Fortis (FTS) Q2 2026 earnings summary

Executive summary

• Q2 2026 net earnings were $396 million ($0.78 per share), up from $384 million ($0.76 per share) in Q2 2025, driven by rate base growth, higher retail electricity sales at UNS Energy, and strong contributions from ITC and Western Canadian utilities, partially offset by higher costs, asset dispositions, and FX impacts.

• Year-to-date net earnings reached $897 million, with EPS steady at $1.76, and capital expenditures totaled $2.7 billion in the first half of 2026, supporting ongoing infrastructure and growth projects.

• Major projects advanced, including Tilbury LNG Phase 1B expansion (approved, up to $2.2 billion, equity partnership with Musqueam Indian Band) and Roadrunner Reserve II battery storage (200 MW) placed in service.

• Released 2026 Sustainability Report, highlighting a 38% reduction in Scope 1 GHG emissions through 2025 versus 2019.

• Growth was partially offset by higher finance costs, asset dispositions in Turks and Caicos and Belize, and FX volatility.

Financial highlights

• Q2 2026 net earnings: $396 million, EPS: $0.78, up $0.02 year-over-year; year-to-date net earnings: $897 million, EPS: $1.76.

• Q2 2026 revenue was $2,931 million, up $116 million year-over-year; year-to-date revenue was $6,334 million, up $181 million.

• Capital expenditures for the first half of 2026 totaled $2.7 billion, with a $5.6 billion annual plan on track.

• Dividend per common share increased to $0.64 in Q2 2026, up 4.1% from Q2 2025; 52 consecutive years of dividend increases.

• Dispositions in Turks and Caicos and Belize in 2025 had a $0.01 and $0.03 dilutive impact on Q2 and year-to-date EPS, respectively.

Outlook and guidance

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

• Dividend growth guidance of 4-6% annually through 2030 is reaffirmed, supported by regulated growth and 52 consecutive years of increases.

• Additional growth opportunities identified in U.S. electric transmission, grid resiliency, climate adaptation, renewable gas, and LNG infrastructure.

• New five-year capital plan and funding strategy to be released with Q3 results.