Fortis earnings: guidance and what to watch
Fortis reports its next results on November 3, 2026. Watch whether Fortis turns planned spending into approved earning assets.
What has Fortis guided for the year?
Fortis targets annual dividend growth of 4%–6% through 2030. It also expects disposed businesses to reduce 2026 EPS by C$0.05. The plan therefore requires Fortis to build assets, obtain recovery and grow earnings per share.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Five-year Capital Plan, annual amount | Year to Dec 2027 | 5,900 | 5,900 | Feb 12, 2026 |
| Projected Rate Base | Year to Dec 2027 | 48,100 | 48,100 | Feb 12, 2026 |
| Dividend growth guidance, 2026 | Year to Dec 2026 | 4.0% | 6.0% | Jul 31, 2026 |
| Dividend growth guidance, 2027 | Year to Dec 2027 | 4.0% | 6.0% | Jul 31, 2026 |
| Dilutive impact for the annual period (C$ per common share) | Year to Dec 2026 | -0.05 | -0.05 | Jul 31, 2026 |
| Assumed U.S. dollar-to-Canadian dollar exchange rate | 2026–2030 Capital Plan | 1.35 | 1.35 | Jul 31, 2026 |
Has Fortis kept its past promises?
Fortis’s fourth-quarter dividend rose 4.1% in 2025, continuing 52 years of increases in dividends paid. Management reaffirmed 4–6% annual growth through 2030, but the missed cash-flow target shows that delivery was uneven. The fairest conclusion is therefore mixed: Fortis’s leaders have experience, exposure and a record of delivery, but shareholders still need to test how independently the board challenges them and how honestly performance is measured.
What is Fortis's recent results trend?
Operating cash rose sharply, yet capital spending remained higher. Tax-credit sales and payment timing strengthened the quarter, so the cash increase should not be projected mechanically. Across eight quarters, Canadian heating and Arizona cooling create visible seasonality. The right test is year-on-year and year-to-date growth followed by a regulatory check.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,931 | 3,403 | 3,079 | 2,938 | 2,815 | 3,338 | 2,949 | 2,771 |
| Operating income | 804 | 955 | 868 | 871 | 800 | 953 | 864 | 814 |
| Net income | 417 | 523 | 444 | 431 | 404 | 520 | 415 | 439 |
| EPS, diluted | 0.78 | 0.99 | 0.83 | 0.81 | 0.76 | 1.00 | 0.79 | 0.85 |
| Cash from operations | 1,129 | 1,103 | 1,018 | 1,027 | 804 | 1,213 | 962 | 1,338 |
| − Capital spending | 1,664 | 1,548 | 1,694 | 1,453 | 1,544 | 1,543 | 1,693 | 1,300 |
What this means. Net income includes money owed to preference shareholders, but earnings per share is only for common shareholders, so the two figures do not match exactly.
What should Fortis watchers look for next?
Fortis will report third-quarter results and a new five-year capital outlook on November 3, 2026. The useful comparison is project by project: which costs more, which enters service later and which needs more equity. A larger spending total can hide slower delivery.
Tucson Electric Power’s rate case is scheduled for a decision by November 17, 2026. It seeks an approximately 13% increase in annual revenue and more regular formula adjustments. The unresolved challenge to Arizona’s formula-rate authority could determine how long rising costs remain outside customer bills.