v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Earnings $ 1,778 $ 2,490
Adjustments to reconcile earnings to net cash provided by operating activities:    
Depreciation and amortization 1,433 1,408
Deferred income tax expense 271 304
Unrealized derivative fair value (gain)/loss, net 893 (92)
Income from equity investments (541) (729)
Distributions from equity investments 462 557
Other (33) 14
Changes in operating assets and liabilities (1,921) (899)
Net cash provided by operating activities 2,342 3,053
Investing activities    
Capital expenditures (2,439) (1,723)
Long-term, restricted and other investments (503) (304)
Distributions from equity investments in excess of cumulative earnings 213 184
Additions to intangible assets (76) (60)
Proceeds from disposition of equity investments 0 130
Other (20) (16)
Net cash used in investing activities (2,825) (1,789)
Financing activities    
Net change in short-term borrowings 458 330
Net change in commercial paper and credit facility draws (1,692) 967
Debenture and term note issues, net of issue costs 4,746 2,777
Debenture and term note repayments (67) (2,742)
Contributions from noncontrolling interests 6 5
Distributions to noncontrolling interests (82) (100)
Contributions from redeemable noncontrolling interest 6 0
Distributions to redeemable noncontrolling interest (17) 0
Common shares issued, net of issue costs 0 5
Preference share dividends (107) (102)
Common share dividends (2,116) (2,054)
Net change in affiliate loans 30 0
Other (54) (36)
Net cash provided by/(used in) financing activities 1,111 (950)
Effect of translation of foreign denominated cash and cash equivalents and restricted cash 22 8
Net change in cash and cash equivalents and restricted cash 650 322
Cash and cash equivalents and restricted cash at beginning of period [1] 1,320 2,000
Cash and cash equivalents and restricted cash at end of period [1] $ 1,970 $ 2,322
[1] As at March 31, 2026 and December 31, 2025, long-term restricted cash of $149 million (March 31, 2025 - $109 million) and $143 million (December 31, 2024 - $105 million), respectively, was included in Restricted long-term investments and cash in the Consolidated Statements of Financial Position.