Revenue grew 13.0% YoY to $6.9B in 2026Q2, with operating margin expanding to 20.7% and net margin at 15.1%, though EPS of $5.64 may include one-time gains.
Companhia Paranaense de Energia (ELPC) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | 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 | 27.96B | 25.6B | 22.65B | 21.48B | 20.54B | -13.33B | 18.63B | 15.87B | 14.55B | 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 % | 17.13% | 13.04% | 5.45% | 4.6% | 254.1% | -171.52% | 17.42% | 9.06% | 3.75% | 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 | 20.39B | 20.16B | 17.76B | 16.58B | 15.61B | 16.71B | 13.35B | 11.46B | 11.37B | 10.67B | 10.23B | 11.8B | 11.29B | 7.15B | 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 | 7.58B | 5.44B | 4.89B | 4.9B | 4.93B | -30.03B | 5.29B | 4.41B | 3.18B | 3.36B | 2.87B | 3.15B | 2.71B | 2.03B | 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 % | 27.09% | 21.26% | 21.59% | 22.8% | 24.01% | 225.38% | 28.37% | 27.76% | 21.84% | 23.95% | 21.89% | 21.05% | 19.34% | 22.13% | 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 % | - | 11.31% | -0.14% | -0.64% | 116.41% | -668.23% | 19.98% | 38.63% | -5.39% | 17.12% | -8.86% | 16.25% | 33.21% | 4.06% | -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 | 2.09B | 933.52M | 1.29B | 1.71B | 3.65B | -32.95B | 393.34M | 1.7B | 1.22B | 1.97B | 1.09B | 1.16B | 1.09B | 805.7M | 982.96M | 1.06B | 1.02B | 492.8M | 292.3M | 329.97M | 346.13M | 3.62B | 1.44B | 3.02B | 2.48B | 1.94B | 843.45M | 650.71M | 763.07M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 7.04B | 5.96B | 5.07B | 4.57B | 2.51B | 3.93B | 5.9B | 3.65B | 2.65B | 2.12B | 2.49B | 2.67B | 2.25B | 1.83B | 1.52B | 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 % | 25.17% | 23.29% | 22.38% | 21.27% | 12.24% | -29.5% | 31.67% | 23.02% | 18.23% | 15.15% | 19.01% | 17.85% | 16.05% | 19.93% | 17.89% | 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 % | 26.23% | 17.64% | 10.98% | 81.73% | -36.07% | -33.38% | 61.57% | 37.69% | 24.87% | -14.68% | -6.66% | 18.8% | 22.75% | 20.39% | -16.2% | 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 | 1.55B | 1.45B | 1.47B | 1.38B | 1.23B | 1.02B | 1.01B | 950.73M | 696.93M | 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 % | 5.56% | 5.67% | 6.47% | 6.43% | 6% | -7.63% | 5.42% | 5.99% | 4.79% | 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) | 5.48B | 4.51B | 3.6B | 3.19B | 1.28B | 2.91B | 4.89B | 2.7B | 1.96B | 1.39B | 1.78B | 1.99B | 1.62B | 1.23B | 969.66M | 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 % | 19.61% | 17.62% | 15.91% | 14.83% | 6.23% | -21.87% | 26.25% | 17.03% | 13.44% | 9.93% | 13.6% | 13.32% | 11.54% | 13.36% | 11.42% | 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 % | - | 25.17% | 13.13% | 148.82% | -56.07% | -40.43% | 81.04% | 38.15% | 40.42% | -21.82% | -10.52% | 23.25% | 31.76% | 26.46% | -23.14% | 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 | 2.51B | 76.4M | -741.16M | 91.36M | 41.91M | 131.3M | 245.66M | 51.24M | 85.56M | 47.02M | 34.06M | 171.17M | 15.22M | 14.74M | 16.97M | 19.29M | 330.66M | 394.26M | 375.77M | 434.51M | 497.28M | 446.91M | 165.97M | 188.85M | 73.73M | 111.54M | 0 | 0 |
| Interest Coverage | - | 2.27x | 39.05x | 3.48x | 11.32x | 110.29x | 39.09x | 11.72x | 36.87x | 17.28x | 30.65x | 50.73x | 11.12x | 99.95x | 66.96x | 94.35x | 72.60x | 4.22x | 4.94x | 5.25x | 5.18x | 2.44x | 2.31x | 2.58x | 1.67x | 9.15x | 6.05x | - | - |
| Interest / Revenue % | 0.01% | 9.8% | 0.34% | -3.45% | 0.44% | -0.31% | 0.7% | 1.55% | 0.35% | 0.61% | 0.36% | 0.23% | 1.22% | 0.17% | 0.17% | 0.22% | 0.28% | 5.29% | 7.22% | 7.22% | 9.28% | 7.31% | 8.08% | 3.75% | 5.02% | 2.4% | 4.11% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 0 | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K |
| Pretax Income | 3.72B | 3.18B | 2.91B | 2.49B | 942.89M | 4.58B | 5.12B | 2.85B | 1.84B | 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 % | 13.31% | 12.43% | 12.83% | 11.59% | 4.59% | -34.37% | 27.48% | 17.94% | 12.63% | 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 | 545.81M | 566.27M | 599.43M | 354.06M | -281.1M | 1.18B | 1.29B | 675.66M | 471.17M | 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 % | 14.67% | 17.79% | 20.62% | 14.22% | -29.81% | 25.73% | 25.11% | 23.73% | 25.63% | 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 | 3.19B | 2.64B | 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 % | 11.42% | 10.29% | 12.4% | 10.52% | 5.42% | -37.17% | 20.95% | 12.54% | 9.67% | 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 % | 4.93% | -6.19% | 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) | 17.21 | 14.24 | 17.28 | 2.56 | 6.52 | 4.16 | 4.43 | 2.95 | 2.25 | 1.89 | 1.39 | 2.09 | 3.05 | 2.90 | 2.10 | 4.04 | 3.28 | 2.32 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | 5.61% | -17.59% | 575% | -60.74% | 56.73% | -6.09% | 50.17% | 31.11% | 19.05% | 35.97% | -33.49% | -31.48% | 5.17% | 38.1% | -48.02% | 23.17% | 41.38% | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS (Basic) | - | 14.24 | 17.28 | 2.56 | 6.52 | 4.16 | 4.43 | 2.95 | 2.25 | 1.89 | 1.39 | 2.09 | 3.05 | 2.90 | 2.10 | 4.04 | 3.28 | 2.32 | 3.44 | 3.32 | 3.34 | 1.21 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 185.6M | 185.63M | 186.42M | 176.94M | 171.03M | 171.03M | 171.03M | 171.03M | 171.03M | 171.03M | 171.03M | 171.03M | 171.03M | 171.03M | 171.03M | 171.03M | 171.03M | 171.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ELPC stock.
For fiscal year 2025, Companhia Paranaense de Energia (ELPC) reported total revenue of $25.60B. This represents a 1384.6% increase compared to $1.72B in 1998.
Companhia Paranaense de Energia (ELPC) is profitable, generating $2.64B in net income for the fiscal year ending 2025 with a net profit margin of 10.3%.
Companhia Paranaense de Energia (ELPC) reported an operating income of $4.51B, resulting in an operating profit margin of 17.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Companhia Paranaense de Energia (ELPC) generated $5.44B in gross profit for the year, representing a gross profit margin of 21.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and hydrological exposure
Tariff-Driven Revenue Expansion
Revenue grew 13.0% year-over-year in 2026Q2, reaching $6.9B, driven by tariff adjustments and rate base expansion, as reported in the latest quarterly snapshot.
The 13.0% YoY revenue growth in 2026Q2, up from 11.1% in the prior quarter, suggests accelerating tariff recovery and possibly higher energy volumes. This growth appears to be supported by the annual tariff adjustment mechanism, which allows inflation pass-through, and by ongoing investments in the distribution grid that expand the regulatory asset base. However, the sustainability of this trajectory depends on the regulator's willingness to approve timely tariff increases and on the execution of the CAPEX program.
Earned Returns Approaching Authorized
Operating margin improved to 20.7% in 2026Q2 from 18.0% a year earlier, suggesting ELPC is earning closer to its authorized ROE, per the latest financial statements.
The operating margin expansion from 18.0% in 2025Q2 to 20.7% in 2026Q2 indicates that the company is capturing more of its allowed return, possibly due to lower regulatory lag and efficient cost management. This trend may reflect a constructive regulatory environment in Paraná, but investors should monitor whether the gap between earned and authorized ROE continues to narrow, as any widening could signal deteriorating regulatory relationships.
Pass-Through Costs and Margin Stability
Despite a 21.26% gross margin, net margin held at 15.1% in 2026Q2, indicating effective recovery of fuel and purchased power costs, as disclosed in the income statement.
The gross margin of 21.26% is typical for a Brazilian utility where energy purchase costs are largely pass-through. The stable net margin of 15.1% in 2026Q2, up from 9.2% a year earlier, suggests that the company is recovering its energy costs through tariff mechanisms without significant lag. However, hydrological risk (GSF) remains a key variable; a dry season could force spot-market purchases, temporarily compressing margins if recovery is delayed.
Earnings Boosted by Non-Recurring Items
Net income surged 83.1% YoY in 2026Q2 to $1.0B, but EPS of $5.64 may include one-time gains, as per the quarterly report.
The 83.1% YoY EPS growth in 2026Q2 is far above the revenue growth rate, suggesting that earnings quality may be influenced by non-recurring items such as tariff catch-up payments or asset sales. The volatility in net margin across quarters (ranging from 5.6% to 21.3%) further indicates that reported earnings are not purely from recurring operations. Investors should adjust for these items to assess the underlying regulated earnings power.
CAPEX Translating to Rate Base Growth
D&A increased to $406.2M in 2026Q2 from $361.2M a year earlier, reflecting ongoing investments that are expanding the rate base, as shown in the financial data.
The steady rise in D&A, up 12.5% YoY, indicates that ELPC is investing heavily in its grid and generation assets, which should translate into a larger rate base and higher future tariff revenues. However, the earnings impact is delayed until assets are placed in service and included in the rate base. The current CAPEX cycle appears to be growth-oriented, but investors should monitor whether the incremental returns meet the authorized ROE.
Privatization Reshapes Earnings Trajectory
The transition from state control to a corporation, completed recently, is likely driving operational efficiencies, as evidenced by improved margins in 2026, according to company disclosures.
The privatization of ELPC marks a significant inflection point, as it reduces political interference and enables more aggressive cost-cutting. The improvement in operating margin from 12.9% in 2024Q4 to 20.7% in 2026Q2 suggests that the new corporate structure is already yielding efficiency gains. This shift is likely durable if management maintains discipline, but the lack of explicit guidance in the latest report tempers confidence.
What Could Invalidate the Base Case
The reported debt/equity of 0.88% is anomalous for a utility, and if accurate, suggests under-leverage that could lead to aggressive capital actions, as per the latest balance sheet.
The extremely low debt/equity ratio of 0.88% is highly unusual for a capital-intensive utility and may indicate a data error or a specific carve-out. If the figure is accurate, it implies significant financial flexibility, but it could also signal that the company is not optimizing its capital structure, potentially leading to a large special dividend or acquisition. Conversely, if it is a data error, the true leverage could be much higher, altering the risk profile. This anomaly warrants further investigation before relying on the balance sheet strength.