Earnings Guidance and EPS Growth

Previously, Q1 2025 provided guidance of $7.05–$7.25 with solid EPS growth. " " Q4 2024 reinforced similar ranges and long‐term growth expectations " " , and Q3 2024 focused on fiscal 2024 guidance with lower EPS figures. " "

In Q2 2025, guidance was raised to a range of $7.20–$7.30 with a new $7.25 midpoint and noted a 6.7% EPS growth in the first half, reflecting stronger performance. " " "

Upward revision with stronger performance; recurring positive sentiment with a higher guidance base.

Regulatory Engagement and Rate Case Developments

Q1 2025 discussed multiple filings and annual mechanisms with several rate case filings underway. " Q4 2024 detailed West Texas and Kentucky cases with comprehensive filings. " Q3 2024 mentioned solid annualized outcomes without specific discussions of Colorado. "

Q2 2025 highlighted active engagement across several rate cases, including updates on the West Texas and Mid-Tex cases and a timing delay in the Colorado rate case. " " "

Consistent active engagement with expanded details and a new emphasis on regulatory timing (e.g., Colorado).

Capital Expenditure and Financing Strategies

Q1 2025 outlined a $3.7B capital spending plan and a balanced mix of equity (via ATM) and debt. " " " Q4 2024 and Q3 2024 similarly emphasized significant capex investments and robust financing strategies. " "

Q2 2025 reaffirmed major investments with projects such as APT’s WA Loop Phase 2 and the Bethel to Groesbeck project, supported by a balanced financing strategy including $1.7B in ATM proceeds. " " "

A consistent focus on high capex investments and balanced financing, with slightly increased emphasis on safety and infrastructure projects.

Customer Growth and Industrial Market Expansion

Q1 2025 reported strong additions across residential, commercial, and industrial segments with cautious language regarding large-scale contracts. " " Q4 2024 noted almost 60,000 new customers but expressed uncertainty about securing very large industrial projects. " " Q3 2024 emphasized robust industrial additions without mentioning major uncertainties. "

Q2 2025 reported robust customer growth with nearly 59,000 new customers (46,000 in Texas) and significant industrial additions, without explicitly flagging uncertainties about large projects. " "

Recurring robust customer growth; while earlier periods sometimes noted uncertainty for large-scale industrial deals, Q2 focuses more on solid additions.

Operating Expense Trends and Cost Management

Q1 2025 saw a $41M rise in O&M expenses driven by higher bad debt, employee, and compliance costs. " " Q4 2024 similarly highlighted rising O&M costs and compliance-driven inflation. " " Q3 2024 reported a moderate increase in O&M with a focus on compliance and maintenance. " "

Q2 2025 reported pronounced increases in O&M expenses (including $74M increase), with elevated bad debt and compliance costs, and underscored proactive maintenance strategies. " " "

A consistent upward pressure on costs due to growth and compliance, with proactive measures to manage them across periods.

Equity Issuance and Shareholder Dilution Risks

Q1 2025 described a balanced financing mix with over $1B secured through debt and equity forward agreements, minimizing dilution concerns. " " " Q4 2024 detailed an issuance plan via ATM and balanced long‐term debt while acknowledging potential dilution risks. " " Q3 2024 reiterated that ATM issuance adequately meets near-term needs. "

Q2 2025 reiterated its balanced financing strategy using a robust ATM program with $1.7B available, and did not highlight dilution as a concern. "

A stable, recurring strategy with balanced equity issuance that continues to effectively manage dilution risks.

APT System Performance and Spread Volatility

Q1 2025 reported an $8M increase from APT with spreads broadening initially then normalizing. " " Q4 2024 noted a significant $39M contribution from through-system activities with abnormal spreads that were expected to revert. " " Q3 2024 highlighted widened spreads due to maintenance issues with anticipated reversion to the mean. " "

Q2 2025 emphasized a 10% increase in volumes and an $8M boost from APT’s performance, with early strong contributions and anticipation of normalization in spreads. " "

Recurring strong APT performance featuring fluctuating spreads that are expected to revert to normal on a cyclical basis.

Emerging Growth Opportunities and Project Uncertainties

Q1 2025 mentioned prospects for new industrial projects and growth opportunities with cautious language pending agreements. " " Q4 2024 discussed potential large-scale projects (e.g., a customer in Northern Louisiana) but noted uncertainties on contractual specifics. " " Q3 2024 offered minimal discussion on new initiatives. "

Q2 2025 provided a detailed discussion of several new pipeline expansion projects and emerging growth initiatives while acknowledging market volatility and regulatory timing delays (e.g., Colorado). " " "

Growing emphasis on new projects and growth opportunities in Q2 2025 with more detailed disclosures, despite ongoing uncertainties in regulatory and market timing.