NYSE: CNP · Electric Utilities
CenterPoint Energy
CenterPoint Energy is a Houston-based utility holding company. Its Electric segment includes Houston Electric, the only transmission and distribution utility for nearly all of the Houston/Galveston area (2.86 million metered customers), and the vertically integrated Indiana Electric. Its Natural Gas segment runs gas distribution utilities in several states. FY2025 revenue was $9.36 billion and net income $1.05 billion. It is selling non-core gas utilities (Louisiana/Mississippi in 2025, Ohio in October 2026) while planning $66.7 billion of capital investment over 2026–2035, much of it to serve fast-growing Houston-area demand.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-1910-Q (quarter ended 2026-09-30) · filed 2026-10-27
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 4.8%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 22.5%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +0.1 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 5.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.36x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 3 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 25.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.38
Higher than 23% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 62% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 32% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 91% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 81% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; fiscal FY2025
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$40.59close on 2026-11-04
Market cap$26.5B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 25.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.4x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 12.9x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -9.0%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.2%
At FY2025 year-end: 24.0x
Earnings: fiscal FY2025
At FY2025 year-end: 2.2x
Book value at FY2025 year-end
At FY2025 year-end: 12.7x
EBITDA for FY2025
At FY2025 year-end: -9.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Mar 31, 2026.
These figures are behind: a newer quarter was reported on Oct 27, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$2.92B → $2.98B (vs. a year earlier)↑ +1.9%$2.92B → $2.98B (vs. a year earlier)
- Operating margin22.2% → 22.1% (vs. a year earlier)→ −0.1 pts22.2% → 22.1% (vs. a year earlier)
- Net income$297M → $316M (vs. a year earlier)↑ +6.4%$297M → $316M (vs. a year earlier)
- Diluted EPS$0.45 → $0.48 (vs. a year earlier)↑ +6.7%$0.45 → $0.48 (vs. a year earlier)
- Cash$38M → $639M (vs. previous quarter-end)↑ +1581.6%$38M → $639M (vs. previous quarter-end)
- Long-term debt$20.57B → $22.48B (vs. previous quarter-end)↑ +9.3%$20.57B → $22.48B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook ↑ Raised
Raised earnings guidance and increased its capital plan. Source sentence
Energy reports strong Q3 2026 results; raises earnings guidance and increases capital plan; extends higher growth outlook through 2030
Key changes
2026 non-GAAP EPS guidance $1.90–$1.92. Source sentence
2026 non-GAAP EPS guidance range to $1.90-$1.92, representing nearly 9% growth at the midpoint
2027 non-GAAP EPS guidance $2.07–$2.09. Source sentence
2027 non-GAAP EPS guidance range of $2.07-$2.09, representing approximately 9% growth at
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CENTERPOINT ENERGY INC
- Headquarters
- HOUSTON, TX
- Incorporated in
- Texas
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: CNP
- Industry
- Electric Utilities
- CIK
- 1130310
Workforce (as of FY2025 year-end)
Employees
8,794
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 50–51 days after quarter end (Feb 19, 2026; Feb 20, 2025; Feb 20, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 23–51 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 27, 2026 10-Q (+27 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Jul 28, 2026 10-Q (+28 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 23, 2026 (+23 days) | Apr 23, 2026 10-Q (+23 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 19, 2026 (+50 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 23, 2025 (+23 days) | Oct 23, 2025 10-Q (+23 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 24, 2025 (+24 days) | Jul 24, 2025 10-Q (+24 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 24, 2025 (+24 days) | Apr 24, 2025 10-Q (+24 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 20, 2025 (+51 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 28, 2024 (+28 days) | Oct 28, 2024 10-Q (+28 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Jul 30, 2024 10-Q (+30 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | Apr 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 20, 2024 (+51 days) | Feb 20, 2024 10-K (+51 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Electric
Houston Electric
Examples: Transmission and distribution in the Houston/Galveston area
No other T&D utility in its service area.
Electric
Indiana Electric (SIGECO)
Examples: Generation, transmission, distribution
Vertically integrated utility in southwestern Indiana.
Natural Gas
Gas distribution
Examples: Texas, Minnesota, Indiana LDCs
Regulated gas utilities.
Descriptions are from the FY2025 Form 10-K's Item 1.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Portfolio changes, financing, and 2026 events, from 8-Ks.
Q3 2026 results
GAAP EPS $0.50 (vs $0.45) and non-GAAP EPS $0.53 (vs $0.50). CenterPoint raised 2026 non-GAAP EPS guidance to $1.90–1.92, set 2027 guidance at $2.07–2.09, and extended its 7–9% growth target (mid-to-high end) through 2030.
Source: 8-K filed 2026-10-27 (Exhibit 99.1)
Ohio gas utility sold
On October 1, 2026 CenterPoint completed the sale of Vectren Energy Delivery of Ohio to National Fuel Gas for $2.62B ($1.42B cash plus a $1.20B promissory note).
Source: 8-K filed 2026-10-01
Bigger capital plan
The 10-year capital plan rose by $1.2B to $66.7B in July 2026 and by another $4.0B to $70.7B in October, with $1.5B pulled into 2026–2030, supporting rate base growth of more than 14% a year through 2030.
Source: 8-K filed 2026-07-28 (Exhibit 99.1); 8-K filed 2026-10-27 (Exhibit 99.1)
New financing
$650M of 2.875% convertible notes (February 2026), $700M of junior subordinated notes (July 2026), and $4.6B of new revolving credit facilities (September 2026).
Source: 8-Ks filed 2026-02-26, 2026-07-31, and 2026-09-09
Data incident
CenterPoint investigated a third party's claim to hold customer data and confirmed personal information of some customers was obtained.
Source: 8-K filed 2026-09-14
Capex ÷ D&A (FY2025)
3.18x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$4,870M ÷ $1,530M = 3.18x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $2.6B in FY2020 to $4.87B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$9.36B
As reported in the 10-K
Revenue CAGR (5 years)
+4.8%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($9,357M ÷ $7,418M) ^ (1÷5) − 1 = 4.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
22.5%▲favorable
+8.5pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,110M ÷ $9,357M × 100 = 22.5%
ROE (FY2025)
9.6%▲favorable
6-year average: 7.9%
As reported in the 10-K
P/B (FY2025 end)
2.24x
formulafiscal year-end closing price ÷ book value per share
e.g.$38.34 ÷ $17.08 = 2.24x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
12.7x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($25,031M + $21,066M − $38M) ÷ ($2,110M + $1,530M) = 12.7x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +4.8% a year over 5 years (modest growth)
From $7.42B in FY2020 to $9.36B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 14.0% → 22.5%
How much operating profit is left per $100 of revenue. It moved +8.5 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 24.0% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 0 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 7.9% over 6 years (latest: 9.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Electric
Delivering electricity- Storm restoration and resiliency investment
Natural Gas
Distributing natural gas
06 · what it draws on
Key resources
Electric
Wires, substations, and Indiana generation- Capital investment recovered through rates
Natural Gas
Purchased natural gas- Pipe replacement investment
02 · why customers buy
Value propositions
- Regulated electric delivery in the Houston area and natural gas distribution in several states.
04 · how it keeps them
Customer relationships
- Continuous billing cycles rather than long-term contracts; regulated service to all customers in its territories.
03 · how it reaches them
Channels
- Its own transmission and distribution networks; Houston Electric bills retail electric providers, not end users.
01 · who it serves
Customer segments
Electric
67 retail electric providers serving 2.86M Houston-area metered customers; Indiana retail customersNatural Gas
Residential, commercial, and industrial gas customers
09 · where money goes
Cost structure
FY2025, share of revenue ($9.36B)
- Cost of revenue0.0%
- Other operating costs77.4%
Operating profit left: 22.5% of revenue. Depreciation & amortization (inside the costs above): $1.53B. Capital spending: $4.87B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Electric
Regulated delivery charges set by the PUCT and IURCNatural Gas
Regulated rates
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Electric
Houston Electric's regulated transmission and distribution in the Houston area (billing retail electric providers, not end users) and Indiana Electric's generation, transmission, and distribution in southwestern Indiana.
01 what it draws on
Inputs & resources
- Wires, substations, and Indiana generation
- Capital investment recovered through rates
02 what it does
Activities
- Delivering electricity
- Storm restoration and resiliency investment
03 who it serves
Customers
- 67 retail electric providers serving 2.86M Houston-area metered customers; Indiana retail customers
04 how money comes in
How it earns
- Regulated delivery charges set by the PUCT and IURC
Electric: how it makes money
- Revenue $4.87B and net income $705M in FY2025.
- Houston Electric filed a $5.75B, three-year system resiliency plan after Hurricane Beryl (July 2024).
Natural Gas
Gas distribution utilities, mainly in Texas, Minnesota, Indiana, and (until October 2026) Ohio.
01 what it draws on
Inputs & resources
- Purchased natural gas
- Pipe replacement investment
02 what it does
Activities
- Distributing natural gas
03 who it serves
Customers
- Residential, commercial, and industrial gas customers
04 how money comes in
How it earns
- Regulated rates
Natural Gas: how it makes money
- Revenue $4.48B and net income $570M in FY2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
CenterPoint is regulated by state commissions and FERC, and faces methane and emissions rules.
Regulated prices & reimbursement
Regulated rates
Rates and returns are set through rate cases before state commissions, with Indiana Electric in the FERC-approved MISO; revenue depends on what regulators allow.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
Methane emissions charge
The IRA’s Methane Emissions Reduction Program charges for methane emissions from certain gas transmission facilities.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Political engagement
Advocacy groups
Advocacy groups influencing legislators and regulators could materially affect the business.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Electric
4,866 (52%)profit 705 · margin 14.5%
Natural Gas
4,483 (48%)profit 570 · margin 12.7%
Source: Form 10-K (FY2025) — Note 16 and MD&A Profit is segment net income; Corporate and Other lost $223M (mainly interest expense).
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Houston Electric bills retail electric providers (REPs) daily rather than end customers; rates are set by the Public Utility Commission of Texas. Gas and Indiana rates are set by state commissions.
REP receivables
$279M at year-end 2025
About 37% owed by affiliates of NRG and 23% by affiliates of Vistra.
Source: Form 10-K (FY2025) — Item 1A
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Retail electric providers in Houston; residential, commercial, and industrial gas and Indiana electric customers.
Named by the company
- NRG Energy and Vistra (affiliates) — Owed about 37% and 23% of Houston Electric's REP receivables at year-end 2025.Form 10-K (FY2025) — Item 1A
What the filings disclose
- Houston Electric had 2,859,313 metered customers served by 67 REPs at year-end 2025. (Form 10-K (FY2025), Item 1)
Suppliers
Natural gas suppliers and equipment vendors.
Named by the company
None named in the 10-K or the company’s press releases.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
CenterPoint's 10-K says no other electric transmission and distribution utility operates in Houston Electric's or Indiana Electric's service areas; distributed generation could reduce demand but has not been significant.
Competitors named in the 10-K
CenterPoint's 10-K doesn't name competitors.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
18 utilities with comparable revenue and assets; Avangrid was removed and OGE added.
- Alliant Energysite ↗
- Evergysite ↗
- Amerensite ↗
- Eversource Energysite ↗
- American Electric Powersite ↗
- NiSourcesite ↗
- Atmos Energysite ↗
- OGE Energysite ↗
- CMS Energysite ↗
- PPLsite ↗
- Consolidated Edisonsite ↗
- PSEGsite ↗
- DTE Energysite ↗
- Semprasite ↗
- Edison Internationalsite ↗
- WEC Energy Groupsite ↗
- Entergysite ↗
- Xcel Energysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
CenterPoint has been selling non-core gas utilities while investing in its core regions.
Cash spent on acquisitions, FY2020–FY2021: $0 (years not reported separately are excluded)
Mar 2025
Sale of Louisiana and Mississippi gas LDCs
About $1.2B
Natural gas distribution businesses.
- Stated purpose (company)
- Not stated in the filings.
Source: Form 10-K (FY2025) — Item 1
Mar 2025
Posey Solar (acquired by SIGECO)
About $357M
191 MW solar array in Indiana.
- Stated purpose (company)
- Not stated in the filings.
Source: Form 10-K (FY2025) — Item 1
Oct 2026
Sale of Vectren Energy Delivery of Ohio
$2.62B ($1.42B cash + $1.20B note)
Ohio gas distribution utility, sold to National Fuel Gas.
- Stated purpose (company)
- Not stated in the filings.
Source: 8-K filed 2026-10-01
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 7,418 | 8,352 | 9,321 | 8,696 | 8,643 | 9,357 |
| Operating income | 1,039 | 1,363 | 1,566 | 1,760 | 1,990 | 2,110 |
| Pretax income | 563 | 778 | 1,417 | 1,087 | 1,214 | 1,247 |
| Net income (attributable) | -773 | 1,486 | 1,057 | 917 | 1,019 | 1,052 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 12.6% | 11.6% | -6.7% | -0.6% | 8.3% |
| Operating margincalcoperating income ÷ revenue × 100 | 14.0% | 16.3% | 16.8% | 20.2% | 23.0% | 22.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -10.4% | 17.8% | 11.3% | 10.5% | 11.8% | 11.2% |
| Balance sheet ($M) | ||||||
| Total assets | 33,471 | 37,679 | 38,546 | 39,715 | 43,768 | 46,534 |
| Total equity | 8,348 | 9,415 | 10,042 | 9,667 | 10,666 | 11,153 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 11,545 | 15,565 | 15,347 | 17,563 | 20,897 | 21,066 |
| Equity ratio | 24.9% | 25.0% | 26.1% | 24.3% | 24.4% | 24.0% |
| ROE | -9.3% | 16.7% | 10.9% | 9.3% | 10.0% | 9.6% |
| Cash flow ($M) | ||||||
| Operating CF | 1,995 | 22 | 1,810 | 3,877 | 2,139 | 2,486 |
| Investing CF | -1,265 | -1,851 | -1,628 | -4,233 | -4,489 | -4,016 |
| Financing CF | -834 | 1,916 | -345 | 374 | 2,271 | 1,549 |
| Free cash flowcalccash flow from operations − capital expenditures | -601 | -3,142 | -2,609 | -524 | -2,374 | -2,384 |
| Cash and equivalents | 147 | 230 | 74 | 90 | 24 | 38 |
| Per share & other | ||||||
| EPS ($) | -1.79 | 2.28 | 1.59 | 1.37 | 1.58 | 1.60 |
| BVPS ($) | 15.14 | 14.97 | 15.95 | 15.31 | 16.37 | 17.08 |
| Dividend per share ($) | — | — | 0.72 | 0.78 | 0.83 | 0.89 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | — | 45.3% | 56.9% | 52.5% | 55.6% |
| P/E (x) | — | 12.2 | 18.9 | 20.9 | 20.1 | 24.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 10.5 | 12.3 | 12.0 | 11.2 | 12.1 | 12.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.43 | 1.86 | 1.88 | 1.87 | 1.94 | 2.24 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-03-31 | $2.98B+1.9% | $658M+1.4% | $316M+6.4% | $0.48 |
| 2025-12-31 † | $2.51B+10.7% | $542M+12.2% | $264M+6.5% | — |
| 2025-09-30 | $1.99B+7.1% | $502M+18.4% | $293M+51.8% | $0.45 |
| 2025-06-30 | $1.94B+2.0% | $417M-10.7% | $198M-13.2% | $0.30 |
| 2025-03-31 | $2.92B | $649M | $297M | $0.45 |
| 2024-12-31 † | $2.26B | $483M | $248M | — |
| 2024-09-30 | $1.86B | $424M | $193M | $0.30 |
| 2024-06-30 | $1.91B | $467M | $228M | $0.36 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
5.6%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,110M × (1 − 16%) ÷ $31,891M × 100 = 5.6%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
5.47%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $25.03B ÷ ($25.03B + $21.07B) = 54.3%
e.g.Debt weight: $21.07B ÷ ($25.03B + $21.07B) = 45.7%
e.g.WACC: 7.0% × 54.3% + 4.3% × (1 − 16%) × 45.7% = 5.47%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 4.8%–6.4% and ROIC − WACC runs −0.8 to +0.8 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 5.47% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.38 (price-derived adjusted beta, but correlation with the market is low (R² 0.00), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.04%
- Cost of debt
- 4.29%
- Tax rate
- 16% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 54% : 46%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 5.47%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.38 (price-derived adjusted beta. Raw β 0.08, R² 0.00, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.081 + 0.33 = 0.384
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.38 × 5.5% = 7.0%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.08x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.2%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 169%
Most profit comes from core operations.
- ✓
Days sales outstanding: 33 → 30 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,486M ÷ $1,052M = 2.36x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,110M ÷ $1,247M × 100 = 169%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($717M + $806M) ÷ 2 ÷ $9,357M × 365 = 30 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 20 of 416
- Beta (adjusted)
- 0.38
Reported total 106.8%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 5% of covered companies have more
above 1 = swings more than the market
- 698.4M shares reported by 864 13F filers ÷ 654.2M shares outstanding on 2026-04-15. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-04 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-04-15)
19
Strengths & weaknessesSite analysis
Strengths
1. Monopoly service territories
No other T&D utility operates in Houston Electric's service area, and Indiana service territory certificates are exclusive.
Evidence: Form 10-K (FY2025) Item 1
2. Load growth
Over 17 GW of large-load submissions in ERCOT's Batch Zero process, about 14 GW expected to be eligible; the 10-year capital plan was raised to $66.7B.
Evidence: 8-K filed 2026-07-28 (Exhibit 99.1)
3. Rising dividends
Dividends per share declared rose from $0.72 (2022) to $0.89 (2025).
Evidence: SEC EDGAR XBRL
Weaknesses
1. Heavy borrowing
Interest-bearing debt rose from $15.6B (2021) to $21.1B (2025), and capital spending ($4.87B in 2025) exceeds operating cash flow ($2.49B).
Evidence: SEC EDGAR XBRL
2. Storm and reliability scrutiny
The 10-K lists negative stakeholder opinions about system reliability and outage response as a risk after Hurricane Beryl.
Evidence: Form 10-K (FY2025) Item 1A
3. Modest EPS growth
EPS was $1.58 in 2024 and $1.60 in 2025; 2026 non-GAAP guidance is $1.89–$1.91.
Evidence: SEC EDGAR XBRL; 8-K filed 2026-07-28
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
24.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.32%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
56%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-9.5%
(Operating CF − capex) ÷ market cap
1. Rate base growth
2026 non-GAAP EPS guidance of $1.89–$1.91 would be 8% growth at the midpoint.
- What has to hold
- Regulators approve recovery of the expanded plan.
- The other side
- Heavy financing needs and storm exposure.
Evidence: 8-K filed 2026-07-28
2. Dividend
Dividends per share rose each year from 2022 to 2025.
- What has to hold
- Earnings keep growing.
- The other side
- Payout depends on regulated returns.
Evidence: SEC EDGAR XBRL
P/E, dividend yield, and payout ratio use the FY2025 year-end share price. Capital spending exceeds operating cash flow, so FCF is negative.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.2x
$548M vs. $2.41B
Interest coverage (operating income ÷ interest expense)
2.3x
$2.11B vs. $903M
Free cash flow ÷ dividends paid
-4.2x
−$2.38B vs. $574M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -6.7% in FY2023 ($9.32B → $8.7B) | Yes, by FY2025 |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Regulated monopoly
Exclusive service territories in Houston and Indiana.
Source: Form 10-K (FY2025), Item 1
Liquidity
$4.6B of revolving credit facilities replaced in September 2026.
Source: 8-K filed 2026-09-09
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
CenterPoint faces litigation and investigations over Hurricane Beryl outages in July 2024 and its use of temporary generation (TEEEF). It also remains a defendant in Winter Storm Uri suits, most claims in which have been dismissed except gross negligence.
2 open matters
Hurricane Beryl litigation and investigations
PendingLawsuitAbout 270 individually named plaintiffs plus 13 individual suits (Harris County District Courts); governmental and regulatory agencies; derivative plaintiff Donel Davidson
Former putative class actions (each seeking more than $100 million) were refiled as individual claims of negligence, gross negligence and nuisance over outages lasting at least 48 hours. Agencies investigated storm preparation, the response and TEEEF procurement. A derivative suit filed January 2025 is stayed.
- Amounts
- CenterPoint cannot estimate a range of potential losses.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Winter Storm Uri litigation
PendingLawsuitAbout 150 of roughly 220 MDL lawsuits (Harris County); gas market manipulation suits naming CERC
After the Texas Supreme Court's September 2025 decision, all claims against CenterPoint and Houston Electric except gross negligence were dismissed, and plaintiffs may replead. A separate Chapter 150 dismissal is on appeal.
- Next step
- A hearing on renewed bellwether motions to dismiss has not been set.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
Rate regulation
- Company disclosure (summarized from the 10-K)
- Results depend on timely and full cost recovery from the PUCT, IURC, and other commissions.
- Company’s stated mitigation
- Regular rate filings and resiliency plans.
- This site’s assessment
- Impact High / Likelihood Med
- 2Disaster
Hurricanes and severe weather
- Company disclosure (summarized from the 10-K)
- Storms such as Hurricane Beryl in 2024 caused widespread damage to Houston Electric's system.
- Company’s stated mitigation
- System resiliency plan investments and storm cost securitization.
- This site’s assessment
- Impact High / Likelihood Med
- 3Customer/supplier concentration
REP credit
- Company disclosure (summarized from the 10-K)
- Affiliates of NRG and Vistra owed about 37% and 23% of Houston Electric's REP receivables; a REP default could hurt results.
- Company’s stated mitigation
- REPs must meet PUCT creditworthiness standards.
- This site’s assessment
- Impact Med / Likelihood Low
- 4Information security
Customer data breach
- Company disclosure (summarized from the 10-K)
- In September 2026 CenterPoint disclosed that an unauthorized third party obtained some customers' personal information through an external-facing system; service was not disrupted.
- Company’s stated mitigation
- Incident response with third-party experts; the company did not expect a material financial impact.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Supply chain
Capital plan execution
- Company disclosure (summarized from the 10-K)
- The 10-K says executing projects in its 10-year capital plan is subject to substantial risks.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
In June 2025, Houston Electric entered into the ERCOT Transaction, subject to PUCT approval, to release its large TEEEF units to ERCOT at CPS Energy facilities to serve the greater San Antonio region until March 2027 unless terminated earlier pursuant to the provisions of the ERCOT Transaction, reduce its TEEEF fleet capacity and reduce its rates to reflect the removal of the large TEEEF units from its fleet. Following the completion of service in the San Antonio area, Houston Electric anticipates that it would complete one or more future transactions involving its large TEEEF units; because the TEEEF units would not be available to serve customers during such time, Houston Electric plans to continue to not charge customers for these units for any future periods. Further, in November 2025, Houston Electric proposed to release its medium TEEEF units from its TEEEF fleet and remove the…
Our successful execution and completion of capital projects and programs, including those within our 10-year capital plan, are subject to substantial risks, and our business, financial condition, results of operations and cash flows could be materially affected should such efforts not be executed and completed as planned.
We are managing ongoing, and planning future, significant capital projects relating to, among other things, improvements to our electric and natural gas transmission and distribution infrastructure. Read more
The execution of our capital projects, including those within our 10-year capital plan, may not be completed in accordance with current expectations or produce the desired results. Our ability to execute and complete our capital projects, including Houston Electric’s proposed 765 kV and other transmission projects, in a timely and cost-effective manner and within budget is contingent upon many variables and subject to substantial risks. These variables and risks include, but are not limited to, availability of and costs for materials, equipment, commodities and qualified labor; cost and availability of financing; cost of regulatory compliance; economic and market conditions; regulatory…
included in our 10-year capital plan. Additionally, regulators may investigate the prudence of costs in our rates and examine, among other things, the reasonableness or prudence of our level of expenditures (including costs associated with our capital projects). If we do not execute or complete our capital projects, including those within our 10-year capital plan, in accordance with current expectations or if our capital plan does not produce the desired results, our business, financial condition, results of operations and cash flows could be materially affected.
In the planning and management of our operations, we must address existing and proposed laws and regulations regarding safety, reliability and other matters, as well as potential changes in regulatory frameworks, including reinterpretation of such regulations, initiatives by federal and state legislatures, regional transmission organizations (e.g., ERCOT and MISO), utility regulators, and taxing authorities, and actions by local jurisdictions regarding such matters. As has occurred in the past, if it were determined that we failed to comply with applicable laws and regulations or with applicable tariff provisions regarding such matters, we could become subject to fines, penalties, refund or disgorgement orders, or disallowed costs, or be required to implement additional compliance or remediation programs, the cost of which could be material. We cannot predict the impact of new laws,…
Changes in U.S. or foreign trade policies, including the imposition of tariffs and other trade actions, and other factors beyond our control may adversely impact our business, financial condition, results of operations and cash flows.
The U.S. government has taken executive action and proposed additional measures intended to alter the U.S. Read more
approach to international trade policy, the terms of certain existing bilateral or multi‐lateral trade agreements and trading arrangements with foreign countries. Such changes to U.S. international trade policy, and retaliatory trade measures that foreign governments have taken and may take in the future in response, including the imposition of tariffs, bans, sanctions, export or import controls, or other measures that restrict international trade, or the threat of such actions, and uncertainties about tariffs and their effects on trading relationships, may affect, and in some cases have affected, the Registrants’ ability to access the capital markets, contribute to inflation in the markets in which the Registrants operate, increase costs and cost volatility, impact availability of…
Our businesses are also affected by new customers and load growth. Read more
We anticipate a high level of load growth and an increase in demand for electric power in certain of our service territories, including from the expansion of data centers (associated with, among other things, increasing demand for AI), energy refining and exports, advanced manufacturing and logistics, and a significant portion of the planned investments in our 10-year capital plan is intended to support such expected growth. Nevertheless, significant uncertainty exists. We are subject to potential challenges in accurately forecasting such load growth and predicting future electric power needs due to, among other things, rapidly changing technology and market dynamics, changes in industry practice and the possibility that new large customers will be transitory and exit our service territory or otherwise delay or cancel…
No longer in the text (4)
Even if a generation project is approved, risks associated with the development or construction of any new generation exist, including new legislation or governmental action restricting or delaying new generation, moratorium legislation, the ability to procure resources needed to build at a reasonable cost, scarcity of resources and labor, ability to appropriately estimate costs of new generation, the effects of potential construction delays, project scope changes, and cost overruns and the ability to meet capacity requirements. For example, in January 2025, President Trump signed executive orders that, among other things, temporarily halted certain federal government agencies from issuing approvals, permits and loans for onshore wind projects pending the completion of certain assessments and reviews, and pause the disbursement of funds appropriated through the IRA and the…
which the governor has issued a disaster or emergency declaration, affecting distribution customers served by a radial transmission or distribution facility that creates a risk to public health or safety and that has lasted or is expected to last for at least 12 hours, or creating a risk to public health or safety because it affects a critical infrastructure facility that serves the public. Pursuant to the amendment, the Texas Division of Emergency Management, ERCOT, or the executive director of the PUCT may also determine that a power outage other than one described above is a significant power outage for purposes of use of TEEEF. In response to this amendment, Houston Electric entered into additional leases for small 200-kilowatt to one MW TEEEF.
In April 2023, the PUCT approved revenue recovery of $39 million of TEEEF costs incurred in 2021, and in October 2023, an agreement with intervenors was reached with respect to Houston Electric’s second TEEEF filing for revenue recovery of $153 million ($114 million incremental to the prior filing) of TEEEF costs incurred through December 31, 2022, and the agreement was approved by PUCT in February 2024. On September 11, 2024, the TCA filed a complaint with the PUCT requesting that the PUCT modify its rulings with respect to its prior decisions related to the TEEEF filings made in 2022 and 2023. Specifically, TCA requested that the PUCT end cost recovery and return on investment on all the large 32 MW and 5 MW TEEEF units approved in docket 53442. On October 2, 2024, Houston Electric filed a response to the TCA complaint and requested that the complaint be dismissed due to the…
requiring supplemental information or amendment from TCA by October 24, 2024; Read more
TCA filed supplemental information on October 24, 2024 and indicated it was prepared to submit supplemental evidence, but only in camera. On October 25, 2024, PUCT issued Order No. 3 in which TCA’s request for confidentiality with regard to its membership information was appropriate; Order No. 3 entered a protective order to govern the use of confidential materials in this docket. On November 13, 2024 TCA responded to Order No. 3 and repeated its offer to submit membership information in camera which the ALJ considered to be a motion for rehearing. On November 14, 2024, PUCT issued Order No. 4 which denied the motion to reconsider and extended the prior deadline to file supplemental information to December 13, 2024. On December 16, 2024, PUCT issued Order No. 5 granting waiver of the requirement for informal…
20 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 19, 2026 ↗ with the 10-K filed Feb 20, 2025 ↗.
25
What to watch going forwardSite analysis
- Large-load interconnections from ERCOT's Batch Zero process.
- Resiliency plan cost recovery.
- Use of Ohio sale proceeds.
- Equity and hybrid financing needs.
- Outcome of the 2026 data incident.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-19
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent CenterPoint Energy’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.