.4 B | 1.27 B | 1.72 B | 1.17 B | 1.03 B | 660 M | 805 M | 379 M | 410 M | 362 M | 347 M |
Revenue |
12.2 B | 11.5 B | 11.5 B | 11 B | 9.45 B | 8.94 B | 8.78 B | 8.39 B | 8.3 B | 6.84 B | 6.73 B | 5.4 B | 4.05 B | 3.65 B | 3.75 B |
Cost of Revenue |
3.37 B | 3.25 B | 3.77 B | 3.95 B | 2.95 B | 2.56 B | 2.52 B | 2.5 B | 2.36 B | - | - | - | - | - | - |
Gross Profit |
- | - | - | - | - | 6.37 B | 6.26 B | 5.9 B | 5.94 B | 4.5 B | 4.17 B | 3.2 B | 2.43 B | 2.13 B | 2.05 B |
Operating Income |
3.49 B | 3.29 B | 3.08 B | 2.74 B | 2.47 B | 2.51 B | 3.04 B | 2.36 B | 2.51 B | 1.48 B | 1.42 B | - | - | - | - |
Interest Expense |
1 M | 7 M | 1.3 B | 1.1 B | 1 B | 1.04 B | 1.04 B | 974 M | 914 M | 678 M | 553 M | - | - | - | - |
EBITDA |
5.55 B | 5.22 B | 4.86 B | 4.41 B | 3.97 B | 3.94 B | 4.39 B | 3.61 B | 3.68 B | 2.47 B | 2.3 B | 1.71 B | 1.39 B | 1.26 B | 1.18 B |
Operating Expenses |
3.25 B | 3.04 B | 2.89 B | 2.68 B | 2.52 B | 3.86 B | 3.8 B | 3.53 B | 3.44 B | 3.01 B | 2.74 B | 2.18 B | 1.58 B | 1.34 B | 1.28 B |
All numbers in CAD currency
Quarterly Income Statement 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
- | - | - | - | - | - | - | - | - | - | 475 M | - | 470 M | - | 467 M | - | 465 M | - | 463 M | - | 433 M | - | 428 M | - | 424 M | - | 421 M | - | 417 M | - | 402 M | - | 284 M | - | 282 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Income |
- | - | - | - | - | - | - | - | - | - | - | - | 296 M | - | - | - | 324 M | - | - | - | 765 M | - | - | - | 292 M | - | - | - | 312 M | - | - | - | 142 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue |
- | - | - | - | - | - | - | - | - | - | - | - | 2.13 B | - | - | - | 2.08 B | - | - | - | 1.97 B | - | - | - | 1.95 B | - | - | - | 2.02 B | - | - | - | 1.48 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
- | - | - | - | - | - | - | - | - | - | - | - | 593 M | - | - | - | 514 M | - | - | - | 496 M | - | - | - | 507 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
- | - | - | - | - | - | - | - | - | - | - | - | 557 M | - | - | - | 598 M | - | - | - | 1.11 B | - | - | - | 578 M | - | - | - | 626 M | - | - | - | 311 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Interest Expense |
- | - | - | - | - | - | - | - | - | - | - | - | 255 M | - | - | - | 263 M | - | - | - | 263 M | - | - | - | 243 M | - | - | - | 232 M | - | - | - | 150 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA |
- | - | - | - | - | - | - | - | - | - | - | - | 926 M | - | - | - | 964 M | - | - | - | 1.45 B | - | - | - | 887 M | - | - | - | 924 M | - | - | - | 543 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Expenses |
- | - | - | - | - | - | - | - | - | - | - | - | 611 M | - | - | - | 599 M | - | - | - | 603 M | - | - | - | 553 M | - | - | - | 567 M | - | - | - | 454 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in CAD currency
The income statement is one of the three key financial reports of a company Fortis (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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