Financial Highlights

($ millions except per share amounts)		2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue		12,705	12,488	12,997	14,087	10,573	5,587	5,495	4,257	2,556	2,190
Normalized EBITDA ^(1)(2)(3)		1,863	1,769	1,575	1,537	1,472	1,310	1,302	1,009	797	701
	Utilities ⁽²⁾⁽⁴⁾	1,086	1,012	886	933	771	788	698	426	298	277
	Midstream ⁽²⁾⁽³⁾	818	785	684	607	717	473	531	277	221	163
	Corporate/Other ⁽³⁾⁽⁴⁾	(41)	(28)	5	(3)	(16)	49	73	306	278	261
Income (loss) before income taxes		1,029	746	912	716	446	699	812	(717)	66	246
	Utilities ⁽⁴⁾	822	627	886	548	538	687	408	(252)	215	201
	Midstream ⁽⁴⁾	757	646	460	526	242	235	305	56	138	96
	Corporate/Other ⁽⁴⁾	(550)	(527)	(434)	(358)	(334)	(223)	99	(521)	(287)	(52)
Net income (loss) applicable to common shares		747	578	641	399	230	486	769	(502)	30	155
Normalized net income ^(1)(2)(3)(5)		670	648	536	544	481	396	347	195	204	153
Total assets		26,770	26,092	23,471	23,965	21,593	21,532	19,795	23,488	10,032	10,201
Total long-term liabilities		13,663	13,546	12,195	12,940	11,335	11,264	9,301	11,746	4,578	4,589
Net invested capital ^(1)(6)(7)		1,428	1,312	199	988	449	1,277	(2,130)	6,729	408	666
Cash flow from (used by) investing activities		(1,634)	(1,375)	(199)	(997)	(483)	(1,211)	2,184	(5,834)	(499)	(752)
Dividends declared		381	353	316	298	281	268	266	463	362	320
Cash flows
	Normalized funds from operations ⁽¹⁾⁽³⁾	1,331	1,192	1,128	1,204	1,180	1,003	895	657	615	554
	Cash flow from (used by) operations	1,235	1,538	1,121	539	738	773	616	(79)	545	456
($ per basic share, except shares outstanding and debt to capitalization ratio)
Net income (loss) per common share - basic		2.48	1.95	2.27	1.42	0.82	1.74	2.78	(2.25)	0.18	0.99
Net income (loss) per common share - diluted		2.48	1.94	2.26	1.41	0.82	1.74	2.77	(2.25)	0.18	0.99
Normalized net income - basic ⁽¹⁾⁽²⁾		2.23	2.18	1.90	1.94	1.72	1.42	1.25	0.88	1.19	0.98
Dividends declared		1.26	1.19	1.12	1.06	1.00	0.96	0.96	2.09	2.12	2.03
Cash flows
	Normalized funds from operations ⁽¹⁾	4.42	4.01	4.00	4.28	4.21	3.59	3.23	2.95	3.60	3.52
	Cash flow from (used by) operations	4.10	5.18	3.98	1.92	2.64	2.77	2.22	(0.35)	3.19	2.91
Shares outstanding - basic (millions)
	During the period ⁽⁸⁾	301	297	282	281	280	279	277	223	171	157
	End of period	311	298	295	282	280	279	279	275	175	167

Notes:

Non-GAAP financial measure; see discussion and reconciliations to the nearest GAAP measure in the Non-GAAP Financial Measures section of the MD&A.
Beginning in 2020, Management no longer adjusts normalized EBITDA or normalized net income for changes in the fair value of natural gas optimization inventory. As such, 2019 balances have been adjusted to reflect the impacts of this change.
In the third quarter of 2022, Management changed AltaGas' non-GAAP policy to remove normalization adjustments related to acquired contingencies. Prior periods have been restated to reflect this change.
In 2020, AltaGas revised its reportable segments to align with the structure of its business following asset sales completed as part of its 2019 asset monetization program. Beginning in 2020, AltaGas has two operating segments: Utilities (which includes the WGL retail marketing business) and Midstream. The Corporate/Other segment consists of AltaGas' corporate activities and a small portfolio of remaining power assets. Segment totals for 2019 have been adjusted to reflect the impacts of this change.
In the fourth quarter of 2023, Management changed AltaGas' non-GAAP policy to exclude the impact of unrealized intercompany foreign exchange losses (gains) on intercompany balances between Canadian and U.S. entities. Prior periods have been restated to reflect this change.
In prior periods, invested capital did not include adjustments for the cost of removal of utility assets; however, beginning in the fourth quarter of 2021, Management has adjusted for these costs to better align with the investing section of the Consolidated Statements of Cash Flows. As such, 2020 balances have been restated to reflect this change.
In the fourth quarter of 2023, Management changed AltaGas' non-GAAP policy to exclude cash paid for business acquisitions and for the purchase of remaining non-controlling interest in a subsidiary from invested capital. Prior periods have been restated to reflect this change.
Weighted average.