Fortis (FTS) Q1 2026 earnings summary

Executive summary

• Q1 2026 net earnings were $501 million, or $0.99 per share, reflecting strong performance, supported by $1.4 billion in capital expenditures and execution of long-term growth strategy, despite a $0.01 EPS decrease year-over-year due to asset dispositions and FX impacts.

• Major milestones achieved in data center infrastructure, regulatory approvals for UNS Gas and TEP, and capital project execution, positioning for continued growth.

• Regulatory outcomes in Arizona and other jurisdictions were constructive, supporting long-term growth and affordability.

• Leadership transition announced with the retirement of the Executive Vice President, Operations and Technology, effective May 31, 2026.

Financial highlights

• Net earnings for Q1 2026 were $501 million, with EPS of $0.99, down $0.01 from Q1 2025 due to share dilution and asset dispositions.

• Capital expenditures totaled $1.4 billion, representing 25% of the $5.6 billion annual plan.

• Dispositions in 2025 had a $0.02 dilutive impact on Q1 2026 EPS and are expected to have a $0.05 impact for the year.

• Raised $800 million in long-term debt in Q1 2026; ITC issued $900 million in unsecured notes in April.

• Revenue rose to $3,403 million, up $65 million year-over-year, driven by higher recoverable costs and rate base growth.

Outlook and guidance

• Five-year capital plan of $28.8 billion (2026-2030) targets a consolidated rate base CAGR of 7%, reaching $57.9 billion by 2030.

• Dividend growth guidance of 4-6% annually through 2030 is reaffirmed.

• Incremental growth opportunities identified, including U.S. transmission expansion, grid resiliency, LNG infrastructure, and data center investments.