Revenue growth reached 18.8% in 2025Q3, yet earnings quality remains obscured by a 70.7% decline in EPS and a modest 15.2% operating margin.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Revenue | 24.95B | 22.65B | 21.48B | 20.54B | 23.98B | 18.63B | 15.87B | 14.93B | 14.02B | 13.1B | 14.95B | 14B | 9.18B | 8.49B | 7.78B | 6.9B | 6.25B | 5.46B | 5.2B | 4.68B | 6.8B | 5.53B | 4.42B | 3.76B | 3.08B | 2.71B | 1.75B | 1.72B |
| Revenue Growth % | 12.38% | 5.45% | 4.6% | -14.38% | 28.72% | 17.42% | 6.26% | 6.49% | 7.04% | -12.34% | 6.79% | 52.45% | 8.09% | 9.22% | 12.68% | 10.42% | 14.5% | 4.9% | 11.17% | -31.18% | 22.93% | 25.17% | 17.49% | 22.23% | 13.43% | 55.31% | 1.31% | - |
| Cost of Revenue | 20.62B | 18.58B | 17.43B | 16.6B | 19.12B | 13.35B | 12.04B | 12.03B | 11.07B | 10.66B | 12.4B | 12.18B | 7.49B | 6.54B | 5.46B | 4.98B | 4.63B | 3.47B | 2.92B | 2.79B | 2.36B | 3.24B | 1.33B | 962.67M | 465.13M | 1.3B | 755.08M | 558.66M |
| Gross Profit | 4.33B | 4.07B | 4.05B | 3.93B | 4.86B | 5.29B | 3.83B | 2.9B | 2.96B | 2.44B | 2.54B | 1.82B | 1.69B | 1.95B | 2.32B | 1.92B | 1.62B | 1.99B | 2.28B | 1.89B | 4.44B | 2.29B | 3.09B | 2.8B | 2.61B | 1.41B | 992.16M | 1.17B |
| Gross Margin % | 17.35% | 17.98% | 18.85% | 19.16% | 20.28% | 28.37% | 24.16% | 19.44% | 21.09% | 18.66% | 17.01% | 13% | 18.39% | 22.99% | 29.82% | 27.89% | 25.94% | 36.37% | 43.85% | 40.48% | 65.28% | 41.46% | 69.96% | 74.41% | 84.89% | 51.97% | 56.78% | 67.61% |
| Gross Profit Growth % | - | 0.6% | 2.92% | -19.13% | -7.96% | 37.88% | 32.03% | -1.84% | 21% | -3.85% | 39.73% | 7.79% | -13.56% | -15.8% | 20.48% | 18.73% | -18.33% | -13% | 20.43% | -57.32% | 93.55% | -25.82% | 10.45% | 7.14% | 85.3% | 42.13% | -14.91% | - |
| Operating Expenses | -3.49B | 8.65M | 354.07M | 2.99B | 1.12B | 969.23M | 934.85M | 921.11M | 1.56B | 1.05B | 848.38M | 706.6M | 625.72M | 953.44M | 2.32B | 1.92B | 1.62B | 1.99B | 2.28B | 346.13M | 3.62B | 2.29B | 3.02B | 2.8B | 2.61B | 843.45M | 992.16M | 1.17B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 9.27B | 5.45B | 5B | 2.11B | 4.78B | 5.27B | 3.81B | 2.73B | 2.12B | 2.1B | 2.37B | 1.74B | 1.67B | 1.54B | 1.81B | 1.44B | 1.67B | 2.1B | 2.38B | 1.93B | 1.15B | 1.17B | 371.63M | 597.83M | 959.11M | 828.21M | 20.08M | 97.17M |
| EBITDA Margin % | 37.14% | 24.07% | 23.28% | 10.28% | 19.92% | 28.31% | 24.04% | 18.29% | 15.15% | 16.05% | 15.86% | 12.45% | 18.14% | 18.16% | 23.32% | 20.91% | 26.69% | 38.43% | 45.78% | 41.16% | 16.89% | 21.06% | 8.41% | 15.89% | 31.16% | 30.52% | 1.15% | 5.63% |
| EBITDA Growth % | 8.54% | 9.04% | 136.8% | -55.81% | -9.42% | 38.26% | 39.67% | 28.56% | 1.05% | -11.3% | 36.02% | 4.64% | 7.97% | -14.94% | 25.68% | -13.52% | -20.47% | -11.93% | 23.64% | 67.74% | -1.42% | 213.5% | -37.84% | -37.67% | 15.81% | 4023.76% | -79.33% | - |
| Depreciation & Amortization | 1.45B | 1.39B | 1.3B | 1.17B | 1.03B | 958.42M | 916.52M | 749.18M | 731.6M | 708.3M | 676.47M | 629.94M | 603.2M | 549.86M | 551.68M | 542.26M | 539.78M | 404.74M | 429.96M | 377.77M | 328.91M | 308.91M | 296.23M | 282.39M | 284.47M | 261.49M | -321.36M | -305.72M |
| D&A / Revenue % | 5.82% | 6.13% | 6.08% | 5.69% | 4.31% | 5.14% | 5.78% | 5.02% | 5.22% | 5.41% | 4.53% | 4.5% | 6.57% | 6.47% | 7.09% | 7.86% | 8.64% | 7.41% | 8.26% | 8.07% | 4.84% | 5.58% | 6.7% | 7.51% | 9.24% | 9.64% | -18.39% | -17.73% |
| Operating Income (EBIT) | 7.82B | 4.06B | 3.69B | 942.89M | 3.75B | 4.32B | 2.9B | 1.98B | 1.39B | 1.39B | 1.69B | 1.11B | 1.06B | 992.49M | 1.26B | 900.46M | 1.13B | 1.69B | 1.95B | 1.55B | 819.6M | 856.13M | 75.4M | 315.44M | 674.65M | 566.72M | 341.45M | 402.89M |
| Operating Margin % | 31.33% | 17.94% | 17.2% | 4.59% | 15.61% | 23.16% | 18.26% | 13.27% | 9.93% | 10.64% | 11.33% | 7.95% | 11.57% | 11.69% | 16.22% | 13.05% | 18.06% | 31.01% | 37.51% | 33.09% | 12.05% | 15.47% | 1.71% | 8.38% | 21.92% | 20.88% | 19.54% | 23.36% |
| Operating Income Growth % | - | 10% | 291.85% | -74.82% | -13.23% | 48.92% | 46.22% | 42.3% | -0.09% | -17.69% | 52.22% | 4.76% | 7.02% | -21.33% | 40.1% | -20.21% | -33.34% | -13.27% | 26.04% | 88.96% | -4.27% | 1035.5% | -76.1% | -53.24% | 19.04% | 65.97% | -15.25% | - |
| Interest Expense | 4M | 2.09B | 1.79B | 1.62B | 976.6M | 682.66M | 940.05M | 1.11B | 1.29B | 1.2B | 971.41M | 428.12M | 230.37M | 138.3M | 154.43M | 99.76M | 118.34M | 241.36M | 220.19M | 300.89M | 257.77M | 228.97M | 165.97M | 188.85M | 0 | 111.54M | 0 | 0 |
| Interest Coverage | - | 1.81x | 1.90x | 1.53x | 5.20x | 5.95x | 3.40x | 2.04x | 1.58x | 1.52x | 2.03x | 3.55x | 5.53x | 7.18x | 10.37x | 14.03x | 11.79x | 8.08x | 8.96x | 7.47x | 4.71x | 4.52x | 2.58x | 1.67x | - | 6.05x | - | - |
| Interest / Revenue % | 0.02% | 9.24% | 8.32% | 7.87% | 4.07% | 3.66% | 5.92% | 7.42% | 9.19% | 9.16% | 6.5% | 3.06% | 2.51% | 1.63% | 1.99% | 1.45% | 1.89% | 4.42% | 4.23% | 6.43% | 3.79% | 4.14% | 3.75% | 5.02% | 0% | 4.11% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | 0 | 1000K | 1000K | -1000K | -1000K | 0 | 0 | 0 | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K |
| Pretax Income | 2.84B | 2.91B | 2.49B | 942.89M | 5.12B | 5.12B | 2.85B | 1.96B | 1.39B | 1.39B | 1.69B | 1.86B | 1.51B | 972.53M | 1.58B | 1.38B | 1.06B | 1.55B | 1.6B | 1.81B | 717M | 586.98M | 261.57M | -155.77M | 621.83M | 563.71M | 391.58M | 565.84M |
| Pretax Margin % | 11.38% | 12.83% | 11.59% | 4.59% | 21.34% | 27.48% | 17.94% | 13.1% | 9.93% | 10.64% | 11.33% | 13.27% | 16.41% | 11.45% | 20.37% | 20.01% | 17.03% | 28.49% | 30.71% | 38.76% | 10.54% | 10.61% | 5.92% | -4.14% | 20.2% | 20.77% | 22.41% | 32.81% |
| Income Tax | 662.59M | 599.43M | 354.06M | -281.1M | 1.26B | 1.29B | 675.66M | 511.99M | 274.69M | 519.69M | 532.23M | 522.02M | 405.07M | 246.01M | 407.06M | 370.45M | 251.92M | 458.15M | 460.31M | 557.68M | 198.2M | 196.11M | 88.74M | -41.17M | 146.52M | 133.11M | 101.18M | 112.48M |
| Effective Tax Rate % | 23.33% | 20.62% | 14.22% | -29.81% | 24.61% | 25.11% | 23.73% | 26.18% | 19.72% | 37.28% | 31.42% | 28.1% | 26.89% | 25.3% | 25.7% | 26.83% | 23.67% | 29.46% | 28.81% | 30.74% | 27.64% | 33.41% | 33.93% | 26.43% | 23.56% | 23.61% | 25.84% | 19.88% |
| Net Income | 2.21B | 2.81B | 2.26B | 1.11B | 4.95B | 3.9B | 1.99B | 1.41B | 1.03B | 895.77M | 1.11B | 1.21B | 1.07B | 700.69M | 1.16B | 987.81M | 791.78M | 1.08B | 1.11B | 1.24B | 502.38M | 369.63M | 158.43M | -320.02M | 475.31M | 430.6M | 290.4M | 453.36M |
| Net Margin % | 8.85% | 12.4% | 10.52% | 5.42% | 20.65% | 20.95% | 12.54% | 9.42% | 7.37% | 6.84% | 7.42% | 8.62% | 11.68% | 8.25% | 14.89% | 14.31% | 12.67% | 19.76% | 21.27% | 26.55% | 7.39% | 6.68% | 3.58% | -8.51% | 15.44% | 15.87% | 16.62% | 26.29% |
| Net Income Growth % | -28.81% | 24.39% | 103.13% | -77.55% | 26.85% | 96.2% | 41.43% | 36.13% | 15.39% | -19.27% | -7.99% | 12.44% | 53.07% | -39.48% | 17.2% | 24.76% | -26.6% | -2.52% | -10.95% | 147.36% | 35.91% | 133.32% | 149.5% | -167.33% | 10.38% | 48.28% | -35.95% | - |
| EPS (Diluted) | 2.97 | 3.12 | 2.92 | 1.80 | 5.52 | 5.60 | 3.08 | 2.04 | 1.52 | 1.32 | 1.64 | 1.76 | 1.56 | 1.04 | 1.68 | 1.44 | 1.52 | 1.28 | 1.36 | 1.44 | 0.76 | 0.56 | 0.23 | -0.48 | 0.68 | 0.64 | 0.40 | 0.64 |
| EPS Growth % | -21.51% | 6.85% | 62.22% | -67.39% | -1.43% | 81.82% | 50.98% | 34.21% | 15.15% | -19.51% | -6.82% | 12.82% | 50% | -38.1% | 16.67% | -5.26% | 18.75% | -5.88% | -5.56% | 89.47% | 35.71% | 143.48% | 147.92% | -170.59% | 6.25% | 60% | -37.5% | - |
| EPS (Basic) | - | 3.12 | 2.92 | 1.80 | 5.52 | 5.60 | 3.08 | 2.04 | 1.52 | 1.32 | 1.64 | 1.76 | 1.56 | 1.04 | 1.68 | 1.44 | 1.52 | 1.28 | 1.36 | 1.44 | 0.76 | 0.56 | 0.23 | -0.48 | 0.68 | 0.64 | 0.40 | 0.64 |
| Diluted Shares Outstanding | 742.38M | 745.69M | 707.74M | 684.14M | 684.14M | 684.14M | 684.14M | 684.14M | 684.14M | 684.14M | 684.14M | 684.14M | 684.14M | 684.14M | 684.14M | 684.14M | 684.14M | 0 | 0 | 0 | 0 | 0 | 684.14M | 684.14M | 684.14M | 694.34M | 694.34M | 699.03M |
Regulatory and Hydrological Sensitivity
According to recent financial disclosures, COPEL reported a revenue growth rate of 18.8% in 2025Q3, yet this top-line expansion appears heavily influenced by regulatory adjustments and inflationary pass-throughs rather than organic volumetric demand, which warrants caution regarding the sustainability of this growth trajectory in future periods.
The revenue trajectory suggests a reliance on tariff adjustments and inflationary indexation rather than structural demand growth within the Paraná concession area. Investors should monitor whether these gains are effectively captured at the net income level or if they are being offset by rising operational costs associated with maintaining the extensive distribution network.
As reported in quarterly filings, the company maintains an operating margin of 15.2% as of 2025Q3, reflecting the inherent nature of energy purchase costs as pass-through items that frequently distort the underlying profitability of the core distribution business during periods of hydrological stress or thermal dispatch.
The tight spread between gross and operating margins suggests that the company's profitability is highly sensitive to the timing of regulatory recovery for energy procurement. The reliance on automatic adjustment mechanisms implies that while cash flow may be protected, reported margins remain susceptible to volatility in spot market prices.
Based on the provided income statement data, COPEL experienced a significant 70.7% decline in EPS during 2025Q3, a figure that appears to be heavily impacted by non-recurring accounting items and the volatility of the CVA regulatory asset account rather than a fundamental shift in regulated earnings power.
The erratic nature of EPS growth, swinging from triple-digit gains to sharp contractions, suggests that reported earnings are not a reliable proxy for sustainable cash generation. Analysts should adjust for these regulatory accounting fluctuations to isolate the true earnings power derived from the company's regulated asset base.
Financial statements indicate a remarkably low debt-to-equity ratio of 0.69%, which may mask an inefficient capital structure that fails to leverage the company's regulated monopoly status to optimize shareholder returns while potentially understating the long-term liabilities associated with future generation asset decommissioning and environmental remediation costs.
The current balance sheet profile may suggest an underutilization of debt that could otherwise support accelerated CAPEX or dividend distributions. Furthermore, the reliance on regulatory assets for current earnings recognition may create a future working capital strain if the regulatory environment becomes more adversarial regarding the recovery of these deferred costs.
Quick answers to the most common questions about buying ELP stock.
For fiscal year 2024, Companhia Paranaense de Energia - COPEL (ELP) reported total revenue of $22.65B. This represents a 1213.4% increase compared to $1.72B in 1998.
Companhia Paranaense de Energia - COPEL (ELP) is profitable, generating $2.81B in net income for the fiscal year ending 2024 with a net profit margin of 12.4%.
Companhia Paranaense de Energia - COPEL (ELP) reported an operating income of $4.06B, resulting in an operating profit margin of 17.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Companhia Paranaense de Energia - COPEL (ELP) generated $4.07B in gross profit for the year, representing a gross profit margin of 18.0%. This demonstrates the company's core pricing power and production efficiency.