Earnings

Fortis reports third quarter net earnings of 474 million

The Tip Desk · November 3, 2026 · 2 min read

The regulated utility provider saw quarterly revenue rise to 3.115 billion Canadian dollars

Fortis Inc. (FTS), a diversified North American regulated electric and gas utility holding company, reported net earnings attributable to common equity shareholders of 474 million Canadian dollars for the third quarter of 2026. This represents an increase of 65 million Canadian dollars compared to the third quarter of 2025. Basic earnings per common share were 0.92, up from 0.81 a share in the prior-year period.

Revenue for the quarter rose to 3.115 billion Canadian dollars from 2.938 billion Canadian dollars in the same period last year. The company attributed the growth to higher electricity sales, Rate Base growth, and a higher U.S. dollar-to-Canadian dollar exchange rate, as well as higher flow-through and recoverable costs in customer rates. These gains were partially offset by the 2025 dispositions of Fortis Belize and FortisTCI.

Common equity earnings for the quarter increased by 65 million Canadian dollars. The company noted that the disposition of FortisTCI in September 2025 had resulted in 32 million Canadian dollars of closing costs and income taxes being recognized in the third quarter of 2025. Excluding that impact, common equity earnings rose 33 million Canadian dollars, driven by Rate Base growth across utilities and higher earnings at UNS Energy due to the timing of operating costs and growth in retail electricity sales.

Year-to-date revenue through September 30 reached 9.449 billion Canadian dollars, compared to 9.091 billion Canadian dollars in 2025. The company said year-to-date revenue was unfavourably impacted by a lower U.S. dollar-to-Canadian dollar exchange rate and lower pricing on wholesale sales at UNS Energy due to market conditions. Net earnings for the nine-month period were 1.567 billion Canadian dollars, up from 1.476 billion Canadian dollars in 2025.

Capital expenditures through September totaled 4.2 billion Canadian dollars. The company expects total capital investment for 2026 to reach 6.0 billion Canadian dollars.

Fortis released a new five-year capital plan for 2027-2031 totaling 32.2 billion Canadian dollars, which is 3.4 billion Canadian dollars higher than the previous plan. The company said this plan supports 7.5% rate base growth. This investment includes US$0.5 billion for a competitive transmission project in Iowa awarded to ITC.

Following the results, the company increased its fourth quarter common share dividend by 4%. Fortis extended its annual dividend growth guidance of 4-6% through 2031.

More on FTS

July 31, 2026 Earnings Fortis Inc. Reports Second Quarter Net Earnings of $396 Million May 6, 2026 Earnings Fortis Reports First Quarter Common Equity Earnings of 501 Million

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