Fortis (FTS) has built its reputation on stability as the company runs a diversified group of fully regulated electric and gas utilities across Canada, the United States, and the Caribbean. That structure tends to produce predictable earnings, and 2025 was another year where Fortis leaned into this advantage. Management continued to emphasize safety, reliability, and long-term planning, which are the pillars of the business.
Find out what a stock’s really worth in under 60 seconds with TIKR’s new Valuation Model (It’s free)>>>
Investors entered 2025 seeking clarity on growth, funding, and regulatory visibility. They got it. The company rolled out its largest-ever capital plan, totaling $28.8 billion for 2026 through 2030. It also extended its long-standing dividend growth guidance through the end of the decade. With 52 straight years of increases, the Fortis dividend track record remains one of the strongest in North America.
The story, moving into 2026, is about a clear pipeline for rate base expansion, ongoing transmission investment, and recurring cash generation. Fortis isn’t aiming for dramatic surprises. It is steering toward steady, incremental growth backed by regulated assets, well-defined capital plans, and a balanced funding strategy.
Quickly value any stock with TIKR’s powerful new Valuation Model (It’s free!) >>>
Financial Story
Fortis reported adjusted EPS of $0.87 in Q3 2025, up slightly from $0.85 last year. Year-to-date adjusted EPS reached $2.63, an increase from $2.45 in 2024. The improvement came mainly from strong performance across U.S. electric and gas utilities, ITC’s ongoing transmission expansion, and growth in Western Canadian operations. Currency effects and higher average share count slightly reduced the overall lift, but the underlying trend was positive.
| Metric | Q3 2025 | YoY Change |
|---|---|---|
| Adjusted EPS | $0.87 | +$0.02 |
| YTD Adjusted EPS | $2.63 | +$0.18 |
| Q3 Net Earnings | $409M | -$11M |
| Adjusted Net Earnings | $441M | +$21M |
| YTD Adjusted Net Earnings | $1.324B | +$114M |
| Q3 Capital Expenditures | $1.316B | +$16M |
| YTD Capital Expenditures | $4.171B | +$617M |
| Liquidity (Available Credit) | $5.8B | +$3.4B vs utilization |
Capital spending remained substantial. Through September 2025, Fortis invested $4.2 billion in capex, reflecting progress across maintenance programs and ongoing major projects. Full-year capital expenditures are expected to reach $5.6 billion. The company also continued to reallocate capital through asset sales, completing the divestiture of FortisTCI and using the proceeds to strengthen liquidity.
Balance sheet strength remained a priority as Fortis prepares for its record capital plan. A hybrid issuance at 5.1 percent supported corporate funding, and Fortis ended Q3 with $5.8 billion in available liquidity. Management expects cash flow-to-debt ratios to remain within investment-grade levels as spending accelerates in 2026.
Look up Fortis Inc.’s full financial results & estimates (It’s free) >>>
Broader Market Context
Fortis is entering 2026 with remarkable visibility. The new five-year capital plan lays out a clear path for rate base growth averaging 7 percent through 2030. More than 75 percent of the plan focuses on transmission and distribution, which fits the long-term shift toward grid modernization, resiliency, and electrification. This is where regulated returns tend to be most predictable.
The regulatory backdrop also remains constructive. Approvals in Arizona, New York, and various Canadian jurisdictions provide added clarity on the company’s near-term investment priorities. Meanwhile, the company continues to balance customer affordability with infrastructure needs. Fortis aims to execute growth without putting pressure on credit ratings or rate stability.
1. A Record Capital Plan That Extends Growth Visibility
Fortis’ $28.8 billion capital plan for 2026–2030 is the largest in its history. The spending focuses heavily on transmission upgrades in the United States through ITC, electrification-driven upgrades in Arizona and British Columbia, and system modernization across Canada. With more than 100 percent of the investment tied to regulated utilities, the plan is designed to generate predictable cash flows and expand the rate base.
The plan also benefits from optionality. Several large opportunities, including data center load growth in Arizona and LNG infrastructure in British Columbia, could add meaningful upside beyond the formal plan. Fortis highlighted billions of potential incremental projects that, if approved, would further extend rate base growth into the next decade.
2. Strength in Regulated Earnings Across Segments
Earnings contributions remained broad-based in 2025. ITC delivered higher adjusted earnings driven by ongoing U.S. transmission development. U.S. electric and gas utilities also performed well, especially in Central Hudson, which posted a sizable year-over-year increase as rate structures and customer trends stabilized.
Western Canadian operations continued to show consistent results across FortisBC Energy, FortisAlberta, and FortisBC Electric. These businesses contribute meaningfully to the overall rate base and benefit from predictable customer growth and regulated returns. The Caribbean Electric segment also added incremental gains, supported by system enhancements and grid improvements.
Value stocks like Fortis Inc. in less than 60 seconds with TIKR (It’s free) >>>
3. Dividend Stability Remains Central to the Long-Term Story
Fortis extended its annual dividend growth guidance of 4 to 6 percent through 2030. The company achieved a 4 percent increase for Q4 2025, marking its 52nd consecutive year of dividend growth. Backing that consistency is a simple formula: regulated earnings, a measured capital plan, disciplined funding, and investment-grade credit ratings.
Management expects cash from operations to fund the majority of capital needs from 2026 to 2030. Equity requirements remain modest and are supported by DRIP participation and hybrid financing. This balanced approach lowers pressure on leverage, allowing dividend growth to align with long-term earnings expansion.
The TIKR Takeaway
TIKR gives investors an easy way to track Fortis’ long-term story. The platform’s financials tab shows steady rate-base growth, consistent margins, and earnings stability, all of which define the business. With segment-level breakdowns, forward estimates, and historical capex trends all in one view, TIKR helps investors see how multi-year capital plans translate into rate base expansion and dividend durability. For a company built on long-term visibility, this consolidated perspective is essential.
Should You Buy, Sell, or Hold Fortis Stock in 2025?
Fortis continues to be one of the most consistent regulated utilities in North America. Investors who prioritize stability, predictable dividend growth, and long-term capital planning will find familiar strengths here. Those looking for faster earnings acceleration may view the pace as measured, but the regulated foundation remains solid. As the company moves toward 2026, the focus stays on steady execution, rate base expansion, and maintaining a balanced funding plan.
How Much Upside Does Fortis Stock Have From Here?
With TIKR’s new Valuation Model tool, you can estimate a stock’s potential share price in under a minute.
All it takes is three simple inputs:
- Revenue Growth
- Operating Margins
- Exit P/E Multiple
If you’re not sure what to enter, TIKR automatically fills in each input using analysts’ consensus estimates, giving you a quick, reliable starting point.
From there, TIKR calculates the potential share price and total returns under Bull, Base, and Bear scenarios so you can quickly see whether a stock looks undervalued or overvalued.
Find out what your favorite stocks are really worth (Free with TIKR) >>>
Looking for New Opportunities?
- See what stocks billionaire investors are buying so you can follow the smart money.
- Analyze stocks in as little as 5 minutes with TIKR’s all-in-one, easy-to-use platform.
- The more rocks you overturn… the more opportunities you’ll uncover. Search 100K+ global stocks, global top investor holdings, and more with TIKR.
Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
