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Centerpoint Energy (CNP) FY2025 results: revenue $9.4 billion, up 8.3% on the year

Centerpoint Energy Inc. (CNP) reported revenue of $9.4 billion for fiscal 2025, the year ended 31 December 2025, up 8.3% on the year before. Net income was $1.1 billion, up 3.2%, and diluted earnings per share $1.60. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$9.4 billion
+8.3% on the year
FY2018FY2025
Operating margin
22.5%
23.0% a year earlier
FY2018FY2025
Net income
$1.1 billion
+3.2% on the year
FY2018FY2025
Diluted EPS
$1.60
+1.3% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 2 kept.

  • Q4 non-GAAP EPS was $0.45: The company reported non-GAAP EPS of $0.45 for the fourth quarter, against $0.40 a year earlier; GAAP diluted EPS was $0.40, against $0.38.
  • Full-year non-GAAP EPS up 9%: Full-year 2025 non-GAAP EPS was $1.76, up 9% from $1.62; GAAP diluted EPS was $1.60, against $1.58 in 2024.
  • Higher O&M expense cost $0.02: Increased O&M expense was an unfavorable variance of $0.02 per share against the fourth quarter of 2024.
  • Higher interest expense cost $0.05: Increased interest expense was an unfavorable variance of $0.05 per share against the fourth quarter of 2024.
  • Capital plan raised $500 million: The 10-year plan rose by $500 million to $65.5 billion of planned investment from 2026 to 2035; the increase reflects incremental electric transmission investment.
Read the Q4 FY2025 earnings call summary

From this 10-K

CenterPoint Energy is a public utility holding company whose operating subsidiaries own and operate electric transmission, distribution and generation facilities and natural gas distribution systems. Its reportable segments at the end of 2025 were Electric, Natural Gas, and Corporate and Other. The group had 8,794 employees, 3,712 of them represented by collective bargaining groups. This annual report is filed jointly by three registrants: CenterPoint Energy itself, CenterPoint Energy Houston Electric and CenterPoint Energy Resources Corp.

Centerpoint Energy Inc., the 10-K for 2025

CenterPoint Energy is a public utility holding company whose operating subsidiaries own and operate electric transmission, distribution and generation facilities and natural gas distribution systems. Its reportable segments at the end of 2025 were Electric, Natural Gas, and Corporate and Other. The group had 8,794 employees, 3,712 of them represented by collective bargaining groups. This annual report is filed jointly by three registrants: CenterPoint Energy itself, CenterPoint Energy Houston Electric and CenterPoint Energy Resources Corp.

Houston Electric

Houston Electric is a transmission and distribution electric utility operating wholly within Texas. It does not make direct retail or wholesale sales of electric energy, and other than mobile generation it owns no power generating facilities. It carries electricity on behalf of retail electric providers: from power plants to substations and between substations on the transmission side, then from the substation to the customer over lower-voltage distribution feeders. Its own work is construction and maintenance of those facilities, metering, outage response and call centre operations, under tariffs approved by the Texas utility regulator.

At the end of 2025 it delivered to 67 retail electric providers serving 2,544,880 residential and 314,433 commercial and industrial customers on the Texas Gulf Coast, a total of 2,859,313, in an area that includes the city of Houston. There are no other electric transmission and distribution utilities in that service area.

A Texas law passed after the February 2021 winter storm allows Houston Electric to contract for mobile generation units that the filing says can aid in restoring power to customers during certain significant power outages affecting its distribution system, and it leased 519 MW of them on a long-term basis at the end of 2025. In June 2025 it agreed, subject to regulatory approval, to release its 15 large units of 27 MW to 32 MW each to the San Antonio area until March 2027, and in November 2025 it proposed releasing its five medium units of 5.7 MW.

Indiana Electric

Indiana Electric is the electric transmission and distribution business of SIGECO, together with its generation assets and wholesale power operations, serving 154,402 metered customers in and near Evansville in southwestern Indiana. At the summer system peak on 25 June 2025 total load was 1,073 MW against generating capability of 1,071 MW and purchased supply of 263 MW, leaving a reserve margin of 26 percent at peak. The winter peak for the 2024-2025 season was approximately 849 MW, on 21 January 2025.

Coal for the coal-fired stations comes from operators of nearby mines in southern Indiana, and in 2025 a single supplier accounted for all of it. The business bought 643,030 tons during the year and held 422,503 tons in inventory at the end of it. Long-term purchase supply agreements add 282 MW, from OVEC coal generation in Indiana and Ohio to 2040 and three wind farms in Indiana and Iowa, and delivered 465 GWh in 2025.

Contracted solar and wind is being added: 170 MW of wind in Tama County, Iowa entered service in 2025, with 150 MW of solar in Knox County, Indiana and 147 MW of wind in Knox County, Illinois expected in 2026. In March 2025 SIGECO also acquired Posey Solar, which was building a 191 MW solar array in Posey County, Indiana.

Natural Gas

Regulated intrastate natural gas sales, and gas transportation and storage, for residential, commercial, industrial and transportation customers, with permanent pipeline connections through interconnects with interstate and intrastate pipeline companies. It served 4,029,085 customers at the end of 2025: 1,968,055 in Texas, 938,730 in Minnesota, 669,295 and 116,163 across its two Indiana utilities and 336,842 in Ohio. The largest metropolitan areas served were Houston, Minneapolis, Evansville and Dayton. Residential customers accounted for 34 percent of total throughput in 2025 and commercial, industrial and transportation customers the other 66 percent. Alongside the gas itself it sold appliance repair and maintenance services and HVAC equipment in Minnesota, and offered home repair protection plans in Indiana, Ohio and Texas through a third party.

The Louisiana and Mississippi gas distribution businesses were sold on 31 March 2025, and in October 2025 CenterPoint agreed to sell its Ohio gas utility, a transaction the filing says is expected to close in the fourth quarter of 2026 subject to customary closing conditions.

Corporate and Other

Corporate support operations, plus the office buildings and other real estate used for business operations.

From CenterPoint Energy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue9,3578,6438,696+8.3%
Cost of revenue4.03.099.0+33.3%
Gross profit9,3538,6408,597+8.3%
Gross margin100.0%100.0%98.9%
Operating income2,1101,9901,760+6.0%
Operating margin22.5%23.0%20.2%
Interest expense903838701+7.8%
Pre-tax income1,2471,2141,087+2.7%
Income tax1951951700.0%
Effective tax rate15.6%16.1%15.6%
Net income1,0521,019917+3.2%
Net margin11.2%11.8%10.5%
Diluted EPS$1.60$1.58$1.37+1.3%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,4862,1393,877+16.2%
Capital expenditure4,8704,5134,401+7.9%
Free cash flow-2,384-2,374-524
Free cash flow margin-25.5%-27.5%-6.0%
Cash from investing-4,016-4,489-4,233
Cash from financing1,5492,271374-31.8%
Depreciation and amortisation1,5301,4391,401+6.3%
Dividends paid574522485+10.0%
Dividend per share$0.89$0.83$0.78+7.2%
Diluted shares, weighted656m644m633m+1.8%
Shares outstanding at period end653m652m631m+0.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity11,15310,6669,667+4.6%
Redeemable equityn/an/a0.0
Debt22,98020,96318,618+9.6%
Operating lease liabilities57.025.010.0+128.0%
Other liabilities12,34412,11411,420+1.9%
Total liabilities and equity46,53443,76839,715+6.3%
Fixed assets34,05632,08929,853+6.1%
Goodwill3,5503,9434,160-10.0%
Investments510561541-9.1%
Cash and equivalents38.024.090.0+58.3%
Receivables806717710+12.4%
Other assets7,5746,4344,361+17.7%
Total assets46,53443,76839,715+6.3%

10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.