ST. JOHN’S, Newfoundland and Labrador — February 12, 2026 — Leads & Copy —
Fortis Inc. (TSX/NYSE: FTS) has released its 2025 fourth quarter and annual financial results, reporting annual net earnings of $1.7 billion, or $3.40 per common share.
The company also reported annual adjusted net earnings per common share of $3.53, up from $3.28 for 2024, and capital expenditures of $5.6 billion, yielding 7% annual rate base growth.
Fortis has increased its fourth quarter common share dividend by 4.1%, marking 52 consecutive years of common share dividend increases. The company also released its 2026 Climate Resiliency Report.
Looking ahead, the company announced its largest five-year capital plan of $28.8 billion, which will drive long-term rate base growth of 7% and support annual dividend growth of 4-6% through 2030.
According to David Hutchens, President and Chief Executive Officer of Fortis Inc., 2025 was another year of strong financial and operational performance for Fortis, reflecting the dedication of its people, the growth of its regulated utilities, and the company’s commitment to long-term value creation. He added that the company’s focus on reliability and affordability, and the disciplined execution of its capital plan delivered solid results again this year.
Hutchens said the company’s strategy remains clear: deliver safe, reliable and affordable energy today while investing responsibly to support the evolving needs of its customers and communities.
The Corporation reported net earnings attributable to common shareholders of $1.7 billion, or $3.40 per common share, for 2025 compared to $1.6 billion, or $3.24 per common share, for 2024. Earnings growth in 2025 was impacted by $63 million of losses associated with the dispositions of FortisTCI, Fortis Belize and Belize Electricity, approximately half of which related to income taxes. In addition, results for 2024 were unfavourably impacted by $20 million associated with the retroactive impact of a reduction in the Midcontinent Independent System Operator base rate of return on common equity at ITC.
Excluding these items, net earnings increased by $151 million, or $0.25 per common share, compared to 2024. The increase was primarily due to rate base growth across the company’s utilities, including growth associated with major capital projects. The rebasing of costs effective July 1, 2024 at Central Hudson, unrealized gains on derivative contracts, and the favourable impact of foreign exchange also contributed to earnings growth. The increase was partially offset by lower earnings at UNS Energy due to higher costs associated with Rate Base growth not yet reflected in customer rates, lower retail electricity sales due to milder weather, and lower margins on wholesale electricity sales. The expiration of a regulatory incentive at FortisAlberta, higher non-recoverable stock-based compensation and holding company finance costs, as well as lower earnings from FortisTCI and Fortis Belize also unfavourably impacted results. Net Earnings per common share were also impacted by an increase in the weighted average number of common shares outstanding, largely associated with the Corporation’s dividend reinvestment plan.
For the fourth quarter of 2025, Net Earnings were $422 million, or $0.83 per common share, compared to $396 million, or $0.79 per common share for the same period in 2024. Excluding the $31 million loss on the disposition of the Corporation’s investments in Belize in 2025, and the unfavourable $20 million retroactive impact of the reduction in the MISO base ROE in 2024, Net Earnings increased by $37 million, or $0.07 per common share, compared to the fourth quarter of 2024. The increase was primarily due to the same factors discussed for the year as well as the timing of operating costs at FortisAlberta.
Capital expenditures totalled $5.6 billion in 2025, and reflected progress on several of the Corporation’s major capital projects, including projects within the first tranche of the Midcontinent Independent System Operator long-range transmission plan and the Big Cedar Load Expansion project at ITC, as well as the Vail-to-Tortolita and Black Mountain Gas Generation projects at UNS Energy. Capital expenditures increased midyear rate base to $42.4 billion, representing 7% growth over 2024.
Fortis released its 2026 Climate Resiliency Report, consolidating climate risk and vulnerability assessments completed across its utilities. The report provides detail on key climate hazards, the potential impact on assets, and the adaptation and resiliency measures underway across the Fortis group of companies.
Fortis continues to enhance shareholder value through the execution of its capital plan and the balance and strength of its diversified portfolio of regulated utility businesses. The Corporation’s $28.8 billion five-year capital plan is expected to increase midyear rate base from $42.4 billion in 2025 to $57.9 billion by 2030, translating into a five-year compound annual growth rate of 7%. Fortis expects its long-term growth in rate base will drive earnings that support dividend growth guidance of 4-6% annually through 2030.
Fortis is a diversified leader in the North American regulated electric and gas utility industry with 2025 revenue of $12 billion and total assets of $75 billion as at December 31, 2025. The Corporation’s 9,900 employees serve utility customers in five Canadian provinces, ten U.S. states and the Caribbean.
Source: Fortis Inc.
