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Hydro One (H) investor relations material
Hydro One Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong operational and financial performance in 2025, with net income up 15.8% to $1,339 million and EPS up 15.5% to $2.23, driven by higher revenues, cost efficiencies, and major capital investments.
Responded effectively to extreme weather events, maintaining high reliability and customer service.
Advanced major transmission projects and deepened First Nations partnerships, including the Chatham to Lakeshore Transmission Line and new lines designated for development.
Ratified new collective agreements covering key professional roles and major unions, effective through March 2028.
Recognized as one of Canada's best employers for 2026 by Forbes and Statista.
Financial highlights
Full year 2025 consolidated revenue rose 6.6% to $9,041 million; net income increased 15.8% to $1,339 million; basic EPS was $2.23, up 15.5%.
Q4 net income increased 16.5% year-over-year; Q4 basic EPS was $0.39.
OM&A costs declined 7.8% year-over-year to $1,206 million, reflecting productivity savings.
Capital investments reached $3,366 million in 2025, up 9.9% year-over-year; assets placed in service were $2,901 million, up 17.8%.
Quarterly dividend of $0.3331 per share declared, with $788 million in total dividends paid in 2025.
Outlook and guidance
EPS expected to grow 6–8% annually for the current rate period, using normalized 2022 EPS of $1.61 as a base.
Capital investments for 2026 and 2027 are projected at $3,248 million and $2,842 million, respectively.
Effective tax rate expected to remain between 13%–16% for the remainder of the JRAP 2023 period.
Dividend growth expected to continue in line with rate base expansion.
Ongoing regulatory approvals and government directives to drive further transmission development.
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