Investors will look for the impact of AI-driven electricity demand as power and utility companies face a crucial earnings week.
- GE Vernova and Quanta Services enter Q3 earnings with backlogs of $176 billion and $53.4 billion, respectively.
- GEV and PWR have the biggest upside potential based on 12-month price targets compiled on Koyfin.
- Dominion Energy’s Q3 results will put the spotlight on its proposed $66.8 billion merger with NextEra Energy.
With third-quarter earnings in full swing, major utility firms are expected to report their results this week, with Wall Street looking for clues on whether rising electricity demand from AI data centers is translating into bigger backlogs and a stronger bottom line.
However, the earnings also come amid growing concerns about electricity affordability and the cost of new power generation.
CMS Energy (CMS), GE Vernova (GEV), American Electric Power (AEP), Quanta Services (PWR), and Dominion Energy (D) are expected to report earnings this week.
CMS’ $24B Plan In Focus
CMS Energy kicks off earnings this week, with analysts expecting revenue of $2.18 billion and earnings per share (EPS) of $1.35, compared with $2.02 billion and EPS of $0.93 in the prior-year quarter, according to Fiscal.ai.
The Michigan-based utility reaffirmed its 2026 adjusted EPS outlook of $3.83 to $3.90 in July.
Recent updates include plans to exit non-utility renewable-energy development under NorthStar Clean Energy to focus on utility business. Its Consumers Energy subsidiary also unveiled a 20-year electricity supply plan that combines natural gas, solar, wind, and energy storage. CMS is expected to invest more than $24 billion in the plan through 2030.
Key updates to watch include the $24 billion investment program and the financial impact of its NorthStar restructuring.
GEV’s Backlog Continues To Grow
Wall Street expects GE Vernova to report revenue of $11.99 billion and EPS of $4. The company reported Q3 2025 revenue of $9.97 billion and EPS of $1.64. GE Vernova raised its full-year (FY) 2026 revenue guidance to $45.5 billion to $46.5 billion in July and expects an adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) margin of 12% to 14%.
Investors will seek updates on its backlog, which stood at $176 billion in the previous quarter, order pricing, and updates on its wind business.
Susquehanna recently maintained a ‘Positive’ rating on the stock, citing growing power demand as the sector’s main catalyst.
AEP’s Power Supply Plans In View
AEP is expected to post revenue of $6.60 billion and EPS of $2.04, up from $6.01 billion and $1.80 a year earlier. AEP raised its 2026 operating EPS guidance to $6.25 to $6.55 in July, citing its $78 billion five-year capital investment plan.
The utility also expanded its contracted new electricity load additions to 69 GW through 2030 and secured 13 GW of gas turbine capacity, with another 10 GW under evaluation.
Investors will look for updates on these agreements, progress on power generation projects, and the company’s power supply plans in light of the Pennsylvania-New Jersey-Maryland Interconnection (PJM) proposed electricity procurement reforms.
Quanta To Post Strong Top-Line Growth
Analysts expect Quanta to report $10.91 billion in revenue compared with $7.63 billion last year and EPS of $5 from $3.33. Quanta also expects FY2026 revenue of $39.3 billion to $39.7 billion and EPS of $16.45 to $16.95.
Its second-quarter results showed a record backlog of $53.4 billion. The company also completed acquisitions of Phalcon and Enerfab earlier this year, expanding its electrical, mechanical and industrial construction capabilities. Investors will look for updates on backlog growth.
Dominion-NEE Deal Remains Key Trigger
Dominion’s Q3 revenue is expected to come in at $4.74 billion with EPS of $1.21, compared with $4.53 billion and $1.06 a year earlier. Dominion forecast FY2026 EPS guidance of $3.45 to $3.69.
A major focus will be progress on its proposed $66.8 billion combination with NextEra Energy (NEE), which remains subject to regulatory approvals.
Investors will also keep an eye on construction progress at Dominion’s 2.6 GW Coastal Virginia Offshore Wind project. Its latest quarterly filing estimated costs at $11.7 billion, with final turbine installations expected by the end of 2027.
How Did GEV, CMS, PWR, AEP And D Stocks Fare Last Quarter?
All five stocks ended Q3 in the red, with GE Vernova (GEV) falling 17.1% between July and September, CMS Energy slumped 16.9%, American Electric Power dropped 12.2%, Dominion Energy declined 10.7%, while Quanta Services edged 7.1% lower.
However, the stocks are in positive territory year to date. Quanta led the cohort with roughly 25% gains, followed by GE Vernova’s 20% rise. American Electric Power is up 12%, Dominion Energy has gained 10.6%, while CMS Energy edged 0.5% higher.
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