CNPNYSEElectric ServicesUS GAAP · USD

CenterPoint Energy, Inc (Holding Co)

CenterPoint Energy is a U.S. utility holding company whose operating subsidiaries deliver electricity and natural gas across regulated service territories. Its core businesses include electric transmission and distribution in the Houston area and natural gas distribution in Minnesota, Texas, Indiana, and Ohio, with a smaller electric and gas utility footprint in southwestern Indiana through SIGECO. The company’s earnings are driven primarily by regulated rates, customer throughput, and the timing of recovery of utility costs rather than by commodity trading or competitive retail sales. Because it operates critical local infrastructure, CenterPoint’s business is shaped by state and federal regulation, weather-driven demand, and the need to maintain reliable service across dense urban and regional networks.

Revenue9,357m USD
+8.3 %y/y
Operating profit (EBIT)2,110m USD
+6.0 %y/y
EBIT margin22.5%
−0.5 ppy/y
Net income1,052m USD
+3.2 %y/y
Free cash flow-2,384m USD
−0.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,0008,00010,000m USD2020: 7,418 m USD2020: EBIT 1,039 m USD20202021: 8,352 m USD2021: EBIT 1,363 m USD20212022: 9,327 m USD2022: EBIT 1,566 m USD20222023: 8,696 m USD2023: EBIT 1,760 m USD20232024: 8,643 m USD2024: EBIT 1,990 m USD20242025: 9,357 m USD2025: EBIT 2,110 m USD20259,3572,110
RevenueOperating profit (EBIT)

Business

Share of revenue
Electric transmission and distribution45 %

Regulated delivery of electricity through Houston Electric and SIGECO's electric utility operations.

Natural gas distribution48 %

Local distribution of natural gas to residential, commercial, industrial, and transportation customers.

Electric generation4 %

Owned generation assets in southwestern Indiana used to serve retail electric customers and optimize wholesale output.

Corporate and other3 %

Corporate support functions, real estate, and residual non-core activities.

Products

Reported · share of revenue
45.6%43.9%FY2025100 %
  • Retail Gas Sales45.6 %
  • Electric Delivery43.9 %
  • Retail Electric Sales7.9 %
  • Energy Products or Services2.3 %
  • Wholesale Electric Sales0.2 %
  • Gas Transportationand Processing0.1 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

CenterPoint serves regulated utility customers rather than end-market consumers in a discretionary sense, so its customer base is defined by geography and utility class. In electric, the company serves transmission service customers in ERCOT and distribution service to retail electric providers serving the Houston area. In natural gas, it serves residential households, commercial and industrial users, and transportation customers across its local distribution systems in Minnesota, Texas, Indiana, and Ohio. The company also serves electric and gas customers in and near Evansville, Indiana through SIGECO, where it provides both delivery service and generation-backed supply for retail load.

Residential natural gas customers

Households on local distribution systems that buy gas for heating and other essential uses, with demand peaking in colder months.

Commercial and industrial natural gas customers

Businesses and industrial users that buy gas for process heat, space heating, and transportation-related uses, often through regulated distribution and transportation service.

Electric transmission and distribution customers

Transmission service customers in ERCOT and retail electric providers in Houston that rely on CenterPoint's wires network to move and deliver power.

Evansville-area electric and gas customers

Retail customers served by SIGECO who buy bundled utility delivery and, for electric load, benefit from owned generation support.

Wholesale power market counterparties

Market participants that buy output from SIGECO's generation assets when the company optimizes those assets in the wholesale market.

Strategy

CenterPoint's strategy is centered on running a regulated utility platform with disciplined capital deployment, reliable service, and recovery of approved costs through rates. The company is also focused on resilience and storm hardening, reflecting the importance of severe weather recovery and the need to protect critical infrastructure in Houston and other service territories. Management highlights technology adoption, including AI and operational improvements, as part of its effort to improve efficiency and support workforce productivity. The company also continues to manage its energy transition exposure, balancing long-lived utility assets with changing customer, investor, and regulatory expectations around fossil fuels and electrification.

Regulated infrastructure investmentMedium term

Utility earnings depend on expanding and modernizing the rate base while securing timely regulatory recovery.

Storm resilience and recoveryShort term

Severe weather can create large repair costs and service interruptions, so resilience reduces operational and financial volatility.

Operational efficiency and technology adoptionMedium term

Automation, AI, and process improvements can lower operating costs and support reliability in a labor-intensive utility model.

Energy transition positioningLong term

Customer electrification and changing fuel preferences can reshape load growth and asset utilization over time.

Geography

CenterPoint's business is concentrated in the United States and is highly localized by utility franchise and service territory. Its largest electric market is the Houston, Texas area, where Houston Electric serves the ERCOT region and the Texas Gulf Coast, including the city of Houston. Its natural gas footprint spans Minnesota, Texas, Indiana, and Ohio, with major metropolitan areas served including Houston, Minneapolis, Evansville, and Dayton. Because utility operations are tied to local franchises, state regulation, and weather patterns, geography directly affects customer growth, outage exposure, and the timing of rate recovery.

Risks

CenterPoint faces the core risks of a regulated utility: regulatory lag, storm damage, and the possibility that costs are not fully or promptly recovered in rates. Its Houston-area electric network and Gulf Coast exposure make it vulnerable to hurricanes and other severe weather, while its natural gas business is exposed to seasonal demand swings and weather-driven throughput volatility. The company also faces cybersecurity and operational technology risks because it runs critical infrastructure that can be targeted by attackers and third-party vulnerabilities. Longer term, energy transition pressures, coal-related financing constraints, litigation, and impairment risk could affect asset values, capital access, and the economics of generation and gas operations.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Severe weather and hurricane damage1Regulatory lag and cost recovery uncertainty2Cybersecurity and operational technology attacks3Seasonal demand volatility4Energy transition and fuel-mix shift5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Severe weather and hurricane damageImpact: CriticalLikelihood: High

    The Houston and Gulf Coast footprint is exposed to hurricanes and other extreme weather that can damage assets and disrupt service.

    Exposure: Houston Electric and Gulf Coast distribution systems

  2. Regulatory lag and cost recovery uncertaintyImpact: HighLikelihood: High

    Utility earnings depend on regulators allowing recovery of storm costs, operating expenses, and regulatory assets in future rates.

    Exposure: Electric and natural gas regulated operations

  3. Cybersecurity and operational technology attacksImpact: HighLikelihood: Low

    Critical electric and gas infrastructure can be disrupted by cyber intrusions, including third-party and zero-day vulnerabilities.

    ExposureElectric transmissionGas pipelinesControl systems
  4. Seasonal demand volatilityImpact: MediumLikelihood: Medium

    Natural gas throughput is concentrated in colder quarters, making results sensitive to weather and seasonality.

    Exposure: Natural gas distribution

  5. Energy transition and fuel-mix shiftImpact: MediumLikelihood: Medium

    Alternative energy adoption and investor sentiment toward fossil fuels can reduce gas demand or increase financing constraints.

    Exposure: Natural gas and coal-related generation

Accounting

Judgemental items
Accounting for rate regulation

Deferred recovery of utility costs can materially change reported earnings versus cash spending and depends on regulatory approval.

Impact: Affects regulatory assets, liabilities, and timing of income recognition

Seasonality in natural gas throughput

Cold-weather demand concentrates volumes in the first and fourth quarters, making interim results uneven.

Impact: Affects quarterly revenue, margins, and working capital

Impairment of long-lived assets and goodwill

Utility and generation assets must be tested when conditions change, and impairments would reduce earnings and equity.

Impact: Could create non-cash charges and increase leverage metrics

Regulatory recovery of storm costs

Hurricane and winter storm costs may be deferred or recovered over time depending on regulatory orders.

Impact: Affects expense timing, balance sheet deferrals, and cash flow

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026