Overview of Financial Statements
Financial statements are records that provide an overview of a company's financial performance and position. There are three main types of financial statements:
- Income Statement: Shows the company's revenue, expenses, and profit over a specific period.
- Balance Sheet: Provides a snapshot of the company's assets, liabilities, and equity at a specific point in time.
- Cash Flow Statement: Details the cash inflows and outflows from operating, investing, and financing activities over a period.
This page presents both annual and quarterly data for these financial statements. The charts below provide a visual representation of the key metrics from each statement, helping you to quickly understand the financial health of ALLETE.
Income Statement
| Breakdown | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2017 | December 31, 2016 | December 31, 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.53B | $1.88B | $1.57B | $1.42B | $1.17B | $1.24B | $1.50B | $1.42B | $1.34B | $1.49B |
| Cost of Revenue | $361.40M | $1.39B | $1.12B | $965.70M | $744.30M | $805.40M | $1.04B | $955.80M | $876.90M | $1.02B |
| Gross Profit | $1.17B | $489.90M | $446.80M | $453.50M | $424.80M | $435.10M | $462.70M | $463.50M | $462.80M | $468.40M |
| Gross Profit Ratio | 76.38% | 26.10% | 28.45% | 32.00% | 36.34% | 35.07% | 30.88% | 32.66% | 34.55% | 31.51% |
| Research and Development Expenses | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| General and Administrative Expenses | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Selling and Marketing Expenses | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Selling General and Administrative Expenses | $- | $8.90M | $9.80M | $6.10M | $8.60M | $7.70M | $4.60M | $3.90M | $7.40M | $- |
| Other Expenses | $1.37B | $300.10M | $312.60M | $302.20M | $273.90M | $255.30M | $7.80M | $2.40M | $3.90M | $4.70M |
| Operating Expenses | $1.37B | $309.00M | $312.60M | $302.20M | $273.90M | $255.30M | $263.50M | $234.40M | $249.60M | $221.40M |
| Cost and Expenses | $1.73B | $1.70B | $1.44B | $1.27B | $1.02B | $1.06B | $1.30B | $1.19B | $1.13B | $1.24B |
| Interest Income | $4.00M | $10.30M | $75.20M | $2.30M | $1.60M | $4.40M | $500.00K | $1.00M | $- | $- |
| Interest Expense | $81.70M | $80.80M | $75.20M | $69.10M | $65.60M | $64.90M | $67.90M | $67.80M | $70.30M | $64.90M |
| Depreciation and Amortization | $278.20M | $251.80M | $242.20M | $231.70M | $217.80M | $202.00M | $205.60M | $177.50M | $195.80M | $170.00M |
| EBITDA | $486.30M | $539.40M | $417.50M | $411.70M | $405.50M | $445.80M | $432.10M | $431.40M | $441.70M | $401.70M |
| EBITDA Ratio | 31.79% | 28.69% | 26.92% | 29.51% | 35.37% | 34.62% | 29.03% | 30.73% | 32.58% | 29.47% |
| Operating Income | $160.10M | $180.90M | $134.20M | $151.30M | $150.90M | $179.80M | $201.20M | $229.80M | $223.50M | $210.70M |
| Operating Income Ratio | 10.47% | 9.62% | 8.54% | 10.66% | 12.91% | 14.49% | 13.43% | 16.19% | 16.68% | 14.18% |
| Total Other Income Expenses Net | $23.90M | $25.90M | $-34.10M | $-40.40M | $-28.80M | $-900.00K | $-42.60M | $-39.00M | $-41.40M | $-43.90M |
| Income Before Tax | $184.00M | $206.80M | $100.10M | $110.90M | $122.10M | $178.90M | $158.60M | $186.90M | $175.60M | $166.80M |
| Income Before Tax Ratio | 12.03% | 11.00% | 6.37% | 7.81% | 10.44% | 14.42% | 10.58% | 13.17% | 13.11% | 11.22% |
| Income Tax Expense | $4.70M | $27.90M | $-31.20M | $-26.90M | $-39.50M | $-6.60M | $-15.50M | $14.70M | $19.80M | $25.30M |
| Net Income | $179.30M | $247.10M | $131.30M | $169.20M | $174.20M | $185.60M | $174.10M | $172.20M | $155.30M | $141.10M |
| Net Income Ratio | 11.72% | 13.15% | 8.36% | 11.92% | 14.90% | 14.96% | 11.62% | 12.13% | 11.59% | 9.49% |
| EPS | $3.11 | $4.31 | $2.35 | $3.23 | $3.36 | $3.60 | $3.39 | $3.39 | $3.15 | $2.92 |
| EPS Diluted | $3.10 | $4.30 | $2.34 | $3.22 | $3.36 | $3.59 | $3.38 | $3.38 | $3.14 | $0.73 |
| Weighted Average Shares Outstanding | 57.70M | 57.30M | 55.90M | 52.40M | 51.90M | 51.60M | 51.30M | 50.80M | 49.30M | 48.30M |
| Weighted Average Shares Outstanding Diluted | 57.80M | 57.40M | 56.00M | 52.50M | 51.90M | 51.70M | 51.50M | 51.00M | 49.50M | 48.40M |
| SEC Filing | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source |
Balance Sheet
| Breakdown | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2017 | December 31, 2016 | December 31, 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and Cash Equivalents | $32.80M | $71.90M | $36.40M | $45.10M | $44.30M | $69.30M | $69.10M | $98.90M | $27.50M | $97.00M |
| Short Term Investments | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Cash and Short Term Investments | $32.80M | $71.90M | $36.40M | $45.10M | $44.30M | $69.30M | $69.10M | $98.90M | $27.50M | $97.00M |
| Net Receivables | $148.10M | $137.20M | $137.90M | $123.70M | $111.90M | $96.40M | $144.40M | $135.10M | $122.50M | $121.20M |
| Inventory | $154.60M | $175.40M | $455.90M | $97.70M | $74.20M | $72.80M | $86.70M | $95.90M | $104.20M | $117.10M |
| Other Current Assets | $99.70M | $83.60M | $87.80M | $24.80M | $24.50M | $31.00M | $34.10M | $37.60M | $40.30M | $35.70M |
| Total Current Assets | $435.20M | $468.10M | $718.00M | $291.30M | $254.90M | $269.50M | $334.30M | $367.50M | $294.50M | $371.00M |
| Property Plant Equipment Net | $5.18B | $5.02B | $5.02B | $5.12B | $4.86B | $4.41B | $3.90B | $3.82B | $3.74B | $3.67B |
| Goodwill | $- | $154.90M | $- | $-186.50M | $- | $- | $148.50M | $148.30M | $131.20M | $130.60M |
| Intangible Assets | $- | $500.00K | $155.60M | $800.00K | $- | $1.00M | $74.80M | $77.60M | $82.20M | $84.60M |
| Goodwill and Intangible Assets | $155.30M | $155.40M | $155.60M | $-185.70M | $-195.70M | $1.00M | $223.30M | $225.90M | $213.40M | $215.20M |
| Long Term Investments | $340.10M | $331.20M | $322.70M | $318.00M | $301.20M | $197.60M | $210.20M | $171.80M | $191.20M | $199.10M |
| Tax Assets | $- | $12.80M | $158.10M | $185.70M | $195.70M | $507.90M | $223.60M | $230.50M | $584.10M | $579.80M |
| Other Non-Current Assets | $642.20M | $664.80M | $474.50M | $709.10M | $665.30M | $101.20M | $269.20M | $261.90M | $-118.00M | $-127.10M |
| Total Non-Current Assets | $6.32B | $6.19B | $6.13B | $6.14B | $5.83B | $5.21B | $4.83B | $4.71B | $4.61B | $4.54B |
| Other Assets | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Assets | $6.75B | $6.66B | $6.85B | $6.43B | $6.08B | $5.48B | $5.17B | $5.08B | $4.91B | $4.91B |
| Account Payables | $113.60M | $102.20M | $103.00M | $111.00M | $110.00M | $165.20M | $149.80M | $136.30M | $74.00M | $88.80M |
| Short Term Debt | $94.70M | $111.40M | $275.80M | $219.00M | $209.60M | $219.80M | $57.50M | $64.10M | $187.70M | $37.30M |
| Tax Payables | $54.60M | $51.00M | $69.10M | $65.10M | $59.40M | $50.80M | $51.40M | $50.00M | $46.50M | $44.00M |
| Deferred Revenue | $- | $- | $150.70M | $27.20M | $79.20M | $69.10M | $7.60M | $67.60M | $5.40M | $15.10M |
| Other Current Liabilities | $141.30M | $113.00M | $268.30M | $148.30M | $80.60M | $71.60M | $138.80M | $100.80M | $91.30M | $104.70M |
| Total Current Liabilities | $404.20M | $377.60M | $716.20M | $543.40M | $459.60M | $507.40M | $405.10M | $351.20M | $399.50M | $275.40M |
| Long Term Debt | $1.70B | $1.68B | $1.66B | $1.77B | $1.61B | $1.42B | $1.43B | $1.44B | $1.37B | $1.56B |
| Deferred Revenue Non-Current | $- | $- | $- | $900.10M | $917.20M | $893.40M | $828.00M | $846.50M | $473.30M | $311.80M |
| Deferred Tax Liabilities Non-Current | $253.40M | $192.70M | $158.10M | $185.70M | $195.70M | $212.80M | $223.60M | $230.50M | $584.10M | $579.80M |
| Other Non-Current Liabilities | $1.00B | $999.60M | $965.50M | $984.80M | $1.22B | $1.22B | $1.18B | $1.22B | $1.24B | $1.24B |
| Total Non-Current Liabilities | $2.96B | $2.87B | $2.78B | $2.95B | $2.82B | $2.64B | $2.60B | $2.66B | $2.61B | $2.81B |
| Other Liabilities | $- | $-500.00K | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Liabilities | $3.36B | $3.25B | $3.50B | $3.49B | $3.28B | $3.15B | $3.01B | $3.01B | $3.01B | $3.08B |
| Preferred Stock | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Common Stock | $1.82B | $1.80B | $1.78B | $1.54B | $1.46B | $1.44B | $1.43B | $1.40B | $1.30B | $1.27B |
| Retained Earnings | $1.04B | $1.03B | $934.80M | $900.20M | $864.80M | $818.80M | $754.60M | $689.40M | $625.90M | $573.30M |
| Accumulated Other Comprehensive Income Loss | $-18.10M | $-20.50M | $-24.40M | $-23.80M | $-31.10M | $-23.60M | $-27.30M | $-22.60M | $-28.20M | $-24.50M |
| Other Total Stockholders Equity | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Stockholders Equity | $2.85B | $2.81B | $2.69B | $2.41B | $2.29B | $2.23B | $2.16B | $2.07B | $1.89B | $1.82B |
| Total Equity | $2.85B | $3.41B | $3.35B | $2.95B | $2.80B | $2.34B | $2.16B | $2.07B | $1.89B | $1.82B |
| Total Liabilities and Stockholders Equity | $6.21B | $6.06B | $6.85B | $6.43B | $6.08B | $5.48B | $5.17B | $5.08B | $4.91B | $4.91B |
| Minority Interest | $400.00K | $597.50M | $656.40M | $533.20M | $505.60M | $103.70M | $- | $- | $- | $2.20M |
| Total Liabilities and Total Equity | $6.21B | $6.06B | $6.85B | $6.43B | $6.08B | $5.48B | $5.17B | $5.08B | $4.91B | $4.91B |
| Total Investments | $340.10M | $331.20M | $322.70M | $318.00M | $301.20M | $197.60M | $210.20M | $171.80M | $191.20M | $199.10M |
| Total Debt | $1.80B | $1.79B | $1.93B | $1.99B | $1.82B | $1.64B | $1.49B | $1.50B | $1.56B | $1.57B |
| Net Debt | $1.77B | $1.72B | $1.90B | $1.95B | $1.77B | $1.57B | $1.42B | $1.40B | $1.53B | $1.47B |
Cash Flow Statement
| Breakdown | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2017 | December 31, 2016 | December 31, 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $121.70M | $247.10M | $131.30M | $137.80M | $161.60M | $185.50M | $174.10M | $172.20M | $155.80M | $141.50M |
| Depreciation and Amortization | $278.20M | $251.80M | $250.30M | $241.50M | $228.10M | $213.60M | $210.50M | $182.10M | $200.90M | $171.50M |
| Deferred Income Tax | $-15.80M | $17.60M | $-38.50M | $-26.90M | $-39.70M | $-17.10M | $-5.10M | $14.40M | $19.40M | $25.10M |
| Stock Based Compensation | $6.60M | $7.30M | $4.90M | $5.90M | $6.10M | $6.30M | $6.80M | $6.60M | $5.10M | $11.60M |
| Change in Working Capital | $30.90M | $109.70M | $-152.40M | $-77.40M | $-30.70M | $-44.70M | $63.90M | $-5.10M | $-5.20M | $-34.40M |
| Accounts Receivables | $-13.10M | $1.80M | $-14.00M | $-13.00M | $-18.20M | $22.60M | $-10.70M | $-8.00M | $-4.70M | $1.10M |
| Inventory | $7.50M | $277.10M | $-256.10M | $-23.50M | $-1.40M | $-4.10M | $55.50M | $11.90M | $13.30M | $-22.10M |
| Accounts Payables | $-2.70M | $-4.00M | $-1.30M | $15.00M | $11.80M | $-8.80M | $13.60M | $-7.50M | $6.50M | $-19.30M |
| Other Working Capital | $39.20M | $-165.20M | $119.00M | $-55.90M | $-22.90M | $-54.40M | $5.50M | $-1.50M | $-20.30M | $5.90M |
| Other Non Cash Items | $35.50M | $-48.20M | $25.70M | $-17.40M | $-25.60M | $-94.10M | $-17.10M | $32.70M | $-44.00M | $24.80M |
| Net Cash Provided by Operating Activities | $457.10M | $585.30M | $221.30M | $263.50M | $299.80M | $249.50M | $433.10M | $402.90M | $332.00M | $340.10M |
| Investments in Property Plant and Equipment | $-354.90M | $-271.20M | $-220.50M | $-473.30M | $-717.80M | $-597.10M | $-312.40M | $-208.50M | $-265.60M | $-286.80M |
| Acquisitions Net | $- | $-8.20M | $-160.90M | $-17.60M | $-99.10M | $239.00M | $-39.20M | $-18.50M | $-5.90M | $-333.30M |
| Purchases of Investments | $-2.40M | $-9.40M | $-2.40M | $-3.60M | $-8.70M | $-12.20M | $-13.30M | $-16.40M | $-14.80M | $-3.90M |
| Sales Maturities of Investments | $2.00M | $1.00M | $2.20M | $6.40M | $12.80M | $12.10M | $10.20M | $13.10M | $13.40M | $4.80M |
| Other Investing Activities | $14.60M | $4.20M | $-2.40M | $2.90M | $-88.10M | $12.90M | $5.70M | $1.30M | $-3.30M | $400.00K |
| Net Cash Used for Investing Activities | $-340.70M | $-283.60M | $-384.00M | $-485.20M | $-812.80M | $-345.30M | $-349.00M | $-229.00M | $-276.20M | $-618.80M |
| Debt Repayment | $8.60M | $-129.70M | $-91.60M | $180.10M | $183.80M | $129.70M | $-19.90M | $-58.10M | $-51.60M | $162.20M |
| Common Stock Issued | $12.90M | $14.90M | $248.00M | $69.90M | $18.10M | $1.90M | $20.30M | $86.00M | $30.90M | $161.20M |
| Common Stock Repurchased | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Dividends Paid | $-162.80M | $-155.50M | $-145.90M | $-131.90M | $-128.20M | $-121.40M | $-115.00M | $-108.70M | $-102.70M | $-97.90M |
| Other Financing Activities | $700.00K | $7.80M | $144.70M | $86.10M | $412.00M | $99.10M | $-600.00K | $-21.30M | $-1.90M | $4.40M |
| Net Cash Used Provided by Financing Activities | $-140.60M | $-262.50M | $155.20M | $204.20M | $485.70M | $109.30M | $-115.20M | $-102.50M | $-125.30M | $229.90M |
| Effect of Forex Changes on Cash | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Net Change in Cash | $-24.20M | $39.20M | $-7.50M | $-17.50M | $-27.30M | $13.50M | $-31.10M | $71.40M | $-69.50M | $-48.80M |
| Cash at End of Period | $55.20M | $79.40M | $40.20M | $47.70M | $65.20M | $92.50M | $79.00M | $98.90M | $27.50M | $97.00M |
| Cash at Beginning of Period | $79.40M | $40.20M | $47.70M | $65.20M | $92.50M | $79.00M | $110.10M | $27.50M | $97.00M | $145.80M |
| Operating Cash Flow | $457.10M | $585.30M | $221.30M | $263.50M | $299.80M | $249.50M | $433.10M | $402.90M | $332.00M | $340.10M |
| Capital Expenditure | $-354.90M | $-271.20M | $-220.50M | $-473.30M | $-717.80M | $-597.10M | $-312.40M | $-208.50M | $-265.60M | $-286.80M |
| Free Cash Flow | $102.20M | $314.10M | $800.00K | $-209.80M | $-418.00M | $-347.60M | $120.70M | $194.40M | $66.40M | $53.30M |