Financial dashboard 2025-2026
Hydro-Québec is an important generator, transmission provider and distributor of electricity in Canada, focusing mainly on hydroelectricity. To develop, improve and maintain its facilities, and reimburse maturing debts, the company issues securities which are guaranteed by the Québec Government, its sole shareholder.
Key Assets1
Consolidated Financial Information4
| Years | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total | 17,999in 2025 | 16,113in 2024 | 16,086in 2023 | 16,567in 2022 | 14,526in 2021 |
| Years | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operations | 4,923in 2025 | 4,609in 2024 | 4,132in 2023 | 3,844in 2022 | 3,288in 2021 |
| Other components of employee future benefit cost | (916)in 2025 | (773)in 2024 | (689)in 2023 | (1,020)in 2022 | (743)in 2021 |
| Electricity purchases | 4,021in 2025 | 2,925in 2024 | 2,645in 2023 | 2,834in 2022 | 2,169in 2021 |
| Depreciation and amortization | 3,112in 2025 | 3,019in 2024 | 3,089in 2023 | 2,828in 2022 | 2,689in 2021 |
| Taxes | 1,245in 2025 | 1,210in 2024 | 1,217in 2023 | 1,230in 2022 | 1,191in 2021 |
| Total | 12,385in 2025 | 10,990in 2024 | 10,394in 2023 | 9,716in 2022 | 8,594in 2021 |
| Years | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Income before financial expenses | 5,614in 2025 | 5,123in 2024 | 5,692in 2023 | 6,851in 2022 | 5,932in 2021 |
| Financial expenses | 2,708in 2025 | 2,460in 2024 | 2,404in 2023 | 2,294in 2022 | 2,368in 2021 |
| Net income | 2,906in 2025 | 2,663in 2024 | 3,288in 2023 | 4,557in 2022 | 3,564in 2021 |
| Years | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total | 2,180 in 2025 | 1,997 in 2024 | 2,466 in 2023 | 3,418 in 2022 | 2,673 in 2021 |
| Years | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 108,033in 2025 | 99,709in 2024 | 92,668in 2023 | 89,374in 2022 | 82,698in 2021 |
| Long-term debt, including current portion | 65,551in 2025 | 60,359in 2024 | 55,155in 2023 | 51,541in 2022 | 49,698in 2021 |
| Equity | 30,160in 2025 | 28,707in 2024 | 27,527in 2023 | 26,877in 2022 | 23,260in 2021 |
| Years | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Property, plant and equipment and intangible assets | 6,885in 2025 | 5,987in 2024 | 4,898in 2023 | 4,271in 2022 | 4,223in 2021 |
| Years | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Return on equity (%)a | 10.3in 2025 | 9.6in 2024 | 12.2in 2023 | 17.6in 2022 | 14.3in 2021 |
| Capitalization (%)b | 32.2in 2025 | 32.7in 2024 | 33.7in 2023 | 34.6in 2022 | 32.0in 2021 |
| Profit margin (%)c | 16.1in 2025 | 16.5in 2024 | 20.4in 2023 | 27.5in 2022 | 24.5in 2021 |
| Interest coveraged | 2.02in 2025 | 2.03in 2024 | 2.36in 2023 | 3.01in 2022 | 2.53in 2021 |
| Self-financing (%)e | 33.1in 2025 | 37.1in 2024 | 47.5in 2023 | 55.4in 2022 | 52.7in 2021 |
Results and Outlook
Investments in property, plant and equipment and intangible assets totaled $6.9 billion in 2025.
Hydro‑Québec carried out numerous fixed-rate issues on the Canadian capital market: issues of medium-term notes maturing in 2032 for an amount of $2.2 billion, at an average cost of 3.57%, and bond issues maturing in 2065 for an amount of $3.7 billion, at an average cost of 4.45%. Theses issues raised a total of $5.9 billion.
Investments in Property, Plant and Equipment and Intangible Assets4
($B)
Financing Activities5
($B)
Hydro-Québec securities: a bright and sustainable asset
Unconditional guarantee by the Québec government on most of Hydro-Québec’s debt (debentures, medium-term notes, commercial paper).
Credit Ratings1
| Rating agencies | Long-term debt | Commercial paper | Outlook |
|---|---|---|---|
| Moody’s | Aa2 | P-1 | Stable |
| S&P Global Ratings | A+ | A-1 | N/A* |
| Fitch Ratings | AA- | F1+ | Stable |
| Morningstar DBRS | AA (low) | R-1 (middle) | Stable |
* S&P Global Ratings does not provide an outlook for Hydro-Québec’s credit rating.
- As at December 31, 2025.
- Total installed capacity includes 37,369 MW for Québec and 619 MW for the United States.
- On April 1, 2025 (for residential customers with monthly consumption of 1,000 kWh).
-
- a) Net income divided by average equity for the year less average accumulated other comprehensive income for the year.
- b) Equity divided by the sum of equity, long-term debt, current portion of long-term debt, borrowings and derivative instrument liabilities, less derivative instrument assets and sinking funds.
- c) Net income divided by revenue.
- d) Sum of income before financial expenses and net investment income divided by net interest on long-term debt.
- e) Cash flows from operating activities less dividend paid, divided by the sum of cash flows from investing activities—excluding acquisitions and disposals of short‑term investments, acquisitions of sinking fund securities as well as the disposal of an equity method investment—and repayment of long-term debt.
- Forecast data is supplied for 2026.
- Gross borrowings. Forecast data is supplied for 2026, 2027 and 2028.
- Including derivatives.
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The content of this site is intended for general information purposes only and should not be construed as an offer to sell or a solicitation of offers to purchase securities.
It has not been approved by any regulatory body and is not sufficient for the purpose of deciding to purchase securities. The information, when released, was considered reliable as of that date.
However, errors or omissions may have resulted from electronic conversion, downloading or unauthorized modifications. No warranty is being made by Hydro‑Québec as to the accuracy or completeness of the information provided on this site. Users from outside the Province of Québec are sole responsible for complying with their national, provincial or state laws and regulations.