EMA

MKT CAP:$16B

Emera Incorporated

Market Cap

$16B

Utilities·Regulated Electric·🇨🇦 Canada·NYSE

Utilities·Regulated Electric·🇨🇦·NYSE

Stock Price

$52.32+$3.09 (+6.28%)

Apr 23, 2026

Company Details

Emera Incorporated, an energy and services company, invests in generation, transmission, and distribution of electricity in the United States, Canada, Barbados, and the Bahamas. The company operates through Florida Electric Utility, Canadia...

CEO

Scott Carlyle Balfour

IPO Date

Jan 5, 2010

Website

www.emera.com

Key Metrics TTM

Revenue

$6.4B

+19.2% YoY

Net Income

$796M

EPS (Diluted)

$2.48

Free Cash Flow

-$1.3B

Revenue / Share

$21.28

Gross Margin

39.1%

Operating Margin

21.8%

Net Margin

12.4%

FCF Margin

-19.7%

P/S

2.5x

P/E

20.1x

Earnings Reports

Q1 2026

May 8, 2026

PENDING

FY 2025

Feb 23, 2026

$6.1B+15.3%EPS $2.47

Q4 2025

Feb 23, 2026

$1.5B+14.4%EPS $0.16

Q3 2025

Nov 7, 2025

$1.5BEPS $0.56

Q2 2025

Aug 8, 2025

$1.5B+22.9%EPS $0.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$831M	$243M	$22M
Q3 21	$839M	$190M	-$39M
Q4 21	$1.4B	$610M	$377M
Q1 22	$1.5B	$654M	$423M
Q2 22	$1.0B	$228M	-$7M
Q4 22	$1.7B	$837M	$526M
Q1 23	$1.8B	$915M	$653M
Q2 23	$1.0B	$360M	$90M
Q4 23	$1.4B	$646M	$369M
Q1 24	$1.5B	$604M	$319M
Q2 24	$1.2B	$429M	$137M
Q4 24	$1.3B	$476M	$175M
Q1 25	$2.0B	$996M	$676M
Q2 25	$1.5B	$590M	$216M
Q3 25	$1.5B	$678M	$351M
Q4 25	$1.5B	$245M	$156M

Valuation

Quarter	P/S	P/E
Q2 21	4.0x	33.8x
Q3 21	4.0x	43.2x
Q4 21	3.8x	39.0x
Q1 22	3.5x	33.4x
Q2 22	3.4x	36.0x
Q4 22	2.9x	18.8x
Q1 23	2.7x	15.6x
Q2 23	2.9x	20.5x
Q4 23	2.7x	15.3x
Q1 24	2.8x	19.0x
Q2 24	3.1x	30.2x
Q4 24	3.0x	25.7x
Q1 25	2.7x	19.1x
Q2 25	2.7x	20.3x
Q3 25	2.6x	18.6x
Q4 25	2.5x	20.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$243M	-$139M
Q3 21	$347M	-$89M
Q4 21	$58M	-$500M
Q1 22	$439M	$58M
Q2 22	$53M	-$327M
Q4 22	-$31M	-$683M
Q1 23	$331M	-$134M
Q2 23	$364M	-$158M
Q4 23	$309M	-$330M
Q1 24	$416M	-$23M
Q2 24	$456M	-$89M
Q4 24	$507M	-$171M
Q1 25	$511M	-$18M
Q2 25	$73M	-$655M
Q3 25	$578M	-$40M
Q4 25	$155M	-$551M

Capital Expenditures

Quarter	CapEx
Q2 21	$381M
Q3 21	$436M
Q4 21	$558M
Q1 22	$381M
Q2 22	$380M
Q4 22	$652M
Q1 23	$466M
Q2 23	$522M
Q4 23	$639M
Q1 24	$439M
Q2 24	$545M
Q4 24	$678M
Q1 25	$529M
Q2 25	$728M
Q3 25	$618M
Q4 25	$705M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	-2.7%	+12.6%
Q3 21	-1.3%	+21.3%
Q4 21	+21.5%	+17.8%
Q1 22	+25.0%	+22.2%
Q2 22	+21.4%	+25.5%
Q4 22	+105.4%	+36.4%
Q1 23	+30.2%	+13.8%
Q2 23	-29.6%	-9.8%
Q4 23	+42.9%	+5.6%
Q1 24	-14.4%	-3.5%
Q2 24	-33.5%	-7.1%
Q4 24	+24.3%	+17.7%
Q1 25	+35.7%	+19.4%
Q2 25	-1.5%	+7.1%
Q3 25	+30.2%	+13.8%
Q4 25	+14.4%	+18.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$28M	1.6%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$20M	1.4%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q2 21	$4M
Q3 21	$3M
Q4 21	$10M
Q1 22	$1M
Q2 22	$1M
Q4 22	$17M
Q2 23	$5M
Q4 23	$38M
Q2 24	$7M
Q4 24	$37M
Q2 25	$6M
Q3 25	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$278M	$0	$278M
Q2 22	$201M	$0	$201M
Q3 22	$384M	$0	$384M
Q4 22	$227M	$0	$227M
Q1 23	$205M	$0	$205M
Q2 23	$185M	$0	$185M
Q3 23	$147M	$0	$147M
Q4 23	$414M	$0	$414M
Q1 24	$202M	$0	$202M
Q2 24	$254M	$0	$254M
Q3 24	$175M	$0	$175M
Q4 24	$143M	$0	$143M
Q1 25	$225M	$0	$225M
Q2 25	$146M	$0	$146M
Q3 25	$155M	$0	$155M
Q4 25	$267M	$0	$267M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	256M	+0.8%	+3.1%
Q3 21	259M	+1.1%	+3.9%
Q4 21	262M	+1.5%	+3.3%
Q1 22	262M	0.0%	+3.3%
Q2 22	264M	+0.8%	+3.4%
Q4 22	268M	+1.5%	+3.8%
Q1 23	271M	+1.0%	+3.3%
Q2 23	273M	+0.6%	+3.9%
Q4 23	278M	+1.9%	+5.1%
Q1 24	285M	+2.6%	+6.3%
Q2 24	287M	+0.8%	+6.1%
Q4 24	296M	+3.0%	+8.6%
Q1 25	297M	+0.5%	+7.0%
Q2 25	299M	+0.6%	+4.9%
Q3 25	301M	+0.5%	+4.6%
Q4 25	302M	+0.4%	+2.0%

Shares Outstanding