Revenue growth reached 17.7% in 2026Q1, yet operating margins remain inconsistent, fluctuating between 12.9% and 21.7% over the last ten quarters due to regulatory timing.
| 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 | 27.27B | 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 % | 17.92% | 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 | 20.33B | 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 | 6.94B | 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 % | 25.47% | 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 | 1.77B | 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 | 6.68B | 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 % | 24.51% | 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 % | 26.59% | 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 | 1.51B | 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 % | 5.53% | 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) | 5.17B | 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 % | 18.98% | 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 | - | 1.80x | 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 | 3.32B | 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 % | 12.18% | 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 | 620.72M | 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 % | 18.68% | 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 | 2.72B | 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 % | 9.97% | 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 % | -7.65% | -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) | 14.64 | 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 % | 6.88% | -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 | 185.63M | 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 |
Regulatory and Hydrological Volatility
As reported in financial statements, ELPC achieved a 17.7% year-over-year revenue growth in 2026Q1, reflecting the company's ability to capture inflationary adjustments and rate base expansion within its Paraná distribution concession, though the sustainability of this trajectory remains tethered to ongoing regulatory tariff review cycles.
The revenue growth appears to be heavily influenced by the pass-through of energy costs and periodic tariff adjustments rather than organic volumetric expansion. Investors should monitor whether this top-line momentum translates into durable earnings growth or if it is merely a reflection of inflationary cost recovery mechanisms that do not expand the underlying margin profile.
Based on the provided income statement data, the company's operating margin fluctuated between 12.9% and 21.7% over the last ten quarters, suggesting that while fuel and purchased power costs are largely pass-through, the timing of regulatory recovery creates significant quarterly noise in reported operating profitability.
The reliance on automatic adjustment mechanisms for energy purchases appears to protect the company from direct commodity price exposure, yet it introduces working capital strain during periods of hydrological stress. The variability in operating margins suggests that regulatory lag remains a persistent factor that can temporarily compress earnings despite the pass-through nature of these costs.
According to recent SEC filings, ELPC's net income has exhibited extreme volatility, with EPS growth swinging from -68.9% in 2025Q3 to 87.3% in 2025Q4, indicating that headline earnings are heavily impacted by non-recurring items and hydrological scaling factors rather than consistent regulated earnings power.
The wide swings in net income suggest that the core regulated earnings base is frequently obscured by one-time accounting adjustments or GSF-related settlements. Analysts should exercise caution when extrapolating recent EPS growth, as these figures may not represent the sustainable, long-term earnings potential of the utility's core infrastructure assets.
Financial disclosures indicate a highly anomalous debt-to-equity ratio of 0.88%, which warrants further investigation as it may mask significant off-balance-sheet liabilities or reflect specific regulatory accounting treatments that do not align with the company's true economic leverage and long-term capital structure requirements.
The reported leverage appears inconsistent with the capital-intensive nature of a diversified utility, suggesting that the income statement may be hiding the true cost of debt service or the extent of future decommissioning liabilities. Investors should monitor whether this low leverage is a structural reality or a temporary artifact of accounting that could be corrected in future reporting periods.
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.