TransAlta Corporation (TAC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$0.16	$0.18	+12.5%	—	—	—
Q2 26	-$0.01	$0.06	+700.0%	—	—	—
Q1 26	$0.08	-$0.06	-175.0%	—	—	—
Q4 25	$0.08	-$0.02	-125.0%	—	—	—
Q3 25	$0.11	$0.18	+63.6%	—	—	—
Q2 25	$0.14	$0.1	-28.6%	—	—	—
Q1 25	$0.04	$0.12	+200.0%	—	—	—
Q4 24	$0.22	-$0.05	-122.7%	—	—	—
Q3 24	$0.1	$0.23	+130.0%	—	—	—
Q2 24	$0.15	$0.47	+213.3%	—	—	—
Q1 24	$0.16	$0.28	+75.0%	—	—	—
Q4 23	$0.51	$1.21	+137.3%	—	—	—
Q3 23	$0.18	$0.28	+55.6%	—	—	—
Q2 23	$0.2	$0.99	+395.0%	—	—	—
Q1 23	$0.42	-$1.59	-478.6%	—	—	—
Q4 22	$0.4	$0.78	+95.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.64	—	—	$2.4B	—
FY24	—	$0.59	—	—	$2.8B	—
FY23	—	$2.33	—	—	$3.4B	—
FY22	—	$0.01	—	—	$3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.4B	$2.3B	$2.2B	$2.3B	$2.1B	$2.7B	$3B	$3.4B	$2.8B	$2.4B
YoY change	+5.73%	-3.75%	-2.51%	+4.36%	-10.5%	+29.5%	+9.37%	+12.7%	-15.2%	-15.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.4B	2.3B	2.2B	2.3B	2.1B	2.7B	3B	3.4B	2.8B	2.4B
Cost of revenue	963M	1B	1.1B	1.1B	968M	1.2B	1.3B	1.2B	1.1B	985M
Gross profit	1.4B	1.3B	1.1B	1.3B	1.1B	1.5B	1.6B	2.2B	1.8B	1.4B
Gross margin	59.8%	56%	51.1%	53.7%	53.9%	54.7%	54.9%	65.1%	63.1%	59%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	249M	248M	245M	228M	235M	234M	263M	254M	296M	317M
Operating expenses	318M	489M	499M	458M	491M	551M	519M	541M	646M	721M
Operating income	484M	137M	45M	184M	-45M	377M	484M	992M	581M	70M
Operating margin	20.2%	5.94%	2%	7.84%	-2.14%	13.9%	16.3%	29.6%	20.4%	2.91%
Non-operating income, net	-28M	-25M	53M	159M	-57M	-569M	63M	50M	-32M	33M
Pretax income	314M	-54M	-96M	193M	-303M	-380M	353M	880M	319M	-141M
Income tax	38M	64M	-6M	17M	-50M	45M	192M	84M	80M	17M
Net income	276M	-118M	-90M	176M	-253M	-425M	161M	796M	239M	-158M
Net margin	11.5%	-5.11%	-4%	7.5%	-12%	-15.6%	5.41%	23.7%	8.4%	-6.57%
EBITDA	1.2B	891M	761M	932M	745M	1.1B	1.1B	1.7B	1.1B	677M
EPS	0.41	-0.66	-0.86	0.18	-1.22	-2.13	0.01	2.33	0.59	-0.64
Diluted EPS	0.41	-0.66	-0.86	0.18	-1.22	-2.13	0.01	2.33	0.59	-0.64

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1B	624M	947M	582M	454.5M	678M	758M	433M	615M	599M	565M	487M
Cost of revenue	297M	305M	363M	146M	180.9M	288M	326M	99M	262M	298M	204M	54M
Gross profit	720M	319M	584M	436M	273.6M	390M	432M	334M	353M	301M	361M	433M
Gross margin	70.8%	51.1%	61.7%	74.9%	60.2%	57.5%	57%	77.1%	57.4%	50.3%	63.9%	88.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	61M	63M	65M	69M	47.7M	95M	76M	77M	81M	83M	99M	88M
Operating expenses	130M	149M	134M	144M	101.2M	226M	174M	175M	181M	191M	170M	174M
Operating income	442M	35M	318M	152M	70.5M	12M	100M	-3M	25M	-52M	73M	143M
Operating margin	43.5%	5.61%	33.6%	26.1%	15.5%	1.77%	13.2%	-0.69%	4.07%	-8.68%	12.9%	29.4%
Non-operating income, net	52M	-29M	-3M	-2M	-18.5M	-1M	16M	-29M	-19M	65M	5M	-4M
Pretax income	453M	-35M	267M	94M	6.4M	-51M	49M	-95M	-53M	-42M	23M	80M
Income tax	34M	19M	29M	28M	22.1M	-8M	7M	11M	1M	-2M	6M	28M
Net income	419M	-54M	238M	66M	-15.7M	-43M	42M	-106M	-54M	-40M	17M	52M
Net margin	41.2%	-8.65%	25.1%	11.3%	-3.45%	-6.34%	5.54%	-24.5%	-8.78%	-6.68%	3.01%	10.7%
EBITDA	594M	180M	446M	296M	165.3M	163M	250M	153M	167M	108M	189M	257M
EPS	1.41	—	0.72	0.18	-0.12	—	0.15	-0.38	-0.2	—	0.04	0.12
Diluted EPS	1.41	—	0.72	0.18	-0.12	—	0.15	-0.38	-0.2	—	0.04	0.12

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.3B	2.5B	1.7B	2.9B	3B	4.4B	3.5B	3.3B	—	3.8B	3.7B
Enterprise value	6.4B	5.9B	4.9B	6.1B	6B	7B	6.4B	6.7B	—	7.9B	6.1B
Shares outstanding	418.5M	418.5M	417M	411.2M	399.6M	393.8M	393.8M	393M	302M	297M	297M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	8.34	—	—	16.7	—	—	21.9	4.1	—	—	1.2K
P/S	0.96	1.08	0.76	1.25	1.44	1.61	1.19	0.97	—	1.56	1.65
P/B	0.49	0.57	0.42	0.72	0.88	1.69	1.78	1.96	—	2.56	6.29
EV/EBITDA	5.25	6.6	6.43	6.51	8.08	6.22	5.77	4.04	—	11.7	10.2
EV/Sales	2.65	2.55	2.18	2.59	2.87	2.58	2.15	2.01	—	3.28	3.83
Earnings yield	12%	—	—	5.98%	—	—	4.56%	24.4%	—	—	0.08%
FCF yield	15.9%	9.52%	30.4%	14.2%	6.66%	11.7%	-2.04%	17.6%	—	10.2%	5.51%
PEG	—	—	—	—	—	—	—	—	—	—	-9.33

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	59.8%	56%	51.1%	53.7%	53.9%	54.7%	54.9%	65.1%	63.1%	59%	88.9%
Operating margin	20.2%	5.94%	2%	7.84%	-2.14%	13.9%	16.3%	29.6%	20.4%	2.91%	33.3%
Net margin	11.5%	-5.11%	-4%	7.5%	-12%	-15.6%	5.41%	23.7%	8.4%	-6.57%	-1.01%
ROE	5.92%	-2.69%	-2.18%	4.33%	-7.36%	-16.4%	8.09%	47.8%	13%	-10.8%	-1.42%
ROA	2.51%	-1.15%	-0.95%	1.85%	-2.6%	-4.61%	1.5%	9.19%	2.52%	-1.82%	2.35%
ROIC	4.88%	1.76%	0.62%	2.33%	-0.7%	7.18%	4.54%	17.5%	7.18%	1.25%	0%
Return on tangible assets	2.95%	-1.36%	-1.16%	2.22%	-3.09%	-5.46%	1.73%	10.9%	3.02%	-2.21%	-0.34%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.28	1.06	1.49	1.2	2.03	1.14	1.29	0.91	0.69	0.73	0.84
Quick ratio	1.1	0.93	1.22	0.98	1.78	1.05	1.23	0.82	0.64	0.67	0.77
Debt / equity	0.94	0.85	0.79	0.87	1.07	1.39	2.02	2.29	2.47	2.96	2.29
Debt / assets	0.4	0.36	0.35	0.37	0.38	0.39	0.37	0.44	0.48	0.5	0.48
Net debt / EBITDA	3.35	3.81	4.18	3.36	4.01	2.35	2.59	2.08	3.71	6.11	5.46
Interest coverage	2.53	0.75	0.52	2.02	-0.58	-0.78	2.67	5.15	2.28	0.47	1.03
Effective tax rate	12.1%	0%	0%	8.81%	0%	0%	54.4%	9.55%	25.1%	0%	100%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.73	5.51	5.39	5.71	5.26	6.91	7.56	8.54	9.42	8.1	7.59
EPS (basic)	0.41	-0.66	-0.86	0.18	-1.22	-2.13	0.01	2.33	0.59	-0.64	-0.64
EPS (diluted)	0.41	-0.66	-0.86	0.18	-1.22	-2.13	0.01	2.33	0.59	-0.64	-0.22
Book value per share	11.1	10.5	9.91	9.88	8.6	6.59	5.05	4.23	6.1	4.93	1.88
FCF per share	0.87	0.57	1.25	1.02	0.51	1.3	-0.18	1.47	1.57	1.29	1.47
Cash per share	0.73	0.75	0.21	1	1.76	2.4	2.88	0.89	1.12	0.69	0.95
Capex per share	0.84	0.8	0.66	0.98	1.2	1.12	2.16	2.15	1.02	0.01	0.01

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	14.7%	14.5%	12.2%	17.2%	22.8%	16.2%	28.6%	25.2%	10.8%	0.08%	0.08%
Capex / operating cash flow	45.4%	47%	41.3%	46.7%	84.2%	87.5%	163.2%	52.1%	46.9%	0.31%	0.31%
Payout ratio	40.2%	-72.9%	-95.6%	48.3%	-34%	-20.5%	60.2%	13.7%	51.5%	-79.7%	1.2K%
Dividend yield	4.82%	3.45%	5.01%	2.89%	2.84%	1.99%	2.75%	3.34%	—	3.36%	1.73%

Yield

1.73%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.051

ex-dividend Sep 1, 2026

Payout ratio

1200%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.051
Jun 1, 2026	$0.051
Feb 27, 2026	$0.048

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1B	$624M	$947M	$582M	$454.5M	$678M	$758M	$433M	$615M	$599M	$565M	$487M
YoY change	+9.47%	-26.9%	-13%	-6.88%	-55.3%	+8.65%	-20%	-25.6%	+35.3%	-11.7%	-25.5%	+12.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	305M	314M	89M	411M	703M	947M	1.1B	348M	337M	205M
Receivables	446M	693M	597M	399M	488M	499M	1.2B	600M	570M	507M
Inventory	213M	219M	242M	251M	238M	167M	157M	157M	134M	111M
Total current assets	1.6B	1.7B	1.3B	1.3B	1.9B	2.2B	3.7B	1.6B	1.8B	1.3B
Property, plant & equipment	-2.5B	-3.2B	-3.7B	-3.8B	-6.5B	-7.3B	-6.9B	-7B	-8.6B	-8.9B
Goodwill & intangibles	1.6B	1.7B	1.7B	1.6B	1.6B	1.4B	1.4B	1.4B	1.6B	1.5B
Total assets	11B	10.3B	9.4B	9.5B	9.7B	9.2B	10.7B	8.7B	9.5B	8.7B
Accounts payable	413M	595M	496M	413M	599M	654M	1.1B	772M	694M	548M
Short-term debt	639M	747M	148M	513M	105M	844M	194M	535M	1.3B	925M
Total current liabilities	1.2B	1.6B	880M	1.1B	935M	1.9B	2.9B	1.7B	2.6B	1.8B
Long-term debt	3.7B	3B	3.1B	3B	3.6B	2.8B	3.8B	3.3B	3.2B	3.4B
Total liabilities	6.3B	5.9B	5.3B	5.4B	6.3B	6.6B	8.8B	7B	7.7B	7.2B
Shareholders' equity	4.7B	4.4B	4.1B	4.1B	3.4B	2.6B	2B	1.7B	1.8B	1.5B
Total debt	4.4B	3.7B	3.3B	3.5B	3.7B	3.6B	4B	3.8B	4.6B	4.3B
Net debt	4.1B	3.4B	3.2B	3.1B	3B	2.7B	2.9B	3.5B	4.2B	4.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.2B	348M	419M	351M	285.7M	337M	238M	222M	211M	205M	274M	302M
Receivables	617M	600M	467M	456M	557.8M	570M	619M	560M	601M	507M	457M	659M
Inventory	180M	157M	151M	155M	111.8M	134M	133M	135M	139M	111M	118M	126M
Total current assets	2.5B	1.6B	1.6B	1.5B	1.2B	1.8B	1.8B	1.4B	1.5B	1.3B	1.4B	1.4B
Property, plant & equipment	5.8B	-7B	5.8B	5.7B	4B	-8.6B	6B	5.9B	5.9B	-8.9B	5.8B	5.8B
Goodwill & intangibles	1.4B	1.4B	1.4B	1.4B	953.2M	1.6B	1.6B	1.6B	1.5B	1.5B	1.5B	1.5B
Total assets	9.5B	8.7B	8.8B	8.5B	6.2B	9.5B	9.5B	8.9B	8.9B	8.7B	8.8B	8.8B
Accounts payable	666M	772M	603M	474M	421M	694M	675M	498M	568M	548M	500M	516M
Short-term debt	529M	535M	1.3B	882M	916.8M	1.3B	928M	918M	919M	925M	935M	936M
Total current liabilities	1.6B	1.7B	2.3B	1.8B	1.6B	2.6B	2.1B	1.8B	1.9B	1.8B	1.8B	1.7B
Long-term debt	3.8B	3.3B	2.9B	3.3B	2.1B	3.2B	3.7B	3.6B	3.5B	3.4B	3.5B	3.3B
Total liabilities	6.9B	7B	6.8B	6.6B	4.8B	7.7B	7.7B	7.3B	7.3B	7.2B	7.3B	7B
Shareholders' equity	2.7B	1.7B	1.9B	1.9B	1.4B	1.8B	1.8B	1.7B	1.6B	1.5B	1.5B	1.8B
Total debt	4.3B	3.8B	4.2B	4.2B	3B	4.6B	4.6B	4.5B	4.4B	4.3B	4.5B	4.2B
Net debt	3.1B	3.5B	3.8B	3.8B	2.7B	4.2B	4.4B	4.3B	4.2B	4.1B	4.2B	3.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	276M	-118M	-90M	176M	-253M	-425M	161M	796M	239M	-158M
Depreciation & amortization	664M	708M	710M	709M	798M	719M	599M	621M	531M	579M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	65M	-41M	-60M	112M	83M	167M	-376M	190M	-62M	-22M
Operating cash flow	775M	713M	666M	866M	570M	504M	522M	1.6B	655M	646M
Capital expenditure	-352M	-335M	-275M	-404M	-480M	-441M	-852M	-846M	-307M	-2M
Investing cash flow	-306M	138M	-374M	-498M	-673M	-463M	-710M	-801M	-515M	-166M
Dividends paid	-111M	-86M	-86M	-85M	-86M	-87M	-97M	-109M	-123M	-126M
Share repurchases	0	0	-23M	-68M	-57M	-4M	-52M	-87M	-143M	-24M
Financing cash flow	-478M	-677M	-651M	-133M	166M	-396M	45M	-1.5B	-291M	-362M
Net change in cash	-9M	174M	-359M	235M	63M	-355M	-143M	-654M	-151M	118M
Free cash flow	365M	237M	523M	418M	202M	512M	-72M	576M	475M	384M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	419M	-54M	238M	66M	-15.7M	-43M	42M	-106M	-54M	-40M	17M	52M
Depreciation & amortization	140M	132M	124M	131M	94.7M	143M	146M	150M	135M	148M	105M	105M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	-111M
Operating cash flow	587M	80M	364M	212M	66.3M	48M	153M	157M	251M	231M	123M	62M
Capital expenditure	-164M	-233M	-67M	-57M	-52M	-110M	-32M	-2M	—	1M	—	—
Investing cash flow	-221M	-206M	-57M	-44M	-64.1M	-102M	-142M	19M	-51M	-25M	-64M	-19M
Dividends paid	-28M	-26M	-30M	-31M	-22.8M	-30M	-31M	-31M	-33M	-31M	-32M	-34M
Share repurchases	0	-14M	-32M	-58M	-17.1M	-29M	-3M	-21M	0	0	0	0
Financing cash flow	-175M	-977M	-114M	-133M	-62.7M	44M	38M	-115M	-164M	-121M	38M	32M
Net change in cash	191M	-1.1B	193M	35M	-60.6M	-10M	49M	61M	36M	85M	97M	75M
Free cash flow	513M	72M	175M	47M	108.3M	101M	-27M	79M	196M	137M	94M	17M

TransAlta Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement