Fortis (FTS) Q3 2025 earnings summary

Executive summary

• Delivered strong Q3 results with top quartile safety and reliability, and executed a regulated growth strategy.

• Completed sales of Fortis TCI and Belize assets, resulting in a 100% regulated asset base and streamlined portfolio.

• Announced a new five-year capital plan of $28.8 billion, up $2.8 billion from the prior plan, supporting 7% annual rate base growth through 2030.

• Board declared a fourth quarter dividend increase of 4.1% to $0.64 per share, marking 52 consecutive years of dividend increases and extending 4-6% annual growth guidance through 2030.

• Asset sales proceeds will strengthen the balance sheet and fund regulated growth.

Financial highlights

• Q3 2025 adjusted EPS was $0.87, up $0.02 year-over-year; actual EPS was $0.81, impacted by asset sale costs.

• Year-to-date adjusted EPS rose to $2.63 from $2.45, driven by regulated utility performance.

• Q3 2025 revenue was $2,938 million, up $167 million year-over-year; YTD revenue reached $9,091 million.

• Capital expenditures year-to-date were $4.2 billion, with a full-year forecast of $5.6 billion.

• Raised over $2 billion of debt year-to-date, including a $750 million hybrid issuance at 5.1%.

Outlook and guidance

• Five-year capital plan of $28.8 billion for 2026-2030, with 77% allocated to transmission and distribution and a 7% consolidated rate base CAGR to $57.9 billion by 2030.

• Annual dividend growth guidance of 4-6% extended through 2030.

• Funding plan relies on cash from operations, utility debt, and DRIP; ATM program remains unused.

• Plan is low-risk and highly executable, with only 21% relating to major capital projects.

• Additional investment opportunities exist beyond the five-year plan, especially in U.S. transmission and LNG infrastructure.