Emera reported adjusted third-quarter EPS of C$0.85, below the C$0.89 estimate. The company reiterated its growth outlook and expanded its capital plan.
Emera Inc. (TSX: EMA) reported adjusted EPS of C$0.85 for the quarter ended September 30, 2026, missing the C$0.89 estimate by 4.5%. Earnings were also down 3% from a year earlier, according to the company’s earnings-call summary. For Canadian investors, the results are mixed: earnings fell short, but Emera says it remains on track to exceed its 5%–7% adjusted EPS growth target for 2026 and has raised its rate-base growth outlook. Its proposed merger with Canadian Utilities could add scale, but still needs regulatory approval.
Recent earnings trend
Emera Inc.
EMA.TO
EMA.TO
Emera Inc.
WealthAwesomeMarket cap
$21.99B
P/E
23.9x
52W high
$76.41
52W low
$62.16
1W change
+2.07%
Beta
0.44
Analyst Price Targets
Based on analyst covering EMA · as of Oct 30, 2026
Wall Street analysts forecast EMA stock price to rise 3.0% over the next 12 months.
Consensus
NeutralBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$73.55
+3.0% Upside
Previously C$73.64 on Oct 21, 2026
Current Price
C$71.38
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on EMA's historical volatility
30-Day Vol
21.6%
Annualized
90-Day Vol
17.7%
Annualized
Trend (90d)
-0.8%
Annualized drift
90d Mean
C$71.19
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$71.32 | C$66.20 – C$76.83 |
| 60 trading days | C$71.25 | C$64.13 – C$79.16 |
| 90 trading days | C$71.19 | C$62.57 – C$80.98 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 10 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 1 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-26 | — | 0.5100 | — |
| 2026-09-30 | 2026-11-06 | 0.8500 | 0.8900 | -4.5% |
| 2026-06-30 | 2026-08-06 | 0.6900 | 0.7100 | -2.8% |
| 2026-03-31 | 2026-05-06 | 1.3700 | 1.1988 | +14.3% |
| 2025-12-31 | 2026-02-23 | 0.5500 | 0.5800 | -5.2% |
| 2025-09-30 | 2025-11-07 | 0.8800 | 0.8600 | +2.3% |
Investor takeaway: The quarterly miss matters, but the bigger question is whether Emera can turn its expanded capital plan into rate-base and earnings growth while managing financing needs and regulatory risks. Year-to-date adjusted EPS was C$2.90, and adjusted earnings rose C$9 million from a year earlier to C$887 million. Emera’s five-year C$21.5-billion capital plan and 7.5%–8.5% rate-base growth target through 2031 support its outlook, but they don’t guarantee future returns.
C$0.85 adjusted EPS
Emera’s third-quarter adjusted EPS was C$0.85, C$0.04 below the C$0.89 estimate—a 4.5% miss. Earnings were down 3% from a year earlier. Year-to-date adjusted EPS was C$2.90. Emera says it remains on track to exceed its 2026 adjusted EPS growth target of 5%–7%.
Bull case
Emera says it remains on track to deliver 2026 adjusted EPS growth above its 5%–7% target and is keeping its longer-term guidance through 2030. Its updated capital plan is 5% larger than the previous one, with expected rate-base growth of 7.5%–8.5% through 2031. The company expects its Florida utilities to grow at close to 9%.
Emera also approved a 1% dividend increase, its 20th annual increase in a row. The proposed merger with Canadian Utilities could combine regulated assets and expand Emera’s reach in growth markets such as Alberta and Florida. But the deal is not guaranteed to close.
Bear case
Emera missed the earnings estimate, and adjusted EPS fell 3% from a year earlier. The larger capital plan also means the company will need more financing. Management expects operating cash flow to cover 45%–50% of capital needs, debt to cover 30%–35%, and DRIP/ATM equity to cover 10%–15%. Hybrid securities are expected to cover the remaining 5%–7%.
The Canadian Utilities merger still needs regulatory approval. Nova Scotia regulatory matters, including a proposed securitization of about C$1 billion in costs, also remain subject to approval. These financing, regulatory and execution risks could make it harder for Emera to deliver its growth plan.
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