Fortis Delivers $1.7 B Net Earnings, Plans $28.8 B 2026–2030 Capital Spending
Fortis posted 2025 net earnings of $1.7 billion ($3.40/share) and adjusted EPS of $3.53, up from $3.28 in 2024, driven by $5.6 billion capital spending that pushed rate base up 7%. The company raised its quarterly dividend by 4.1% and unveiled a $28.8 billion 2026–2030 capital plan.
1. 2025 Financial Results
Fortis achieved net earnings of $1.7 billion, or $3.40 per common share, in 2025 compared with $1.6 billion ($3.24/share) in 2024. Adjusted net earnings per share rose to $3.53 from $3.28, reflecting rate base growth and favorable currency and hedging impacts.
2. Capital Expenditures and Rate Base Growth
Capital expenditures reached $5.6 billion in 2025, funding major projects such as MISO long-range transmission upgrades and gas generation expansions at UNS Energy. These investments lifted 2025 midyear rate base to $42.4 billion, a 7% increase over the prior year.
3. Dividend Increase and Shareholder Outlook
The board approved a 4.1% increase in the quarterly common share dividend, extending a 52-year streak of consecutive raises. Management forecasts annual dividend growth of 4–6% through 2030, supported by regulated utility earnings.
4. Five-Year Capital Plan
Fortis unveiled its largest capital roadmap, committing $28.8 billion to the 2026–2030 period. The plan is designed to sustain 7% rate base growth, enhance system reliability and affordability, and drive long-term shareholder value.