The grid build-out
The largest regulated utilities' spending on power plants, transmission and distribution, much of it now for data-center load. A utility spending more than its operating cash is normal: it borrows and issues shares, and earns a regulated return on what it builds. Their outlooks are usually five-year plans.
Utilities capex $139.2B, free cash flow −$57.8B over the past 4 quarters
| Company | Latest quarter | Capex | Free cash flow | Capex / cash | Capex vs yr ago | FCF < 0 | Capex outlook |
|---|---|---|---|---|---|---|---|
| NEE NextEra | Sep 30, 2026 | $8.2B | −$3.1B | 162% | +43% | 4/4 | — |
| DUK Duke Energy | Jun 30, 2026 | $4.2B | −$1.4B | 150% | +27% | 3/4 | — |
| SO Southern | Jun 30, 2026 | $3.7B | −$641.0M | 121% | +32% | 3/4 | — |
| PCG PG&E | Sep 30, 2026 | $3.3B | −$794.0M | 132% | +13% | 4/4 | 2027 $11B lowered Oct 22 |
| XEL Xcel Energy | Jun 30, 2026 | $2.9B | −$1.8B | 268% | +21% | 4/4 | — |
| SRE Sempra | Jun 30, 2026 | $2.2B | −$918.0M | 170% | -3% | 4/4 | 2026 $11B raised Aug 6 |
| EXC Exelon | Jun 30, 2026 | $2.2B | −$255.0M | 113% | +9% | 3/4 | 2026 $10B Jul 30 |
| ETR Entergy | Jun 30, 2026 | $2.8B | −$885.7M | 147% | +38% | 3/4 | — |
| D Dominion | Jun 30, 2026 | $2.8B | −$1.2B | 176% | -8% | 4/4 | — |
| AEP American Electric Power | Jun 30, 2026 | $2.8B | −$874.0M | 146% | +45% | 3/4 | 2026-2030 $78B Jul 30 |
Capex is purchases of property and equipment as each company tags it in its SEC filings (XBRL); some companies' own free cash flow also subtracts finance-lease payments, so theirs can be lower. Each quarter as first reported; fiscal years differ (Microsoft's ends in June, Oracle's in May), so "latest quarter" is not the same calendar quarter for all. Outlooks are read by AI from earnings releases and 10-Q / 10-K filings; some companies give theirs only on the earnings call, which Wallsti does not read.
Who lives on it
| Grid equipment & contractors | GEV GE Vernova · ETN Eaton · HUBB Hubbell · PWR Quanta Services · MYRG MYR Group · POWL Powell Industries |
When a utility reports after the close, its stock page and the ranking show these companies' after-hours moves next to it. Listings abroad are context only.