$FTS · Fortis Inc.
Fortis Inc. reported Q3 2026 net earnings of C$474 million (C$0.92 per share), up from C$409 million (C$0.81) in Q3 2025. Revenue reached C$3.115B versus C$2.938B a year ago. The company unveiled a 2027-2031 capital plan of $32.2 billion — $3.4 billion larger than the prior plan — and raised its quarterly dividend 4% while extending 4-6% annual dividend growth guidance through 2031.
- Q3 adjusted EPS of C$0.92 vs C$0.87 a year ago, a 5.7% increase.
- Revenue rose to C$3.115B from C$2.938B in Q3 2025.
- New 2027-2031 capital plan of $32.2B, $3.4B higher than the prior plan, supporting 7.5% rate base growth.
- ITC awarded a competitive US$1.0B transmission project in Iowa, with US$0.5B in the new five-year plan.
- Fourth-quarter common share dividend increased 4%, with 4-6% annual dividend growth guidance extended through 2031.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
Fortis pairs a clean earnings beat with its largest-ever capital plan and a dividend hike, signaling confidence in sustained regulated growth across its North American utility portfolio.
Fortis joins peers in deploying record capex to meet electrification and reliability demand; the $32.2B plan and 7.5% rate base CAGR position it at the high end of North American regulated utility growth.
TEP rate application still subject to ACC approval; recommended ROE of 9.65% and 55.5% equity layer could be modified. FERC proceeding on eliminating the 50-basis-point RTO ROE adder remains unresolved.