Highlights

  • Fortis has raised shareholder dividends for 52 consecutive years across regulated utility operations.
  • A CAD 28.8 billion capital plan supports rate-base expansion through regulated infrastructure investments.
  • Management has guided for annual dividend growth of 4%–6% through 2030.

Fortis Inc. (TSX:FTS) is a dividend-focused utility company operating regulated electric and gas businesses across Canada, the United States, and the Caribbean. The company delivers essential power transmission and distribution services to approximately 3.5 million customers through nine regulated utilities. Its operations are supported by a workforce of about 9,600 employees.

The company’s rate-regulated business model allows it to generate predictable revenues from essential services. This structure has supported consistent shareholder distributions, with Fortis increasing its dividend annually for 52 consecutive years. The company’s dividend history reflects the stability associated with regulated utility assets and long-term customer demand.

Capital Plan Drives Rate-Base Growth
Fortis has outlined a CAD 28.8 billion capital investment plan covering the 2026–2030 period. The program focuses on upgrading and expanding regulated infrastructure across its operating regions. Management expects these investments to support average annual regulated rate-base growth of approximately 7%.

As regulated utilities earn returns based on approved rate bases, the planned capital deployment is expected to support steady earnings growth. This framework provides visibility into future cash generation and underpins the company’s dividend growth outlook through the end of the decade.

Q3 2025 Financial Performance
For the third quarter of 2025, Fortis reported net earnings of CAD 409 million, or CAD 0.81 per share. Adjusted earnings for the quarter were CAD 0.87 per share, supported by rate-base growth across its utility portfolio. Year-to-date capital expenditure reached CAD 4.2 billion, with full-year 2025 capital investment expected to total CAD 5.6 billion.

During the quarter, Fortis completed asset sales in Turks and Caicos and Belize. These transactions contributed to improved financial flexibility while maintaining focus on regulated operations.

Dividend Update and Market Snapshot
The Fortis board approved a 4.1% increase in the quarterly common share dividend, raising it to CAD 0.615 per share. Management reaffirmed guidance for annual dividend growth of 4% to 6% through 2030.

Share Performance
As of January 7, 2026, Fortis shares closed at CAD 70.99. The stock recorded an intraday high of CAD 71.44 and a low of CAD 70.72. Fortis has a market capitalisation of approximately CAD 3.59 billion, trades at a P/E ratio of 21.10, and offers a dividend yield of 3.61%. Over the past 52 weeks, the stock has traded between CAD 57.98 and CAD 74.00.