Fortis reported third-quarter adjusted earnings of C$0.92 per share, above the supplied estimate of C$0.88. The utility also raised its five-year capital plan and fourth-quarter dividend.
Fortis Inc. (TSX: FTS) released its third-quarter 2026 results before market opened on November 3. For the quarter ended September 30, adjusted earnings were C$0.92 per share, 4.55% above the calendar estimate of C$0.88. Net earnings totaled C$474 million, or C$0.92 per share, compared with C$0.81 per share a year earlier. For Canadian investors, the main forward-looking news is a larger investment plan and another dividend increase. See the Fortis stock page for more company data.
Recent earnings trend
Fortis Inc
FTS.TO
FTS.TO
Fortis Inc
WealthAwesomeMarket cap
$42.70B
P/E
24.6x
Div. yield
3.06%
Div. / share
$2.54
52W high
$84.24
52W low
$67.37
1W change
+3.11%
Beta
0.43
Analyst Price Targets
Based on analyst covering FTS · as of Oct 29, 2026
Wall Street analysts forecast FTS stock price to fall 2.9% over the next 12 months.
Consensus
NeutralBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$81.18
-2.9% Upside
Previously C$80.96 on Oct 6, 2026
Current Price
C$83.58
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on FTS's historical volatility
30-Day Vol
14.1%
Annualized
90-Day Vol
13.9%
Annualized
Trend (90d)
+31.2%
Annualized drift
90d Mean
C$93.42
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$86.74 | C$82.61 – C$91.07 |
| 60 trading days | C$90.02 | C$84.02 – C$96.44 |
| 90 trading days | C$93.42 | C$85.86 – C$101.65 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 9 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 3 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-03 | 0.9200 | 0.8800 | +4.5% |
| 2026-06-30 | 2026-07-31 | 0.7800 | 0.7600 | +2.6% |
| 2026-03-31 | 2026-05-06 | 0.9900 | 1.0000 | -1.0% |
| 2025-12-31 | 2026-02-12 | 0.9000 | 0.8500 | +5.9% |
| 2025-09-30 | 2025-11-04 | 0.8700 | 0.8500 | +2.4% |
| 2025-06-30 | 2025-08-01 | 0.7600 | 0.7000 | +8.6% |
Investor takeaway: Fortis beat the supplied earnings estimate, with management pointing to rate-base growth as one reason earnings rose. Its new C$32.2-billion capital plan for 2027–2031 targets 7.5% rate-base growth. The fourth-quarter dividend is up 4%, and Fortis maintained its annual dividend-growth guidance of 4%–6% through 2031. The plan creates room for further investment, but investors should watch how well Fortis delivers projects, manages financing costs and moves investments into customer rates.
C$32.2 billion
That’s the value of Fortis’s 2027–2031 capital plan, C$3.4 billion more than its previous plan. Fortis says the investment will support 7.5% rate-base growth. Investors will want to see whether projects stay on schedule and contribute to earnings and customer rates.
Bull case
Adjusted earnings per share rose to C$0.92 from C$0.87 a year earlier. Fortis said growth in its utilities’ rate bases helped lift earnings. The new C$32.2-billion capital plan is C$3.4 billion larger than the previous one and targets 7.5% rate-base growth.
Fortis also reported that ITC won a competitive US$1.0-billion transmission project. US$0.5 billion of the project is included in the new plan. The company extended its annual dividend-growth guidance of 4%–6% through 2031. The supplied history shows that Fortis beat earnings estimates in three of its last four reported quarters.
Bear case
Beating one quarter’s estimate doesn’t remove the risks of financing and delivering a larger capital plan. Fortis said higher finance costs at the holding company held back earnings growth. Some costs tied to rate-base growth also haven’t yet been reflected in customer rates.
The year-over-year earnings comparison is also affected by business sales in 2025 and a higher average share count, partly linked to dividend reinvestment and at-the-market equity plans. At the supplied last close of C$83.58, the average analyst target of C$81.18 suggests 2.9% downside. The supplied price-to-earnings ratio is about 24.6.
Best next step
Keep exploring this topic
If you want to go deeper, these are the most useful follow-up pages and tools for this topic.
Broker comparison
Best trading platforms in Canada
Compare $0-commission brokers before you act on a ticker story.
Safe cash
Best GIC rates in Canada
If the story makes you want to de-risk, compare guaranteed rates next.
HISA roundup
Best high-interest savings accounts
Keep dry powder in a no-fee savings account instead of chequing.
TFSA room
Check TFSA contribution room
Shelter the next contribution before you buy.
Wealth Awesome
Timely coverage of Canadian stocks, earnings, dividends, and market movers for DIY investors. Stories are checked against exchange data and public filings.
View Full Profile →✅ Reviewed by Certified Financial Professionals
This content has been reviewed by CFA® charterholders and Certified Financial Planners (CFP®) with over a decade of experience in Canadian financial markets. All information is fact-checked against official Canadian sources and regulations.
Why these credentials matter: CFA® charterholders complete 900+ hours of rigorous study in investment analysis and ethics. CFP® professionals are held to the highest standards of financial planning competency and fiduciary duty in Canada.
⚠️ Professional Disclaimer
This content is for educational purposes only and should not be considered personalized financial advice. While our team brings professional expertise, individual circumstances vary. For personalized guidance, consult with a qualified financial advisor, tax professional, or mortgage specialist.
