Private company

Cleco Corporate Holdings LLC

Cleco Corporate Holdings LLC is a public utility holding company.1 It is headquartered in Pineville, Louisiana.1

Last updated Oct 20, 2026.

Overview

$1.3BRevenue, fiscal 20252
$195.2MNet income, fiscal 20252
  • IndustryElectric Services1
  • HeadquartersPineville, Louisiana1
  • Incorporated inLA3
  • Business address2030 Donahue Ferry Road, Pineville, La 71360-52263
  • Filer categoryNon-accelerated filer3

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Cleco Holdings is a public utility holding company that holds investments in its principal operating business segment, Cleco Power, and prior to the close of the Cleco Cajun Divestiture, Cleco Cajun. Cleco Holdings, subject to certain limited exceptions, is exempt from regulation as a public utility holding company pursuant to provisions of the Public Utility Holding Company Act of 2005. Cleco Holdings’ predecessor was incorporated on October 30, 1998, under the laws of the state of Louisiana. In 2016, Cleco Holdings became a direct, wholly owned subsidiary of Cleco Group and an indirect, wholly owned subsidiary of Cleco Partners.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

28.2%Operating margin2
15.4%Net margin2
14.6%Revenue growth, 20252
-$73.0MFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs69¢$879.1M
  • Interest12¢$151.1M
  • Income tax3¢$39.6M
  • Profit15¢$195.2M

Out of $1.3B in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$348.9M

Out of $275.8M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2

Financial statements

Revenue6789102$1.3B in 2025+6% since 2018
0$500.0M$1.0B$1.5B$2.0B2018: $1.2B$1.2B20182019: $1.6B$1.6B2019+31%2020: $1.4B$1.4B2020−9%2021: $1.2B$1.2B2021−14%2022: $1.6B$1.6B2022+30%2023: $1.2B$1.2B2023−24%2024: $1.1B$1.1B2024−8%2025: $1.3B$1.3B2025+15%
Operating income11789102$356.8M in 2025+46% since 2018
0$100.0M$200.0M$300.0M$400.0M2018: $244.6M$244.6M20182019: $314.9M$314.9M2019+29%2020: $305.1M$305.1M2020−3%2021: $292.0M$292.0M2021−4%2022: $399.4M$399.4M2022+37%2023: $59.5M$59.5M2023−85%2024: $227.5M$227.5M2024+283%2025: $356.8M$356.8M2025+57%
Net income11789102$195.2M in 2025+107% since 2018
-$100.0M0$100.0M$200.0M2018: $94.4M$94.4M20182019: $152.7M$152.7M2019+62%2020: $122.3M$122.3M2020−20%2021: $195.0M$195.0M2021+59%2022: $188.8M$188.8M2022−3%2023: -$15.2M-$15.2M20232024: $110.4M$110.4M20242025: $195.2M$195.2M2025+77%
Fiscal year20182019202020212022202320242025
Revenue$1.2B6$1.6B7$1.4B8$1.2B9$1.6B10$1.2B2$1.1B2$1.3B2
Operating expenses$934.3M9$1.2B10$1.2B2$920.2M2$975.0M2
Operating income$244.6M11$314.9M7$305.1M8$292.0M9$399.4M10$59.5M2$227.5M2$356.8M2
Interest$126.6M11$141.3M7$137.9M8$128.8M9$144.0M10$164.9M2$153.6M2$151.1M2
Income before tax$161.3M9$253.2M10-$94.9M2$79.0M2$234.8M2
Income tax$29.4M11$43.2M7$35.7M8$1.3M9$20.0M10-$65.1M2$14.1M2$39.6M2
Net income$94.4M11$152.7M7$122.3M8$195.0M9$188.8M10-$15.2M2$110.4M2$195.2M2
Earnings per share
Earnings per share (diluted)

Compare Cleco Corporate Holdings LLC with another company

Corporate structure

Cleco Corporate Holdings LLC sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Cleco Corporate Holdings LLC Pineville, Louisiana
    • Cleco Power LLC Subsidiary · Louisiana, United States
    • Cleco Securitization I LLC Subsidiary · Louisiana, United States
    • Cleco Securitization II LLC Subsidiary · Louisiana, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Cleco Corporate Holdings LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$267.5M2 Dec 31, 2025$250.4M2 Dec 31, 2024+6.8%
Property and equipment, net$4.2B2 Dec 31, 2025$4.1B2 Dec 31, 2024+3.9%
Finance-lease assets$010 Dec 31, 2024$10.4M10 Dec 31, 2023−100.0%
Operating-lease assets (leased space)$12.9M2 Dec 31, 2025$14.9M2 Dec 31, 2024−13.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$171.1M2 Dec 31, 2025$30.5M2 Dec 31, 2024+461.4%
Stakes in other companies (equity method)$1.9M2 Dec 31, 2025$1.9M2 Dec 31, 20240%
Deposits held (banks)$4.4M2 Dec 31, 2025$14.8M2 Dec 31, 2024−70.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.5B2 Dec 31, 2025$1.5B2 Dec 31, 20240%
Finite-lived intangibles, gross$714.9M2 Dec 31, 2025$415.9M2 Dec 31, 2024+71.9%
Accumulated amortization$53.7M2 Dec 31, 2025$31.0M2 Dec 31, 2024+73.0%
Finite-lived intangibles, net$661.2M2 Dec 31, 2025$384.9M2 Dec 31, 2024+71.8%

Properties, in its own words

All of Cleco Power’s electric generating stations and electric operating properties are located in Louisiana. Cleco Power considers all of its properties to be well maintained, in good operating condition, and suitable for their intended purposes. For more information on Cleco Power’s generating facilities, see Item 1, “Business — Operations — Cleco Power.”

Electric Generating Stations

The rest of Item 2

As of December 31, 2025, Cleco Power either owned or had an ownership interest in four steam electric generating stations, three combined cycle units, and one gas turbine with a combined rated capacity of 2,676 MW, and a combined electric net generating capacity of 2,563 MW. The net generating capacity is the result of capacity tests and operational tests performed in 2024 and 2025, as required by MISO. This amount reflects the maximum production capacity these units can sustain over a specified period of time. For more information on Cleco Power’s generating facilities, see Item 1, “Business — Operations — Cleco Power.”

Electric Substations

As of December 31, 2025, Cleco Power owned 97 active transmission substations and 248 active distribution substations.

Electric Lines

As of December 31, 2025, Cleco Power’s transmission system consisted of 67 circuit miles of 500-kiloVolt (kV) lines; 615 circuit miles of 230-kV lines; 689 circuit miles of 138-kV lines; and 29 circuit miles of 69-kV lines. Cleco Power’s distribution system consisted of 3,438 circuit miles of 34.5-kV lines and 8,884 circuit miles of other lines.

General Properties

Cleco Power owns various properties throughout Louisiana, which include a headquarters office building, regional offices, service centers, telecommunications equipment, and other general-purpose facilities.

Title

Cleco Power holds full ownership of its electric generating plants and certain other principal properties. Electric transmission and distribution lines are located either on private rights-of-way or along streets or highways by public consent.

Item 2 of the 10-K filed Mar 27, 2026.5

Leadership

Who has led Cleco Corporate Holdings LLC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael Madison2006–2012
  2. Bruce A. Williamson2011–2016

President

  1. Dilek Samil Sr.2006–2010
  2. Michael Madison2006–2012
  3. George W. Bausewine2010–2012
  4. Bruce A. Williamson2011–2016
  5. Darren J. Olagues2014–2016

Chief financial officer

  1. Kathleen F. Nolen2006–2008
  2. Darren J. Olagues2010–2013
  3. Thomas R. Miller2014–2016

Chief operating officer

  1. Dilek Samil Sr.2006–2010
  2. George W. Bausewine2010–2012
2010201520202025
Board members and other officers (36)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Cleco Power LLC Louisiana4
  • Cleco Securitization I LLC Louisiana4
  • Cleco Securitization II LLC Louisiana4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • CLECO CORPJul 8, 1999 to Apr 1, 20163
  • CLECO HOLDING CORPJun 30, 1999 to Jun 30, 19993

Timeline

  1. Apr 29, 20268-K Entered a material agreement; New debt or obligation61
  2. Apr 27, 20268-K Other events62
  3. Nov 21, 20258-K Entered a material agreement; New debt or obligation63
  4. Oct 23, 20258-K Executive or director change64
  5. Sep 30, 20258-K Executive or director change65
  6. Jul 11, 20248-K Executive or director change66
  7. Jun 4, 20248-K Completed an acquisition or sale67
  8. May 21, 20248-K Entered a material agreement; New debt or obligation68
  9. May 21, 20248-K Entered a material agreement; New debt or obligation69
  10. Feb 13, 20248-K Executive or director change70
  11. Dec 4, 20238-K Executive or director change71
  12. Nov 29, 20238-K Entered a material agreement72
  13. Apr 28, 2011New chief executive Bruce A. Williamson becomes CEO18
  14. Jan 30, 2006New chief executive Michael Madison becomes CEO19

Filings

38 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 18 major events. The latest 20:

  1. Aug 7, 202610-Q EDGAR
  2. May 12, 202610-Q EDGAR
  3. Apr 29, 20268-K EDGAR
  4. Apr 27, 20268-K EDGAR
  5. Mar 27, 202610-K EDGAR
  6. Nov 21, 20258-K EDGAR
  7. Nov 7, 202510-Q EDGAR
  8. Oct 23, 20258-K EDGAR
  9. Sep 30, 20258-K EDGAR
  10. Aug 8, 202510-Q EDGAR
  11. May 12, 202510-Q EDGAR
  12. Mar 7, 202510-K EDGAR
  13. Nov 6, 202410-Q EDGAR
  14. Aug 12, 202410-Q EDGAR
  15. Jul 11, 20248-K EDGAR
  16. Jun 4, 20248-K EDGAR
  17. May 21, 20248-K EDGAR
  18. May 21, 20248-K EDGAR
  19. May 8, 202410-Q EDGAR
  20. Mar 8, 202410-K EDGAR

The 38 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How Cleco Corporate Holdings LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCleco Corporate Holdings LLC1
  • CIK0001089819
  • Employer ID (EIN)72-14452825
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inLouisiana5
  • Fiscal year endsDecember 311
  • Industry code (SIC)4911 Electric Services1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address2030 Donahue Ferry Road, Pineville, LA 71360-52261
  • Mailing addressP.O. Box 5000, Pineville, LA 71361-50001
  • Phone318-484-74001
  • Shares outstanding0 as of Mar 31, 202612
  • Public float$0 as of Jun 30, 20252
  • AuditorPricewaterhouseCoopers LLP, New Orleans, Louisiana PCAOB ID 238; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJun 30, 19991
  • Filings1,583 in all: 4 (836), 8-K (246), 10-Q (81), 4/A (55), 144 (44), 5 (36), SC 13G/A (30), DEFA14A (28)1
    All 45 form types

    10-K (27), 3 (23), 11-K (15), 8-K/A (15), DEF 14A (15), UPLOAD (15), SC 13G (12), CORRESP (10), S-3/A (10), 10-K/A (9), 424B5 (8), S-8 (7), U-3A-2 (7), 10-Q/A (5), S-8 POS (5), NO ACT (4), S-3ASR (4), U-3A-2/A (4), PRE 14A (3), S-3 (3), U-1/A (3), 144/A (2), 424B3 (2), 8-A12B (2), EFFECT (2), POS AM (2), S-4 (2), U-1 (2), 15-12B (1), 15-15D (1), 25-NSE (1), 35-CERT (1), 5/A (1), 8-A12B/A (1), ARS (1), DEFM14A (1), PREM14A (1)

  • Latest filingsAnnual report (10-K) Mar 27, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Mar 14, 2014
    Latest 8-K (8-K) Apr 29, 2026

Risk factors and legal proceedings

The risks Cleco Corporate Holdings LLC names in Item 1A of its 10-K filed Mar 27, 2026: 41 risks under these headings, as written.5

  • Holding Company
  • Cleco Holdings is a holding company and its ability to meet its debt obligations is dependent on the cash generated by its subsidiaries.
  • Future Electricity Sales
  • Cleco’s future electricity sales and cash flows could be negatively affected by adverse macroeconomic conditions.
  • Various factors impacting supply and demand for electricity could affect operating results.
  • Weather and Climate Vulnerabilities
  • Cleco Power’s operations and power generation could be harmed due to the impact of severe weather events, natural disasters, or climate change.
  • The operating results of Cleco Power are affected by weather conditions and may fluctuate on a seasonal basis.
  • Failure to attract, recruit, retain, and develop an appropriately qualified workforce could negatively affect business operations.
  • Technology, Nation-State, and Hacktivist Threats
  • The operational and information technology systems on which Cleco relies to conduct its business and serve customers could fail to function properly due to technological problems, cyber breaches, physical attacks on Cleco’s assets, acts of terrorism, severe weather, solar events, electromagnetic events, natural disasters, the age and condition of information technology assets, human error, or other reasons that could disrupt Cleco’s operations and cause Cleco to incur unanticipated losses and expenses.
  • Cleco Power’s Generation, Transmission, and Distribution Facilities
The other 32 risks
  • Cleco Power’s generation facilities are susceptible to unplanned outages, changes in customer demand, significant maintenance requirements, and interruption of fuel deliveries.
  • The construction of and capital improvements to power generation, transmission, and distribution facilities involve substantial risks. Should construction or capital improvement efforts be unsuccessful or significantly more expensive than planned, these issues could materially impact Cleco’s cost structure and financial condition.
  • Alternative Generation Technology
  • Changes in technology may have a material adverse effect on the value of Cleco Power’s generating facilities.
  • Cleco is subject to litigation, and adverse outcomes could significantly impact its operations.
  • Transmission and Generation Planning
  • Participation in MISO’s ERAS could significantly impact Cleco’s long-term generation planning and affect the ability to meet future reliability and capacity needs.
  • Regulatory Compliance
  • Cleco operates in a highly regulated environment and adverse regulatory decisions or changes in applicable regulations could result in operational restrictions, penalties, disallowances, or significant additional costs.
  • Cleco Power’s Rates
  • The LPSC and FERC regulate the retail rates and wholesale transmission tariffs, respectively, that Cleco Power can charge its customers.
  • Retail Electric Service
  • Cleco Power’s retail electric rates and business practices are regulated by the LPSC and reviews may result in refunds to customers.
  • The LPSC conducts fuel audits that could result in Cleco Power making substantial refunds of previously recorded revenue.
  • The LPSC conducts audits of environmental costs that could result in Cleco Power making substantial refunds of previously recorded revenue.
  • FERC conducts audits that could result in Cleco Power making refunds of previously recorded revenue.
  • MISO market operations could increase costs, require capacity purchases, or result in refund obligations.
  • Reliability and CIP Standards Compliance
  • Cleco is subject to mandatory reliability and CIP standards. Fines and civil penalties are imposed on those who fail to comply with these standards.
  • Environmental Compliance
  • Cleco’s costs of compliance with environmental laws and regulations are significant. The costs of compliance with new environmental laws and regulations, as well as the incurrence of incremental environmental liabilities, could be substantial.
  • Wholesale Electric Service
  • Cleco Power’s business practices are regulated by FERC, and the wholesale rates of Cleco Power are subject to FERC’s triennial market power analysis. Cleco Power could lose the right to sell wholesale generation at market-based rates.
  • Strategic Review and Goodwill Impairment Considerations
  • Cleco’s shareholder group initiated a process to explore the potential sale of the equity interest of Cleco Group. Future developments in this process could result in an impairment of the Cleco Power reporting unit.
  • Commodity and Commercial Transactions
  • Cleco may enter into fuel supply contracts, energy hedge transactions, and/or commercial transactions with swap dealers and suppliers. If risks related to these transactions are not managed effectively, Cleco could incur losses or increased costs.
  • Transmission Congestion
  • Transmission congestion may increase energy costs or result in curtailments.
  • Counterparty Risk and Guarantees
  • Cleco may be required to provide credit support to its counterparties.
  • Cleco is exposed to the risk that counterparties may not meet their performance obligations in the expected time frame or at all.
  • Global Economic Environment and Uncertainty
  • Adverse capital market performance could result in reductions in the fair value of benefit plan assets and increase Cleco’s liabilities related to such plans. Sustained declines in the fair value of the plan’s assets or sustained increases in plan liabilities could result in significant increases in funding requirements.
  • Cleco Credit Ratings
  • A downgrade in Cleco Holdings’ or Cleco Power’s credit ratings could increase borrowing costs, reduce access to capital markets, and restrict Cleco Power’s ability to make distributions to Cleco Holdings.
  • Cleco Power LLC’s Unsecured and Unsubordinated Obligations
  • Cleco Power LLC’s unsecured and unsubordinated obligations, including its senior notes, are effectively subordinated to any secured debt of Cleco Power LLC and structurally subordinated to indebtedness and other liabilities and preferred equity of any of Cleco Power LLC’s subsidiaries.
  • Trade Policies
  • Changes in U.S. and foreign trade policies and the implementation thereof could increase Cleco’s project and operating costs.
  • Government Actions and Policy Changes
  • The current Presidential administration may propose further substantial changes to environmental, fiscal, and tax policies.
  • Changes in taxation due to uncertain effects of various tax reform legislation, as well as the inherent difficulty in quantifying potential tax effects of business decisions, may increase tax expense or create additional tax liabilities.
  • Cleco’s insurance coverage may not be sufficient and may become more costly to maintain.
  • Global Economic Uncertainty and Access to Capital
  • Disruptions in the capital and credit markets may increase borrowing costs, reduce access to capital, or constrain liquidity.
  • Inflation may increase operating and capital costs.

Legal proceedings

For information on legal proceedings affecting Cleco, see Item 1, “Business — Environmental Matters — Air Quality,” Item 1A, “Risk Factors — Operational Risks — Litigation,” and Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation.”

For information on legal proceedings affecting Cleco Power, see Item 1, “Business — Environmental Matters — Air Quality” and Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation.”

The opening of Item 3, Legal Proceedings.5

Sources

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    SEC EDGAROther events
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