Revenue and earnings are predominantly regulated and recurring.
Management reiterated a 2025 non‑GAAP EPS range of 1.75‑1.77 and initiated 2026 at 1.89‑1.91 with a 7‑9 percent long‑term growth target to 2035. TTM non‑GAAP EPS across Q4‑24 to Q3‑25 totals about 1.72. Load growth visibility in Houston (about 50 percent by 2031 and potential doubling by mid‑2030s) and an expanding capital plan support steady growth.
Predictability is reduced by weather normalization, storm frequency, interest‑rate sensitivity, and periodic rate case timing.







