What changed
Q2 operating EPS of $1.36 missed last year's $1.43 (-4.9%), driven by the 2025 transmission minority interest sale and tax-timing items. Revenue quality is solid, with full-year guidance raised to $6.25-$6.55 from $6.15-$6.45, reflecting strong H1 performance and a 7-9% long-term growth CAGR. The key headwind is non-operating: the prior-year gain from the transmission minority interest sale and unfavorable tax timing, while underlying load growth and a $78B capex plan remain robust.
Why it matters
Q2 operating EPS of $1.36 missed last year's $1.43 (-4.9%), driven by the 2025 transmission minority interest sale and tax-timing items. Revenue quality is solid, with full-year guidance raised to $6.25-$6.55 from $6.15-$6.45, reflecting strong H1 performance and a 7-9% long-term growth CAGR. The key headwind is non-operating: the prior-year gain from the transmission minority interest sale and unfavorable tax timing, while underlying load growth and a $78B capex plan remain robust.
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Jul 30, 2026 05:52 PM ET