Fortis Inc. Releases Third Quarter 2025 Results, New Five-Year Capital Outlook and 4% Increase in Fourth Quarter Dividend
Fortis (TSX/NYSE: FTS) reported Q3 2025 net earnings of $409 million or $0.81 per common share and adjusted net earnings per share of $0.87, up from $0.85 in Q3 2024. The company expects 2025 capital expenditures of $5.6 billion and released a new 2026–2030 capital plan of $28.8 billion, $2.8 billion higher than the prior plan, supporting 7.0% annual rate base growth to $57.9 billion by 2030. Fortis declared a 4.1% increase in the Q4 common dividend to $0.64 per share and reiterated annual dividend growth guidance of 4–6% through 2030. The corporation closed dispositions of FortisTCI (Sept 2025) and Belize assets (Oct 2025) to strengthen the balance sheet.
Fortis (TSX/NYSE: FTS) ha riportato utili netti del terzo trimestre 2025 di 409 milioni di dollari o 0,81 dollari per azione ordinaria e utile netto rettificato per azione di 0,87 dollari, rispetto a 0,85 nel Q3 2024. L'azienda prevede spese in conto capitale per il 2025 di 5,6 miliardi di dollari e ha pubblicato un nuovo piano degli investimenti 2026–2030 di 28,8 miliardi di dollari, 2,8 miliardi di dollari in più rispetto al piano precedente, a supporto di una crescita annua della base capitale del 7,0% fino a 57,9 miliardi di dollari entro il 2030. Fortis ha annunciato un aumento del dividendo ordinario nel Q4 del 4,1% a 0,64 dollari per azione e ha ribadito la guida di crescita annuale dei dividendi del 4–6% fino al 2030. La società ha chiuso le dismissioni di FortisTCI (settembre 2025) e degli asset Belize (ottobre 2025) per rafforzare il bilancio.
Fortis (TSX/NYSE: FTS) reportó ganancias netas del tercer trimestre de 2025 de 409 millones de dólares, o 0,81 dólares por acción común, y ganancias netas ajustadas por acción de 0,87 dólares, frente a 0,85 en el Q3 de 2024. La empresa espera gastos de capital para 2025 de 5,6 mil millones de dólares y publicó un nuevo plan de capital 2026–2030 de 28,8 mil millones de dólares, 2,8 mil millones de dólares más que el plan anterior, respaldando un crecimiento anual de la base de capital del 7,0% hasta 57,9 mil millones de dólares para 2030. Fortis anunció un aumento del dividendo común del Q4 del 4,1% a 0,64 dólares por acción y reiteró la guía de crecimiento anual de dividendos del 4–6% hasta 2030. La corporación cerró desinversiones de FortisTCI (septiembre de 2025) y de activos de Belice (octubre de 2025) para fortalecer el balance.
Fortis (TSX/NYSE: FTS)는 2025년 3분기에 4억 9천만 달러의 순이익을 보고했고 주당 순이익 0.81달러, 조정 주당 순이익 0.87달러를 기록했습니다(2024년 3분기 0.85달러 대비). 회사는 2025년 자본지출 56억 달러를 기대하고 2026–2030년 자본계획 288억 달러를 발표했으며 이전 계획보다 28억 달러 증가했습니다. 이는 2030년까지 연간 7.0%의 기본 자본 성장률을 지지하며 2030년 말 579억 달러에 달합니다. Fortis는 4분기 보통주 배당을 0.64달러로 4.1% 인상했고 2030년까지의 연간 배당 성장 가이던스 4–6%를 재확인했습니다. 회사는 재무상태를 강화하기 위해 FortisTCI 매각(2025년 9월)과 벨리즈 자산 매각(2025년 10월)을 마감했습니다.
Fortis (TSX/NYSE: FTS) a affiché un bénéfice net du troisième trimestre 2025 de 409 millions de dollars, soit 0,81 dollar par action ordinaire, et un bénéfice net ajusté par action de 0,87 dollar, contre 0,85 dollar au T3 2024. L'entreprise prévoit des dépenses d'investissement pour 2025 de 5,6 milliards de dollars et a publié un plan de capital 2026–2030 de 28,8 milliards de dollars, soit 2,8 milliards de dollars de plus que le plan précédent, soutenant une croissance annuelle de la base de capital de 7,0% jusqu'à 57,9 milliards de dollars d'ici 2030. Fortis a annoncé une augmentation du dividende ordinaire du T4 de 4,1% à 0,64 dollar par action et a réitéré sa guidance de croissance annuelle des dividendes de 4–6% jusqu'en 2030. La société a clôturé les cessions de FortisTCI (septembre 2025) et des actifs du Belize (octobre 2025) afin de renforcer le bilan.
Fortis (TSX/NYSE: FTS) berichtete im dritten Quartal 2025 einen Nettogewinn von 409 Mio. USD bzw. 0,81 USD pro Stammaktie und einen bereinigten Nettogewinn je Aktie von 0,87 USD (gegenüber 0,85 USD im Q3 2024). Das Unternehmen erwartet für 2025 Investitionsausgaben von 5,6 Mrd. USD und veröffentlichte einen neuen Kapitalplan für 2026–2030 in Höhe von 28,8 Mrd. USD, 2,8 Mrd. USD mehr als im vorherigen Plan, der ein jährliches Basisvermögenswachstum von 7,0% bis 2030 unterstützt und bis dahin 57,9 Mrd. USD erreicht. Fortis gab eine Erhöhung der vierten Quartalsdividende auf 0,64 USD pro Aktie bekannt und bestätigte erneut die Guidance für ein jährliches Dividendenwachstum von 4–6% bis 2030. Das Unternehmen schloss Veräußerungen von FortisTCI (Sept. 2025) und Belize-Assets (Okt. 2025) ab, um die Bilanz zu stärken.
فورتس (التبادل الكندي/بورصة نيويورك: FTS) أبلغت عن صافي أرباح الربع الثالث من عام 2025 قدره 409 ملايين دولار أو 0.81 دولار للسهم العادي، وصافي ربح معدّل للسهم قدره 0.87 دولار، مقارنة بـ 0.85 دولار في الربع الثالث من 2024. تتوقع الشركة مصروفات رأس مال لعام 2025 قدرها 5.6 مليار دولار وأصدرت خطة رأس مال جديدة للفترة 2026–2030 بقيمة 28.8 مليار دولار، بزيادة قدرها 2.8 مليار دولار عن الخطة السابقة، تدعم نمو قاعدة رأس المال بمعدل سنوي 7.0% للوصول إلى 57.9 مليار دولار بحلول 2030. أعلنت فورتس عن زيادة قدرها 4.1% في توزيعات الأرباح للفترة الرابعة إلى 0.64 دولار للسهم وأكّدت إرشادات النمو السنوي لتوزيعات الأرباح بين 4–6% حتى 2030. أغلقت الشركة عمليات التفكيك لـ FortisTCI (سبتمبر 2025) وأصول بليز (أكتوبر 2025) لتعزيز الميزانية.
- Adjusted EPS increased to $0.87 in Q3 2025
- New $28.8 billion 2026–2030 capital plan
- 7.0% projected annual rate base growth to 2030
- Declared 4.1% Q4 common dividend increase to $0.64
- Completed asset dispositions in Sept–Oct 2025 to bolster balance sheet
- Reported net earnings declined $11 million to $409 million in Q3 2025
- $32 million of taxes/closing costs related to FortisTCI reduced Q3 earnings
- 2025 capex raised to $5.6 billion from prior $5.2 billion
- Higher costs at UNS Energy not yet reflected in customer rates
Insights
Solid regulated earnings, larger five-year capex and a dividend uptick signal constructive growth and shareholder return support.
Fortis reported third-quarter net earnings of
The funding mix leans on cash from operations and regulated debt, with common equity coming primarily from the dividend reinvestment plan; the
Watchables: actual regulatory approvals and allowed ROEs at affected jurisdictions (Central Hudson ROE stayed at
This news release constitutes a "Designated News Release" incorporated by reference in the prospectus supplement dated December 9, 2024 to Fortis' short form base shelf prospectus dated December 9, 2024.
ST. JOHN'S, Newfoundland and Labrador, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS), a diversified leader in the North American regulated electric and gas utility industry, released its third quarter results and 2026-2030 outlook1.
Highlights
- Third quarter net earnings of
$409 million or$0.81 per common share, compared to$0.85 per common share in 2024 - Adjusted net earnings per common share2 of
$0.87 , up from$0.85 in the third quarter of 2024 - Capital expenditures2 of
$4.2 billion through September; capital investments of$5.6 billion expected for 2025 - Released 2026-2030 capital plan of
$28.8 billion ,$2.8 billion higher than prior plan and supporting7.0% rate base growth3 - Increased fourth quarter common share dividend by
4.1% and extended annual dividend growth guidance of 4-6% through 2030 - Disposition of FortisTCI closed in September 2025 and sale of Belize assets closed in October 2025
"During the third quarter, our utilities delivered earnings growth and executed capital investments in line with expectations," said David Hutchens, President and Chief Executive Officer, Fortis. "Today we are pleased to unveil our largest five-year capital plan of
Net Earnings
The Corporation reported net earnings attributable to common equity shareholders ("Net Earnings") of
Excluding the above-noted item, Net Earnings increased by
On a year-to-date basis and excluding the impact of the disposition of FortisTCI as discussed above, Net Earnings increased by
The change in earnings per share for both the third quarter and year-to-date periods also reflected an increase in the weighted average number of common shares outstanding, largely associated with the Corporation's dividend reinvestment plan.
| __________________ | |
| 1 | Financial information is presented in Canadian dollars unless otherwise specified. |
| 2 | Fortis uses financial measures that do not have a standardized meaning under generally accepted accounting principles in the United States of America ("U.S. GAAP") and may not be comparable to similar measures presented by other entities. Fortis presents these non-U.S. GAAP measures because management and external stakeholders use them in evaluating the Corporation's financial performance. Refer to the Non-U.S. GAAP Reconciliation provided herein. |
| 3 | Reflects the five-year compound annual growth rate calculated using a constant U.S. dollar-to-Canadian dollar exchange rate. |
Adjusted Net Earnings2
Adjusted net earnings attributable to common equity shareholders ("Adjusted Net Earnings") reflects the removal of items that management excludes in its key decision-making processes and evaluation of operating results. For the three and nine months ended September 30, 2025, Net Earnings were favourably adjusted by
2025 Capital Expenditures and New Five-Year Capital Plan
Capital expenditures for 2025 are expected to be approximately
The Corporation's new 2026-2030 capital plan totals
The five-year capital plan is expected to be funded primarily by cash from operations and regulated debt. Common equity proceeds are expected to be provided by the Corporation's dividend reinvestment plan, assuming current participation levels. The Corporation's
Significant opportunities remain beyond the five-year plan, including incremental investments associated with MISO LRTP tranche 2.1 projects. ITC estimates a range of US
Tucson Electric Power ("TEP") is experiencing interest from potential new large retail customers in the manufacturing, data center, and mining sectors with energy demands that may create new energy needs. In particular, negotiations are ongoing with a customer for capacity to support a multi-phase data center development. Additional generation investments would be required to support such capacity requirements, and TEP continues to work with the potential customers to assess capital requirements and associated timelines. TEP and UNS Electric are expecting to file new Integrated Resource Plans in 2026, which will support increasing energy needs while taking into account reliable and affordable energy solutions.
Fourth Quarter 2025 Dividends
The Board of Directors of Fortis has declared the following dividends payable on December 1, 2025 to the Shareholders of Record of the following Shares of the Corporation at the close of business on November 17, 2025:
$0.30 63 per share on the First Preference Shares, Series "F"';$0.38 26875 per share on the First Preference Shares, Series "G";$0.26 144 per share on the First Preference Shares, Series "H";$0.25 8290 per share on the First Preference Shares, Series "I";$0.29 69 per share on the First Preference Shares, Series "J";$0.34 18125 per share on the First Preference Shares, Series "K";$0.34 33125 per share on the First Preference Shares, Series "M"; and,$0.64 per share on the Common Shares.
The Corporation has designated the common share dividend and preference share dividends as eligible dividends for federal and provincial dividend tax credit purposes.
Disposition of Assets
The Corporation sold its utility in Turks and Caicos in September 2025, and its assets in Belize, including the non-regulated hydro generation facilities, in October 2025. Proceeds from the dispositions will be used to further strengthen the balance sheet and provide additional funding flexibility in support of our regulated utility growth strategy.
Regulatory Update
In August 2025, the New York State Public Service Commission approved a three-year rate plan for Central Hudson with retroactive application to July 1, 2025, including the continuation of a
Outlook
Fortis continues to enhance shareholder value through the execution of its capital plan, the balance and strength of its diversified portfolio of regulated utility businesses, and growth opportunities within and proximate to its service territories. The Corporation's
Planned capital expenditures are based on forecasted energy demand, labour and material costs, and macro economic factors. The Corporation continues to monitor government policy on foreign trade, including the imposition of tariffs and the potential impacts on the supply chain, commodity prices, the cost of energy and general economic conditions. While it is not possible to predict the impact on the supply chain, business operations or the five-year capital plan, the Corporation does not currently expect a material financial impact in 2025.
Beyond the five-year capital plan, opportunities to expand and extend growth include: further expansion of the electric transmission grid in the U.S. to support load growth and facilitate the interconnection of new energy resources; transmission investments associated with the MISO LRTP as well as regional transmission in New York; grid resiliency and climate adaptation investments; investments in renewable gas and liquefied natural gas infrastructure in British Columbia; and the acceleration of load growth and cleaner energy infrastructure investments across our jurisdictions.
The Corporation's ability to achieve its interim greenhouse gas ("GHG") emissions reduction targets of
| Non-U.S. GAAP Reconciliation | |||||||||||||||
| Periods ended September 30 | Quarter | Year-to-Date | |||||||||||||
| ($ millions, except as indicated) | 2025 | 2024 | Variance | 2025 | 2024 | Variance | |||||||||
| Adjusted Net Earnings | |||||||||||||||
| Net Earnings | 409 | 420 | (11 | ) | 1,292 | 1,210 | 82 | ||||||||
| Adjusting item: | |||||||||||||||
| Disposition of FortisTCI4 | 32 | — | 32 | 32 | — | 32 | |||||||||
| Adjusted Net Earnings | 441 | 420 | 21 | 1,324 | 1,210 | 114 | |||||||||
| Adjusted net earnings per share($) | 0.87 | 0.85 | 0.02 | 2.63 | 2.45 | 0.18 | |||||||||
| Capital Expenditures | |||||||||||||||
| Additions to property, plant and equipment | 1,362 | 1,248 | 114 | 4,324 | 3,383 | 941 | |||||||||
| Additions to intangible assets | 91 | 52 | 39 | 216 | 142 | 74 | |||||||||
| Adjusting items: | |||||||||||||||
| Eagle Mountain Pipeline Project5 | (137 | ) | — | (137 | ) | (369 | ) | — | (369 | ) | |||||
| Wataynikaneyap Transmission Power Project6 | — | — | — | — | 29 | (29 | ) | ||||||||
| Capital Expenditures | 1,316 | 1,300 | 16 | 4,171 | 3,554 | 617 | |||||||||
| ___________________ | |
| 4 | Reflects income taxes and closing costs associated with the disposition of FortisTCI. |
| 5 | Represents contributions in aid of construction received for the Eagle Mountain Pipeline project. |
| 6 | Represents Fortis' |
About Fortis
Fortis is a diversified leader in the North American regulated electric and gas utility industry with 2024 revenue of
Forward-Looking Information
Fortis includes forward-looking information in this news release within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as anticipates, believes, budgets, could, estimates, expects, forecasts, intends, may, might, plans, projects, schedule, should, target, will, would, and the negative of these terms, and other similar terminology or expressions, have been used to identify the forward-looking information, which includes, without limitation: forecast capital expenditures for 2025 and 2026 through 2030; annual dividend growth guidance through 2030; the nature, timing, benefits and costs of certain major capital projects, including investments associated with the MISO LRTP and the Springerville Natural Gas Conversion project; expected sources of funding for the capital plan, including sources of common equity proceeds; the nature, timing, benefits and costs of additional investment opportunities, including further investments at ITC associated with the MISO LRTP tranche 2.1 projects, further investments at TEP required to serve potential new large retail customers in the manufacturing, data center and mining sectors, and further investments at TEP and UNS Electric associated with new Integrated Resource Plans expected to be filed in 2026; the expected use of proceeds related to the disposition of assets; forecast rate base and rate base growth through 2030; the expectation that long-term growth in rate base will drive earnings that support dividend growth guidance of 4
Forward-looking information involves significant risks, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking information, including, without limitation: the successful execution of the capital plan; the continued ability to maintain the performance of the electricity and gas systems; no material capital project and financing cost overrun; sufficient human resources to deliver service and execute the capital plan; the continued availability of natural gas, fuel, coal and electricity supply; reasonable outcomes for regulatory proceedings and the expectation of regulatory stability; no significant variability in interest rates; no material changes in the assumed U.S. dollar-to-Canadian dollar exchange rate; the Board of Directors of the Corporation exercising its discretion to declare dividends, taking into account the business performance and financial condition of the Corporation; no significant operational disruptions or environmental liability or upset; no severe and prolonged economic downturn; no significant changes in government energy plans, environmental laws and regulations that could have a material negative impact; and the realization of additional opportunities beyond the capital plan. Fortis cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. For additional information with respect to certain risk factors, reference should be made to the continuous disclosure materials filed from time to time by the Corporation with Canadian securities regulatory authorities and the Securities and Exchange Commission. All forward-looking information herein is given as of the date of this media release. Fortis disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Teleconference and Webcast
A teleconference and webcast will be held on November 4, 2025 at 8:30 a.m. (Eastern) during which David Hutchens, President and Chief Executive Officer and Jocelyn Perry, Executive Vice President and Chief Financial Officer will discuss the Corporation's third quarter financial results and new five-year outlook.
Shareholders, analysts, members of the media and other interested parties are invited to listen to the teleconference via the live webcast on the Corporation's website, www.fortisinc.com/investors/events-and-presentations.
Those members of the financial community in Canada and the United States wishing to ask questions during the call are invited to participate toll free by calling 1.833.821.0229. Individuals in other international locations can participate by calling 1.647.846.2371. Please dial in 10 minutes prior to the start of the call. No access code is required.
An archived audio webcast of the teleconference will be available on the Corporation's website two hours after the conclusion of the call until December 4, 2025. Please call 1.855.669.9658 or 1.412.317.0088 and enter access code 1925124#.
Additional Information
This news release should be read in conjunction with the Corporation's September 30, 2025 Interim Management Discussion and Analysis and Condensed Consolidated Financial Statements. This and additional information can be accessed at www.fortisinc.com, www.sedarplus.ca, or www.sec.gov.
For more information, please contact:
| Investor Enquiries | Media Enquiries |
| Ms. Stephanie Amaimo | Ms. Karen McCarthy |
| Vice President, Investor Relations | Vice President, Communications & Government Relations |
| Fortis Inc. | Fortis Inc. |
| 248.946.3572 | 709.737.5323 |
| investorrelations@fortisinc.com | media@fortisinc.com |
A .pdf version of this press release is available at: http://ml.globenewswire.com/Resource/Download/2112a9b3-2d99-4a1f-8046-d85265848d45
FAQ
What were Fortis (FTS) Q3 2025 earnings and adjusted EPS?
How much is Fortis (FTS) planning to spend in its 2026–2030 capital plan?
What dividend change did Fortis (FTS) announce for Q4 2025 and future guidance?
How will Fortis (FTS) fund the $28.8 billion five-year plan?
What caused the decline in Fortis (FTS) net earnings in Q3 2025?
Did Fortis (FTS) complete any asset sales in 2025 that affect the balance sheet?
