EarningsQ2 2026 Earnings Report
MX:HN Q2 2026 EPS Results
Actual EPS$7.86
Consensus EPS$7.29
Beat/MissBeat by +$0.57
One Year Ago EPS$6.84
MX:HN Q2 2026 Revenue Results
Actual Revenue$29.17B
Expected Revenue$28.49B
Beat/MissBeat by +$680.47M
YoY Revenue Growth+11.42%
Earnings Announcement Details
QuarterQ2 2026
Date08/12/2026
TimeBefore Open
Conference CallWednesday, August 12, 2026
MX:HN Upcoming Earnings
Hydro One's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a generally positive financial and operational picture: year-over-year revenue and earnings growth, a healthy FFO-to-debt cushion (14.1%), successful U.S. debt issuance, declared dividend, and a robust pipeline of major transmission projects with First Nation partnerships. Notable challenges include rising operating and interest costs, elevated wildfire risk, a decline in Q2 CapEx and distribution in-service timing impacts, and an anticipated need for equity in the next rate period to protect the credit profile. Management described clear plans to manage funding, supply-chain and operational risks and emphasized customer focus and regulatory engagement.Company Guidance
Earnings and EPS Growth
Net income attributable to common shareholders increased 13.1% year-over-year. Second quarter basic EPS was $0.62 versus $0.54 a year ago (≈+14.8%).
Revenue Growth
Revenue net of purchased power rose 5.5% year-over-year. Transmission revenues increased 7.2% (driven by OEB-approved 2026 rates and a 0.5% rise in average monthly peak demand). Distribution revenues net of purchased power increased 2.4%, supported by OEB rates, 4% higher energy distributed and 0.8% more customers.
Strong Credit Metrics and Dividend
FFO to net debt was 14.1% as of June 30, 2026, comfortably above the 11% downgrade threshold cited. Board declared a quarterly dividend of $0.3531 per share.
Successful U.S. Debt Issuance & Funding Diversification
Issued USD 1.0 billion of senior notes (4.75% due 2031); entered into swaps to achieve a Canadian fixed equivalent rate of 3.835%. Management intends to be a regular issuer in the U.S. market to diversify funding.
Large Transmission Project Pipeline
Designated to develop Red Lake transmission line; filed lead-to-construct applications for Northeast Power Line, Longwood–Lakeshore and Durham Kawartha (collective planned investments >$3.4 billion, expected in service 2029–2030) and Orleans Area Reinforcement (~$100 million, in service by 2029). Projects include a 50-50 First Nation equity partnership model.
Operational Recognition and Talent Initiatives
Renewed university partnerships with a $1.2M investment over 3 years to benefit ~60,000 students. Earned recognitions including Corporate Knights 50 Best Corporate Citizens, Time/Statista Canada's Best Companies 2026 and Forbes Canada's Best Employers for company culture.
Lower Depreciation and Asset Removal Costs
Depreciation, amortization and asset removal expenses decreased by 2.8% year-over-year, primarily due to reduced storm restoration-related asset removals.
Assets Placed in Service
Placed $644 million in service (reported for the prior quarter) which was +9.0% year-over-year. Transmission in-service additions increased 147.6% YoY, reflecting timing of station refurbishments and replacements.
MX:HN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed