Fortis Q3 2026: Record $32.2B Capital Plan Backs 53-Year Dividend Streak

Fortis posted adjusted EPS of $0.66 for the third quarter of 2026, beating expectations for the fifth straight quarter.

Revenue of $2.23 billion grew 6% year over year while missing expectations, as rate base growth across the utility portfolio and higher industrial and residential demand lifted common equity earnings to $339.21 million. The prior-year quarter carried taxes and closing costs tied to the FortisTCI disposition.

The headline event alongside the quarterly results is the unveiling of a $32.2 billion five-year capital plan for 2027 through 2031, the largest in company history. The plan breaks down to roughly $6.3 to $6.8 billion per year and is designed to grow the midyear rate base from $45.3 billion in 2026 to $63.9 billion by 2031, a five-year compound annual growth rate of 7.5%. CEO David Hutchens described it as reflecting the critical investments required to deliver safe, reliable and resilient energy service to customers.

That rate base trajectory is what underpins Fortis's continued guidance for 4% to 6% annual dividend growth through 2031. The company declared its fourth-quarter 2026 common share dividend of $0.4759, up about 4%, marking 53 consecutive years of increases. Funding for the capital plan is expected to come primarily from operating cash flow and regulated utility debt, with common equity sourced mainly through the dividend reinvestment plan, and a new base shelf prospectus and ATM equity program planned for early 2027.

Beyond the base plan, ITC estimates $2.9 to $3.4 billion of MISO tranche 2.1 transmission opportunities not yet included, with further upside at Tilbury Phase 2 LNG and UNS Energy. Investors keeping an eye on the stock will want to track regulatory outcomes at the Arizona Corporation Commission and any FERC decision on the RTO return-on-equity incentive adder at ITC.