Fortis Inc. Q2 2026 Earnings Release

Fortis Inc. reported net earnings of $396 million ($0.78 per common share) for the second quarter of 2026, an increase from $384 million ($0.76 per common share) in the second quarter of 2025. This growth was driven by rate base expansion across its utilities and higher retail electricity sales at UNS Energy. However, these gains were partially offset by increased costs not yet reflected in customer rates, timing of operating costs at UNS Energy, shifts in quarterly revenue at Central Hudson, and higher holding company finance costs. The dispositions of businesses in Turks and Caicos and Belize in 2025, along with foreign exchange impacts, also moderated earnings growth. Year-to-date net earnings were $897 million, an increase of $14 million compared to the first half of 2025. The company’s $5.6 billion annual capital plan is on track, with $2.7 billion invested in the first half of 2026. Key developments include the approval of the Tilbury Phase 1B expansion in British Columbia, with a cost allowance of up to $2.2 billion, and the completion of the Roadrunner Reserve II battery project in Arizona. Fortis has reiterated its five-year capital plan of $28.8 billion, projecting a rate base increase to $57.9 billion by 2030, and expects dividend growth of 4-6% annually through 2030.