0001666175-26-000023
SEC filingFortis Inc. reported Q1 2026 net earnings of $501 million ($0.99/share), announced the retirement of EVP Gary Smith, and reaffirmed its $5.6 billion annual capital plan and 4-6% dividend growth guidance through 2030.
Fortis Inc. reported first quarter 2026 results aligned with management expectations, demonstrating the stability of its diversified regulated utility portfolio. Net earnings attributable to common equity shareholders were $501 million, essentially flat compared to the prior year period. Earnings per share decreased by $0.01 to $0.99, primarily due to a lower U.S.-to-Canadian dollar exchange rate and the dilutive impact of the 2025 dispositions of businesses in Turks and Caicos and Belize, which reduced EPS by $0.02 for the quarter. These headwinds offset rate base growth across utilities and favorable timing at Central Hudson. UNS Energy earnings declined due to wholesale market conditions and planned maintenance timing. Operationally, the $5.6 billion annual capital plan is on track, with $1.4 billion spent in the quarter. A significant regulatory milestone was achieved with the Arizona Corporation Commission's approval of the UNS Gas rate application, securing a 9.61% ROE and formulaic rate adjustments. The company reaffirmed its five-year capital plan of $28.8 billion, targeting a 7% rate base CAGR and supporting dividend growth guidance of 4-6% annually through 2030. Additionally, the announced retirement of Gary Smith, EVP Operations and Technology, effective May 31, 2026, marks a leadership transition; his responsibilities will be assumed by other senior executives.