Hydro One Limited

H.TOTSXUtilities● Active

$56.97

+$0.85(+1.51%)

Market Cap$34.2B

P/E Ratio—

52W High$60.46

52W Low$47.54

Avg Volume1.4M

Open$56.66

Beta0.40

Overview

Hydro One Limited (H.TO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

H.TO · free cash flow · updated Jun 8, 2026

Core FCF metrics

H.TO · FCF · TTM · margin & CAGR

Free cash flow was −$275.0M for FY2025 (fiscal year ending 2025-12-31), down 0.4% year-over-year The FCF margin was -3.0%.

FY2025 Free Cash Flow−$275.0M▼ -0.4% YoY

Trailing 12M (TTM)−$464.0Mtrailing 4 quarters sum

FCF Margin-3.0%−$275.0M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

H.TO · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$2.69B(2.97B)−$275.0M▼ 0.4%-3.0%

FY2024$2.53B(2.81B)−$274.0M▼ 509.0%-3.2%

FY2023$2.41B(2.35B)$67.0M▼ 61.5%0.8%

FY2022$2.26B(2.09B)$174.0M▲ +123.1%2.2%

FY2021$2.15B(2.07B)$78.0M▼ 58.1%1.1%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

H.TO · P/FCF · FCF yield · FCF per share

Hydro One Limited (H.TO) reported negative free cash flow of −$0.28B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

H.TO · cash flow statement · operating / investing / financing

For FY2025, Hydro One Limited generated $2.69B in operating cash flow and spent 2.97B in capital expenditures, yielding −$275.0M in free cash flow.

Operating Activities

+$2.69B

Cash from core business operations

2025-12-31

Investing Activities

−$3.50B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$636.0M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($2.69B) − |CapEx| (2.97B) = FCF (−$275.0M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Utilities)

H.TO vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Hydro One LimitedYOU

H.TO

−$275.0M-0.4%-3.0%

Loss

Constellation Energy Corporation

CEG

$1.29B+125.6%5.0%

35%

Duke Energy Corporation

Utilities · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Hydro One Limited (H.TO) reported free cash flow of −$275.0M for FY2025 (fiscal year ending 2025-12-31), down 0.4% year-over-year. The FCF margin was -3.0%.

Based on available data, Hydro One Limited has maintained positive free cash flow for at least 6 fiscal year(s). FCF peaked at $186.0M in FY2020.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

H.TO free cash flow · 8 questions

Hydro One Limited free cash flow was −$275.0M for FY2025, down 0.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$464.0M.

H.TO free cash flowH.TO FCFH.TO FCF 2025H.TO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Hydro One Limited · Hydro One Limited SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026