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Consolidated Statements of Income - CAD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating revenues    
Total operating revenues (note 6) $ 8,776.0 $ 7,200.0
Operating expenses    
Operating, maintenance and general expenses ("OM&G") 2,337.0 1,918.0
Provincial, state, and municipal taxes 486.0 427.0
Depreciation and amortization 1,294.0 1,162.0
Impairment charges (note 4) 75.0 225.0
Total operating expenses 6,801.0 6,120.0
Income from operations 1,975.0 1,080.0
Income from equity investments (note 8) 63.0 99.0
Other income, net (note 9) 165.0 203.0
Interest expense, net (note 10) 1,032.0 973.0
Income before provision for income taxes 1,171.0 409.0
Income tax expense (recovery) (note 11) 81.0 (159.0)
Net income 1,090.0 568.0
Non-controlling interest in subsidiaries ("NCI") 1.0 1.0
Preferred stock dividends 75.0 73.0
Net income attributable to common shareholders $ 1,014.2 $ 493.6
Weighted average shares of common stock outstanding (in millions) (note 13)    
Basic 299.2 289.1
Diluted 299.7 289.2
Earnings per common share (note 13)    
Basic $ 3.39 $ 1.71
Diluted 3.38 1.71
Dividends per common share declared $ 2.9075 $ 2.8775
Regulated | Electric Revenue    
Operating revenues    
Total operating revenues (note 6) $ 6,858.0 $ 5,872.0
Operating expenses    
Fuel for generation and purchased power 2,161.0 1,992.0
Regulated | Gas Revenue    
Operating revenues    
Total operating revenues (note 6) 1,713.0 1,575.0
Operating expenses    
Fuel for generation and purchased power 448.0 396.0
Non-Regulated    
Operating revenues    
Total operating revenues (note 6) $ 205.0 $ (247.0)