Net income after net movements in regulatory balances for the nine months ended September 30, 2025, was $178.1 million, an increase of $56.8 million compared to the same period last year. This increase was primarily due to lower net credit amounts deferred into regulatory accounts, higher distribution revenue and higher other revenue, partially offset by higher depreciation and amortization expense, higher income taxes and higher operating expenses.
As part of Toronto Hydro's commitment to powering the city's future energy needs and increasing electricity system resiliency, it has embarked on a five-year, $5.1 billion investment plan, which includes significant capital investments in the local distribution grid. Capital expenditures for the nine months ended September 30, 2025, were $719.7 million, an increase of $98.6 million or 15.9 per cent compared to the same period last year. Key capital initiatives in 2025 have included the delivery of customer connections as well as replacement of overhead and underground infrastructure.
Selected financial and operational highlights
(in millions of Canadian dollars)
Three months ended
September 30
Nine months ended
September 30
2025
$
2024
$
2025
$
2024
$
Distribution revenue
250.9
246.4
727.5
705.3
Net income after net movements in regulatory balances
67.5
