Fortis (FTS) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2025, with annual net earnings of $1.7 billion ($3.40 per share), up from $1.6 billion ($3.24 per share) in 2024, and a 7% rate base growth supported by $5.6 billion in capital expenditures.

• Maintained a 52-year track record of consecutive dividend increases, with a 4.1% rise in dividends per share compared to 2024, and ranked #1 in governance by The Globe and Mail.

• Released the 2026 Climate Resiliency Report, highlighting climate risk management, operational reliability, and a 38% reduction in scope 1 GHG emissions since 2019.

• Dispositions of FortisTCI and Belize investments resulted in $63 million in losses, partially offsetting earnings growth.

Financial highlights

• 2025 adjusted EPS was $3.53, up $0.25 year-over-year, with reported EPS at $3.40; Q4 adjusted EPS was $0.90, up from $0.83 in Q4 2024.

• 2025 revenue totaled $12 billion, with total assets of $75 billion at year-end.

• One-year total shareholder return reached nearly 24%, with a 20-year cumulative TSR of 517%.

• Strong liquidity with $2.7 billion in long-term debt issued in 2025 and $6.3 billion available on credit facilities at year-end.

• Adjusted payout ratio improved to 70.4% in 2025 from 72.7% in 2024.

Outlook and guidance

• Launched a five-year, $28.8 billion capital plan (2026-2030), targeting a 7% compound annual rate base growth and a rate base of $57.9 billion by 2030.

• Committed to 4-6% annual dividend growth guidance through 2030.

• Capital plan funding to come primarily from operations, regulated utility debt, and the dividend reinvestment plan.

• Focused on incremental growth opportunities, including major projects at ITC, LNG, and data center load growth in Arizona.

• Committed to a coal-free generation mix by 2032 and net-zero emissions by 2050.