A stock’s long dividend streak can be impressive, but it can also make investors wonder how much longer it could really continue. After 52 straight years of increases, that is a fair question to ask. And the answer may depend on whether the company still has enough growth ahead to support higher payments.
In one TSX-listed dividend champion’s case, the business isn’t standing still but is investing heavily across its utility network, expanding its rate base, and planning billions of dollars in capital spending through 2030. Those projects could help support earnings growth and future dividend increases in the years to come.
In this article, I’ll look at one Canadian dividend stock whose past record is already remarkable, but whose future plans may be just as important.
Fortis stock
Fortis (TSX: FTS) earned its dividend-champion status over more than five decades, and the next chapter in its growth story is backed by a massive $28.8 billion capital plan.
Headquartered in St. John’s, it’s a diversified regulated electric and gas utility with operations across Canada, the United States, and the Cayman Islands. After gaining 8% in the last year, its shares recently traded at $75.23 per share, giving the company a market cap of about $38.7 billion. At the current price, it also offers a 3.4% annualized dividend yield.
That steady share-price performance has mainly been backed by its stable earnings growth and continued progress on the company’s investment plans despite macroeconomic uncertainties. Interestingly, Fortis’s net earnings rose about 3% year-over-year (YoY) in the second quarter to $396 million. Rate base growth across its utilities and higher retail electricity sales at UNS Energy backed that improvement.
For the first half of the year, the utility firm posted net earnings of $897 million, up about 2% YoY. However, its earnings per share remained unchanged at $1.76, partly because the weighted average number of shares increased, largely through Fortis’s dividend reinvestment plan.
Why its dividends still have room to grow
A company’s solid payout track record looks even more compelling when you connect it with its growth. And Fortis will not disappoint you on that front.
The company invested about $2.7 billion in capital during the first half of 2026, as its $5.6 billion annual capital plan remains on track. Its broader five-year plan calls for $28.8 billion of investment from 2026 through 2030. Fortis expects that spending will increase its midyear rate base from $42.4 billion in 2025 to $57.9 billion by 2030, reflecting a 7% compound annual growth rate (CAGR).
Beyond that plan, Fortis is also pursuing additional growth opportunities by targeting transmission investments, grid resiliency projects, renewable gas infrastructure, and projects tied to rising electricity demand.
Most importantly for dividend investors, the Canadian utility giant expects its long-term rate base growth to support annual dividend growth of 4% to 6% through 2030. After 52 consecutive years of increases, that guidance shows that dividend growth still remains an important part of the company’s long-term strategy. That’s why for investors seeking dependable income, Fortis looks attractive right now.