Emera (EMA) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 performance with adjusted EPS of $3.49 (up 19% year-over-year) and adjusted net income surpassing $1.045 billion for the first time, driven by regulated utilities and significant capital investment.

• Florida operations contributed approximately 72% of adjusted net income, with Tampa Electric and Emera Energy delivering strong results.

• Deployed a record $3.6 billion in capital investment, resulting in 8% rate base growth over 2024.

• Major investments in solar, battery storage, and reliability across key subsidiaries enhanced efficiency and customer service.

• Technology and AI adoption improved operational efficiency and reliability.

Financial highlights

• 2025 adjusted net income: $1.045 billion ($3.49/share), up from $849 million ($2.94/share) in 2024; reported net income: $1.014 billion ($3.39/share), up from $494 million ($1.71/share) in 2024.

• Operating cash flow grew 19% year-over-year to $2,559 million, with a $386 million rise after normalizing for fuel and storm deferrals.

• Fourth quarter adjusted net income: $167 million ($0.55/share), down from $246 million ($0.84/share) in Q4 2024.

• Dividend payout ratio improved to 83% from 98% year-over-year.

• Rate base grew 8% (6% FX adjusted) year-over-year.

Outlook and guidance

• Extended 5%-7% adjusted EPS growth target through 2030, anchored to 2024 results.

• Five-year capital plan totals $20.4 billion, targeting 7%-8% rate base growth and record $4 billion investment in 2026.

• Dividend growth guidance remains at 1%-2% annually, with payout ratio target of 70%-75% and on track for 80% by 2027.

• Data center-driven growth not included in current guidance; any such growth would be incremental.

• Strategic investments in high-growth jurisdictions planned to drive long-term shareholder value.