Fortis reports steady Q1 earnings as data center demand fuels growth

Fortis (NYSE:FTS) reported first-quarter 2026 financial results that underscore the company's consistent performance amid a period of significant infrastructure build-out.

The St. John's-based utility leader posted net earnings of $501 million, or $0.99 per common share, for the period ended March 31, 2026.

These results were broadly in line with the $494 million, or $1 per share, reported in the first quarter of 2025.

The quarter was defined by a massive deployment of capital to support the evolving energy needs of North America.

Fortis invested $1.4 billion in the first three months of the year, keeping its ambitious $28.8 billion five-year capital plan firmly on track.

A standout highlight from the quarter was the progress made by ITC, the company’s independent transmission subsidiary.

ITC is currently advancing critical transmission work designed to support up to 1,900 MW of data center load.

This surge in demand reflects the ongoing global expansion of artificial intelligence and cloud computing infrastructure, which requires high-capacity, reliable power grids.

In addition to its transmission portfolio, Fortis continued to advance its Tilbury LNG expansion project in British Columbia.

The company is currently engaged in environmental review work for the project, which is designed to provide lower-carbon energy solutions and enhance regional energy security.

Meanwhile, Fortis saw positive regulatory developments during the quarter, providing further clarity on its long-term revenue streams.

UNS Gas received approval for a 9.61% return on equity (ROE), with new formulaic rates taking effect on March 1, 2026.