Fortis Inc

FTS

Equity

ISIN null / Valor 687999

Toronto Stock Exchange (2026-08-04)

CAD 79.61-0.24%

Fortis Inc
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About company

Fortis Inc. is a Canadian utility holding company headquartered in St. John’s, Newfoundland, that owns and operates a portfolio of regulated electric and gas transmission, distribution and generation businesses across Canada, the United States and the Caribbean. Through regional subsidiaries — including provincially focused utilities in Atlantic Canada and western Canada, U.S. transmission assets and a number of Caribbean electric companies — Fortis provides electricity and natural gas to residential, commercial and industrial customers, with revenues driven primarily by regulated tariffs and long‑term capital investment in grid and pipeline infrastructure. The company’s strategy centers on rate‑base growth and acquisitions of complementary utility businesses to expand its regulated earnings base and support steady cash flow.

Summarized from source with an LLMView SourceSector: Energy

Headline results

Net earnings of $501 million and basic EPS of $0.99 for the first quarter of 2026 (down $0.01 per share year-over-year). Operating cash flow was $1,103 million (down $110 million vs. Q1 2025).

Capital spending and plan

Q1 capital expenditures were $1.4 billion (about 25% of the $5.6 billion 2026 plan). Fortis reaffirmed its $28.8 billion 2026–2030 five-year capital plan and says the 2026 program is on track.

Dividends and shareholder policy

Fortis paid $0.64 per common share in Q1 2026 (a 4.1% increase vs. Q1 2025) and reiterates dividend growth guidance of roughly 4–6% annually through 2030.

Regulatory developments

UNS Gas received ACC approval (9.61% ROE and 56% common equity) with a formulaic rate mechanism effective March 1, 2026; the TEP general rate case remains in process with an order anticipated in the fall.

Business unit and project progress

ITC delivered a substation supporting 300 MW for the Big Cedar data‑center load and is progressing further transmission work for up to 1,900 MW by 2028; FortisBC updated its Tilbury LNG storage environmental application; ACC approved conversion of Springerville units to natural gas, advancing TEP plans.

Drivers and headwinds

Rate base growth and timing effects at Central Hudson supported earnings; weaker wholesale markets, planned generation maintenance timing and higher unrecovered costs weighed on UNS Energy. The lower USD/CAD rate and 2025 dispositions (Turks & Caicos and Belize) also reduced reported earnings (Q1 disposals diluted EPS by ~$0.02).

Liquidity, ratings and outlook

Fortis reports strong liquidity and available credit; Morningstar DBRS confirmed issuer and unsecured debt ratings at A (low) with a stable outlook in May 2026. Management expects rate base midyear to grow from $42.4 billion (2025) to $57.9 billion by 2030 (≈7% five‑year CAGR) to support the stated dividend-growth target.

Summarized from source with an LLMView Source

Key figures

15.7%1Y

48.1%3Y

39.5%5Y

Performance

13.3%1Y

14.5%3Y

14.6%5Y

Volatility