Cash Flow Statement

Operating Cash Flow

+121%

+57%

10Y

Currency: CAD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	0	0	0	0	0	0	0	0	0	50	83	107	0	142	131	129	135	132	142	143	126	119	120	138	151	181	190	155	144	138	133	164	176	193	205	213	199	247	231	234	259	217	241	248	246	291	287	270	255	339	319	329	453	414	401	408	452	333	528	394	266	533	426	602	299	255	242	284	747	793	812	749	710	921	886	892	984	734	647	507	561	654	608	848	1 009	1 207	1 303	1 237	1 045	694	797	702	568	944	951	1 176
Depreciation & Amortization	108	0	0	0	128	0	0	0	0	167	206	246	0	131	133	158	136	139	141	143	145	146	147	148	149	150	150	150	151	155	158	162	165	171	187	198	232	240	251	263	263	274	275	277	294	306	319	328	314	326	330	336	342	337	339	346	352	358	358	474	593	720	845	847	851	860	876	909	928	929	929	917	911	918	911	905	899	894	896	903	915	917	918	936	959	985	1 024	1 050	1 060	1 088	1 117	1 144	1 165	1 200	1 225	1 250
Change in Deffered Taxes	0	0	0	0	0	0	0	0	0	(5)	(7)	(12)	0	(21)	(13)	(4)	(13)	5	0	(2)	5	7	6	4	13	16	22	17	4	(1)	(15)	(6)	(2)	7	20	7	39	35	32	38	12	5	7	11	13	41	36	30	10	18	9	(14)	40	15	14	48	20	17	26	(39)	(67)	25	45	127	469	422	394	334	185	199	194	259	125	409	412	365	381	75	33	(52)	(37)	4	(14)	81	152	219	232	202	97	(38)	35	54	(191)	(73)	(102)	(86)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4	0	0	0	3	0	0	0	4	0	0	0	5	0	0	0	7	0	0	0	10	0	1	2	6	6	5	6	8	7	8	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	0	42	77	96	0	161	201	240	282	140	85	5	193	(6)	(24)	(19)	(94)	(60)	(62)	(65)	56	(26)	(17)	(68)	38	136	140	154	18	40	16	6	(3)	(69)	(71)	(107)	(134)	(125)	(107)	(74)	(94)	(34)	(60)	(51)	(142)	(175)	(152)	(129)	62	61	106	115	(75)	4	33	7	(31)	38	(247)	(74)	127	(233)	(19)	(272)	(322)	(153)	(151)	51	(54)	(141)	(121)	(174)	(148)	(566)	(570)	(645)	(844)	(445)	(288)	(4)	(102)	(96)	(113)	(757)	(973)	(1 092)	(995)	(335)	134	569	468	355	652	225	182	94
Cash Taxes Paid	16	0	0	0	28	44	59	67	51	58	67	78	83	71	69	67	62	68	64	45	47	76	93	121	108	80	60	49	62	52	58	60	49	41	24	5	(2)	(0)	3	(34)	(33)	(33)	(33)	(13)	(12)	(12)	(14)	20	(23)	12	23	(102)	65	0	0	0	124	0	0	0	57	0	0	0	63	0	0	0	33	0	0	0	107	0	0	0	148	0	0	0	24	0	0	0	67	0	0	0	43	0	0	0	34	0	0	0
Cash Interest Paid	118	0	0	0	147	175	211	244	128	137	131	133	131	124	125	127	121	122	138	116	122	122	104	124	119	120	123	124	132	129	123	127	127	129	145	137	150	153	160	166	170	169	171	177	181	187	188	188	188	195	187	194	185	0	0	0	196	0	0	0	480	0	0	0	689	0	0	0	653	0	0	0	750	0	0	0	679	0	0	0	603	0	0	0	699	0	0	0	930	0	0	0	989	0	0	0
Change in Working Capital	37	0	0	0	130	(98)	(148)	(148)	(30)	(49)	0	0	112	0	0	0	0	0	0	0	0	0	0	15	0	(52)	0	(67)	(80)	(161)	(137)	(127)	(26)	(41)	(52)	22	83	93	54	82	(40)	(37)	45	(23)	(14)	(69)	(121)	(91)	(76)	(125)	(23)	(53)	3	(34)	(84)	(69)	(120)	(11)	136	223	134	(7)	(239)	(77)	(104)	76	215	(33)	(116)	(121)	(181)	(144)	(73)	(131)	(180)	(62)	217	250	239	149	(152)	8	(172)	(74)	(234)	(554)	(373)	(378)	(95)	44	66	120	452	480	(4)	(150)
Cash from Operating Activities	145 N/A	150 +4%	186 +24%	204 +10%	258 +26%	191 -26%	182 -5%	220 +21%	252 +14%	302 +20%	367 +22%	345 -6%	305 -12%	267 -12%	241 -10%	264 +10%	164 -38%	215 +31%	221 +2%	203 -8%	333 +64%	245 -26%	256 +5%	237 -8%	351 +48%	416 +18%	502 +21%	462 -8%	237 -49%	238 +0%	154 -35%	198 +29%	310 +56%	261 -16%	289 +11%	333 +15%	419 +26%	491 +17%	461 -6%	543 +18%	400 -26%	425 +6%	509 +20%	462 -9%	398 -14%	395 -1%	370 -6%	409 +11%	564 +38%	619 +10%	741 +20%	714 -4%	763 +7%	736 -4%	702 -5%	739 +5%	674 -9%	736 +9%	800 +9%	979 +22%	1 053 +8%	1 038 -1%	1 058 +2%	1 227 +16%	1 193 -3%	1 460 +22%	1 576 +8%	1 545 -2%	1 690 +9%	1 659 -2%	1 633 -2%	1 607 -2%	1 525 -5%	1 551 +2%	1 459 -6%	1 455 0%	1 637 +13%	1 508 -8%	1 527 +1%	1 503 -2%	1 185 -21%	1 487 +25%	1 227 -17%	1 034 -16%	913 -12%	765 -16%	1 191 +56%	1 776 +49%	2 241 +26%	2 357 +5%	2 483 +5%	2 375 -4%	2 646 +11%	2 776 +5%	2 252 -19%	2 284 +1%
Investing Cash Flow
Capital Expenditures	(192)	(204)	(186)	(148)	(107)	(73)	(92)	(116)	(121)	(119)	(125)	(143)	(152)	(157)	(159)	(136)	(129)	(129)	(133)	(146)	(194)	(214)	(232)	(261)	(252)	(324)	(369)	(479)	(546)	(491)	(467)	(328)	(339)	(342)	(398)	(496)	(526)	(531)	(518)	(518)	(472)	(502)	(483)	(440)	(434)	(402)	(383)	(359)	(317)	(334)	(308)	(343)	(429)	(431)	(483)	(469)	(427)	(432)	(468)	(727)	(1 080)	(1 298)	(1 572)	(1 571)	(1 529)	(1 573)	(1 766)	(1 989)	(2 162)	(2 370)	(2 324)	(2 265)	(2 495)	(2 592)	(2 696)	(2 783)	(2 623)	(2 446)	(2 299)	(2 284)	(2 359)	(2 403)	(2 401)	(2 467)	(2 596)	(2 712)	(2 906)	(2 955)	(2 937)	(2 901)	(2 933)	(3 097)	(3 151)	(3 274)	(3 524)	(3 494)
Other Items	(374)	(371)	(323)	(333)	(3)	(1)	(14)	(9)	36	41	48	54	(63)	(56)	(98)	(145)	12	(6)	45	85	(3)	(21)	(26)	(22)	(37)	(29)	(36)	(130)	(126)	(110)	(32)	(22)	(28)	(34)	(205)	(127)	(361)	(429)	(333)	(372)	(189)	(99)	(562)	(569)	(486)	(612)	(177)	(156)	(604)	(494)	(656)	(577)	(282)	(1)	170	61	304	(27)	459	(7 903)	(7 957)	(7 979)	(8 533)	(132)	(232)	(196)	(89)	(64)	(28)	865	854	854	878	1 423	1 421	1 416	1 399	(2)	4	20	27	36	32	26	27	16	24	26	20	20	944	936	933	952	49	47
Cash from Investing Activities	(566) N/A	(575) -2%	(509) +12%	(480) +6%	(110) +77%	(75) +32%	(106) -42%	(124) -17%	(85) +31%	(79) +8%	(77) +2%	(89) -15%	(215) -142%	(213) +1%	(256) -20%	(281) -10%	(117) +58%	(135) -15%	(88) +35%	(62) +30%	(197) -220%	(236) -20%	(258) -9%	(283) -10%	(289) -2%	(353) -22%	(404) -14%	(608) -50%	(672) -10%	(602) +10%	(499) +17%	(350) +30%	(367) -5%	(375) -2%	(604) -61%	(622) -3%	(886) -42%	(960) -8%	(851) +11%	(890) -5%	(661) +26%	(601) +9%	(1 045) -74%	(1 008) +3%	(919) +9%	(1 013) -10%	(560) +45%	(515) +8%	(922) -79%	(828) +10%	(964) -16%	(920) +5%	(711) +23%	(432) +39%	(313) +28%	(409) -31%	(124) +70%	(459) -271%	(9) +98%	(8 630) -91 705%	(9 037) -5%	(9 277) -3%	(10 105) -9%	(1 703) +83%	(1 761) -3%	(1 769) 0%	(1 855) -5%	(2 053) -11%	(2 190) -7%	(1 505) +31%	(1 470) +2%	(1 411) +4%	(1 617) -15%	(1 169) +28%	(1 275) -9%	(1 367) -7%	(1 224) +10%	(2 448) -100%	(2 295) +6%	(2 264) +1%	(2 332) -3%	(2 367) -2%	(2 369) 0%	(2 441) -3%	(2 569) -5%	(2 696) -5%	(2 882) -7%	(2 929) -2%	(2 917) +0%	(2 881) +1%	(1 989) +31%	(2 161) -9%	(2 218) -3%	(2 322) -5%	(3 475) -50%	(3 447) +1%
Financing Cash Flow
Net Issuance of Common Stock	176	5	5	5	154	148	148	148	0	8	8	10	10	12	18	19	21	21	14	16	15	14	15	12	11	11	13	14	14	14	(115)	(117)	(110)	(105)	171	178	185	380	242	244	244	58	304	309	500	498	375	375	182	427	500	496	504	247	37	29	(48)	(35)	(34)	(35)	354	342	341	341	682	682	975	974	301	330	94	153	203	248	235	233	285	264	500	756	733	739	544	337	277	222	147	44	424	448	455	601	284	273	264	124
Net Issuance of Debt	334	329	279	201	(217)	(169)	(131)	18	(80)	(129)	(201)	(325)	40	52	123	103	21	(14)	(46)	(63)	(62)	66	53	121	37	48	97	258	524	454	513	407	315	364	305	276	430	328	352	314	252	310	419	430	234	303	(10)	55	365	70	2	(5)	(194)	(206)	(175)	345	575	781	6 863	7 707	7 366	7 501	1 828	294	258	101	(211)	95	457	506	163	(38)	258	426	40	195	(192)	(138)	632	646	1 084	796	1 216	1 664	1 820	2 139	2 123	1 392	1 081	623	(318)	(230)	(494)	(66)	1 408	1 634
Cash Paid for Dividends	(81)	(84)	(84)	(84)	(84)	(87)	(89)	(91)	(93)	(94)	(94)	(95)	(96)	(96)	(96)	(97)	(97)	(98)	(98)	(98)	(98)	(99)	(99)	(99)	(100)	(102)	(104)	(105)	(108)	(110)	(112)	(113)	(116)	(118)	(122)	(127)	(135)	(143)	(152)	(160)	(164)	(168)	(171)	(175)	(180)	(187)	(192)	(200)	(205)	(211)	(220)	(226)	(236)	(228)	(216)	(202)	(271)	(277)	(288)	(308)	(249)	(271)	(290)	(302)	(315)	(328)	(343)	(366)	(382)	(394)	(406)	(414)	(423)	(437)	(447)	(453)	(454)	(457)	(465)	(477)	(493)	(505)	(518)	(527)	(535)	(539)	(538)	(542)	(554)	(571)	(590)	(601)	(611)	(617)	(623)	(637)
Other	10	59	38	52	4	6	17	(47)	(12)	(17)	(10)	40	(12)	(12)	(14)	(13)	(12)	(11)	(9)	(11)	2	3	8	10	(4)	(2)	(3)	(2)	(10)	(10)	(16)	(23)	(19)	(24)	(24)	(20)	(25)	(24)	(22)	(8)	(0)	(7)	(7)	(24)	(30)	10	11	19	20	(19)	(19)	(20)	(16)	(25)	(26)	(32)	(35)	(35)	(29)	(62)	(23)	(12)	(14)	20	(32)	(52)	(54)	(51)	(32)	(9)	(23)	(24)	(24)	(23)	(11)	(10)	(11)	(10)	(7)	(9)	(13)	(13)	(13)	(12)	(7)	(16)	(15)	(17)	(12)	(2)	(6)	6	3	0	8	(1)
Cash from Financing Activities	438 N/A	309 -29%	237 -23%	173 -27%	(143) N/A	(101) +29%	(55) +45%	28 N/A	(184) N/A	(231) -25%	(297) -29%	(369) -24%	(57) +84%	(44) +24%	30 N/A	12 -59%	(68) N/A	(102) -49%	(139) -36%	(156) -12%	(143) +8%	(15) +90%	(23) -57%	44 N/A	(56) N/A	(45) +19%	3 N/A	166 +5 088%	420 +153%	348 -17%	270 -22%	154 -43%	71 -54%	118 +67%	330 +181%	307 -7%	455 +48%	540 +19%	420 -22%	390 -7%	331 -15%	193 -42%	545 +182%	540 -1%	525 -3%	624 +19%	185 -70%	249 +34%	362 +46%	268 -26%	264 -1%	245 -7%	58 -76%	(213) N/A	(380) -79%	140 N/A	221 +58%	434 +96%	6 512 +1 399%	7 302 +12%	7 448 +2%	7 560 +2%	1 865 -75%	353 -81%	593 +68%	403 -32%	367 -9%	652 +78%	344 -47%	433 +26%	(172) N/A	(323) -88%	14 N/A	214 +1 429%	(183) N/A	(35) +81%	(372) -963%	(341) +8%	660 N/A	916 +39%	1 311 +43%	1 017 -22%	1 229 +21%	1 462 +19%	1 555 +6%	1 806 +16%	1 717 -5%	877 -49%	939 +7%	498 -47%	(459) N/A	(224) +51%	(818) -265%	(407) +50%	1 057 N/A	1 120 +6%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	(3)	(4)	(4)	(2)	(0)	(1)	(1)	(0)	(2)	(1)	(2)	(1)	(2)	(3)	2	5	4	9	9	(3)	10	11	35	38	43	81	(16)	(20)	(31)	(65)	2	3	(11)	(13)	(1)	12	19	25	10	(6)	1	(20)	(21)	(47)	(55)	(61)	(58)	(23)	(14)	(1)	(1)	2	18	16	23	13	0	(7)	0	11	1	23	12	3	8
Net Change in Cash	17 N/A	(116) N/A	(86) +26%	(103) -20%	6 N/A	15 +169%	20 +37%	124 +513%	(18) N/A	(8) +55%	(8) +1%	(113) -1 324%	33 N/A	10 -69%	15 +43%	(5) N/A	(21) -293%	(22) -1%	(6) +71%	(15) -133%	(8) +47%	(5) +32%	(24) -351%	(2) +93%	7 N/A	18 +154%	100 +474%	20 -80%	(14) N/A	(15) -7%	(76) -397%	(1) +99%	10 N/A	(0) N/A	14 N/A	17 +28%	(13) N/A	70 N/A	30 -58%	41 +37%	70 +71%	15 -79%	8 -44%	(8) N/A	1 N/A	8 +1 217%	(1) N/A	147 N/A	14 -90%	68 +379%	38 -43%	49 +28%	120 +146%	126 +5%	47 -63%	514 +1 003%	852 +66%	695 -18%	7 283 +948%	(380) N/A	(601) -58%	(677) -13%	(7 179) -960%	(134) +98%	12 N/A	93 +675%	100 +8%	163 +63%	(131) N/A	597 N/A	(15) N/A	(126) -740%	(98) +22%	575 N/A	(46) N/A	(2) +96%	(20) -900%	(1 339) -6 595%	(131) +90%	141 N/A	163 +16%	136 -17%	89 -35%	73 -18%	(85) N/A	(102) -20%	39 N/A	(276) N/A	256 N/A	(26) N/A	46 N/A	(9) N/A	(367) -3 978%	59 N/A	(163) N/A	(35) +79%
Free Cash Flow
Free Cash Flow	(47) N/A	(54) -15%	(0) +100%	57 N/A	151 +167%	118 -22%	90 -24%	105 +17%	131 +25%	183 +40%	241 +32%	203 -16%	153 -24%	110 -28%	82 -26%	128 +56%	35 -73%	87 +147%	88 +2%	57 -36%	139 +145%	31 -78%	24 -20%	(24) N/A	100 N/A	92 -8%	133 +45%	(16) N/A	(309) -1 782%	(254) +18%	(313) -23%	(129) +59%	(29) +78%	(81) -179%	(109) -36%	(163) -49%	(106) +35%	(40) +62%	(57) -43%	25 N/A	(73) N/A	(77) -6%	26 N/A	23 -14%	(36) N/A	(7) +81%	(14) -99%	50 N/A	247 +394%	285 +15%	433 +52%	371 -14%	333 -10%	305 -9%	219 -28%	270 +23%	247 -9%	304 +23%	332 +9%	252 -24%	(27) N/A	(260) -863%	(514) -98%	(344) +33%	(336) +2%	(113) +66%	(190) -68%	(444) -134%	(472) -6%	(711) -51%	(691) +3%	(658) +5%	(970) -47%	(1 041) -7%	(1 237) -19%	(1 328) -7%	(986) +26%	(938) +5%	(772) +18%	(781) -1%	(1 174) -50%	(916) +22%	(1 174) -28%	(1 433) -22%	(1 683) -17%	(1 947) -16%	(1 715) +12%	(1 179) +31%	(696) +41%	(544) +22%	(450) +17%	(722) -60%	(505) +30%	(498) +1%	(1 272) -155%	(1 210) +5%

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Emera Inc
TSX:EMA

Cash Flow Statement

Cash Flow Statement
Emera Inc

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Emera Inc TSX:EMA

Cash Flow Statement

Cash Flow Statement Emera Inc

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Emera Inc
TSX:EMA

Cash Flow Statement
Emera Inc