Key Highlights

  • Williams reported third-quarter 2026 Net Income of $700 million on Revenue of $3,223 million.
  • Entergy posted diluted EPS of $1.98 and raised the low end of 2026 adjusted EPS guidance by $0.10.
  • Public Service Enterprise Group reported net income of $376 million, or $0.76 per share, with non-GAAP operating EPS of $1.15.
  • ONE Gas lifted 2026 adjusted EPS guidance to $4.95 to $5.01 from $4.89 to $4.95.
  • Unitil reported a net loss of $1.5 million on revenue of $112.6 million.

Which Pipeline and Utility Companies Reported Third-Quarter 2026 Results?

Five pipeline and utility companies reported third-quarter 2026 results for the period ended Sep 30, 2026, all disclosed on Nov 2, 2026 or in filings dated that day. They range from a large Natural Gas infrastructure operator to a small multi-utility holding company, so the revenue bases differ widely.

Williams (NYSE:WMB) reported net income of $700 million, or $0.56 per diluted share, on revenue of $3,223 million, up 10.3% (calculated). Entergy (NYSE:ETR) posted net income of $940.3 million, or $1.98 per share, on revenue of $4,365.2 million, up 14.5% (calculated).

Public Service Enterprise Group (NYSE:PEG) reported net income of $376 million, or $0.76 per share, on revenue of $3.020 billion, which was down 6.4% (calculated). ONE Gas (NYSE:OGS) posted net income of $31.2 million on revenue of $391.3 million. Unitil (NYSE:UTL) reported revenue of $112.6 million and a net loss of $1.5 million.

All figures are in U.S. dollars and come from the companies' own filings and releases. The ranking follows the order of the sections below, not a performance score.

Williams: How Did a $5.1 Billion Acquisition Shape the Quarter?

Williams reported net income attributable to the company of $700 million, up from $647 million a year earlier, with diluted EPS of $0.56 versus $0.53. Service revenues rose to $2,319 million, helped by the Momentum acquisition, expansion projects and new power revenue.

The company closed the Momentum purchase on Sep 3, 2026 for about $5.1 billion in cash, roughly 27 million shares and $869 million of retained debt. In its first four weeks the Business added $113 million of revenue and $40 million of Modified EBITDA.

In July 2026 it also sold a 49% noncontrolling interest in five power projects for $5.34 billion of committed capital. Total Modified EBITDA of reportable segments rose about 8.4% (calculated) to $2,032 million. The files contain no Earnings guidance, only a 2026 growth spending range of $7.3 billion to $7.9 billion.

Entergy: What Drove Net Income Up 35.5% Despite Higher Interest Costs?

Entergy reported net income of $940.3 million versus $693.8 million a year earlier, a rise of 35.5% (calculated). Diluted EPS was $1.98 against $1.53, and management also cited adjusted EPS of $1.98.

Management credited customer growth and a hot summer, plus Data Center and primary metals ramps in weather-normalized sales. Net interest expense climbed 34.1% (calculated) to $435.6 million from $324.9 million.

The company raised the bottom of its 2026 adjusted EPS guidance range by $0.10, though the files do not state the full range. Capital plans for 2026 through 2030 grew by about $1.5 billion, and management said its planned 2026 financings are complete.

Public Service Enterprise Group: Why Did Net Income Fall While Operating EPS Edged Up?

Net income dropped 39.5% (calculated) to $376 million, or $0.76 per share, from $622 million, or $1.24. Non-GAAP operating earnings edged up to $1.15 per share from $1.13.

The gap came largely from non-trading Commodity mark-to-market activity, which cost $180 million after tax versus a $15 million gain a year earlier. The company reaffirmed 2026 non-GAAP operating earnings guidance of $4.28 to $4.40 per share and paid a quarterly Dividend of $0.67.

One caution is a scheduled Salem 1 refueling outage in October 2026, where an inspection found degradation to a thermal shield. Testing is ongoing, and the impact depends on timing and repair results.

ONE Gas: How Far Did New Rates Lift Adjusted Earnings and the 2026 Outlook?

ONE Gas reported net income of $31.2 million, or $0.49 per diluted share, and adjusted net income of $33.5 million, or $0.53 per share, up 17.1% (calculated). Revenue was $391.3 million, up 3.2% (calculated).

Operating income rose to $77.4 million from $65.4 million, with new rates adding $13.5 million. For the nine months, weather ran 23% warmer than normal, which cut revenue by $11.3 million.

The company raised 2026 adjusted EPS guidance to $4.95 to $5.01 from $4.89 to $4.95. The board declared a $0.68 dividend payable Dec 3, 2026. An Oklahoma rate order approved on Oct 14, 2026 has been appealed to the state Supreme Court.

Unitil: Why Did the Company Post a Loss With Revenue Up 11.4%?

Unitil reported revenue of $112.6 million, up about 11.4% (calculated) from $101.1 million, but a net loss of $1.5 million, or $0.08 per share. Net interest expense rose to $11.0 million from $8.9 million, and operation and maintenance expense rose $4.9 million.

The water business added $3.1 million of revenue after Unitil closed its $42.6 million purchase of two New Hampshire water utilities on Jun 30, 2026. Nine-month net income still rose $5.2 million to $36.4 million, or $2.02 per share.

The filing notes that gas results are seasonal, with the first and fourth quarters historically strongest. The quarterly dividend held at $0.475 per share.

Pipeline and Utility Results Compared: Revenue Growth Averaged 6.6% but Bases Differ Sharply

Across the five companies, revenue growth averaged 6.6% (calculated), ranging from a 6.4% decline at Public Service Enterprise Group to a 14.5% gain at Entergy, a spread of 20.9 percentage points (calculated). Combined quarterly revenue totaled about $11,112 million (calculated), and combined net income about $2,046 million (calculated).

The bases are not comparable. Entergy's revenue was about 38.8 times (calculated) Unitil's, and four of the five companies posted a profit while Unitil posted a loss.

Three companies gave outlook updates. Entergy raised the low end of its range, ONE Gas raised its range, and Public Service Enterprise Group reaffirmed its range, while Williams and Unitil gave no earnings guidance in the files. Public Service Enterprise Group's figures also mix GAAP net income with a non-GAAP operating measure.

What to Watch Next: Dated Rate Decisions, Dividends and Guidance Updates

Williams has no dated event in its materials, though Socrates North, a 556 megawatt project, is expected online later in the fourth quarter. Entergy expects a Louisiana ruling at its December commission meeting and an Arkansas rate case decision before year end.

Public Service Enterprise Group plans to file with New Jersey regulators by year end 2026, and it intends to introduce 2027 guidance on its year-end call in February 2027.

ONE Gas will pay its $0.68 dividend on Dec 3, 2026 to holders of record on Nov 16, 2026. Unitil will pay $0.475 on Nov 30, 2026 to holders of record on Nov 13, 2026, and a New Hampshire gas rate request of about $9.8 million remains pending with no dated decision identified.