Fortis (FTS) Earnings Date & Reports

Key Takeaways

• Fortis reported third-quarter 2026 adjusted net earnings of C$474 million, or C$0.92 per share, up from adjusted EPS of C$0.87 in the prior-year quarter.
• Revenue rose to C$3,115 million from C$2,938 million a year earlier, while year-to-date adjusted EPS reached C$2.69 versus C$2.63.
• Management unveiled a C$32.2 billion five-year capital plan (2027–2031) targeting 7.5% average annual rate-base growth, up 50 basis points from the prior plan.
• The board declared a fourth-quarter dividend of C$0.665 per share, a roughly 4% increase marking the 53rd consecutive year of dividend growth.
• Growth is being driven largely by transmission investments at ITC and liquefied natural gas (LNG) infrastructure at FortisBC in British Columbia.
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Earnings Context and Why It Matters

Fortis is a diversified North American regulated electric and gas utility serving customers across five Canadian provinces, ten U.S. states, and the Caribbean. Its third-quarter report carried added weight because management used the same announcement to release a new five-year capital outlook, making the print a combined read on near-term profitability and long-term growth. Regulated utilities are prized for their defensive, dividend-backed cash flows, so investors watch earnings for confirmation that rate-base expansion — the asset value on which regulators allow utilities to earn a return — is translating into higher earnings per share (EPS). With electricity demand rising on data centers and electrification, this quarter offered a progress check on Fortis's ability to convert capital spending into durable shareholder returns.

Reported Results

For the third quarter ended September 30, 2026, Fortis reported adjusted net earnings of C$474 million, or C$0.92 per common share, up from C$441 million, or C$0.87 per share, in the same period of 2025. Reported net earnings were C$474 million, and revenue came in at C$3,115 million compared with C$2,938 million a year earlier. Year-to-date adjusted EPS advanced to C$2.69 from C$2.63.

The quarter's EPS growth was driven by rate-based expansion at ITC, stronger electricity sales and customer growth at UNS Energy in Arizona, and higher rate-base contributions at the Western Canadian utilities. These gains were partially offset by milder weather, regulatory lag on rate-base growth not yet reflected in rates, and higher finance costs. The results also topped the consensus estimate tracked ahead of the release, extending a long run of earnings beats for the company.

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Market Reaction and Investor Sentiment

Fortis shares opened modestly higher following the release, with the earnings beat accompanied by a larger-than-expected capital plan and a dividend increase. Investor attention centered less on the quarter's headline figures and more on the forward blueprint: a C$32.2 billion capital program, a 7.5% rate-base compound annual growth rate (CAGR, the average yearly growth rate of an investment), and an extension of 4%–6% annual dividend growth guidance through 2031. For income-oriented shareholders, the fourth-quarter dividend hike reinforced Fortis's status as a reliable dividend grower. The main sentiment risk heading into and out of the report involves the funding required for accelerated capital spending, which management outlined as a mix of operating cash flow, regulated debt, and modest equity issuance.

Forward Outlook and Key Factors to Monitor

The newly unveiled capital plan is the central story for the years ahead. Management expects rate base to grow from roughly C$45.3 billion in 2026 to about C$63.9 billion by 2031, supporting a 7.5% average annual growth rate. Nearly three-quarters of the plan is directed at transmission and distribution infrastructure, which tends to carry stable, regulated returns.

Several catalysts deserve close monitoring. At ITC, Fortis's U.S. electric transmission business, a competitive bid win in Iowa known as the MARS Project adds about US$500 million to the plan, with further transmission opportunities tied to regional grid-planning processes and rising data-center load. At FortisBC, environmental approvals for the Tilbury LNG expansion open a potential C$2 billion to C$4 billion opportunity beyond the current plan period, subject to a final investment decision.

Investors should also watch regulatory developments, including a pending Arizona rate decision that could set the allowed return on equity for Tucson Electric Power. Funding execution is another key variable: management intends to preserve investment-grade credit ratings while using a dividend reinvestment plan and a modest at-the-market equity program to support growth. Together, these factors will shape whether Fortis can sustain both its earnings trajectory and its long dividend-growth record.

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