Reported Q4 2025 earnings of $0.40 per diluted share and full year 2025 earnings of $1.60 per diluted share on a GAAP basis

Non-GAAP earnings per diluted share (“non-GAAP EPS”) was $0.45 for Q4 2025 and $1.76 for full year 2025; 9% increase over 2024 full year non-GAAP EPS of $1.62

Reiterates its 2026 non-GAAP EPS guidance range of at least the midpoint of $1.89-$1.91, which at the midpoint, would represent 8% growth over 2025 delivered results¹

Increases 10-year capital investment plan $500 million, now totaling over $65 billion of planned investment from 2026 through 2035

Announces that it expects to meet its 50% increase in peak load demand by 2029, two full years ahead of initial forecasts

HOUSTON–(BUSINESS WIRE)–CenterPoint Energy, Inc. (NYSE: CNP) or “CenterPoint” today reported net income of $264 million, or $0.40 per diluted share on a GAAP basis for the fourth quarter of 2025, compared to $0.38 per diluted share in the comparable period of 2024.

Non-GAAP EPS for the fourth quarter of 2025 was $0.45, compared to $0.40 per diluted share in the comparable period of 2024. These strong fourth quarter results were primarily driven by growth and regulatory recovery which contributed $0.12 per share of favorability as compared to the fourth quarter of 2024. In addition, weather and usage were favorable drivers for the fourth quarter of 2025 as compared to the fourth quarter of 2024, contributing $0.01 per share. These drivers were partially offset by an unfavorable variance of $0.02 per share attributable to increased O&M expense and $0.05 per share attributable to increased interest expense over the comparable quarter of 2024.

CenterPoint increased its 10-year capital investment plan by $500 million to now $65.5 billion of planned investment from 2026-2035, reflecting incremental investment for electric transmission.

“I’m proud of how our teams continued to deliver better outcomes for our customers and communities in 2025, including reducing year over year outage times by more than 100 million customer outage minutes in our Houston Electric business. We closed out the year with strong and consistent execution, robust financial results and significant growth opportunities. With these results, we have now delivered industry-leading 9% non‑GAAP EPS growth in four of the last five years,” said Jason Wells, Chair of the Board, President & CEO of CenterPoint.

“Previously, we shared a projected 50 percent growth of peak electric load in Greater Houston by 2031. Today, we’re updating our projections that we will deliver 10 gigawatts of new load by the end of 2029, two full years ahead of our previous forecasts. We are confident in our ability to deliver that growth because of our proven track record of connecting large customers, regardless of sector, to our system. We believe that we can connect industrial, life sciences, and a range of technology customers far faster and far more cost‑effectively than other regions as part of our more than $65 billion investment plan. Our speed to power and efficiency are helping attract new jobs and diverse investments to the Greater Houston area while helping us to keep our portion of customer bills essentially flat for our Texas residential customers,” concluded Wells.

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¹ CenterPoint is unable to present a quantitative reconciliation of forward-looking non-GAAP diluted earnings per share without unreasonable effort because changes in the value of ZENS (as defined herein) and related securities, future impairments, and other unusual items are not estimable and are difficult to predict due to various factors outside of management’s control.

Earnings Outlook

In addition to presenting its financial results in accordance with GAAP, including presentation of net income or income available to common shareholders (loss) and diluted earnings (loss) per share, CenterPoint provides guidance based on non-GAAP income and non-GAAP diluted earnings per share. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance that excludes or includes amounts that are not normally excluded or included in the most directly comparable GAAP financial measure.

Management evaluates CenterPoint’s financial performance in part based on non-GAAP income and non-GAAP diluted earnings per share. Management believes that presenting these non-GAAP financial measures enhances an investor’s understanding of CenterPoint’s overall financial performance by providing them with an additional meaningful and relevant comparison of current and anticipated future results across periods. The adjustments made in these non-GAAP financial measures exclude items that management believes do not most accurately reflect the company’s fundamental business performance. These excluded items are reflected in the reconciliation tables of this news release, where applicable. CenterPoint’s non-GAAP income and non-GAAP diluted earnings per share measures should be considered as a supplement to, and not as a substitute for, or superior to, net income and diluted earnings per share, which respectively are the most directly comparable GAAP financial measures. These non-GAAP financial measures also may be different than non-GAAP financial measures used by other companies.

Non-GAAP EPS guidance and non-GAAP EPS

2020 and 2021 non-GAAP Utility EPS included net income from CenterPoint’s Electric and Natural Gas segments, as well as after tax Corporate and Other operating income and an allocation of corporate overhead based upon the Utility’s relative earnings contribution. Corporate overhead consists primarily of interest expense, preferred stock dividend requirements, and other items directly attributable to the parent along with the associated income taxes.

2020 non-GAAP Utility EPS excluded:
- Earnings or losses from the change in value of CenterPoint’s 2.0% Zero-Premium Exchangeable Subordinated Notes due 2029 (“ZENS”) and related securities;
- Certain expenses associated with merger integration;
- Midstream Investments segment and associated income from the Enable Midstream Partners, LP preferred units and a corresponding amount of debt in addition to an allocation of associated corporate overhead and impact, including related expenses, associated with the merger between Enable Midstream Partners, LP and Energy Transfer LP;
- Cost associated with the early extinguishment of debt; and
- Gain and impact, including related expenses, associated with gas local distribution company (“LDC”) sales.
2021 non-GAAP Utility EPS excluded:
- Earnings or losses from the change in value of ZENS and related securities;
- Earnings and losses associated with the ownership and disposal of midstream common and preferred units (including amounts reported in discontinued operations), net gain associated with the consummation of the merger between Enable Midstream Partners, LP and Energy Transfer LP, a corresponding amount of debt related to midstream common and preferred units, and an allocation of associated corporate overhead;
- Cost associated with the early extinguishment of debt;
- Impacts associated with Arkansas and Oklahoma gas LDC sales; and
- Certain impacts associated with other mergers and divestitures.

Beginning in 2022, CenterPoint no longer separated utility and midstream operations and reports on a consolidated non-GAAP EPS basis.

2022 non-GAAP EPS excluded:
- Earnings or losses from the change in value of ZENS and related securities;
- Gain and impact, including related expenses, associated with Arkansas and Oklahoma gas LDC sales; and
- Income and expense related to ownership and disposal of Energy Transfer LP common and Series G preferred units, and a corresponding amount of debt related to the units.
2023, 2024 and 2025 non-GAAP EPS excluded and non-GAAP EPS guidance excludes:
- Earnings or losses from the change in value of ZENS and related securities;
- Gains, losses and impacts, including related expenses, associated with mergers and divestitures, such as the divestiture of our Louisiana and Mississippi natural gas LDC businesses and the announced sale of our Ohio natural gas LDC business; and
2025 non-GAAP EPS also excluded and non-GAAP EPS guidance also excludes impacts related to temporary emergency electric energy facilities (“TEEEF”) once they are no longer part of our rate-regulated business.

In providing non-GAAP EPS guidance and non-GAAP EPS, CenterPoint does not consider the items noted above and other potential impacts such as changes in accounting standards, impairments, or other unusual items, which could have a material impact on GAAP reported results for the applicable guidance period. The non-GAAP EPS guidance ranges also consider assumptions for certain significant variables that may impact earnings, such as customer growth and usage including normal weather, throughput, recovery of capital invested, effective tax rates, financing activities and related interest rates, and regulatory and judicial proceedings. To the extent actual results deviate from these assumptions, the non-GAAP EPS guidance range for any particular year may not be met, or the projected annual non-GAAP EPS growth rate may change. CenterPoint is unable to present a quantitative reconciliation of forward-looking non-GAAP diluted earnings per share without unreasonable effort because changes in the value of ZENS and related securities, future impairments, and other unusual items are not estimable and are difficult to predict due to various factors outside of management’s control.

Reconciliation of consolidated net income and diluted earnings per share (GAAP) to non-GAAP income and non-GAAP diluted earnings per share

	Three Months Ended December 31, 2025
	Dollars in millions	Diluted EPS⁽¹⁾
Consolidated net income and diluted EPS on a GAAP basis	$264	$0.40

ZENS-related mark-to-market (gains) losses:
Equity securities (net of tax benefit of $15)⁽²⁾⁽³⁾	55	0.08
Indexed debt securities (net of tax expense of $15)⁽²⁾	(56)	(0.09)

Impacts associated with mergers and divestitures (net of tax expense of $2)⁽²⁾⁽⁴⁾	15	0.02

Impacts associated with TEEEF Units removed from Rate Base (net of tax benefit of $5)⁽⁵⁾	17	0.03

Consolidated income and diluted EPS on a non-GAAP basis⁽⁶⁾	$295	$0.45

1)	Quarterly diluted EPS on both a GAAP and non-GAAP basis are based on the weighted average number of shares of common stock outstanding during the quarter, and the sum of the quarters may not equal year-to-date diluted EPS
2)	Taxes are computed based on the impact removing such item would have on tax expense. Taxes related to the Louisiana and Mississippi natural gas LDC business sale are booked proportionately by applying the projected annual effective tax rate percentage to income earned each quarter in accordance with GAAP. Additional tax expense related primarily to the write-off of non-deductible goodwill will be reflected in tax expense over the remainder of 2025 and excluded from non-GAAP EPS
3)	Comprised of common stock of AT&T Inc., Charter Communications, Inc., and Warner Bros. Discovery, Inc.
4)	Includes $5 million loss on sale associated with the divestiture of our Louisiana and Mississippi natural gas LDC businesses
5)	Represents impacts related to temporary emergency electric energy facilities following the removal of the units from our rate regulated business
6)	The calculation on a per-share basis may not add down due to rounding

Reconciliation of consolidated net income and diluted earnings per share (GAAP) to non-GAAP income and non-GAAP diluted earnings per share

	Three Months Ended December 31, 2024
	Dollars in millions	Diluted EPS⁽¹⁾
Consolidated net income and diluted EPS on a GAAP basis	$248	$0.38

ZENS-related mark-to-market (gains) losses:
Equity securities (net of tax expense of $6)⁽²⁾⁽³⁾	(24)	(0.03)
Indexed debt securities (net of tax benefit of $6)⁽²⁾	22	0.03

Impacts associated with mergers and divestitures (net of tax expense of $1)⁽²⁾⁽⁴⁾	13	0.02

Consolidated income and diluted EPS on a non-GAAP basis⁽⁵⁾	$259	$0.40

1)	Quarterly diluted EPS on both a GAAP and non-GAAP basis are based on the weighted average number of shares of common stock outstanding during the quarter, and the sum of the quarters may not equal year-to-date diluted EPS
2)	Taxes are computed based on the impact removing such item would have on tax expense
3)	Comprised of common stock of AT&T Inc., Charter Communications, Inc. and Warner Bros. Discovery, Inc.
4)	Includes tax expense of $8 million related to a deferred state income tax remeasurement resulting from the sale of Louisiana and Mississippi LDCs
5)	The calculation on a per-share basis may not add down due to rounding

Reconciliation of consolidated net income and diluted earnings per share (GAAP) to non-GAAP income and non-GAAP diluted earnings per share

	Twelve Months Ended December 31, 2025
	Dollars in millions	Diluted EPS⁽¹⁾
Consolidated net income and diluted EPS on a GAAP basis	$1,052	$1.60

ZENS-related mark-to-market (gains) losses:
Equity securities (net of tax benefit of $11)⁽²⁾⁽³⁾	40	0.06
Indexed debt securities (net of tax expense of $12)⁽²⁾	(43)	(0.07)

Impacts associated with mergers and divestitures (net of tax expense of $22)⁽²⁾⁽⁴⁾	60	0.09

Impacts associated with TEEEF Units removed from Rate Base (net of tax benefit of $12)⁽⁵⁾	46	0.07

Consolidated income and diluted EPS on a non-GAAP basis⁽⁶⁾	$1,155	$1.76

1)	Quarterly diluted EPS on both a GAAP and non-GAAP basis are based on the weighted average number of shares of common stock outstanding during the quarter, and the sum of the quarters may not equal year-to-date diluted EPS
2)	Taxes are computed based on the impact removing such item would have on tax expense. Taxes related to the Louisiana and Mississippi natural gas LDC business sale are booked proportionately by applying the projected annual effective tax rate percentage to income earned each quarter in accordance with GAAP. Additional tax expense related primarily to the write-off of non-deductible goodwill will be reflected in tax expense over the remainder of 2025 and excluded from non-GAAP EPS
3)	Comprised of common stock of AT&T Inc., Charter Communications, Inc., and Warner Bros. Discovery, Inc.
4)	Includes $37 million loss on sale associated with the divestiture of our Louisiana and Mississippi natural gas LDC businesses and gain on early extinguishment of debt with proceeds from the divestiture of the Louisiana and Mississippi natural gas LDC businesses
5)	Represents impacts related to temporary emergency electric energy facilities following the removal of the units from our rate regulated business
6)	The calculation on a per-share basis may not add down due to rounding

Reconciliation of consolidated net income and diluted earnings per share (GAAP) to non-GAAP income and non-GAAP diluted earnings per share

	Twelve Months Ended December 31, 2024
	Dollars in millions	Diluted EPS⁽¹⁾
Consolidated net income and diluted EPS on a GAAP basis	$1,019	$1.58

ZENS-related mark-to-market (gains) losses:
Equity securities (net of tax expense of $4)⁽²⁾⁽³⁾	(15)	(0.02)
Indexed debt securities (net of tax benefit of $3)⁽²⁾	11	0.01

Impacts associated with mergers and divestitures (net of tax expense of $3)⁽²⁾⁽⁴⁾	26	0.04

Consolidated income and diluted EPS on a non-GAAP basis⁽⁵⁾	$1,041	$1.62

1)	Quarterly diluted EPS on both a GAAP and non-GAAP basis are based on the weighted average number of shares of common stock outstanding during the quarter, and the sum of the quarters may not equal year-to-date diluted EPS
2)	Taxes are computed based on the impact removing such item would have on tax expense
3)	Comprised of common stock of AT&T Inc., Charter Communications, Inc., and Warner Bros. Discovery, Inc.
4)	Includes professional fees associated with execution of transactions from the sale of Louisiana and Mississippi natural gas LDC businesses
5)	The calculation on a per-share basis may not add down due to rounding

Reconciliation of consolidated income available to common shareholders and diluted earnings per share (GAAP) to non-GAAP income and non-GAAP diluted earnings per share

	Twelve Months Ended December 31, 2023
	Dollars in millions	Diluted EPS⁽¹⁾
Consolidated income available to common shareholders and diluted EPS on a GAAP basis	$867	$1.37

ZENS-related mark-to-market (gains) losses:
Equity securities (net of taxes of $7)⁽²⁾⁽³⁾	(25)	(0.04)
Indexed debt securities (net of taxes of $6)⁽²⁾	21	0.03

Impacts associated with mergers and divestitures (net of taxes of $64)⁽²⁾⁽⁴⁾	89	0.14

Consolidated income and diluted EPS on a non-GAAP basis⁽⁵⁾	$952	$1.50

1)	Quarterly diluted EPS on both a GAAP and non-GAAP basis are based on the weighted average number of shares of common stock outstanding during the quarter, and the sum of the quarters may not equal year-to-date diluted EPS
2)	Taxes are computed based on the impact removing such item would have on tax expense. Taxes related to the operating results of Energy Systems Group, as well as cash taxes payable and other tax impacts related to the sale of Energy Systems Group, are excluded from non-GAAP EPS
3)	Comprised of common stock of AT&T Inc., Charter Communications, Inc., and Warner Bros. Discovery, Inc.
4)	Includes $4.4 million of pre-tax operating loss related to Energy Systems Group, a divested non-regulated business, as well as the $13 million loss on sale and approximately $2 million of other indirect related transaction costs associated with the divestiture
5)	The calculation on a per-share basis may not add down due to rounding

Reconciliation of consolidated income available to common shareholders and diluted earnings per share (GAAP) to non-GAAP income and non-GAAP diluted earnings per share

	Twelve Months Ended December 31, 2022
	Dollars in millions	Diluted EPS⁽¹⁾
Consolidated income available to common shareholders and diluted EPS on a GAAP basis	$1,008	$1.59

ZENS-related mark-to-market (gains) losses:
Equity securities (net of taxes of $66)⁽²⁾⁽³⁾	247	0.39
Indexed debt securities (net of taxes of $68)⁽²⁾	(256)	(0.40)

Midstream-related earnings (net of taxes of $2)⁽²⁾⁽⁴⁾	(46)	(0.07)

Impacts associated with mergers and divestitures (net of taxes of $165)⁽²⁾⁽⁵⁾	(80)	(0.13)

Consolidated income and diluted EPS on a non-GAAP basis⁽⁶⁾	$873	$1.38

1)	Quarterly diluted EPS on both a GAAP and non-GAAP basis are based on the weighted average number of shares of common stock outstanding during the quarter, and the sum of the quarters may not equal year-to-date diluted EPS
2)	Taxes are computed based on the impact removing such item would have on tax expense
3)	Comprised of common stock of AT&T Inc., Charter Communications, Inc., and Warner Bros. Discovery, Inc.
4)	Includes earnings and expenses related to ownership and disposal of Energy Transfer units, a corresponding amount of debt related to the units and an allocation of associated corporate overhead; Includes costs associated with early extinguishment of $600 million debt at CenterPoint Energy, Inc. of approximately $35 million, net of taxes
5)	Includes a settlement charge of $35 million, net of tax, related to CenterPoint Energy pension plan’s purchase of a group annuity contract in December 2022 to transfer benefit obligations of CenterPoint Energy’s previously divested businesses to an insurance company
6)	The calculation on a per-share basis may not add down due to rounding

Reconciliation of consolidated income (loss) available to common shareholders and diluted earnings per share (GAAP) to non-GAAP income and non-GAAP diluted earnings per share

Twelve Months Ended
December 31, 2021
	Utility Operations						Midstream Investments (Disc. Operations)						Corporate and Other ⁽⁷⁾						Consolidated
	Dollars in millions			Diluted EPS ⁽¹⁾			Dollars in millions			Diluted EPS ⁽¹⁾			Dollars in millions			Diluted EPS ⁽¹⁾			Dollars in millions			Diluted EPS ⁽¹⁾
Consolidated income (loss) available to common shareholders and diluted EPS on a GAAP basis⁽¹⁾	$	878		$	1.44		$	818		$	1.34		$	(305	)	$	(0.50	)	$	1,391		$	2.28

ZENS-related mark-to-market (gains) losses:
Equity securities (net of taxes of $11) ⁽²⁾⁽³⁾	—			—			—			—			40			0.07			40			0.07
Indexed debt securities (net of taxes of $11)⁽²⁾	—			—			—			—			(39		)	(0.06		)	(39		)	(0.06		)

Impacts associated with gas LDC sales (net of taxes of $2, $3) ^{(2) (4)}	(4		)	(0.01		)	—			—			5			0.01			1			—

Cost associated with the early extinguishment of debt (net of taxes of $7) ⁽²⁾	—			—			—			—			27			0.04			27			0.04

Impacts associated with Enable & Energy Transfer merger:
Gain at merger close, net of transaction costs (net of taxes of $134 and $0) ⁽²⁾	—			—			(546		)	(0.90		)	(1		)	—			(547		)	(0.90		)
Loss on equity securities (net of taxes of $24) ⁽²⁾⁽⁵⁾	—			—			—			—			98			0.16			98			0.16
Costs associated with the early extinguishment of debt (net of taxes of $1) ⁽²⁾	—			—			—			—			6			0.01			6			0.01

Impacts associated with other mergers and divestitures (net of taxes of $2, $13) ⁽²⁾⁽⁶⁾	4			0.01			—			—			20			0.03			24			0.04

Corporate and Other Allocation	(105		)	(0.17		)	(44		)	(0.07		)	149			0.24			—			—

Consolidated income and diluted EPS on a non-GAAP basis	$	773		$	1.27		$	228		$	0.37		$	—		$	—		$	1,001		$	1.64

1)	Quarterly diluted EPS on both a GAAP and non-GAAP basis are based on the weighted average number of shares of common stock outstanding during the quarter, and the sum of the quarters may not equal year-to-date diluted EPS. EPS figures for Utility Operations, Corporate and Other, and Discontinued Operations are non-GAAP financial measures.
2)	Taxes are computed based on the impact removing such item would have on tax expense
3)	Comprised of common stock of AT&T Inc. and Charter Communications, Inc.
4)	Includes gain from remeasurement of state deferred taxes, costs to achieve the sales and costs associated with the early extinguishment of debt
5)	Comprised of Energy Transfer common and Series G preferred units
6)	Includes impacts associated with the Vectren merger and the sales of Infrastructure Services (CIS) and Mobile Energy Solutions (MES)
7)	Corporate and Other, plus income allocated to preferred shareholders

Reconciliation of consolidated income (loss) available to common shareholders and diluted earnings per share (GAAP) to non-GAAP income and non-GAAP diluted earnings per share

Twelve Months Ended
December 31, 2020
	Utility Operations						Midstream Investments (Disc. Operations)						Corporate and Other⁽⁶⁾						CES⁽¹⁾ & CIS⁽²⁾(Disc. Operations)						Consolidated
	Dollars in millions			Diluted EPS⁽³⁾			Dollars in millions			Diluted EPS⁽³⁾			Dollars in millions			Diluted EPS⁽³⁾			Dollars in millions			Diluted EPS⁽³⁾			Dollars in millions			Diluted EPS⁽³⁾
Consolidated income (loss) available to common shareholders and diluted EPS⁽³⁾	$	508		$	0.95		$	(1,074	)	$	(2.02	)	$	(201	)	$	(0.38	)	$	(182	)	$	(0.34	)	$	(949	)	$	(1.79	)

Timing effects impacting CES⁽¹⁾:
Mark-to-market (gains) losses (net of taxes of $3)⁽⁴⁾	—			—			—			—			—			—			(10		)	(0.02		)	(10		)	(0.02		)

ZENS-related mark-to-market (gains) losses:
Equity securities (net of taxes of $11)⁽⁴⁾⁽⁵⁾	—			—			—			—			(38		)	(0.07		)	—			—			(38		)	(0.07		)
Indexed debt securities (net of taxes of $13)⁽⁴⁾	—			—			—			—			47			0.09			—			—			47			0.09

Impacts associated with the Vectren merger (net of taxes of $1, $3)⁽⁴⁾	3			0.01			—			—			12			0.02			—			—			15			0.03

Impacts associated with BREC activities and Severance costs (net of taxes of $4, $0)⁽⁴⁾	14			0.03			—			—			3			—			—			—			17			0.03

Impacts associated with the sales of CES⁽¹⁾ and CIS⁽²⁾ (net of taxes of $10)⁽⁴⁾	—			—			—			—			—			—			217			0.41			217			0.41

Impacts associated with Series C preferred stock
Preferred stock dividend requirement and amortization of beneficial conversion feature	—			—			—			—			58			0.11			—			—			58			0.11
Impact of increased share count on EPS if issued as common stock	—			(0.06		)	—			0.12			—			0.01			—			—			—			0.07
Total Series C impacts	—			(0.06		)	—			0.12			58			0.12			—			—			58			0.18

Losses on impairment (net of taxes of $0, $408)⁽⁴⁾	185			0.33			1,269			2.25			—			—			—			—			1,454			2.58

Corporate and Other Allocation	(48		)	(0.09		)	(64		)	(0.12		)	119			0.22			(7		)	(0.01		)	—			—

Consolidated on a non-GAAP basis	662			1.17			131			0.23			—			—			18			0.04			811			1.44

Exclusion of CES⁽¹⁾ and CIS⁽²⁾Discontinued Operations⁽⁷⁾	—			—			—			—			—			—			(18		)	(0.04		)	(18		)	(0.04		)

Consolidated on a non-GAAP basis, excluding CES⁽¹⁾ and CIS⁽²⁾	$	662		$	1.17		$	131		$	0.23		$	—		$	—		$	—		$	—		$	793		$	1.40