Core Insights - NiSource Inc. reported third-quarter 2025 operating earnings per share (EPS) of 19 cents, missing the Zacks Consensus Estimate of 20 cents by 5% and down by a penny from the previous year [1] - The company’s total revenues reached $1.28 billion, exceeding the Zacks Consensus Estimate of $1.17 billion by 8.6% and increasing 18.3% year-over-year [2][9] Financial Performance - Total operating expenses were $0.98 billion, up 13.7% from $0.86 billion in the prior-year quarter [3] - Operating income increased to $297.5 million, a rise of 36.3% from $218.3 million in the previous year [3] - Net interest expenses rose to $179.8 million, up 33.6% from $134.6 million in the prior-year quarter [3] Sales and Distribution - Total gas distribution in Sales and Transportation (excluding weather) was 100.2 Million British Thermal Units per day (MMDth), up 3.5% from 96.8 MMDth in the prior-year quarter [4] - Total electric sales (excluding weather) were recorded at 4,621.6 gigawatt-hours (GWh), an increase of 0.8% from 4,587.1 GWh in the prior-year quarter [4] Financial Position - Cash and cash equivalents as of September 30, 2025, were $95 million, down from $156.6 million as of December 31, 2024 [5] - Long-term debts as of September 30, 2025, were $14.47 billion, compared to $12.07 billion as of December 31, 2024 [5] - Net cash flows from operating activities in the first nine months of 2025 were $1.65 billion, up from $1.24 billion in the same period of 2024 [5] Liquidity and Guidance - NiSource's liquidity as of September 30, 2025, was nearly $3 billion, sufficient to meet near-term obligations [6] - The company reaffirmed 2025 non-GAAP earnings guidance of $1.85-$1.89 per share and expects 2026 non-GAAP earnings in the range of $2.02-$2.07 [7] - NiSource anticipates an earnings CAGR of 6-8% through 2030 [7] Capital Expenditure - The company plans a capital expenditure of $28 billion for the 2026-2030 period, which is nearly $8.6 billion higher than the previous five-year plan, primarily driven by $7 billion in strategic investments for data centers [8][9]

Core Insights - American Electric Power Company, Inc. (AEP) reported third-quarter 2025 operating earnings per share (EPS) of $1.80, missing the Zacks Consensus Estimate of $1.81 by 0.6% and declining 2.7% from $1.85 in the same quarter last year [1][8] - Total revenues for AEP reached $6.01 billion, representing a 10.9% increase from $5.42 billion in the year-ago quarter and exceeding the Zacks Consensus Estimate of $5.65 billion by 6.5% [2][8] - AEP reaffirmed its 2025 operating earnings guidance, expecting earnings in the range of $5.75-$5.95 per share, with the Zacks Consensus Estimate at $5.90 per share, above the midpoint of the company's projected range [5][8] Revenue Performance - AEP's total revenues increased to $6.01 billion, up 10.9% from $5.42 billion in the previous year [2][8] Segmental Performance - Vertically Integrated Utility Operations: Operating earnings increased slightly to $573.5 million from $572.4 million year-over-year [3] - Transmission & Distribution Utilities: Operating earnings rose to $259.1 million from $245.2 million in the year-ago quarter [3] - AEP Transmission Holdco: This segment's operating earnings decreased to $199.9 million from $214.7 million in the previous year [3] - Generation and Marketing: Operating earnings fell to $48.4 million from $99.2 million year-over-year [4] - All Other: This segment reported an operating loss of $118 million, which was an improvement from a loss of $146.1 million in the year-ago quarter [4] Future Outlook - AEP has reaffirmed its 2025 operating earnings guidance, maintaining expectations of $5.75-$5.95 per share [5][8] Market Position - AEP currently holds a Zacks Rank of 3 (Hold) [6]

Financial Performance & Guidance - The company reaffirmed the upper half of its 2025 adjusted EPS guidance at $1.85-$1.89 and initiated 2026 consolidated adjusted EPS guidance of $2.02-$2.07 [16] - The company is targeting an annual base plan adjusted EPS growth of 6%-8% from 2026-2030 and a consolidated adjusted EPS CAGR of 8%-9% from 2026-2033 [12] - The company anticipates Funds From Operations (FFO) to Debt to be 14%-16% annually through 2030 [12] Capital Investment & Rate Base - The company increased its enterprise capital plan to $28.0 billion for 2026-2030, representing an approximate 45% increase from the prior 5-year plan [16] - The company plans for base plan capital investments of $21.0 billion from 2026-2030 and approximately $7.0 billion in data center capital investment, supporting a 9%-11% consolidated Rate Base CAGR from 2026-2033 [16] - The company's year-end 2024 regulated electric and gas rate base was $21.3 billion [12] Data Center Strategy & GenCo - The company established a commercial partnership with a large investment-grade data center customer to power 3 GW of generation capacity in Northern Indiana [23] - The company's GenCo capital investment is projected to be approximately $7.0 billion [12] - The company is in strategic negotiations for an additional 1-3 GW of load [12] Third Quarter 2025 Results - The company's GAAP net income available to common shareholders for the third quarter of 2025 was $94.7 million, compared to $85.7 million in the third quarter of 2024 [40] - The company's adjusted net income available to common shareholders for the third quarter of 2025 was $91.8 million, compared to $89.9 million in the third quarter of 2024 [40]

Core Insights - American Electric Power (AEP) reported revenue of $6.01 billion for the quarter ended September 2025, reflecting an 11.3% increase year-over-year and exceeding the Zacks Consensus Estimate of $5.65 billion by 6.46% [1] - The company's EPS was $1.80, slightly down from $1.85 in the same quarter last year, resulting in an EPS surprise of -0.55% against the consensus estimate of $1.81 [1] Financial Performance - Total Energy Sales for Vertically Integrated Utilities reached 29,565 GWh, surpassing the average estimate of 28,865.97 GWh [4] - Total Energy Sales for Transmission & Distribution Utilities amounted to 28,636 GWh, exceeding the average estimate of 27,730.36 GWh [4] - Total Energy Sales for Wholesale Electric - Transmission & Distribution Utilities was 552 GWh, compared to the estimated 526.65 GWh [4] - Total Energy Sales for Retail Electric - Transmission & Distribution Utilities totaled 28,084 GWh, above the average estimate of 27,203.71 GWh [4] - Operating Earnings (non-GAAP) for Vertically Integrated Utilities were $573.5 million, below the average estimate of $606.24 million [4] - Operating Earnings (non-GAAP) for Transmission & Distribution Utilities were $259.1 million, exceeding the average estimate of $231.1 million [4] - Operating Earnings (non-GAAP) for AEP Transmission Holdco were $199.9 million, below the average estimate of $208.08 million [4] - Operating Earnings (non-GAAP) for Generation & Marketing were $48.4 million, compared to the average estimate of $56.13 million [4] - Operating Earnings (GAAP) for Vertically Integrated Utilities were $578.2 million, slightly above the average estimate of $562.55 million [4] Market Performance - AEP shares returned +2.3% over the past month, while the Zacks S&P 500 composite increased by +3.8% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - Entergy Corporation (ETR) reported third-quarter 2025 earnings of $1.53 per share, exceeding the Zacks Consensus Estimate of $1.46 by 4.8% and improving 2% from the previous year's $1.50 [1][7] - The company achieved revenues of $3.81 billion, surpassing the Zacks Consensus Estimate of $3.51 billion by 8.6% and increasing 12.4% from $3.39 billion in the same quarter last year [2][7] Financial Performance - Operating expenses rose to $2.69 billion, a 19% increase from $2.26 billion in the prior-year quarter [4] - Operating income was reported at $1.12 billion, down 0.9% from $1.13 billion in the year-ago period [4] - Total interest expenses increased to $324.9 million, up 10% from $295.1 million reported in the comparable period of 2024 [4] Segment Results - Utility segment earnings were $1.79 per share, a decrease from $1.82 reported in the third quarter of 2024 [3] - The Parent & Other segment posted a loss of 26 cents per share, an improvement from a loss of 33 cents in the third quarter of 2024 [3] Cash Flow and Debt - As of September 30, 2025, Entergy had cash and cash equivalents of $1.52 billion, up from $0.86 billion as of December 31, 2024 [5] - Long-term debt totaled $27.06 billion, compared to $26.61 billion as of December 31, 2024 [5] - Cash generated from operating activities was $2.13 billion, compared to $1.56 billion in the year-ago period [5] Guidance - Entergy has narrowed its financial guidance for 2025, now expecting adjusted earnings in the range of $3.85 to $3.95 per share, compared to the previous guidance of $3.75-$3.95 [6][7] - The Zacks Consensus Estimate for ETR's earnings is currently pegged at $3.90 per share, aligning with the midpoint of its revised guidance [6] Market Position - ETR currently holds a Zacks Rank 2 (Buy), indicating a favorable outlook in the market [8]

Core Viewpoint - Analysts project that DTE Energy will report quarterly earnings of $2.10 per share, reflecting a year-over-year decline of 5.4%, while revenues are expected to increase by 3.9% to $3.02 billion [1] Earnings Projections - There has been a 2.2% upward revision in the consensus EPS estimate over the last 30 days, indicating a collective reassessment by analysts [2] - Changes in earnings projections are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate trends and short-term stock price movements [3] Revenue Estimates - Total Gas Operating Revenue is expected to reach $287.00 million, a year-over-year increase of 24.8% [5] - Operating Revenues from Non-Utility Operations in Energy Trading are projected at $870.83 million, reflecting a 3.7% increase from the previous year [5] - Operating Revenues from Non-Utility Operations in DTE Vantage are estimated at $188.57 million, indicating a slight decline of 0.8% year-over-year [6] - Utility Operations for Gas are expected to generate $304.38 million, a significant increase of 32.3% from the prior year [6] - Total Electric Operating Revenues are projected to be $1.74 billion, showing a year-over-year growth of 2.8% [6] - Operating Revenues from Utility Operations in Electric are estimated at $1.69 billion, reflecting a minor decline of 0.4% [7] - Non-Utility Operations are expected to generate $1.05 billion, indicating a year-over-year increase of 4.9% [7] - Total Operating Revenues from Utility Operations are projected to reach $2.04 billion, a 7.1% increase year-over-year [7] Sales and Deliveries - DTE Electric Deliveries are expected to reach 11,574, up from 11,449 in the previous year [8] - DTE Electric Sales from Interconnection sales are projected at 3,182 megawatt hours, compared to 2,734 megawatt hours in the same quarter last year [8] - Total DTE Electric Sales are estimated to be 14,763 megawatt hours, an increase from 14,183 megawatt hours year-over-year [9] Net Income - The estimated Net Income Attributable to Company Operating Earnings for DTE Electric is projected at $447.21 million, compared to $437.00 million from the previous year [9] Stock Performance - DTE Energy shares have decreased by 1.3% over the past month, contrasting with a 3.8% increase in the Zacks S&P 500 composite [10] - DTE Energy holds a Zacks Rank of 3 (Hold), suggesting it is expected to closely follow overall market performance in the near term [10]

Core Insights - WEC Energy Group is expected to report quarterly earnings of $0.79 per share, a decline of 3.7% year-over-year, with revenues forecasted at $2.01 billion, reflecting a 7.6% increase [1] Earnings Estimates - The consensus EPS estimate has been revised downward by 1.4% over the past 30 days, indicating a collective reassessment by analysts [2] - Revisions to earnings estimates are significant indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock price performance [3] Revenue Forecasts - Analysts estimate 'Operating Revenues- Regulated Utility Operations- Wisconsin' at $1.68 billion, representing a year-over-year increase of 5.9% [5] - 'Operating Revenues- Regulated Utility Operations- Illinois' is predicted to reach $177.52 million, indicating a 2.3% year-over-year change [5] - The total 'Operating Revenues- Total Utility Operations' is expected to be $1.92 billion, reflecting a 5.7% year-over-year increase [6] - The consensus for 'Operating Revenues- Regulated Utility Operations- Other States' stands at $58.24 million, suggesting a 9.9% year-over-year change [6] Stock Performance - Over the past month, WEC Energy shares have returned +0.6%, compared to the Zacks S&P 500 composite's +3.8% change [6] - WEC Energy holds a Zacks Rank 3 (Hold), indicating that its performance is likely to align with the overall market in the upcoming period [6]

Core Insights - Edison International (EIX) reported third-quarter 2025 adjusted earnings of $2.34 per share, exceeding the Zacks Consensus Estimate of $2.16 by 8.3%, and reflecting a 55% increase from $1.51 in the same quarter last year [1] - The company's total operating revenues for the third quarter reached $5.75 billion, surpassing the Zacks Consensus Estimate of $5.61 billion by 2.6%, and marking a 10.6% increase from $5.2 billion in the prior year [2] Financial Performance - Total operating expenses increased by 2.7% year over year to $4.32 billion, with purchased power and fuel costs decreasing by 10.4%, while depreciation and amortization expenses rose by 21.4% [3] - Operating income for the quarter was $1.43 billion, compared to $0.99 billion in the previous year [4] Segment Results - Southern California Edison reported adjusted earnings of $2.58 per share, up from $1.74 in the year-ago quarter, attributed to higher revenues from the 2025 GRC final decision [5] - The Edison International Parent and Other segment incurred an adjusted loss of 24 cents per share, slightly worse than the loss of 23 cents in the prior year due to increased interest expenses [5] Financial Update - As of September 30, 2025, cash and cash equivalents stood at $364 million, up from $193 million at the end of 2024 [6] - Long-term debt increased to $34.48 billion from $33.53 billion at the end of 2024 [6] - Net cash flow from operating activities for the first nine months of 2025 was $4.23 billion, compared to $3.84 billion in the same period last year [6] Capital Expenditures - Total capital expenditures for the company were $4.62 billion as of September 30, 2025, an increase from $4.21 billion in the previous year [7] Guidance - The company narrowed its 2025 earnings per share guidance to a range of $5.95-$6.20, compared to the previous range of $5.94-$6.34, with the Zacks Consensus Estimate currently at $6.10 per share [9][10] Zacks Rank - Edison International currently holds a Zacks Rank 1 (Strong Buy) [11]

Financial Data and Key Metrics Changes - American Electric Power reported third quarter 2025 operating earnings of $1.80 per share, a decrease from $1.85 per share in the same period last year, primarily due to the prior year's sale of the onsite partners' distributed resources business [24][25] - Year-to-date operating earnings totaled $4.78 per share, up from $4.38 per share in 2024, representing an increase of approximately 9% year over year [25] - The company reaffirmed its 2025 full-year operating earnings range of $5.75 to $5.95 per share, guiding to the upper half of this range [9][34] Business Line Data and Key Metrics Changes - Significant commercial and industrial load growth of nearly 8% on a rolling 12-month basis as of September 30, 2025, compared to the same period last year [25] - The generation and marketing segment's performance was impacted by the prior year sale of the distributed resources business, but favorable energy margins helped support overall results [26] Market Data and Key Metrics Changes - AEP projects a system peak demand of 65 gigawatts by 2030, with a load growth of almost 76% in the next five years, driven by data centers and reshoring of manufacturing [10][11] - The company has secured 28 gigawatts of contracted load additions, up from 24 gigawatts previously reported, backed by energy service agreements or letters of agreement [10][11] Company Strategy and Development Direction - AEP announced an increased long-term operating earnings growth rate of 7% to 9% for 2026 to 2030, with an expected 9% CAGR over the five-year period [7][27] - The company is focused on a $72 billion capital plan, with over two-thirds directed towards transmission and generation to support load growth [30][34] - AEP is actively engaging with regulators and policymakers to achieve constructive outcomes that benefit both customers and shareholders [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and team, highlighting the importance of disciplined execution and strong cash flow from operations [36][37] - The company is committed to maintaining affordability for customers, forecasting average system residential customer rates to increase by approximately 3.5% annually through 2030, below the historical average inflation rate [21][35] Other Important Information - AEP has secured commission approvals for data center tariffs in Ohio and large load tariff modifications in Indiana, Kentucky, and West Virginia [11][16] - The company is exploring generation solutions, including participation in the early site permit process for small modular reactors in Indiana and Virginia [19][20] Q&A Session Summary Question: Drivers of earnings step up in 2028 - Management indicated that the capital plan peaking in 2027 and 2028, along with positive legislative outcomes, will drive earnings growth during that period [39][40] Question: Composition of equity needs - Management discussed the anticipated equity needs and potential for minority stake sell downs, indicating a proactive approach to funding growth [42][44] Question: Earnings growth in 2028 to 2030 - Management clarified that the guidance for 2028 to 2030 reflects year-over-year growth, with expectations to be at or above the high end of the range [49][64] Question: Strategy for data center load growth - Management expressed confidence in meeting transmission capacity needs for data centers, highlighting the competitive advantage of their 765 kV transmission network [71][73] Question: Balance between renewables and gas generation - Management emphasized a balanced approach to generation planning, aligning with state energy policies and customer preferences [75][76]

Financial Data and Key Metrics Changes - American Electric Power reported third quarter 2025 operating earnings of $1.80 per share, a decrease from $1.85 per share in the same period last year, primarily due to the prior year's sale of the onsite partners' distributed resources business [24][25] - Year-to-date operating earnings totaled $4.78 per share, up from $4.38 per share in 2024, representing a 9% year-over-year increase [25][26] - The company reaffirmed its 2025 full-year operating earnings range of $5.75-$5.95 per share, guiding to the upper half of this range, and introduced a 2026 operating earnings guidance range of $6.15-$6.45 per share, reflecting an approximate 8% increase [9][26] Business Line Data and Key Metrics Changes - Significant commercial and industrial load growth of nearly 8% on a rolling 12-month basis as of September 30, 2025, was noted, driven by favorable rate changes and strong transmission investment execution [25][26] - The company has secured 28 GW of contracted load additions, up from the previously reported 24 GW, which are backed by energy service agreements or letters of agreement [10][11] Market Data and Key Metrics Changes - AEP projects a system peak demand of 65 GW by 2030, with a load growth of almost 76% in the next five years, particularly in Indiana, Ohio, Oklahoma, and Texas [10][11] - The company highlighted that large annual capital budgets from hyperscalers reinforce the conviction of demand growth, with significant contributions from data centers and reshoring of manufacturing [9][10] Company Strategy and Development Direction - AEP announced a new long-term operating earnings growth rate of 7%-9% for 2026-2030, with an expected 9% CAGR over the five-year period, supported by a $72 billion capital plan [7][8] - The company is focused on operational excellence and engaging with regulators to achieve constructive outcomes that benefit both customers and shareholders [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and team, emphasizing the importance of affordability and financial strength while executing the capital plan [20][35] - The management team is actively working with legislators and policymakers to reduce regulatory lag and improve forecasted regulated ROEs to 9.5% by 2030 [15][16] Other Important Information - AEP's capital plan includes over $7 billion for renewable energy deployment, reflecting the company's commitment to balancing customer demands for both gas and renewables [75] - The company has secured significant agreements for turbines and high-voltage transmission equipment, positioning itself well for future growth [54] Q&A Session Summary Question: Earnings step up and Ohio rate case filing - Trevor explained that earnings growth is driven by the capital plan, with significant CapEx deployed in 2027 and 2028, and positive legislative outcomes will manifest during this period [39][40] Question: Composition of equity needs - Trevor noted that the company anticipates 30%-40% equity for the capital plan, with proactive measures already taken to address growth equity needs [42][43] Question: Earnings growth in 2028-2030 - Trevor indicated that the company expects to be at or above the high end of the growth rate in 2028, 2029, and 2030, with a flat growth assumption during those years [50][51] Question: Data center load growth and transmission capacity - Bill highlighted that 80% of the incremental load growth is tied to data centers, and the company is well-positioned to connect these customers efficiently [71][73] Question: Balance between renewables and gas - Bill stated that the company is focused on aligning generation planning with state energy policies, with a significant capital plan for renewables [75] Question: Future growth beyond 2030 - Trevor expressed confidence in the potential for continued load growth beyond 2030, emphasizing the importance of signed contracts and ongoing discussions [85][86]