Financial Strength

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For 49 consecutive years, Fortis has delivered dividend increases to shareholders - one of the longest records for annual common share dividend increases by a Canadian public corporation. Our strong dividend track record and regulated growth strategy supports annual dividend growth guidance of 4-6% through 2027.

49 Years of Consecutive Dividend Increases

4-6% Annual Dividend Growth Guidance through 2027

Cumulative 20-Year Total Shareholder Return

Over a 20-year timeframe, Fortis has delivered average annual total shareholder returns of approximately 11%, or 751% in total, well above the S&P/TSX Composite and S&P/TSX Capped Utilities indices. While our annual total shareholder return in 2022 was below historical averages, we expect to continue to deliver stable and compelling returns over the long-run.


Note: Cumulative 20-year total shareholder return as at December 31, 2022.
Total Shareholder Returns
(Average Annual)
1-Year(7.9%)
5-Year7.2%
10-Year8.7%
20-Year11.3%
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Customer affordability remains a key priority for Fortis. Our utilities have been focused on proactively managing fluctuating energy prices as well as other inflationary pressures through energy efficiency programs, extending recovery periods, and managing controllable operating costs through innovation and process improvements. The advancement of debt issuances also helped mitigate the impact of higher interest rates on customer rates.

Financial Highlights

Bar Graph - Reported Earnings per Common Share
Bar Graph - Adjusted Earnings per Common Share
Bar Graph - Capital Expenditure
Bar Graph - Midyear Rate Base

(1) Non-U.S. GAAP financial measure.
(2) Results were impacted by U.S. tax reform and a reduced independence incentive adder at ITC. Adjusted earnings per common share excludes certain non-operating items.
(3) Results were impacted by a gain on disposition of the Waneta Expansion and a favourable adjustment associated with a regulatory order at ITC. Adjusted earnings per common share excludes the gain on disposition, the favourable regulatory adjustment and other non-operating items.
(4) Results were impacted by a favourable adjustment associated with a regulatory order at ITC. Adjusted earnings per common share excludes the favourable regulatory adjustment and certain non-operating items.
(5) Results were tempered by a lower U.S.-to-Canadian dollar exchange rate. Adjusted earnings per common share excludes certain non-operating items.
(6) The increase in earnings per common share in 2022 was largely driven by rate base growth. Adjusted earnings per common share was consistent with reported earnings per common share as the adjustments associated with non-recurring and non-operating items largely offset each other.

All financial information is presented in Canadian dollars. Information is for the fiscal years ended December 31.

Learn more about our 2022 financial performance

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