Canadian Utilities Limited

Utilities

TSX:CU.TO · Toronto Stock Exchange

Market Cap $10.74B Beta 0.59 P/E (TTM) 130.6

$51.30 -0.72%

-$0.37 today

52W Low $37.13High $52.38

Vol 0.29M · Avg 0.62M

EPS (TTM) $0.39 Div Yield 3.58%Diversified Utilities

Income Statement

Follow revenue through to earnings

Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.

Income Statement Balance Sheet Cash Flow

Stock Ticker Earnings Waterfall

TSX:CU.TO · Revenue to Net Income

Income Statement

Key Ratios

EPS$0.10

Gross Margin24.9%

Net Margin3.2%

P/E Ratio13.9

P/S Ratio12.4

Analysis

$3.7B of revenue converted into $107.0M of net income for the selected period. Gross margin is 24.9% and net margin is 3.2%, showing how much revenue survives after costs and taxes. EPS is $0.10, tying the income statement back to per-share earnings.

Income Statement

Annual data · 5 periods

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Revenue	$3.7B -1.4%	$3.7B -1.4%	$3.8B -6.2%	$4.0B +15.2%	$3.5B	$809.6M	$921.6M	$731.2M
Cost of Revenue	$2.8B +20.6%	$2.3B -1.8%	$2.3B +0.5%	$2.3B +8.1%	$2.2B	$725.6M	$804.0M	$882.4M

Gross Profit	$914.0M -36.6%	$1.4B -0.8%	$1.5B -15.4%	$1.7B +26.4%	$1.4B	$8.9B	$7.6B	$6.2B

Gross Margin	24.8% -13.7pp	38.5% +0.2pp	38.3% -4.1pp	42.4% +3.8pp	38.6%	9.8%	28.9%	38.3%
Research & Development	$0	$0	$0	$0	$0	$983.2M	$1.3B	$490.4M
Selling, General & Admin	$262.0M -41.6%	$449.0M +14.2%	$393.0M +5.1%	$374.0M +3.3%	$362.0M	$620.6M	$923.0M	-$1.5B

Operating Expenses	$342.0M -9.0%	$376.0M -42.9%	$658.0M +32.7%	$496.0M +11.2%	$446.0M	$5.3B	$7.0B	$8.7B
Depreciation & Amortization	$1.3B +81.9%	$711.0M -1.9%	$725.0M +12.8%	$643.0M -1.2%	$651.0M	$374.2M	$1.2B	$631.8M

EBITDA	$2.0B +13.4%	$1.8B -13.2%	$2.0B +12.4%	$1.8B +17.7%	$1.5B	-$15.2B	$6.8B	$9.3B
EBITDA Margin	54.1% +7.1pp	47.1% -6.4pp	53.4% +8.8pp	44.6% +1.0pp	43.6%	5.6%	46.3%	42.0%

Operating Income	$572.0M -46.3%	$1.1B +34.0%	$795.0M -34.9%	$1.2B +33.9%	$912.0M	$12.3B	$14.0B	-$15.7B

Operating Margin	15.5% -13.0pp	28.5% +7.5pp	20.9% -9.2pp	30.2% +4.2pp	25.9%	16.6%	24.1%	22.0%
Interest Income	$53.0M -30.3%	$76.0M +40.7%	$54.0M +50.0%	$36.0M +227.3%	$11.0M	-$1.5B	-$1.6B	$405.0M
Interest Expense	$502.0M -0.8%	$506.0M +11.7%	$453.0M +13.3%	$400.0M -0.5%	$402.0M	$1.1B	$1.0B	$1.2B
Other Income / Expenses	-$370.0M +16.1%	-$441.0M -467.5%	$120.0M +131.3%	-$383.0M -2.4%	-$374.0M	-$1.5B	$1.4B	$1.2B

Income Before Tax	$202.0M -67.6%	$624.0M -31.8%	$915.0M +9.2%	$838.0M +55.8%	$538.0M	$3.3B	$4.9B	$3.6B
Pre-Tax Margin	5.5% -11.2pp	16.7% -7.4pp	24.1% +3.4pp	20.7% +5.4pp	15.3%	20.8%	18.7%	26.2%
Income Tax Expense	$72.0M -45.9%	$133.0M -32.8%	$198.0M -0.5%	$199.0M +44.2%	$138.0M	$1.3B	-$1.6B	$745.2M

Net Income	$119.0M -75.2%	$480.0M -32.1%	$707.0M +11.9%	$632.0M +60.8%	$393.0M	$4.9B	$4.8B	$4.7B

Net Margin	3.2% -9.6pp	12.8% -5.8pp	18.6% +3.0pp	15.6% +4.4pp	11.2%	12.4%	17.5%	22.5%
EPS (Basic)	$0 -89.9%	$1 -36.5%	$2 +12.6%	$2 +69.7%	$1	$400.8M	$703.2M	$1.3B
EPS (Diluted)	$0 -89.9%	$1 -36.5%	$2 +12.6%	$2 +71.1%	$1	$766.2M	$609.4M	$452.6M
Weighted Avg Shares	$271.8M +0.2%	$271.4M +0.5%	$270.1M +0.3%	$269.1M -0.3%	$269.9M	$757.8M	$925.8M	$1.1B
Weighted Avg Shares (Diluted)	$272.0M +0.2%	$271.4M +0.4%	$270.3M +0.2%	$269.7M -0.2%	$270.3M	$1.2B	$924.4M	$678.0M