Emera Incorporated
NYSE: EMA · UTILITIES · UTILITIES - REGULATED ELECTRIC
Updated 2026-06-05
Emera Incorporated (EMA) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.17B | $1.34B | $1.33B | $1.47B | $1.55B | $2.06B | $2.06B | $2.23B | $2.94B | $2.79B | $4.28B | $6.23B | $6.52B | $6.11B | $5.51B | $5.76B | $7.59B | $7.56B | $7.20B | $8.30B |
| Revenue growth (YoY) | — | +14.9% | -0.6% | +10.0% | +6.0% | +32.9% | -0.3% | +8.3% | +31.8% | -5.1% | +53.4% | +45.6% | +4.8% | -6.3% | -9.9% | +4.7% | +31.6% | -0.3% | -4.8% | +15.3% |
| Cost of revenue | $347.70M | $494.50M | $525.10M | $574.00M | $619.70M | $992.70M | $1.38B | $1.47B | $1.88B | $1.82B | $2.94B | $3.63B | $3.87B | $3.49B | $3.13B | $3.60B | $4.56B | $4.28B | $4.29B | $6.26B |
| Gross profit | $818.30M | $845.00M | $806.80M | $891.50M | $934.00M | $1.07B | $674.10M | $756.80M | $1.06B | $971.00M | $1.34B | $2.60B | $2.65B | $2.62B | $2.38B | $2.17B | $3.03B | $3.28B | $2.90B | $2.04B |
| Gross margin | 70.2% | 63.1% | 60.6% | 60.8% | 60.1% | 51.9% | 32.7% | 33.9% | 36.0% | 34.8% | 31.3% | 41.8% | 40.7% | 42.9% | 43.2% | 37.6% | 39.9% | 43.4% | 40.3% | 24.6% |
| R&D | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SG&A | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | $24.00M | $35.00M | — | — |
| Operating income | $332.20M | $337.50M | $310.80M | $346.60M | $333.90M | $317.50M | $346.50M | $407.10M | $667.30M | $508.00M | $555.00M | $1.42B | $1.40B | $1.34B | $1.15B | $930.00M | $1.63B | $1.79B | $1.08B | $1.55B |
| Operating margin | 28.5% | 25.2% | 23.3% | 23.7% | 21.5% | 15.4% | 16.8% | 18.3% | 22.7% | 18.2% | 13.0% | 22.8% | 21.4% | 22.0% | 20.8% | 16.1% | 21.5% | 23.7% | 15.0% | 18.7% |
| EBITDA | $505.30M | $530.80M | $512.70M | $525.50M | $521.10M | $602.20M | $607.50M | $685.50M | $1.01B | $917.00M | $1.15B | $2.27B | $2.30B | $2.29B | $2.08B | $1.85B | $2.69B | $2.89B | $2.50B | $3.50B |
| EBITDA margin | 43.3% | 39.6% | 38.5% | 35.9% | 33.5% | 29.2% | 29.5% | 30.7% | 34.4% | 32.9% | 26.8% | 36.4% | 35.2% | 37.5% | 37.8% | 32.1% | 35.4% | 38.2% | 34.8% | 42.2% |
| EBIT | $323.40M | $381.50M | $347.70M | $347.00M | $347.50M | $339.00M | $346.50M | $409.30M | $670.60M | $568.00M | $555.00M | $1.42B | $1.37B | $1.38B | $1.18B | $938.00M | $1.73B | $1.83B | $1.34B | $2.20B |
| Interest expense | $120.90M | $126.90M | $130.10M | $135.30M | $151.20M | $174.80M | $182.00M | $195.50M | $195.90M | $198.50M | $441.00M | $698.00M | $713.00M | $738.00M | $679.00M | $611.00M | $709.00M | $927.00M | $975.00M | $1.03B |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $125.80M | $151.30M | $144.70M | $175.70M | $194.20M | $247.70M | $220.80M | $236.80M | $432.90M | $427.00M | $255.00M | $294.00M | $746.00M | $708.00M | $983.00M | $560.00M | $1.01B | $1.04B | $567.00M | $1.09B |
| Net income growth (YoY) | — | +20.3% | -4.4% | +21.4% | +10.5% | +27.5% | -10.9% | +7.2% | +82.8% | -1.4% | -40.3% | +15.3% | +153.7% | -5.1% | +38.8% | -43.0% | +80.0% | +3.6% | -45.7% | +91.9% |
| Profit margin | 10.8% | 11.3% | 10.9% | 12.0% | 12.5% | 12.0% | 10.7% | 10.6% | 14.7% | 15.3% | 6.0% | 4.7% | 11.4% | 11.6% | 17.9% | 9.7% | 13.3% | 13.8% | 7.9% | 13.1% |
Frequently asked questions
What is Emera Incorporated's revenue?
Emera Incorporated's trailing twelve-month revenue is $8.91B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is EMA?
In its most recent fiscal year, EMA ran a gross margin of 24.58%, an operating margin of 18.73%, and a net margin of 13.11%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does EMA generate?
EMA produced $-1.73B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is EMA's balance sheet healthy?
EMA holds $364.70M in cash and equivalents against $18.45B in long-term debt, on $13.37B of shareholder equity. That debt is best read against the cash flow the business throws off each year.