Fortis (FTS) Q3 2026 earnings summary

Executive summary

• Operates 9 regulated utilities across Canada, the U.S., and the Cayman Islands, serving 3.5 million customers with 100% regulated assets and a focus on transmission and distribution.

• Maintains a strong governance model, prioritizing safety, reliability, and operational excellence, consistently outperforming industry averages in safety and outage duration.

• Sustainability strategy integrates climate risk, targets a coal-free generation mix by 2032, and aims for net-zero emissions by 2050, with a 38% reduction in scope 1 GHG emissions since 2019.

Financial highlights

• 2026 forecast capital expenditures of $5.6B and a rate base of $44.7B.

• Five-year (2026-2030) capital plan totals $28.8B, supporting a 7% CAGR in rate base, reaching $57.9B by 2030.

• Adjusted EPS grew at a 6.5% CAGR from 2022 to 2025, with a 2025 adjusted EPS of $3.53 and a dividend payout ratio of 70.4%.

• 10-year average annual total shareholder return of 10.5% as of June 30, 2026.

Outlook and guidance

• Annual dividend growth guidance of 4-6% extended through 2030, supported by 52 consecutive years of increases.

• Focus on customer affordability through operational efficiency, capital planning, and innovation, with initiatives expected to reduce rates for customers in multiple jurisdictions.

• Major capital projects and expansion opportunities, including Tilbury LNG expansion and Springerville natural gas conversion, are expected to drive future growth.