Key Highlights

  • Alliant Energy reported GAAP EPS of $1.52 and lifted its four-year Capital plan 19% to $15.9 billion.
  • First Solar reported a 57.9% gross Margin on net sales of $1.23 billion, down 22.8%.
  • Edison International reported core Earnings of $738 million, against $901 million a year earlier.
  • Middlesex Water reported Revenue of $60.2 million and EPS of $0.95.
  • MasTec reported revenue of $5,152.3 million and an 18-month Backlog of $24,546 million.

Which Utility and solar companies reported third quarter 2026 results?

Five companies tied to power and water infrastructure reported third quarter 2026 results, and the figures below come from their individual earnings write ups. Alliant Energy (NASDAQ:LNT) announced results on October 29, 2026, with GAAP EPS of $1.52 against $1.09. First Solar (NASDAQ:FSLR) reported net sales of $1.23 billion and diluted EPS of $5.30. Edison International (NYSE:EIX) reported Net Income available to common shareholders of $724 million, or $1.88 per basic share.

Middlesex Water (NASDAQ:MSEX) reported net income of $18.0 million, or $0.95 per diluted share, and MasTec (NYSE:MTZ) reported revenue of $5,152.3 million with diluted EPS of $1.89. MasTec is an infrastructure contractor rather than a utility, and it is included for its Power Delivery and Clean Energy work.

Alliant Energy: How large is the Data Center driven capital plan?

Alliant Energy has 3.4 gigawatts of contracted data center Demand across its two utilities and expects peak demand to rise roughly 60% by 2031. The four-year Capital Expenditure forecast rose 19% to $15.9 billion.

The company narrowed 2026 ongoing EPS guidance to $3.41 to $3.46, from $3.36 to $3.46, and issued 2027 guidance of $3.63 to $3.73. Its 2027 Dividend target is $2.25 per share, compared with $2.14 now. Nine-month GAAP EPS was $3.04, up 17% from $2.59.

Edison International: What explains the gap between EPS and core earnings?

Basic EPS was $1.88, against $2.16 a year earlier, and core earnings were $738 million, against $901 million. The company said the decrease mainly reflected earnings recognized in the third quarter of 2025 when the 2025 general rate case decision was implemented retroactively to January 1, 2025.

Income before income taxes was $548 million, and an income tax benefit of $203 million followed. Operating Revenue fell to $4,886 million from $5,750 million. Southern California Edison had recorded $1.8 billion in losses from Eaton Fire settlements as of September 30, 2026, offset by expected recoveries, and said further material losses are probable.

Middlesex Water: How did rates lift EPS from $0.77 to $0.95?

Operating revenues rose to $60.2 million from $54.1 million, about 11.3% on a calculated basis. Base Rate increases effective February 23, 2026, higher wholesale demand and higher consumption all contributed. Net income was $18.0 million, against $14.0 million, even as average diluted shares rose to 19,026 thousand from 18,154 thousand.

The company plans about $126 million of Investment in 2026 and roughly $506 million across 2026 to 2028, including about $255 million for PFAS treatment at the Carl J. Olson plant. Quarterly dividends were $0.36 per share, up from $0.34 a year ago, and the company Issued Shares through its at-the-market program, receiving $14.6 million of net proceeds in the quarter.

First Solar: How did gross margin reach 57.9% on lower sales?

Net sales fell 22.8% to $1.23 billion, mainly on a 22.0% drop in module Volume sold to third parties. Gross margin still widened to 57.9% from 38.3%, and diluted EPS rose to $5.30 from $4.24.

Section 45X advanced Manufacturing credits on a higher volume of qualifying modules lowered cost of sales by $237.7 million. The company produced 4.3 GW and sold 4.1 GW, against 3.6 GW and 5.3 GW. Cash and marketable securities were $1.62 billion, down from $2.86 billion at December 31, 2025, and total Debt fell to $107.7 million from $498.6 million.

MasTec: Can a $24.5 billion backlog offset a lower EPS?

Revenue rose 29.9% from $3,966.9 million, with organic growth of about 12% and acquisitions adding $716 million. Power Delivery revenue climbed 65.2% to $1,835.2 million, while Communications fell 11.8% to $806.9 million.

Diluted EPS was $1.89, against $2.04, as Operating Margin narrowed to 5.3% from 6.3% and interest expense rose to $61.8 million. Adjusted EBITDA was $486.4 million. Backlog of $24,546 million compares with $16,780 million a year earlier, and the Superior Group acquisition, an electrical contractor focused on large load infrastructure, closed on July 20, 2026. Total debt obligations were $4,191.1 million at September 30, 2026.

How do the five reports compare on growth, margins and spending?

Revenue direction split the group. MasTec's 29.9% revenue growth sits 52.7 percentage points above First Solar's 22.8% decline (calculated), while Middlesex Water grew 11.3% and Edison International's operating revenue fell about 15.0% (calculated, $4,886 million against $5,750 million).

Profit margins varied widely. On a calculated basis, First Solar's net income of $571.1 million is about 46% of net sales, Middlesex Water's $18.0 million is about 29.9% of revenue, Edison International's $724 million is about 14.8% of operating revenue, and MasTec's $150.6 million attributable net income is about 2.9% of revenue.

Capital plans cover different periods. Alliant Energy's $15.9 billion over four years averages about $4.0 billion a year (calculated), Edison International's $37.5 billion to $40.6 billion over 2026 through 2030 averages about $7.8 billion a year at the midpoint (calculated), and Middlesex Water's $506 million over three years averages about $169 million a year (calculated). Alliant Energy's 2027 dividend target is about 5.1% above the current $2.14 (calculated).

What to Watch Next: 2027 Guidance, Trials and Project Timing

Alliant Energy expects to declare its first quarter dividend in January 2027, and its 2027 ongoing EPS guidance of $3.63 to $3.73 assumes new data center revenue arrives as expected. It is also extending the retail electric base rate stability plan at its Interstate Power and Light utility through 2030, while earning its authorized return on equity.

Edison International faces bellwether Jury trials set for January, May and September 2027 tied to the Eaton Fire. First Solar expects the second phase of its South Carolina factory to start in mid-2027.

MasTec said about 23% of its backlog is expected to be realized in 2026. Middlesex Water filed in September 2026 for additional annual revenue of $0.8 million and $1.7 million through infrastructure and resiliency charges, and its approvals are pending.