Emera (EMA) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter adjusted EPS of $1.37, up 7% year-over-year, marking the strongest Q1 in company history.

• Strong performance across all business segments, with regulatory progress and multi-year rates secured at major utilities.

• Customer growth and data center interest in Florida support future investment and growth.

• Entered agreement to sell Grand Bahama Power Company, further focusing the portfolio on core operations.

• Confident in maintaining 5-7% average adjusted EPS growth through 2030, using 2024 as the base year.

Financial highlights

• Q1 2026 adjusted net income was $415 million, with adjusted EPS of $1.37, both up 7% year-over-year.

• Operating cash flow (excluding working capital) increased 6% year-over-year.

• Emera Energy delivered a record Q1, with earnings up 57% year-over-year.

• Tampa Electric and Peoples Gas benefited from new rates and favorable market conditions.

• Caribbean utilities saw improved results from lower fuel costs and tax expense.

Outlook and guidance

• Positioned to deliver above the 5%-7% adjusted EPS CAGR target for 2026, reaffirming 5%-7% average adjusted EPS growth through 2030.

• $4.0B capital plan for 2026 is on track, with a $20B capital plan through 2030.

• Expecting 7-8% rate base growth across the portfolio and 8-9% at Florida utilities through 2030.

• Regulatory clarity across major utilities through 2027 supports predictable earnings and cash flow growth.

• Emera Energy's 2026 earnings expectations raised to $60M-$80M, well above the traditional $15M-$30M range.