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Earnings

Emera Reports 2025 Fourth Quarter Financial and Annual Financial Results, Extends Growth Target

By The Northwire Desk — AI Analysis Feb 23, 2026 · 06:00 EMA · 70.17 EMERA INCORPORATED
EMA · Price

Executive Summary

  • Emera reported record 2025 adjusted earnings per share of $3.49 (19% YoY increase) and its first $1 billion+ annual adjusted net income ($1.045 bn).
  • Reported net income for 2025 reached $1.014 bn, more than double the 2024 figure of $494 m.
  • The company extended its average adjusted EPS growth target of 5‑7% through 2030 and executed a $3.6 bn capital plan, the largest ever.

Key Details

  • Adjusted EPS (2025): $3.49 per share (record) vs. $2.94 in 2024.
  • Reported EPS (2025): $3.39 per share vs. $1.71 in 2024.
  • Adjusted Net Income 2025: $1.045 bn (+23% YoY).
  • Reported Net Income 2025: $1.014 bn (+105% YoY).
  • Q4‑2025 Adjusted Net Income: $167 m ($0.55 per share) vs. $246 m ($0.84) in Q4‑2024.
  • Q4‑2025 Reported Net Income: $68 m ($0.23 per share) vs. $154 m ($0.52) in Q4‑2024.
  • Capital Plan 2025: Executed $3.6 bn, driving an 8% increase in rate base YoY.
  • Key Drivers of Adjusted Net Income Growth: Higher earnings at Tampa Electric (TEC), Emera Energy Services (EES) and New Mexico Gas Company (NMGC). Offsets included the sale of the Labrador Island Link (LIL) interest, lower NSPI earnings, and higher corporate costs.
  • Mark‑to‑Market Impact: $41 m gain in 2025 vs. a $291 m loss in 2024; translation effects from CAD/USD movements added $13 m to adjusted net income and $49 m to reported net income YoY.
  • Charges & Gains:
  • $72 m after‑tax charges related to pending NMGC sale (2025).
  • $41 m after‑tax MTM gain (2025) vs. $291 m loss (2024).
  • No gain on LIL in 2025 (sale completed Q2 2024); prior year had $129 m gain.
  • Corporate Expenses: Higher interest expense from increased debt and weaker CAD impact; partially offset by lower rates.
  • Forward‑Looking Guidance: Extends average adjusted EPS growth target of 5‑7% per annum through 2030.

Notable Quotes

“Without question, 2025 was a strong year for Emera,” said Scott Balfour, President and CEO. “For the first time, we exceeded $1 billion in annual adjusted net income… We are making disciplined, strategic investments… balancing customer affordability with long‑term reliability, resilience and value our stakeholders expect.”

Teleconference call scheduled for today (Feb 23, 2026) at 9:30 a.m. Atlantic to discuss the results.

Read the original news release →

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