The biggest changes in the 10-K filed 2026-02-12, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Operating margin
18.8% → 21.2% (+2.5 pts) Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Net income
+12.5% Big change FY to 2025-12-31 vs 2024-12-31“Net income attributable to common shareholders increased by $308 million and Diluted earnings per average common share increased to $2.73 in 2025 from $2.45 in 2024 primarily due to:”
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“Net income increased by $81 million primarily due to higher distribution and transmission rate base driven by incremental investments to serve customers, higher return on regulatory assets due to an increase in asset balances, and higher AFUDC, partially offset by lower transmission peak load.”
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Cash from operations
+12.3% Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Revenue
+5.3% FY to 2025-12-31 vs 2024-12-31“Electric distribution revenue increased during the year ended December 31, 2025, compared to the same period in 2024, primarily due to higher fully recoverable costs, higher rate base, and higher return on regulatory assets.”
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“Energy efficiency revenue increased during the year ended December 31, 2025, compared to the same period in 2024, primarily due to increased regulatory asset amortization, which is fully recoverable.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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