10-Q · April 23, 2026
CenterPoint reported consolidated segment revenues of $2,974 million (Electric $1,209M; Natural Gas $1,765M) for Q1 2026 and net income of $316 million, up $19 million versus Q1 2025. Electric operating income rose to…
Earnings analysis · 10-Q
CNP earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
CenterPoint delivered stronger Q2 operating results, with combined reportable-segment revenue of $2.149 billion rising 10.7% year over year and consolidated net income increasing 23.2% to $244 million, led by Electric.…
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CenterPoint delivered stronger Q2 operating results, with combined reportable-segment revenue of $2.149 billion rising 10.7% year over year and consolidated net income increasing 23.2% to $244 million, led by Electric. Electric rate and transmission benefits more than offset modestly lower usage, while Natural Gas profitability and throughput declined. Liquidity remains supported by $1.060 billion of first-half operating cash flow and $4.0 billion of revolver capacity, but the $66.7 billion long-range capital plan, $2.527 billion of first-half investing outflow, and increased debt issuance keep funding and regulatory execution central risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Revenue rose 10.7% year over year
Combined reportable-segment revenue was $2.149 billion, up $207 million, or 10.7%, from $1.942 billion in Q2 2025. This was down $831 million, or 27.9%, from $2.980 billion in Q1 2026, reflecting normal utility seasonality and the weaker second-quarter revenue base.
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Net income increased 23%
Consolidated net income increased $46 million to $244 million from $198 million in Q2 2025, a 23.2% increase. The supplied filing excerpt does not disclose consolidated diluted EPS, gross margin, or operating margin.
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Electric segment drove earnings growth
Electric segment revenue rose $181 million to $1.372 billion and operating income increased $114 million to $407 million. Electric net income increased $66 million to $237 million, driven principally by $82 million of customer-rate/rate-design benefits and $36 million of transmission revenue benefits.
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Electric customer base expanded 2%
Electric customer growth remained constructive: total metered customers increased 2% to 3,042,231, while total throughput was flat at 30,306 GWh. Residential throughput declined 2% to 9,384 GWh despite the larger customer base.
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Operating cash flow improved to $1.06B
Operating cash flow for the first six months increased $90 million to $1.060 billion from $970 million. The improvement occurred despite a $192 million working-capital cash outflow; the filing excerpt does not provide absolute capital-expenditure or free-cash-flow figures.
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Capital plan increased to $66.7B
Management increased its 10-year capital plan by $1.2 billion to approximately $66.7 billion through 2035. For the remainder of 2026, planned capital expenditures are $4.088 billion, including $2.286 billion at Houston Electric and $1.343 billion at CERC.
What to watch
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Natural Gas profit and volumes declined
Natural Gas segment earnings weakened in the quarter: net income declined $6 million to $80 million as operating and maintenance expense rose $17 million and depreciation and amortization rose $20 million. Total throughput declined 7% to 103 Bcf, including a 12% decline in residential throughput to 22 Bcf.
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Capital intensity and debt funding remain high
The expanded capital program requires substantial external funding. CenterPoint used $2.527 billion in investing cash flow in the first half and recorded a $2.465 billion net increase in long-term debt and term loans; fixed-rate debt outstanding rose to $23.6 billion at June 30, 2026.
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Large-load connection timing is uncertain
Large-load growth remains uncertain despite approximately 14 GW of potential qualifying load in ERCOT's Batch Zero process. Customers provided or committed roughly $900 million of contributions in aid of construction or financial security, a portion of which may need to be returned depending on project outcomes.
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Regulatory decisions can move revenue recovery
Rate and regulatory outcomes can affect returns and recovery. Houston Electric's TEEEF settlement, if approved, would reduce current revenue requirement by $112 million, while its DCRF compliance tariff seeks $101.4 million with a requested September 1, 2026 implementation.
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Credit-rating exposure remains relevant
The filing states there were no material changes to risk factors from the 2025 Form 10-K. Nonetheless, a one-notch S&P and Moody's downgrade would increase financing costs, and CERC could face up to $232 million of pipeline-contract collateral requirements if ratings fell below applicable thresholds.
Management's outlook
The 10-Q does not provide explicit quantitative EPS or revenue guidance. Management disclosed a $66.7 billion capital plan through 2035 and expects remaining 2026 cash needs to be met through operating cash flow, Ohio LDC sale proceeds, customer contributions and financing sources.
Earlier filings 4
10-K · February 19, 2026
CenterPoint reported a Q4 2025 revenue beat with quarter revenue of $2,505,000,000 (vs. consensus $2,268,057,218) while continuing to execute asset monetizations and renewables investment. The company completed a $1.2…
10-Q · October 23, 2025
CenterPoint reported Q3 revenue of $1,988,000,000 (up from $1,856,000,000 a year ago) and diluted EPS of $0.45 (vs. $0.30 in 2024 Q3). Operating income rose to $502,000,000 from $424,000,000 year-over-year; however,…
10-Q · April 24, 2025
CenterPoint reported Q1 revenue of $2,920 million, up $300 million (11.5%) year-over-year, driven by utility revenues of $2,906 million. Diluted EPS declined to $0.45 from $0.55 a year ago, and operating cash flow fell…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.