Emera dividend: payment, cash cover and yield
Emera pays C$2.96 per share after the October 2026 increase. Emera's free cash flow can be negative while dividends continue: in 2025, real free cash flow was negative by C$1,819 million.
How much does Emera pay in dividends over the years shown?
The dividend starts at C$2.96 per share, the annualized rate after the October 2026 increase. The base path moves to C$2.99 and C$3.02, the bear case stays at C$2.96, and the bull path reaches C$3.02 and C$3.08. The base follows the stated 1%–2% growth policy and the recent 1% increase, while the pause case reflects weak credit headroom and the bull case requires stronger earnings. The increase also extended a 20-year record of growth.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 1,200 (1,050 / 1,300) | 1,550 (1,250 / 1,750) | 1,700 (1,280 / 1,950) |
| Shares (millions) | 525 (315 / 525) | 532 (323 / 530) | 538 (331 / 534) |
| Dividends per share | 2.96 (2.96 / 2.96) | 2.99 (2.96 / 3.02) | 3.02 (2.96 / 3.08) |
| Price to earnings | 19.00 (17.00 / 22.00) | 19.00 (16.00 / 23.00) | 18.50 (15.00 / 24.00) |
What this means. The numbers in brackets show lower and higher possible outcomes than the main estimate.
Does Emera's dividend get covered by its cash?
Free cash flow can therefore be negative while dividends continue. Operating cash may cover ordinary needs, while debt, new shares or asset sales fund construction; it is like a household using a loan to renovate a house while still sending money to shareholders.
Free cash flow is the cash left after capital spending. In 2025, Emera generated about C$1.8 billion from operations and spent about C$3.5 billion on investment, leaving real free cash flow negative by C$1,819 million. That can be rational for a utility building assets that may earn for decades, but the gap must be funded with borrowing, equity, asset sales or existing cash.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | -1,730 | -505 | -696 | -1,683 | -1,174 |
| − Dividends paid | 576 | 538 | 488 | 472 | 443 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| = Paid out more than the free cash flow | 2,307 | 1,044 | 1,185 | 2,156 | 1,618 |
| Paid to shareholders | 576 | 538 | 488 | 472 | 443 |
What this means. The company paid dividends even though it generated negative free cash flow, so it had to use savings or borrow more money to pay shareholders.
What is Emera's dividend yield today against its share price?
Emera Inc. is a utility whose electricity and gas businesses recover approved costs and returns through customer rates. At C$67.48 a share on Oct 18, 2026, the market is paying for growth—but also asking whether Emera can finance and deliver it.
| Today (Oct 18, 2026) | |
|---|---|
| Share price | 67.48 |
| Market value (calculated) | 20,729.856 |
| P/E, last 12 months (calculated) | 21.1x |
| P/E, next 12 months (calculated) | 18.1x |
| Free cash flow yield (calculated) | -8.3% |
| Dividend yield (calculated) | 4.4% |