HYDRO ONE INC

How Do They Make Money?

FY2025 revenue

Yes. It kept 15 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −CAD 282M.

Operating income, FY2025

25% of revenue

▲ +13% vs FY2024 (CAD 2B, 24%)

Net income, FY2025

15% of revenue

▲ +15% vs FY2024 (CAD 1.2B, 14%)

Free cash flow, FY2025

−3% of revenue

▲ +152% (Loss) vs FY2024 (−CAD 112M, −1%)

Growing. Revenue grew 25% in 4 years, from CAD 7.2B in FY2021 to CAD 9B in FY2025, about 6% a year.

Last updated: 10/27/2026

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