Emera Highlights Record 2025 Results, Extends Growth Target

Energy company reports strong performance at Tampa Electric, Emera Energy, and progress on credit metrics.

Published on Feb. 24, 2026

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Emera, a Canadian energy and services company, reported record results in 2025, driven by strong performance at its Tampa Electric utility, favorable market conditions at Emera Energy, and progress on credit metrics. The company highlighted a step-change in earnings, a 19% increase in operating cash flow, and an extension of its long-term adjusted EPS growth target through 2030.

Why it matters

Emera's strong 2025 results and extended growth outlook demonstrate the company's ability to navigate market conditions and execute on its strategic priorities, which include significant capital investments in transmission, distribution, and infrastructure to support reliability and grid modernization across its utility operations.

The details

Emera reported 2025 adjusted EPS of CAD 3.49, up 19% year-over-year, exceeding its prior 5%-7% annual growth target. The company safely deployed a record CAD 3.6 billion in capital in 2025, driving about 8% rate base growth. Tampa Electric was a major contributor, benefiting from new rates and continued customer growth, though this was partially offset by higher costs. Emera Energy also had a 'very strong year' supported by favorable market conditions and volatility. The company plans to execute a record CAD 4 billion in capital in 2026 as part of a CAD 20 billion five-year plan, with a focus on transmission, distribution, and gas infrastructure.

  • Emera reported full-year adjusted earnings of CAD 1,045 million in 2025, up from CAD 849 million in 2024.
  • Fourth-quarter 2025 adjusted earnings were CAD 167 million (CAD 0.55 per share), down from CAD 246 million (CAD 0.84 per share) in the fourth quarter of 2024.

The players

Scott Balfour

CEO of Emera.

Jared Green

CFO of Emera, on his first earnings call since joining the company in December.

Emera

A Canadian energy and services company investing in electricity generation, transmission, and distribution, as well as gas transmission and utility energy services.

Tampa Electric

A subsidiary of Emera that provides electric utility services in Florida.

Emera Energy

A subsidiary of Emera that engages in energy marketing and trading activities.

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