| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 31, 2026 | 8/12 | 3 medium, 3 low flags | 3 | 1 | Call sheet → |
| Q1'26 | May 1, 2026 | 10/12 | 3 medium, 3 low flags | 2 | 1 | Call sheet → |
| Q4'25 | February 23, 2026 | 10/12 | 3 medium, 3 low flags | 3 | 1 | Call sheet → |
| Q3'25 | October 31, 2025 | 9/12 | 1 medium, 5 low flags | 3 | 3 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Increasing clarity on Millstone later this year Still waiting for Connecticut DEEP decision, timeline uncertain |
| Q2'26 | Delivered | First power from CVOW in March Achieved first power milestone as committed |
| Q2'26 | Delivered | Complete equity program consistent with ATM guidance Completed full 2026 program as promised |
| Q2'26 | Delivered | FFO to debt above 15% Both full year 2025 and LTM metrics above 15% target |
| Q2'26 | Pending | Operating earnings guidance affirmed Reaffirmed but Q2 at $0.79 vs Q1 $0.95 raises questions about H2 trajectory |
| Q2'26 | Missed | Majority of turbines in service by end of 2026 Pushed to end of 2027, a 6-month delay from original timeline |
| Q1'26 | Pending | CVOW majority of turbines in service by 2026 9 of 176 turbines completed, significant acceleration needed |
| Q1'26 | Missed | Millstone RFP clarity by end of 2025 Still waiting for Q2 RFP decision, timeline pushed to later in 2026 |
| Q1'26 | Pending | Upper half bias in 5-7% growth range starting 2028 Reaffirmed but softened language from 'expect to achieve' to 'bias toward' |
| Q1'26 | Pending | $400-600M remaining equity issuance for 2026 After $1.2B YTD issuance, on track with original plan |
| Q1'26 | Delivered | Maintain above 15% FFO-to-debt ratio Q1 LTM above 15% as promised |
| Q1'26 | Pending | 2026 operating EPS guidance of $3.50 midpoint excluding 45Z credits Q1 at $0.95 tracking well to guidance, reaffirmed |
| Q1'26 | Delivered | CVOW first power by March 2026 Achieved first power in March as committed |
| Q4'25 | Exceeded | Maintain balance sheet conservatism with strong credit metrics Moody's CFO to debt nearly 100 bps above downgrade threshold, best since 2012 |
| Q4'25 | Exceeded | Weather-normal sales continue to be strong tailwind DEV sales up 5.4% weather-normal, all top 20 peak demand days in last 14 months |
| Q4'25 | Delivered | Capital investment forecast update on Q4 call Delivered comprehensive $65B five-year update, 30% increase from prior plan |
| Q4'25 | Pending | CVOW project completion by end of 2026 Quietly extended contingency to July 2027, admits some turbines may slip to early 2027 |
| Q4'25 | Pending | First power delivered in late Q1 2026 Still targeting March 2026 but now hedging with 'early 2027' language for full completion |
| Q4'25 | Missed | First turbine installation to occur late next month (November 2025) Actually started January 2026, 2+ month delay blamed on Charybdis punch list items |
| Q3'25 | Delivered | Reaffirm all existing financial guidance Narrowed 2025 range to $3.33-$3.48 while preserving $3.40 midpoint |
| Q3'25 | Delivered | Maintain 15% FFO to debt ratio starting 2025 Still tracking to 15% with 100-200 bps cushion above downgrade thresholds |
| Q3'25 | Exceeded | Monopile installation completion during season Completed 100% of monopiles one month ahead of schedule |
| Q3'25 | Pending | CVOW project completion by end of 2026 Still expected but now acknowledging some turbines may slip to early 2027 |
| Q3'25 | Missed | PJM network upgrade costs in July PJM delayed to late September, now expect year-end conclusion |
| Q3'25 | Missed | Charybdis sea trials completion in July Electric cable terminations took longer than expected, now starting sea trials in November |
| Q3'25 | Missed | First turbine installation in September 2025 Slipped to November due to Charybdis vessel delays and punch list items |
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