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CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Earnings $ 5,658 $ 5,013
Adjustments to reconcile earnings to net cash provided by operating activities:    
Depreciation and amortization 4,197 3,783
Deferred income tax expense 944 743
Unrealized derivative fair value (gain)/loss, net (997) 809
Income from equity investments (1,690) (1,664)
Distributions from equity investments 1,547 1,499
Impairment of long-lived assets (Note 4) 330 0
Gain on disposition of equity investments 0 (1,091)
Other (91) 198
Changes in operating assets and liabilities (739) (352)
Net cash provided by operating activities 9,159 8,938
Investing activities    
Capital expenditures (5,944) (4,165)
Long-term, restricted and other investments (1,867) (1,851)
Distributions from equity investments in excess of cumulative earnings 531 646
Additions to intangible assets (215) (157)
Acquisitions 0 (13,065)
Proceeds from disposition of equity investments 349 2,724
Other (41) (49)
Net cash used in investing activities (7,187) (15,915)
Financing activities    
Net change in short-term borrowings 745 528
Net change in commercial paper and credit facility draws 788 3,276
Debenture and term note issues, net of issue costs 8,314 8,614
Debenture and term note repayments (6,114) (5,615)
Contributions from noncontrolling interests 8 4
Distributions to noncontrolling interests (276) (246)
Proceeds from investment by redeemable noncontrolling interest in subsidiary, net of transaction costs 712 (0)
Common shares issued, net of issue costs 8 2,485
Preference share dividends (311) (286)
Common share dividends (6,164) (5,885)
Net change in affiliate loans 39 99
Other (41) (31)
Net cash (used in)/provided by financing activities (2,292) 2,943
Effect of translation of foreign denominated cash and cash equivalents and restricted cash (28) 151
Net change in cash and cash equivalents and restricted cash (348) (3,883)
Cash and cash equivalents and restricted cash at beginning of period [1] 2,000 5,985
Cash and cash equivalents and restricted cash at end of period [1] 1,652 2,102
Related Party    
Investing activities    
Affiliate loans, net $ 0 $ 2
[1] As at September 30, 2025 and December 31, 2024, long-term restricted cash of $141 million (September 30, 2024 - $94 million) and $105 million (December 31, 2023 - nil), respectively, was included in Restricted long-term investments and cash in the Consolidated Statements of Financial Position.