Fortis Inc. (FTS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.73	$0.73	0.0%	—	—	—
Q1 26	$0.62	$0.66	+6.5%	—	—	—
Q4 25	$0.61	$0.62	+1.6%	—	—	—
Q3 25	$0.51	$0.55	+7.8%	—	—	—
Q2 25	$0.7	$0.73	+4.3%	—	—	—
Q1 25	$0.57	$0.58	+1.8%	—	—	—
Q4 24	$0.59	$0.61	+3.4%	—	—	—
Q3 24	$0.47	$0.48	+2.1%	—	—	—
Q2 24	$0.65	$0.68	+4.6%	—	—	—
Q1 24	$0.52	$0.53	+1.9%	—	—	—
Q4 23	$0.6	$0.61	+1.7%	—	—	—
Q3 23	$0.61	$0.67	+9.8%	—	—	—
Q2 23	$0.52	$0.54	+3.8%	—	—	—
Q1 23	$0.5	$0.52	+4.0%	—	—	—
Q4 22	$0.46	$0.44	-4.3%	—	—	—
Q3 22	$0.61	$0.61	0.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.4	—	—	$12.2B	—
FY24	—	$3.24	—	—	$8.5B	—
FY23	—	$3.1	—	—	$11.5B	—
FY22	—	$2.78	—	—	$11B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6.8B	$8.3B	$8.4B	$8.8B	$8.9B	$9.4B	$11B	$11.5B	$8.5B	$12.2B
YoY change	+1.2%	+21.4%	+1.07%	+4.68%	+1.73%	+5.74%	+16.9%	+4.29%	-26.2%	+43.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6.8B	8.3B	8.4B	8.8B	8.9B	9.4B	11B	11.5B	8.5B	12.2B
Cost of revenue	2.3B	2.4B	2.5B	2.5B	2.6B	3B	4B	3.8B	2.4B	3.4B
Gross profit	4.5B	5.9B	5.9B	6.3B	6.4B	6.5B	7.1B	7.7B	6.1B	8.8B
Gross margin	65.8%	71.6%	70.3%	71.3%	71.3%	68.8%	64.2%	67.3%	71.8%	72.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	11M	1M	—	—	—	—	—	—	—
Operating expenses	2B	2.3B	2.3B	2.5B	2.4B	2.5B	2.7B	2.9B	2.2B	3.3B
Operating income	1.5B	2.5B	2.4B	2.5B	2.5B	2.5B	2.7B	3.1B	2.4B	3.5B
Operating margin	21.7%	30.1%	28.2%	28%	28.1%	26.1%	24.8%	26.8%	28.6%	28.7%
Non-operating income, net	46M	113M	45M	699M	141M	168M	154M	215M	165.4M	297M
Pretax income	858M	1.7B	1.5B	2.1B	1.6B	1.6B	1.8B	2.1B	1.6B	2.4B
Income tax	145M	588M	165M	289M	231M	234M	289M	360M	255.5M	393M
Net income	713M	1.1B	1.3B	1.9B	1.4B	1.4B	1.5B	1.7B	1.3B	2B
Net margin	10.4%	13.6%	15.3%	21.1%	15.5%	14.9%	13.7%	14.8%	15.9%	16.1%
EBITDA	2.5B	3.7B	3.7B	3.9B	4.1B	4.1B	4.6B	5.1B	4.1B	5.9B
EPS	1.89	2.32	2.59	3.79	2.6	2.61	2.78	3.1	3.24	3.4
Diluted EPS	1.89	2.31	2.59	3.78	2.6	2.61	2.78	3.1	3.24	3.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.7B	2.9B	3.1B	2.7B	2B	2.2B	3.3B	2.8B	2.9B	3.1B	3.4B	2.9B
Cost of revenue	773M	899M	1B	713M	525M	583.4M	1B	714M	759M	858M	1.1B	719M
Gross profit	1.9B	2B	2.1B	2B	1.4B	1.6B	2.3B	2.1B	2.2B	2.2B	2.3B	2.2B
Gross margin	71.6%	68.8%	67.6%	73.3%	73.4%	73.2%	68.8%	74.6%	74.2%	72.1%	68.5%	75.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	682M	753M	766M	739M	527.2M	587.1M	830M	789M	790M	841M	845M	866M
Operating income	821M	779M	876M	738M	579.9M	638M	953M	800M	871M	868M	955M	804M
Operating margin	30.2%	27%	28.1%	27.6%	29.4%	29.3%	28.6%	28.4%	29.6%	28.2%	28.1%	27.4%
Non-operating income, net	27M	89M	57M	49M	60.6M	24.4M	79M	95M	69M	54M	81M	99M
Pretax income	537M	554M	613M	456M	399.6M	401.7M	674M	536M	579M	565M	674M	536M
Income tax	92M	119M	101M	69M	59.1M	68.7M	116M	92M	105M	80M	112M	76M
Net income	445M	435M	512M	387M	340.5M	333.1M	558M	444M	474M	485M	562M	460M
Net margin	16.4%	15.1%	16.4%	14.5%	17.3%	15.3%	16.7%	15.8%	16.1%	15.8%	16.5%	15.7%
EBITDA	1.3B	1.4B	1.4B	1.3B	948.2M	1.1B	1.5B	1.4B	1.5B	1.5B	1.6B	1.5B
EPS	0.81	—	0.93	0.67	0.85	—	1	0.76	0.81	—	0.99	0.78
Diluted EPS	0.81	—	0.93	0.67	0.85	—	1	0.76	0.81	—	0.99	0.78

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	20.6B	26.4B	27.6B	33B	27.8B	28.4B	—	—	27.1B
Enterprise value	—	—	45B	49.2B	52.2B	58.8B	56.7B	57.8B	—	—	47.3B
Shares outstanding	448.8M	603.7M	617.1M	634.7M	675.4M	684.2M	695.4M	689.7M	365.5M	503.5M	503.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	16	14.2	19.8	23.5	18.4	16.6	—	—	22.1
P/S	—	—	2.45	3	3.09	3.5	2.52	2.46	—	—	2.2
P/B	—	—	1.12	1.31	1.36	1.58	1.22	1.22	—	—	1.6
EV/EBITDA	—	—	12.2	12.5	12.8	14.3	12.3	11.3	—	—	11.7
EV/Sales	—	—	5.37	5.6	5.84	6.23	5.13	5.02	—	—	5.41
Earnings yield	—	—	6.25%	7.03%	5.04%	4.25%	5.44%	6.03%	—	—	4.52%
FCF yield	—	—	-2.98%	-4.01%	-4.85%	-1.45%	-2.84%	-2.2%	—	—	-7.07%
PEG	—	—	—	—	—	—	—	—	—	—	8.41

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	65.8%	71.6%	70.3%	71.3%	71.3%	68.8%	64.2%	67.3%	71.8%	72.3%	75.5%
Operating margin	21.7%	30.1%	28.2%	28%	28.1%	26.1%	24.8%	26.8%	28.6%	28.7%	28.3%
Net margin	10.4%	13.6%	15.3%	21.1%	15.5%	14.9%	13.7%	14.8%	15.9%	16.1%	14.7%
ROE	4.33%	6.72%	6.97%	9.21%	6.85%	6.72%	6.63%	7.33%	7.07%	7.58%	7.47%
ROA	1.49%	2.35%	2.42%	3.47%	2.5%	2.44%	2.36%	2.59%	2.49%	2.62%	2.96%
ROIC	3.16%	4.26%	4.88%	4.96%	4.79%	4.53%	4.45%	4.83%	4.67%	4.83%	4.64%
Return on tangible assets	3.37%	5.03%	5.03%	6.89%	4.74%	4.46%	4.18%	4.44%	4.16%	4.23%	4.01%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.55	0.63	0.77	0.62	0.63	0.57	0.65	0.67	0.63	0.51	0.56
Quick ratio	0.45	0.53	0.67	0.52	0.53	0.47	0.55	0.58	0.52	0.42	0.47
Debt / equity	1.39	1.32	1.34	1.15	1.23	1.24	1.27	1.29	1.3	1.34	1.32
Debt / assets	0.48	0.46	0.47	0.43	0.45	0.45	0.45	0.46	0.46	0.46	0.46
Net debt / EBITDA	9.09	5.88	6.65	5.82	6.04	6.28	6.26	5.76	6.07	5.85	6.04
Interest coverage	2.27	2.87	2.49	3.07	2.55	2.63	2.64	2.59	2.55	2.59	2.57
Effective tax rate	16.9%	34.3%	11.4%	13.5%	14.3%	14.3%	16%	17.4%	15.9%	16.7%	15.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	15.2	13.7	13.6	13.8	13.2	13.8	15.9	16.7	23.2	24.2	24.3
EPS (basic)	1.89	2.32	2.59	3.79	2.6	2.61	2.78	3.1	3.24	3.4	3.4
EPS (diluted)	1.89	2.31	2.59	3.78	2.6	2.61	2.78	3.1	3.24	3.4	2.4
Book value per share	36.7	27.7	29.9	31.7	30	30.6	32.8	33.8	52.2	51.4	33.1
FCF per share	-0.39	-0.44	-0.99	-1.67	-1.98	-0.7	-1.14	-0.9	-2.7	-4.31	-4.08
Cash per share	0.6	0.54	0.54	0.58	0.37	0.19	0.3	0.91	0.44	0.73	0.75
Capex per share	—	—	—	—	5.71	4.66	5.16	5.78	10.1	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	43.2%	33.8%	32.5%	34.6%	43.6%	—	—
Capex / operating cash flow	—	—	—	—	141.7%	109.1%	115.9%	112.2%	128.4%	—	—
Payout ratio	54.4%	43%	40.8%	30.3%	61.3%	47.8%	48.7%	44.9%	44.7%	44.5%	74.6%
Dividend yield	—	—	2.55%	2.13%	3.09%	2.03%	2.65%	2.71%	—	—	3.47%

Yield

3.47%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.461

ex-dividend Aug 19, 2026

Payout ratio

75%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 19, 2026	$0.461
May 15, 2026	$0.467
Feb 17, 2026	$0.469
Aug 19, 2025	$0.445
May 16, 2025	$0.441
Feb 18, 2025	$0.434
Nov 18, 2024	$0.615
Aug 20, 2024	$0.4301

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.7B	$2.9B	$3.1B	$2.7B	$2B	$2.2B	$3.3B	$2.8B	$2.9B	$3.1B	$3.4B	$2.9B
YoY change	+6.5%	-8.93%	-6.06%	+2.93%	-27.4%	-24.5%	+7.06%	+5.43%	+48.8%	+41.4%	+1.95%	+4.12%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	269M	327M	332M	370M	249M	131M	209M	625M	162.5M	367M
Receivables	507M	460M	538M	504M	595M	621M	930M	890M	745.1M	813M
Inventory	372M	367M	398M	394M	422M	478M	661M	566M	505.9M	649M
Total current assets	2.2B	2.2B	3.3B	2.6B	2.6B	2.7B	4.3B	4B	2.8B	3.8B
Property, plant & equipment	-5.5B	-5B	-6.1B	-6.5B	-6.1B	-6.9B	-7.2B	-7.4B	-5.5B	-7.2B
Goodwill & intangibles	26.8B	25.4B	27.5B	26.5B	26.2B	26.1B	28B	27.4B	21.8B	28.5B
Total assets	47.9B	47.8B	53.1B	53.4B	55.5B	57.7B	64.3B	65.9B	54.3B	74.8B
Accounts payable	554M	696M	679M	754M	707M	774M	886M	990M	827.8M	1.1B
Short-term debt	1.5B	961M	1.2B	1.2B	1.4B	1.9B	2.7B	2.4B	1.5B	3.6B
Total current liabilities	3.9B	3.5B	4.3B	4.2B	4.1B	4.8B	6.6B	6B	4.5B	7.5B
Long-term debt	21.3B	21.2B	23.5B	22B	23.5B	24.1B	26.3B	27.6B	23.3B	31.1B
Total liabilities	31.5B	31.1B	34.6B	33.3B	35.2B	36.7B	41.4B	42.6B	35.2B	49B
Shareholders' equity	16.4B	16.7B	18.5B	20.1B	20.3B	20.9B	22.8B	23.3B	19.1B	25.9B
Total debt	22.8B	22.1B	24.8B	23.2B	24.9B	25.9B	29B	30B	24.9B	34.7B
Net debt	22.5B	21.8B	24.5B	22.8B	24.6B	25.8B	28.8B	29.4B	24.7B	34.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	765M	625M	569M	561M	638.3M	162.5M	510M	221M	389M	367M	359M	384M
Receivables	1.6B	890M	1.9B	1.8B	1.2B	745.1M	1.9B	1.7B	1.6B	813M	1.8B	1.9B
Inventory	588M	566M	547M	596M	432.4M	505.9M	680M	679M	655M	649M	643M	681M
Total current assets	4.5B	4B	4B	3.9B	3B	2.8B	4.1B	3.6B	3.7B	3.8B	4.1B	4.2B
Property, plant & equipment	—	-7.4B	—	—	—	-5.5B	—	—	—	-7.2B	—	—
Goodwill & intangibles	27.9B	27.4B	27.9B	28.2B	19.9B	21.8B	29.6B	28.2B	28.8B	28.5B	28.8B	29.4B
Total assets	66.3B	65.9B	67.6B	68.8B	49.6B	54.3B	74.7B	72.8B	74.5B	74.8B	76.7B	78.8B
Accounts payable	2.9B	990M	2.8B	2.4B	2.2B	827.8M	3.4B	2.9B	3B	1.1B	3.8B	3.5B
Short-term debt	2.9B	2.4B	3.2B	2.7B	1.4B	1.5B	1.5B	2.7B	2B	3.6B	4.3B	3.4B
Total current liabilities	6.4B	6B	6.6B	5.7B	4.1B	4.5B	5.4B	6.2B	5.5B	7.5B	8.5B	7.5B
Long-term debt	27.5B	27.6B	27.7B	29B	21.4B	23.3B	32.9B	31.1B	32.4B	31.1B	31.1B	32.9B
Total liabilities	42.7B	42.6B	43.6B	44.1B	32.2B	35.2B	48.5B	47.2B	48.3B	49B	50.2B	51.3B
Shareholders' equity	23.5B	23.3B	24B	24.7B	17.4B	19.1B	26.2B	25.6B	26.3B	25.9B	26.5B	27.5B
Total debt	30.4B	30B	31B	31.7B	22.8B	24.9B	34.4B	33.8B	34.4B	34.7B	35.4B	36.3B
Net debt	29.6B	29.4B	30.4B	31.1B	22.2B	24.7B	33.9B	33.6B	34B	34.3B	35.1B	35.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	713M	1.1B	1.3B	1.9B	1.4B	1.4B	1.5B	1.7B	1.3B	2B
Depreciation & amortization	983M	1.2B	1.2B	1.4B	1.4B	1.5B	1.7B	1.8B	1.4B	2.1B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	9M	-26M	-90M	-266M	-414M	-133M	-295M	-174M	66.5M	-191M
Operating cash flow	1.8B	2.8B	2.6B	3.3B	2.7B	2.9B	3.1B	3.6B	2.9B	4.1B
Capital expenditure	—	—	—	—	-3.9B	-3.2B	-3.6B	-4B	-3.7B	—
Investing cash flow	-4.8B	-1M	-34M	952M	-4B	-3.3B	-3.8B	-3.6B	-3.8B	452M
Dividends paid	-388M	-484M	-525M	-561M	-851M	-671M	-737M	-768M	-604.1M	-873M
Share repurchases	-200M	0	—	—	—	—	—	—	—	—
Financing cash flow	5B	147M	644M	154M	914M	451M	1B	613M	785.7M	1.5B
Net change in cash	2B	2.9B	3.2B	4.4B	-315M	82M	350M	606M	-163.9M	6B
Free cash flow	-177M	-268M	-614M	-1.1B	-1.3B	-479M	-791M	-624M	-986.6M	-2.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	445M	435M	512M	387M	340.5M	333.1M	558M	444M	474M	485M	562M	460M
Depreciation & amortization	443M	454M	467M	480M	341.9M	369.2M	515M	512M	518M	512M	532M	542M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	7M	-295M	-209M	-37M	275M	-36.9M	96M	-150M	39M	-176M	31M	70M
Operating cash flow	982M	692M	770M	841M	986.6M	669.8M	1.2B	804M	1B	1B	1.1B	1.1B
Capital expenditure	-952M	-1.2B	-1.1B	-1.1B	-889M	-1.2B	-1.5B	—	—	—	—	—
Investing cash flow	-1B	-687M	-1.1B	-1.1B	-898.3M	-1.3B	-1.4B	34M	372M	353M	177M	323M
Dividends paid	-192M	-201M	-197M	-202M	-146M	-158M	-213M	-211M	-220M	-229M	-230M	-233M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	150M	-134M	304M	319M	225.1M	92.3M	499M	437M	220M	305M	254M	221M
Net change in cash	123M	-129M	-23M	61M	313.4M	-516.9M	342M	1.3B	1.6B	1.7B	1.5B	1.7B
Free cash flow	-43M	-504M	-345M	-298M	27.1M	-539.8M	-330M	-740M	-426M	-676M	-445M	-535M

Fortis Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement