Fortis
Runs electric transmission, distribution, and gas utilities across Canada, the US, and the Caribbean.
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Profile
Ten regulated electric-transmission, electric-distribution, and gas-distribution utilities operate across Canada, the United States, and the Caribbean, each run with its own management and regulator. Earnings track rate base rather than commodity prices, with the largest share now coming from the United States after the 2016 purchase of ITC Holdings.
A Newfoundland electric-light utility founded in 1885 became a holding company after a 1987 reorganization, then grew through Canadian utility acquisitions. The current shape dates to 2016, when the purchase of ITC Holdings, the largest independent US electric-transmission utility, added a New York Stock Exchange listing.
Ten utility subsidiaries run electric transmission, electric distribution, and gas distribution for customers in Canada, the United States, and the Caribbean, each independently managed and regulated.
Growth since the ITC purchase has come from rate-base investment rather than further acquisitions, funded largely through dividend reinvestment. Dividend increases have continued for more than five decades, with roughly 60 percent of earnings from the United States.
Transmission rates for the largest segment are set by US federal regulators; state and provincial cases govern the distribution utilities. Wildfire and extreme weather across those territories shape capital spending.
Company facts
Key statistics
Year to date +5.3% · Average volume (30d) 695.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 4, 2026 | Wolfe Research | Target | $50 | |||
| Aug 3, 2026 | Barclays | Reiterate | Overweight | $61 | $60 | |
| Jul 17, 2026 | CIBC | Downgrade | Outperform | Neutral | ||
| May 8, 2026 | Barclays | Reiterate | Overweight | $62 | $61 | |
| Apr 28, 2026 | Barclays | Target | $62 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 31, 2026Q2 FY26 | $0.55 | $0.56 | +1.8% | $1.83B | $2.06B | +12.4% | −0.82% |
| May 6, 2026Q1 FY26 | $0.70 | $0.72 | +2.9% | $2.56B | $2.45B | −4.2% | +0.02% |
| Feb 12, 2026Q4 FY25 | $0.62 | $0.65 | +4.8% | $2.28B | $2.24B | −1.9% | +1.34% |
| Nov 4, 2025Q3 FY25 | $0.61 | $0.59 | −3.3% | $2.54B | $1.51B | −40.4% | 0.00% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.40B | $2.02B | $2.11B | $2.21B | $2.45B | $2.11B | |
| Gross profit | $1.65B | $1.51B | $1.57B | $1.60B | $1.68B | $1.59B | |
| Operating income | $685.5M | $575.5M | $626.5M | $624.4M | $687.0M | $578.4M | |
| Net income | $374.1M | $290.6M | $310.0M | $319.4M | $376.2M | $284.9M | |
| Diluted EPS | $0.72 | $0.55 | $0.42 | $0.60 | $0.71 | $0.56 | |
| Gross margin | 68.8% | 74.6% | 74.2% | 72.1% | 68.5% | 75.5% | |
| Operating margin | 28.6% | 28.4% | 29.6% | 28.2% | 28.1% | 27.4% |
Fiscal years (4-quarter sums)FY21 $6.80B · FY22 $7.94B · FY23 $8.28B · FY24 $8.28B · FY25 $8.75B
Revenue by product · FY25
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $276.2M · Total debt $26.13B · Total assets $56.66B · Shareholders' equity $18.20B
Dividends
Raised for 10 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 19, 2026 | Aug 19 | Sep 1 | $0.463 | cut from $0.4654 |
| May 15, 2026 | May 15 | Jun 1 | $0.4654 | cut from $0.4677 |
| Feb 17, 2026 | Feb 17 | Mar 1 | $0.4677 | raised from $0.4562 |
| Nov 17, 2025 | Nov 17 | Dec 1 | $0.4562 | raised from $0.4437 |
| Aug 19, 2025 | Aug 19 | Sep 1 | $0.4437 | raised from $0.4396 |
| May 16, 2025 | May 16 | Jun 1 | $0.4396 | raised from $0.433 |
| Feb 18, 2025 | Feb 18 | Mar 1 | $0.433 | cut from $0.4388 |
| Nov 18, 2024 | Nov 18 | Dec 1 | $0.4388 | raised from $0.4328 |
Ownership
Shares outstanding 509.13M · Float —
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Royal Bank of Canada | 34.64M | 6.80% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 34.21M | 6.70% | 13G | Apr 24, 2026 |
| Bank of Montreal /Can/ | 24.63M | 4.84% | 13F | Aug 12, 2026 |
| FIL Ltd | 17.72M | 3.48% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 15.39M | 3.02% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 2, 2026 | Regan Patrick O'Dea | officer: VP, General Counsel | +578 | $78.04 |
Peers
- NextEra Energy
Leading rival transmission developer against ITC in FERC Order 1000 bids
- American Electric Power
Transmission joint-venture rival to ITC in MISO competitive-bid awards
- Pinnacle West Capital
Neighboring Arizona utility to UNS Energy's Tucson Electric Power
- Duke Energy
Competitive-transmission joint-venture rival and top-5 US utility scale peer
- Consolidated Edison
Neighboring New York utility to Central Hudson under the same regulator
- Emera
Closest Canadian holdco twin — Halifax parent, Florida utility subsidiary
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Fortis | $54.88 | +0.38% | $27.83B | 23.9 | 21.6 | 3.1 | −0.2% |
| NextEra Energy | $81.84 | +0.02% | $170.72B | 18.3 | 19.9 | 5.9 | +12.5% |
| American Electric Power | $125.76 | +2.84% | $66.59B | 21.2 | 18.4 | 3.0 | +7.0% |
| Pinnacle West Capital | $97.64 | 0.00% | $11.83B | 18.7 | 19.8 | 2.1 | +7.1% |
| Duke Energy | $120.20 | −0.02% | $93.75B | 18.1 | 17.7 | 2.8 | +1.1% |
| Consolidated Edison | $107.49 | +0.01% | $39.61B | 17.7 | 17.4 | 2.2 | +13.2% |
| Emera | $49.87 | −0.06% | $15.26B | 21.9 | 26.5 | 2.6 | −28.8% |
| Median | 18.5 | 19.1 | 2.7 | +7.1% |