Analyst Consensus ?
ConsensusHold12 ratings
Bullish433.3%
Neutral758.3%
Bearish18.4%
Fortis Inc. · FTS · FY2026 Q2 · Calendar Q3 2026
Fortis Q2: Rate-Base Growth and Capital Execution in Focus
The supplied call analysis supports a measured growth case: regulated rate-base investment and demand for power infrastructure underpin expansion, while delivery depends on project approvals, rate-case outcomes and disciplined financing. The evidence is supportive but does not remove execution and regulatory uncertainty.
Reported Before market openNYSEUtilities
$30.51B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.56
Consensus $0.55
EPS surprise
+1.8%
Reported versus consensus
Reported revenue
$2.06B
Consensus $1.83B
Revenue surprise
+12.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.8%
Event window
SPY move
+0.7%
Same window
Abnormal move
-1.5%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
-4.1%
Up to 20 sessions
FTSSPY benchmark
Ask FN2 about FTS FY2026 Q2
Transcript, numbers and history already loaded
Why did FTS fall 0.8% after beating EPS estimates in FY2026 Q2?What changed in FTS's guidance and outlook in FY2026 Q2?Give me the bull and bear case for FTS after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current call highlights approval of the Tilbury 1B expansion, the Roadrunner Reserve battery project's entry into service, and continued attention to data-center load. Management also indicated that a refreshed five-year capital plan would accompany the Q3 earnings release; the supplied analysis does not provide that plan.
Guidance delta
Guidance sentiment was classified as maintained. Management reaffirmed annual dividend growth guidance of 4%–6% through 2030. The supplied analysis does not identify a change to earnings guidance.
Key takeaways
- Rate-base investment and regulated utility growth remain central to the expansion case.
- Tilbury 1B approval and Roadrunner Reserve's commissioning mark progress on LNG and battery-storage projects.
- Data-center demand is a potential source of incremental load, alongside transmission and generation investment needs.
- Execution depends on approvals, cost control, financing capacity and recovery through rate mechanisms.
Management priorities
- Advance Tilbury LNG projects and related regulatory and environmental approvals.
- Develop battery storage and transmission capacity while responding to data-center load.
- Maintain disciplined financing and credit metrics through a capital-intensive investment program.
- Continue Arizona integrated resource planning and progress the TEP rate case.
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Analyst 52W Price Targets
$59.72Current
$46.95Low
$52.92Average
$61High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 4, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Sep 29, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Aug 3, 2026 |
| Credit Suisse | Neutral | Neutral | Maintain | Aug 24, 2023 |
| Raymond James | Outperform | Outperform | Maintain | Aug 3, 2023 |
| Edward Jones | Hold | Buy | Downgrade | Jul 27, 2022 |
| Scotiabank | Sector Perform | Sector Outperform | Downgrade | Jan 7, 2022 |
| Wolfe Research | Underperform | Peer Perform | Downgrade | Oct 19, 2021 |
| BMO Capital | Market Perform | Outperform | Downgrade | Jun 1, 2021 |
| UBS | Buy | Buy | Maintain | Jun 5, 2020 |
| Wells Fargo | Overweight | Overweight | Maintain | Feb 14, 2020 |
| CiBC | Neutral | Outperform | Downgrade | Jan 30, 2020 |
| TD Securities | Hold | Buy | Downgrade | Jan 29, 2019 |
Named analyst price targets
Upside is calculated against the persisted current price $59.72. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $56 | $53.12 | -6.2% | Sep 29, 2026 |
| Wolfe Research | Analyst unavailable | $50 | $56.46 | -16.3% | Aug 4, 2026 |
| Barclays | Analyst unavailable | $60 | $57 | +0.5% | Aug 3, 2026 |
| Barclays | Michael Lonegan | $61 | $56.14 | +2.1% | May 8, 2026 |
| Barclays | Michael Lonegan | $62 | $56.29 | +3.8% | Apr 28, 2026 |
| J.P. Morgan | Richard Sunderland | $46.95 | $46.06 | -21.4% | Jan 19, 2022 |
| Industrial Alliance Securities | Elias Foscolos | $48.54 | $44.92 | -18.7% | Aug 18, 2021 |
| Wells Fargo | Neil Kalton | $61 | $45.32 | +2.1% | Aug 17, 2021 |
| National Bank | Patrick Kenny | $46.95 | $44.12 | -21.4% | Jul 30, 2021 |
Track every rating change on FTS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationFortis Inc. is a prominent North American utility enterprise, delivering essential electricity and natural gas services across Canada, the United States, and various Caribbean nations. In the realm of electricity, the company supplies power to roughly 438,000 retail consumers in southeastern Arizona and an additional 100,000 retail customers in Arizona's Mohave and Santa Cruz counties. Its total generating capacity in these regions reaches 3,485 megawatts (MW), which includes 53 MW from solar installations and 252 MW from wind facilities. Beyond retail operations, Fortis is also a wholesale electricity vendor to other entities throughout the western United States. The company further possesses 65 MW of power generation from its own gas-fired and hydroelectric plants. Regarding its natural gas operations, Fortis serves approximately 1,065,000 residential, commercial, and industrial clients in British Columbia, Canada.…
Historical context
All FTS earningsUtilities peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| TLN Talen Energy Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +7.3% | Talen raises 2028 outlook and adds a 2029 cash-flow target |
| PNW Pinnacle West Capital Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +1.2% | Pinnacle West raises 2026 EPS outlook as Arizona demand grows |
| ETR Entergy Corporation | FY2026 Q3 · Calendar Q4 2026 | +14.5% | -0.2% | Entergy raises 2026 EPS floor as data-center investment expands |
| PEG Public Service Enterprise Group Incorporated | FY2026 Q3 · Calendar Q4 2026 | -3.4% | +0.1% | PSEG Reaffirms 2026 Outlook as Nuclear Output and Regulatory Progress Support Results |
Latest beats and misses
Who reports nextBeat on EPS
- PHGFY2026 Q3 · November 3, 2026+24.3% EPS+3.2% move
- FANGFY2026 Q3 · November 2, 2026+2.4% EPS-3.7% move
- RRXFY2026 Q3 · November 3, 2026+41.1% EPS+11.8% move
- UDRFY2026 Q3 · November 2, 2026+340.8% EPS+0.1% move
- VNOMFY2026 Q3 · November 2, 2026+3.9% EPS-2.6% move
- EQH-PAFY2026 Q3 · November 2, 2026+14.5% EPS— move
Get the FTS recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-08-04T19:07:56.010540+00:00
- FN2 earnings calendar · 2026-09-05T01:23:14.965082+00:00
- Polygon adjusted daily market bars · 2026-11-04T02:40:46.936418+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-04T02:40:46.933473+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-04. For educational purposes only; not investment advice.