Fortis Posts Higher 2025 Earnings and Unveils Record $28.8 Billion Capital Plan

Fortis ( (TSE:FTS) ) has shared an announcement.

On February 12, 2026, Fortis Inc. reported net earnings attributable to common shareholders of $1.7 billion, or $3.40 per share, for 2025, up from $1.6 billion, or $3.24 per share, in 2024 despite losses tied to the sale of FortisTCI and its Belize operations. Adjusted net earnings per share rose to $3.53 from $3.28, underpinned by $5.6 billion in capital expenditures that delivered 7% rate base growth to $42.4 billion and supported a 4.1% fourth‑quarter dividend increase, extending the company’s record to 52 consecutive years of dividend hikes.

Fourth‑quarter 2025 net earnings were $422 million, or $0.83 per share, versus $396 million, or $0.79 per share, a year earlier, with underlying growth driven by rate base expansion, cost rebasing at Central Hudson, favorable foreign exchange and derivative gains. These gains were partially offset by weaker results at UNS Energy, the expiry of a regulatory incentive at FortisAlberta, higher holding company costs and the impact of dispositions in the Caribbean.

Fortis outlined a record $28.8 billion capital plan for 2026‑2030, an increase of $2.8 billion over the prior five‑year outlook, largely focused on transmission expansion, reliability work at ITC, and additional transmission and distribution investment at UNS Energy to serve load growth and integrate future generation. The low‑risk plan, only 21% of which is tied to major projects, is expected to sustain 7% annual rate base growth and support planned annual dividend growth of 4–6% through 2030, funded mainly by cash from operations and regulated utility debt.

Regulatory momentum continued with a December 2025 approval by Arizona regulators of an energy supply agreement for about 300 megawatts for a planned Tucson data center and a January 2026 recommended rate decision for UNS Gas that proposes a 9.57% allowed return on equity and a 56% equity layer. A final decision on the UNS Gas rate case is expected later in February 2026 and could include either an annual formulaic rate mechanism or targeted adjustors to speed recovery of infrastructure and tax-related costs.

The company also released its 2026 Climate Resiliency Report, detailing climate hazards, asset vulnerabilities and adaptation measures across its utilities, and reported a roughly 38% reduction in scope 1 greenhouse gas emissions by 2025 versus 2019. Fortis plans to reassess its decarbonization strategy in 2026, with the potential to set new interim emissions targets informed by ongoing resource planning and system investment needs across its regulated footprint.

The most recent analyst rating on (TSE:FTS) stock is a Sell with a C$67.00 price target. To see the full list of analyst forecasts on Fortis stock, see the TSE:FTS Stock Forecast page.

Spark’s Take on TSE:FTS Stock

According to Spark, TipRanks’ AI Analyst, TSE:FTS is a Neutral.

Fortis’ overall score is driven by solid financial performance and a positive earnings call outlook, tempered by technical analysis indicating bearish momentum. The valuation is reasonable, but not enough to significantly boost the score. The company’s strategic investments and dividend growth are positive, but cash flow challenges and regulatory issues present risks.

To see Spark’s full report on TSE:FTS stock, click here.

More about Fortis

Fortis Inc. is a diversified North American regulated electric and gas utility holding company listed on the TSX and NYSE under the symbol FTS. The corporation operates a portfolio of transmission and distribution utilities, with a strategic focus on delivering safe, reliable and affordable energy while executing large-scale capital investment programs that drive regulated rate base growth and support long-term dividend increases.

Average Trading Volume: 1,838,714

Technical Sentiment Signal: Buy

Current Market Cap: C$37.38B

For a thorough assessment of FTS stock, go to TipRanks’ Stock Analysis page.