01—Abstract
Summary
Summary of the 8-K filed February 19, 2026. Cited figures are marked; the original filing is the authoritative source.
CenterPoint Energy (CNP) reported fourth-quarter and full-year 2025 results on February 19, 2026, and reiterated its 2026 non-GAAP EPS guidance of at least the midpoint of $1.89a-$1.91, which implies about 8% growth over 2025.
GAAP EPS was $0.40b for Q4 2025 and $1.60 for the full year. Non-GAAP EPS was $0.45 for Q4 (versus $0.40 a year earlier) and $1.76 for the full year, a 9% increase over the 2024 non-GAAP figure of $1.62. Management says the quarter was driven mainly by growth and regulatory recovery ($0.12 per share), partly offset by higher interest expense ($0.05) and O&M ($0.02).
The most notable update is a $500 millionc increase to the 10-year capital investment plan, which now totals about $65.5 billion for 2026-2035, reflecting incremental electric transmission investment. Management also expects to add 10 gigawatts of peak load in Greater Houston by the end of 2029, two years ahead of its earlier forecast. Management states that it plans no incremental equity needs through 2027, and it reports a Hurricane Beryl and other storms securitization of roughly $1.2 billion priced the day before the release.
Credit metrics improved, with trailing FFO/Debt at 13.8%d on a Moody's-adjusted basis for 2025. For investors, the story is steady, regulated-utility earnings growth paired with a larger, load-driven capital plan.
The main watch items are execution on that plan, regulatory outcomes on rate recovery and affordability, the pending Ohio gas LDC sale expected to close in Q4 2026, and the mix of equity needed to fund growth beyond 2027. Moody's rating outlook for CNP is negative, a factor to monitor.
02—Key points
Key Highlights
- Q4 2025 GAAP EPS of $0.40 and non-GAAP EPS of $0.45, versus $0.38 and $0.40 in Q4 2024
- FY 2025 non-GAAP EPS of $1.76, up 9% from $1.62 in 2024; GAAP EPS of $1.60
- 2026 non-GAAP EPS guidance reiterated at at least the midpoint of $1.89-$1.91, implying about 8% growth
- 10-year capital plan raised by $500 million to about $65.5 billion for 2026-2035, with at least $10 billion of additional opportunities identified
- Expects to add 10 GW of peak load in Greater Houston by year-end 2029, two years ahead of prior forecasts
- No anticipated incremental equity needs through 2027; about $1.2 billion Beryl and other storms securitization priced
- Trailing FFO/Debt of 13.8% (Moody's, adjusted for one-time items) for 2025, with about $3.0 billion of available liquidity
03—Questions
Frequently Asked Questions
How did CenterPoint perform in Q4 and full-year 2025?
Q4 2025 GAAP EPS was $0.40 and non-GAAP EPS was $0.45, up from $0.40 non-GAAP in Q4 2024. Full-year 2025 non-GAAP EPS was $1.76, a 9% increase from $1.62 in 2024. Growth and rate recovery were the main drivers, partly offset by higher interest expense.
Is CenterPoint maintaining its 2026 earnings guidance?
Yes. The company reiterated 2026 non-GAAP EPS guidance of at least the midpoint of $1.89-$1.91, which implies about 8% growth over 2025. Management also targets 7-9% annual non-GAAP EPS growth through 2035, expecting the mid-to-high end of that range for 2026-2028.
What changed in the capital investment plan?
The 10-year plan (2026-2035) increased by $500 million to about $65.5 billion, mainly for electric transmission. The company also identified at least $10 billion of incremental opportunities outside the plan, including transmission, grid modernization, and data-center-related investments in Indiana.
Does CenterPoint plan to issue new equity?
The company says it has no anticipated incremental equity needs through 2027, and it has about $1.1 billion of forward sales to be settled by February 2027. It plans roughly $4 billion of common equity through 2035, including about $3 billion of issuances from 2028 to 2035.
What are the main risks investors should watch?
Key risks include execution and cost control on the large capital plan, regulatory outcomes on rate recovery and affordability, and the timing of the Ohio gas LDC sale, which is expected to close in Q4 2026. Moody's has a negative outlook on CNP, and the filing notes that the company's credit ratings could be downgraded.
04—Continue