Fortis (FTS) Q3 2025 earnings summary

Executive summary

• Delivered a strong third quarter with top quartile safety and reliability, executing a regulated growth strategy and maintaining safe, reliable service.

• Completed sales of Fortis TCI and Belize assets, resulting in a 100% regulated asset base and streamlined portfolio.

• Announced a new five-year capital plan of $28.8 billion, up $2.8 billion from the prior plan, supporting 7% annual rate base growth through 2030.

• Board declared a fourth quarter dividend increase of approximately 4%, marking 52 consecutive years of dividend increases and extending 4-6% annual dividend growth guidance through 2030.

Financial highlights

• Q3 2025 adjusted EPS was $0.87, up $0.02 year-over-year; actual EPS was $0.81, with year-to-date adjusted EPS at $2.63, up $0.18.

• Q3 2025 revenue was $2,938 million, up $167 million year-over-year; year-to-date revenue reached $9,091 million.

• Capital expenditures year-to-date were $4.2 billion, with a full-year forecast of $5.6 billion.

• Asset sales improved liquidity, repaid credit facilities, and are expected to have a $0.02 impact on adjusted EPS for the full year.

• Dividends paid per common share in Q3 were $0.615, up from $0.590 in Q3 2024.

Outlook and guidance

• Five-year capital plan of $28.8 billion for 2026-2030, focused on transmission, grid modernization, and supporting a 7% rate base CAGR to $57.9 billion by 2030.

• Annual dividend growth guidance of 4-6% extended through 2030.

• Capital plan is highly executable, with 77% directed to transmission and distribution and only 11 major projects.

• Additional growth opportunities exist above the base plan, including $1.5-$2 billion in Arizona generation and $300 million in BC LNG storage.

• Committed to a coal-free generation mix by 2032 and net-zero GHG emissions by 2050, with interim target delays expected due to load growth.