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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I think part of that was a collaboration with the industry and our client and AEP on building transformers to their spec.”
Quanta describes collaborating with its client AEP to build power transformers to AEP's spec as part of Quanta's vertical supply chain build-out.
“With AEP, look, they're a large customer of ours, have been for many, many years. We have great relationships there. And I do think we're collaborating on 765 capabilities and doing a lot of different things together.”
Quanta describes AEP as a long-standing large customer it is collaborating with on 765 kV transmission, implying AEP is advancing high-voltage transmission investment.
“The calls that I'm listening to on the utilities, such as AEP, others, every one of them basically have gone up in their CapEx as well.”
CEO Duke Austin cites rising CapEx guidance from utility customers like AEP as evidence of the transmission investment wave benefiting Quanta.
“the PJM board approved approximately $3 billion of investment for the ValleyLink joint venture between FirstEnergy, AEP, and Dominion”
PJM approved a ~$3B transmission investment for the ValleyLink joint venture between FirstEnergy, AEP, and Dominion, expanding AEP's participation in a large multi-utility transmission buildout.
“next shift forward, having Duke, having AEP join into the mix and join into the consortium to invest in this product and commit towards our technology for projects that they have slotted for new zero carbon power between 2032 and 2034 in the US”
American Electric Power (AEP) joined the consortium investing in GE Vernova's BWRX-300 small modular reactor, committing to the technology for planned zero-carbon power projects between 2032 and 2034.
“First, an update on our transmission business and the joint planning agreement with AEP and FirstEnergy. A package of our own and jointly proposed projects has been shortlisted by PJM in their open window process, which is ongoing with final approvals expected this month.”
Dominion's joint transmission planning agreement with AEP had a package of projects shortlisted by PJM, adding roughly $1 billion of incremental capital spend for Dominion.
“For the projects that were selected by PJM yesterday as part of the JV or you're part of with Dominion and AEP, are there any assumptions on those projects that are reflected in the current plan?”
FirstEnergy is part of a PJM-awarded competitive transmission joint venture with Dominion Energy and AEP; management expects roughly $675 million of project spend and called it a significant opportunity — a modest positive read-through for AEP's transmission investment pipeline.
“and we currently exceeded this target with S&P at 15.2% as of year-end. Comparatively, our Moody’s FFO to debt is just under 14%”
AEP reports FFO-to-debt of 15.2% at S&P, exceeding its balance-sheet target tracked by the agency.
“and we currently exceeded this target with S&P at 15.2% as of year-end. Comparatively, our Moody’s FFO to debt is just under 14%”
AEP reports its FFO-to-debt is just under 14% at Moody's, near its balance-sheet target tracked by the agency.
“Stargate is in Abilene, and that is squarely in our service territory”
AEP cites the Stargate data-center project in Abilene as a large committed load squarely within its ERCOT service territory.
“through deals like the Bloom Energy deal and perhaps the deployment of batteries and some other opportunities”
AEP is using Bloom Energy fuel cells to bring data-center load online faster, including a ~$2.65B fuel-cell purchase for a Wyoming facility.
“entered into a long-term strategic partnership with Quanta Services to strengthen and accelerate capabilities for 765 kV transmission infrastructure buildout”
AEP named Quanta Services its preferred provider under a long-term partnership for 765 kV transmission construction, a large multi-year workflow for Quanta.
“comparatively we are above our 13% downgrade threshold at Moody's. We expect to be near our 14% target with Moody's by the end of 2026”
AEP notes it sits above Moody's 13% downgrade threshold and expects to reach its 14% target with Moody's by end-2026, a neutral credit-metric reference.
“We currently exceed our FFO to debt target with S&P at 15.7% this quarter”
AEP reports its FFO-to-debt at S&P (15.7%) currently exceeds its 14-15% target, a neutral credit-metric reference to the rating agency.
“On Bloom, we're still working with potential customers to deploy the additional megawatts that we have with them and look forward to hopefully having more to report on that perhaps by EEI.”
AEP is still working to deploy additional Bloom Energy fuel-cell megawatts as a behind-the-meter option for data-center customers.
“These include major projects such as Nucor Steel Mill in West Virginia and Cheniere's LNG facilities in Texas.”
AEP cites Cheniere's LNG facilities in Texas as a major industrial load customer underpinning its load-growth forecast.
“These include major projects such as Nucor Steel Mill in West Virginia and Cheniere's LNG facilities in Texas.”
AEP cites a new Nucor steel mill in West Virginia as a major industrial load customer underpinning its load-growth forecast.
“Customers behind this growth are substantial with approximately 80% coming from data processors, including large hyperscalers such as Google, AWS and Meta.”
AEP names Meta among the hyperscalers driving roughly 80% of its contracted data-center load growth, a positive read-through on Meta's data-center power demand.
“Customers behind this growth are substantial with approximately 80% coming from data processors, including large hyperscalers such as Google, AWS and Meta.”
AEP names AWS (Amazon) among the hyperscalers driving roughly 80% of its contracted data-center load growth, a positive read-through on Amazon's data-center expansion.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Steve Fleishman | Wolfe Research | 12 (8%) |
| Julien Dumoulin-Smith | Jefferies | 9 (0%) |
| Carly Davenport | Goldman Sachs | 9 (0%) |
| Nick Campanella | Barclays | 8 (13%) |
| Dave Arcaro | Morgan Stanley | 8 (0%) |
| Ross Fowler | Bank of America | 7 (0%) |
| Jeremy Tonet | JPMorgan | 6 (0%) |
| Shar Pourreza | Wells Fargo | 6 (17%) |
| Mike Lonegan | Barclays | 4 (0%) |
| Durgesh Chopra | Evercore ISI | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wolfe Research | 2 | 14 (7%) |
| Barclays | 2 | 12 (8%) |
| Jefferies | 2 | 11 (0%) |
| Goldman Sachs | 1 |
AEP closed 2025 with operating EPS of $5.97 exceeding the guidance range as contracted load doubled to 56 GW from 28 GW reported just the prior quarter, and retail sales grew 7.5% driven by commercial and industrial growth near 10%. An additional $5-8 billion in incremental projects were identified as additive to the $72 billion capital plan, while a $2.65 billion Bloom fuel cell facility was announced in Wyoming. Management reaffirmed 2026 guidance of $6.15-$6.45.
Capex Investment | Regulation Policy | Demand | Capital Allocation | Revenue Growth | Innovation & R&D | Guidance Reliability | Supply Chain | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 4 | 5 | 7 | 2 | 3 | 1 | |
| 2025Q1 | 4 | 5 | 4 | 2 | 3 | 1 | 2 | |
| 2025Q2 | 6 | 3 | 4 | 3 | 3 | 2 | 1 | |
| 2025Q3 | 4 | 4 | 5 | 2 | 3 | 1 | 4 | 2 |
| 2025Q4 | 4 | 6 | 8 | 3 | 1 | 2 | 2 | |
| 2026Q1 | 10 | 7 | 1 | 3 | 2 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Capex Investment | 5 | 4 | 6 | 4 | 4 | 10 |
| Regulation Policy | 4 | 5 | 3 | 4 | 6 | 7 |
| Demand | 5 | 4 | 4 | 5 | 8 | 1 |
| Capital Allocation | 7 | 2 | 3 | 2 | 3 | |
| Revenue Growth | 2 | 3 | 3 | 3 | 3 | |
| Innovation & R&D | 3 | 1 | 2 | 1 | 1 | 2 |
| Guidance Reliability | 2 | 4 | 2 | 1 | ||
| Supply Chain | 1 | 1 | 2 | 2 | 1 |
| 9 (0%) |
| Morgan Stanley | 1 | 8 (0%) |
| JPMorgan | 2 | 8 (13%) |
| Wells Fargo | 2 | 8 (13%) |
| Bank of America | 1 | 7 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AEP American Electric Power | 5 | +6.8% | |
| AEE Ameren | 7 | +3.8% | |
| CMS CMS Energy | 6 | +11.6% | |
| CNP CenterPoint Energy | 5 | +1.9% | |
| D Dominion Energy | 7 | +23.1% | |
| DTE DTE Energy | 7 | +15.8% | |
| DUK Duke Energy | 8 | +11.3% | |
| ED Consolidated Edison | 6 | +6.2% | |
| EIX Edison International | 6 | +7.7% | |
| ES Eversource Energy | 6 | +9.4% | |
| ETR Entergy | 8 | +12.0% | |
| EVRG Evergy | 7 | +5.5% | |
| EXC Exelon | 6 | +7.9% | |
| FE FirstEnergy | 7 | +11.6% | |
| LNT Alliant Energy | 5 | +5.0% | |
| NEE NextEra Energy | 6 | +7.3% | |
| PCG PG&E Corporation | 8 | +15.0% | |
| PEG Public Service Enterprise Group | 9 | +19.4% | |
| PNW Pinnacle West | 8 | +11.4% | |
| PPL PPL Corporation | 7 | +10.8% | |
| SO Southern Company | 6 | +8.0% | |
| WEC WEC Energy Group | 7 | +9.0% | |
| XEL Xcel Energy | 6 | +2.9% |