Emera earnings: guidance and next results
Emera's next results are expected on November 6, 2026. Watch whether regulatory decisions keep Emera's plan on acceptable terms.
What has Emera guided for 2026?
Management’s standalone guidance calls for adjusted EPS growth above its annual target range in 2026 and average annual growth of 5% to 7% through 2030. It expects rate base—the asset value on which the utility may earn a return—to grow 7% to 8% over that period.
Management targets average adjusted EPS growth of 5%–7% and rate-base growth of 7%–8% through 2030. Rate base is the value of utility assets regulators allow Emera to earn a return on. The standalone capital plan calls for C$4,020 million of investment in 2026 and C$3,730 million in 2027.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Capital investment plan, 2026 | Year to Dec 2026 | 4,020 | 4,020 | Aug 7, 2026 |
| Adjusted EPS growth, above the annual target range | Year to Dec 2026 | 7.0% | Aug 7, 2026 | |
| Average adjusted EPS growth | Through Dec 2030 | 5.0% | 7.0% | Oct 2, 2026 |
| Rate base growth | Through Dec 2030 | 7.0% | 8.0% | Oct 2, 2026 |
What this means. The combined-company figures are conditional plans that apply only if the merger closes, so they are not added to the company’s standalone plans.
Did Emera keep its past promises?
Adjusted earnings per share rose 19% in 2025, above the company’s 5–7% annual growth target. Emera extended that target through 2030, so the continuing question is whether future earnings growth will justify the capital plan and the shares issued for compensation.
What has Emera's recent revenue and profit trend been?
Revenue was higher than in Q2 2025, and gross margin increased, while operating income improved. Net income nevertheless declined. The comparison included a C$19 million after-tax loss on the Grand Bahama Power sale and a C$59 million increase in after-tax mark-to-market losses. Q2 2025 also contained C$72 million of after-tax charges related to the pending NMGC sale.
Free cash flow remained negative because construction spending stayed high. The quarter therefore offers evidence of operating change, but not yet of a durable reversal.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,011 | 2,813 | 2,006 | 2,106 | 1,988 | 2,676 | 1,763 | 1,802 |
| Gross margin | 70.3% | 71.7% | 69.6% | 71.5% | 69.6% | 70.3% | 64.9% | 70.6% |
| Operating income | 354 | 943 | 275 | 480 | 295 | 925 | 239 | 216 |
| Net income | 105 | 562 | 68 | 228 | 135 | 583 | 154 | 4 |
| EPS, diluted | 0.34 | 1.85 | 0.25 | 0.76 | 0.45 | 1.96 | 0.52 | 0.01 |
What this means. The company brings in cash from daily business, but its free cash flow is negative because it spends even more on equipment and buildings.