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DEWA (DEWA) financial statements: income, balance sheet and cash flow

DFM: DEWA · Utilities · United Arab Emirates

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

DEWA (DFM: DEWA) reported revenue of AED 8.41 billion and net income of AED 2.29 billion for Q2 2026, the quarter ended 30 Jun 2026, according to its interim financial statements. Free cash flow was AED 1.91 billion by our calculation. Total debt at 31 Dec 2025 was AED 38.6 billion, our sum of its borrowings lines.

Data as of Source: Annual financial statements for FY2025 and interim financial statements for H1 2026

Key facts

Data as of

DEWA (DFM: DEWA) · AED · fiscal year ends 31 December · figures from the company's financial statements; derived values are marked.

Revenue, TTM (AED bn)
33.1
TTM to · derived
Revenue by quarter, from AED 9.87 bn in Q3 2024 to AED 8.41 bn in Q2 2026
Operating income, TTM (AED bn)
11.3
TTM to · derived
Net income, TTM (AED bn)
8.79
TTM to · derived
Free cash flow, TTM (AED bn)
10.1
TTM to · derived

What the numbers show

DEWA's income statement for Q2 2026, the quarter ended 30 Jun 2026, shows revenue of AED 8.41 billion, down 2.6% on a year earlier. Operating income was AED 2.78 billion and net income attributable to shareholders AED 2.29 billion. That is a net margin of 27.2%, our calculation, and the gross margin was 40.8%.

Revenue rose from AED 23.8 billion in FY2021 to AED 32.8 billion in FY2025, a compound annual growth rate of 8.4%, our calculation. Net income grew 8.1% a year to AED 8.35 billion. DEWA's pre-tax income row, AED 10.0 billion in FY2025, is profit after the net movement in its regulatory deferral account and before income tax. DEWA also prints a profit line before that movement, which this page does not use.

DEWA's balance sheet at 31 Dec 2025 held total assets of AED 195 billion, against AED 185 billion a year earlier. Property, plant and equipment was AED 163 billion, and cash and short-term investments were AED 15.0 billion. Total debt, combined by the page from the current and non-current borrowings lines, was AED 38.6 billion. Shareholders' equity was AED 91.0 billion, and this page shows no interim balance sheets.

In DEWA's cash flow statement for FY2025, cash from operations was AED 21.9 billion and capital expenditure AED 10.6 billion, so free cash flow, our calculation, was AED 11.3 billion. FY2024 free cash flow was AED 8.17 billion. Capital expenditure is the purchase of property, plant and equipment net of movements in capital payables. Interest paid sits in financing activities, so free cash flow here is before interest paid.

Several FY2023 cash flow lines are printed differently in the FY2024 annual report. Cash from operations is AED 16.5 billion there against AED 16.0 billion in the FY2023 annual report, and capital expenditure is AED 6.80 billion against AED 6.38 billion. Each changed cell carries an R marker with the original amount.

Diluted EPS was AED 0.046 per share in Q2 2026, on 50,000 million shares. Dividends paid to owners were AED 6.20 billion in both FY2025 and FY2024, against AED 15.1 billion in FY2022. FCF cover, our calculation, was 1.8× in FY2025 and 1.3× in FY2024. DEWA stock fundamentals sets out the quarterly revenue, the annual margins and the FY2022 and FY2023 figures that later annual reports print differently.

Income statement

Chart 1

DEWA quarterly revenue, Q3 2024 to Q2 2026

AED bn · quarters ended to

Revenue by quarter, from AED 9.87 bn in Q3 2024 to AED 8.41 bn in Q2 2026.0510158.4Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: DEWA financial statements Data as of

Annual

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Table 1 DEWA income statement, annual, FY2021–FY2025 (AED millions) AED millions, except per-share data (AED) and percentages · Fiscal year ends 31 December
AED mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended CAGRFY21–FY25
Revenue32,84230,97729,17827,33623,824increased 8.4%
Revenue YoY %increased 6.0%increased 6.2%increased 6.7%increased 14.7%not availablenot available
Cost of revenue19,77719,17017,93316,48915,540increased 6.2%
Gross profit13,06511,80711,24510,8478,284increased 12.1%
Gross margin %39.8%38.1%38.5%39.7%34.8%not available
SG&A3,3213,1693,0132,881 R2,916increased 3.3%
Operating income10,9529,3258,7578,2166,206increased 15.3%
Operating margin %33.3%30.1%30.0%30.1%26.0%not available
Net interest−617−1,174−811−453−217n/m
Pre-tax income10,0037,9837,8428,0466,553increased 11.2%
Income tax948749−920not availablenot available
Net income8,3477,0137,7017,7236,123increased 8.1%
Net margin %25.4%22.6%26.4%28.3%25.7%not available
Per share
Diluted EPS (AED)0.1670.140.1540.1540.12increased 8.6%
Diluted shares (m)50,00050,00050,00050,00050,000not available
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Source: DEWA financial statements Data as of

  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 2,890 m in DEWA financial statements approved .
  • Not available
  • Not meaningful

CAGR: compound annual growth rate from FY2021 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.

Totals may not add up because of rounding.

Arrows show direction of change only, not whether a change is good or bad.

Quarterly

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Table 2 DEWA income statement, quarterly, Q3 2024–Q2 2026 (AED millions) AED millions, except per-share data (AED) and percentages · Fiscal year ends 31 December
AED mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Revenue8,4136,4527,924 D10,3168,6385,9647,443 D9,870
Revenue YoY %decreased 2.6%increased 8.2%increased 6.5%increased 4.5%increased 9.8%not availablenot availablenot available
Cost of revenue4,9844,4674,774 D5,4735,1244,4074,658 D5,522
Gross profit3,4291,9853,151 D4,8433,5141,5572,785 D4,348
Gross margin %40.8%30.8%39.8%46.9%40.7%26.1%37.4%44.1%
SG&A907804909 D906682825470 D953
Operating income2,7811,2872,622 D4,6002,8928382,468 D3,545
Operating margin %33.1%20.0%33.1%44.6%33.5%14.1%33.2%35.9%
Net interest−117 D−182 D8 D−157 D−234 D−235 D−396 D−223 D
Pre-tax income2,6091,0462,458 D4,3162,6385911,937 D3,236
Income tax222105234 D37824096177 D319
Net income2,2899051,981 D3,6112,2584981,646 D2,859
Net margin %27.2%14.0%25.0%35.0%26.1%8.3%22.1%29.0%
Per share
Diluted EPS (AED)0.0460.018not available0.0720.0450.01not available0.057
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Source: DEWA financial statements Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • D Net interest = interest income − interest expense, both from the same filing.
  • Not available

Totals may not add up because of rounding.

Arrows show direction of change only, not whether a change is good or bad.

Balance sheet

Annual

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Table 3 DEWA assets, annual, FY2021–FY2025 (AED millions) AED millions
AED mFY2025at FY2024at FY2023at FY2022at FY2021at
Cash and short-term investments14,969 D9,692 D10,195 D 112,820 D9,205 D
Receivables3,4293,1043,4204,215 R3,850
Inventory1,4871,5601,4011,4451,451
Total current assets23,68819,29018,781 R22,238 R17,101
PP&E (net)163,301158,252155,917154,029149,472
Goodwill and intangibles723441462471530
Total assets195,139184,755180,958 R180,753 R169,408
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Source: DEWA financial statements Data as of

  • D Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 4,211 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 18,924 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 22,234 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 181,164 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 180,749 m in DEWA financial statements approved .

1 As presented in DEWA financial statements approved .

Totals may not add up because of rounding.

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Table 4 DEWA liabilities and shareholders' equity, annual, FY2021–FY2025 (AED millions) AED millions · net cash shown as a negative net debt
AED mFY2025at FY2024at FY2023at FY2022at FY2021at
Current liabilities26,50725,56926,271 R17,118 R17,120
Total debt38,576 D36,173 D38,888 D40,690 D26,756 D
Total liabilities96,67189,40088,056 R88,277 R75,438
Shareholders' equity91,01789,34989,21289,42793,000
Net debt / (net cash)23,607 D26,481 D28,693 D27,870 D17,551 D
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Source: DEWA financial statements Data as of

  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 26,489 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 17,114 m in DEWA financial statements approved .
  • D Total debt = short-term debt + long-term debt, from the same filing.
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 88,262 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 88,273 m in DEWA financial statements approved .
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Totals may not add up because of rounding.

Quarterly

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Table 5 DEWA assets, quarterly, Q3 2024–Q2 2026 (AED millions) AED millions
AED mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Cash and short-term investmentsnot availablenot available14,969 Dnot availablenot availablenot available9,692 Dnot available
Receivablesnot availablenot available3,429not availablenot availablenot available3,104not available
Inventorynot availablenot available1,487not availablenot availablenot available1,560not available
Total current assetsnot availablenot available23,688not availablenot availablenot available19,290not available
PP&E (net)not availablenot available163,301not availablenot availablenot available158,252not available
Goodwill and intangiblesnot availablenot available723not availablenot availablenot available441not available
Total assetsnot availablenot available195,139not availablenot availablenot available184,755not available
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Source: DEWA financial statements Data as of

  • D Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
  • Not available

Totals may not add up because of rounding.

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Table 6 DEWA liabilities and shareholders' equity, quarterly, Q3 2024–Q2 2026 (AED millions) AED millions · net cash shown as a negative net debt
AED mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Current liabilitiesnot availablenot available26,507not availablenot availablenot available25,569not available
Total debtnot availablenot available38,576 Dnot availablenot availablenot available36,173 Dnot available
Total liabilitiesnot availablenot available96,671not availablenot availablenot available89,400not available
Shareholders' equitynot availablenot available91,017not availablenot availablenot available89,349not available
Net debt / (net cash)not availablenot available23,607 Dnot availablenot availablenot available26,481 Dnot available
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Source: DEWA financial statements Data as of

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.
  • Not available

Totals may not add up because of rounding.

Cash flow

Chart 2

DEWA quarterly free cash flow, Q3 2024 to Q2 2026

AED bn · quarters ended to

Free cash flow by quarter, from AED 3.11 bn in Q3 2024 to AED 1.91 bn in Q2 2026.012341.9Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: DEWA financial statements Data as of

Annual

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Table 7 DEWA cash flow, annual, FY2021–FY2025 (AED millions) AED millions · outflows shown with a minus sign
AED mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Cash from operations21,85017,43516,518 R14,232 R10,020
Capital expenditure−10,590−9,267−6,805 R−8,630−12,268
Free cash flow11,260 D8,168 D9,713 R D5,602 R D−2,248 D
Dividends paid−6,200−6,200−7,870−15,130−2,000
Cash from investing−14,415−6,933−4,776 R−12,746 R−15,205
Cash from financing−5,322−9,787−11,806−1,7354,854
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Source: DEWA financial statements Data as of

  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 15,982 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 14,220 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED −6,384 m in DEWA financial statements approved .
  • D Free cash flow = cash from operations minus capital expenditure.
  • R Uses FY2023 cash from operations as restated or reclassified in DEWA financial statements approved (AED 16,518 m; originally reported AED 15,982 m in DEWA financial statements approved ).
  • R Uses FY2023 capital expenditure as restated or reclassified in DEWA financial statements approved (AED −6,805 m; originally reported AED −6,384 m in DEWA financial statements approved ).
  • R Uses FY2022 cash from operations as restated or reclassified in DEWA financial statements approved (AED 14,232 m; originally reported AED 14,220 m in DEWA financial statements approved ).
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED −4,240 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED −12,734 m in DEWA financial statements approved .

Totals may not add up because of rounding.

Quarterly

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Table 8 DEWA cash flow, quarterly, Q3 2024–Q2 2026 (AED millions) AED millions · outflows shown with a minus sign
AED mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Cash from operations3,892 D3,8886,629 D6,058 D5,311 D3,8525,831 D5,923 D
Capital expenditure−1,982 D−2,130−3,443 D−2,795 D−2,279 D−2,074−2,232 D−2,813 D
Free cash flow1,910 D1,758 D3,186 D3,264 D3,032 D1,778 D3,599 D3,110 D
Dividends paidnot availablenot available−3,100 D0 Dnot availablenot available−3,100 D0 D
Cash from investing410 D−3,557−5,357 D−3,805 D−3,188 D−2,065−2,001 D−2,555 D
Cash from financing−3,472 D−452−2,327 D−2 D−3,020 D27−4,470 D−750 D
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Source: DEWA financial statements Data as of

  • D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • D Free cash flow = cash from operations minus capital expenditure.
  • Not available

Totals may not add up because of rounding.

Per share and dividends

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Table 9 DEWA per-share data and dividends, annual, FY2021–FY2025 AED per share, split-adjusted · shares in millions
AEDFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Basic EPS (AED)0.1670.140.1540.1540.12
Diluted EPS (AED)0.1670.140.1540.1540.12
Diluted shares (m)50,00050,00050,00050,00050,000
Shares outstanding at year end (m)50,00050,00050,00050,00050,000
FCF cover (×)1.8×1.3×1.2× R0.4× Rn/m
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Source: DEWA financial statements Data as of

  • R Uses FY2023 cash from operations as restated or reclassified in DEWA financial statements approved (AED 16,518 m; originally reported AED 15,982 m in DEWA financial statements approved ).
  • R Uses FY2023 capital expenditure as restated or reclassified in DEWA financial statements approved (AED −6,805 m; originally reported AED −6,384 m in DEWA financial statements approved ).
  • R Uses FY2022 cash from operations as restated or reclassified in DEWA financial statements approved (AED 14,232 m; originally reported AED 14,220 m in DEWA financial statements approved ).
  • Not meaningful

Notes on these figures

  • R Restated or reclassified
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED 2,890 m in DEWA financial statements approved .
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED 4,211 m in DEWA financial statements approved .
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED 18,924 m in DEWA financial statements approved .
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED 22,234 m in DEWA financial statements approved .
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED 181,164 m in DEWA financial statements approved .
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED 180,749 m in DEWA financial statements approved .
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED 26,489 m in DEWA financial statements approved .
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED 17,114 m in DEWA financial statements approved .
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED 88,262 m in DEWA financial statements approved .
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED 88,273 m in DEWA financial statements approved .
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED 15,982 m in DEWA financial statements approved .
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED 14,220 m in DEWA financial statements approved .
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED −6,384 m in DEWA financial statements approved .
    • Uses FY2023 cash from operations as restated or reclassified in DEWA financial statements approved (AED 16,518 m; originally reported AED 15,982 m in DEWA financial statements approved ).
    • Uses FY2023 capital expenditure as restated or reclassified in DEWA financial statements approved (AED −6,805 m; originally reported AED −6,384 m in DEWA financial statements approved ).
    • Uses FY2022 cash from operations as restated or reclassified in DEWA financial statements approved (AED 14,232 m; originally reported AED 14,220 m in DEWA financial statements approved ).
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED −4,240 m in DEWA financial statements approved .
    • Restated or reclassified in DEWA financial statements approved ; originally reported AED −12,734 m in DEWA financial statements approved .
  • D Derived by StockFactsheet
    • Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
    • Net interest = interest income − interest expense, both from the same filing.
    • Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
    • Total debt = short-term debt + long-term debt, from the same filing.
    • Net debt = total debt minus cash and short-term investments; a negative value is net cash.
    • Free cash flow = cash from operations minus capital expenditure.
    • Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • Template: standard statement set (not bank or insurer).
  • Arrows show direction of change only, not whether a change is good or bad.

How we got these numbers

Every figure comes from DEWA's published financial statements. Derived values are marked D and explained below.

Full method for this page
Source documents
Interim and annual financial statements (FY2021 to Q2 2026)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. CAGR = compound annual growth across the annual table.
Restatements
FY2023 cash from operations, an input of the FY2023 ratio, was restated or reclassified in DEWA financial statements approved (originally AED 15,982 m). FY2023 capital expenditure, an input of the FY2023 ratio, was restated or reclassified in DEWA financial statements approved (originally AED −6,384 m). FY2022 cash from operations, an input of the FY2022 ratio, was restated or reclassified in DEWA financial statements approved (originally AED 14,220 m). Restated or reclassified figures carry the R marker; its footnote gives the originally reported value.
Comparator
None: this page shows the company's own figures only.
Currency
As reported (AED); no FX conversion.
Re-keying
Figures keyed from the issuer's published statements (PDF) with our entry tool, then checked by code against the PDF's own text (the figure on its cited page, in the row with its printed label) and by our fact-check step. The column and the sign are recorded, and lists any mismatch for review.
Read the full methodology

CSV downloads

One file per statement, with the annual and quarterly figures on this page in full units.

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Issuer statement DEWA interim financial statements, H1 2026 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  2. [2] Issuer statement DEWA interim financial statements, Q1 2026 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  3. [3] Issuer statement DEWA annual financial statements, FY2025 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  4. [4] Issuer statement DEWA interim financial statements, M9 2025 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  5. [5] Issuer statement DEWA annual financial statements, FY2024 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  6. [6] Issuer statement DEWA annual financial statements, FY2023 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  7. [7] Issuer statement DEWA annual financial statements, FY2022 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  8. [8] Issuer statement DEWA interim financial statements, H1 2025 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  9. [9] Our dataset Keyed from DEWA's Q2 2026 financial statements (PDF) and checked by code against the PDF's text; signed off on .

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Cite this page

StockFactsheet (2026). "DEWA (DEWA) financial statements: income, balance sheet and cash flow." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/dewa-dfm/financials/

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For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

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Signed off by OffScriptBySami on · How pages are checked

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How this page was made
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  2. Drafted from our dataset only
  3. Automated checks and review steps passed ()
  4. Signed off and published by OffScriptBySami (, GST)

Update history

  1. Published First published version.