CenterPoint Energy (CNP) Q4 2025 earnings summary

Executive summary

• Achieved non-GAAP EPS of $0.45 for Q4 and $1.76 for FY 2025, reflecting 9% year-over-year growth; GAAP EPS was $0.40 for Q4 and $1.60 for the year, with one-time items included.

• Dividend per share grew 9% year-over-year, with recent guidance moderating future growth to 6% annually.

• Accelerated Houston Electric load growth forecast, now expecting a 50% increase by 2029, two years ahead of prior estimates.

• Increased 10-year capital investment plan to $65.5 billion, with at least $10 billion in incremental opportunities.

• Announced sale of Ohio Gas LDC for ~$2.4 billion net proceeds, targeted to close in Q4 2025, with proceeds to be redeployed for growth investments.

Financial highlights

• Q4 non-GAAP EPS: $0.45; FY 2025 non-GAAP EPS: $1.76, up from $1.62 in FY 2024.

• Q4 GAAP EPS: $0.40; FY 2025 GAAP EPS: $1.60, including $0.11 from goodwill disposition and $0.07 from depreciation on temporary generation units.

• Q4 2025 net income: $264 million; FY 2025 net income: $1,052 million.

• Growth and rate recovery contributed $0.12 to Q4 earnings versus prior year; weather and usage added $0.01; O&M and higher interest expense were unfavorable.

• Delivered 13.8% FFO/Debt (Moody’s methodology) for 2025.

Outlook and guidance

• Reaffirmed 2026 non-GAAP EPS guidance of $1.89–$1.91, representing 8% growth at midpoint over 2025.

• Targeting 7–9% annual non-GAAP EPS growth through 2035.

• Capital plan for 2026 set at $6.8 billion, focused on electric and gas infrastructure, resiliency, and modernization.

• No anticipated incremental equity needs through 2027; ~$4 billion in common equity planned through 2035.

• Expects to keep customer rates flat through 2028 by spreading fixed costs over a larger base.