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Eversource EnergyES

Sector
Energy
Industry
Electric Services
Exchange
NYSE

Stock Price $ES

Latest filings

You are here#25 of 32 in Utilities by market cap

Filing record · 2016–202610-K1110-Q338-K126

ES filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 126 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Impairment8-K · Jul ’19Jul ’19
  3. Leadership change8-K · May ’21May ’21
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $13.49B
YoY changeLargest recent move+25.0%in FY22Latest +14.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All ES Financial Metrics53 metrics

Income Statement11

Balance Sheet23

Cash Flow14

Per Share5

02—Overview

Eversource Energy Financial Overview 2021–2025

Updated Nov 7, 2026

Eversource Energy swallowed a $1.95 billiona impairment charge to abandon its offshore wind aspirations, a strategic pivot that ultimately fortified its core utility operations. By severing these volatile alternative energy investments, the company operates as a streamlined regulated infrastructure business leveraging rate-based capital expenditures to drive predictable earnings growth.

Net income climbed from $1.22 billion in FY2021 to $1.69 billionb in FY2025, demonstrating the underlying resilience of its electric and natural gas distribution network despite the intervening renewable energy misstep. Management is aggressively expanding this core, projecting $26.51 billion in capital expenditures from 2026 through 2030. This infrastructure focus generated a surge in liquidity, with operating cash flows jumping to $4.11 billion in FY2025. Eversource further optimized its portfolio by finalizing the $2.4 billion cash sale of its Aquarion water business in Q2 2026, earmarking $1.7 billion in net proceeds strictly for debt reduction. The company also distributed $1.09 billion in common share dividends in FY2025, rewarding shareholders throughout the transition.

After navigating this multi-year portfolio overhaul and a recent regulatory mandate reducing its transmission return on equity to 9.57%, the market valued the $25.3 billionc market cap company at 14.8x earnings, with shares closing at $67.33 at the end of FY2025.

Recent Developments (Q2 and Q3 2026)

Eversource reported GAAP net income of $53.7 milliond or $0.14 per share in Q2 2026, falling from $352.7 million or $0.96 per share a year earlier due to non-recurring items. The quarterly slump deepened further in Q3 2026, with net income ticking down to $346.0 million or $0.92 per share compared to $367.5 million or $0.99 per share in Q3 2025. Results absorbed a $111.4 million after-tax loss on the June 30, 2026 Aquarion divestiture and a $164.0 million after-tax charge lifting the Revolution Wind contingent liability to $409.2 million. Management narrowed full-year 2026 non-GAAP recurring earnings guidance to $4.62 to $4.70 per share while deploying $3.05 billion into regulated capital expenditures over the first nine months.

Supported by $1.82 billion in cash at mid-year that tapered to $525.4 millione by September 30, 2026, the bull case rests on disciplined execution of a $26.5 billion capital plan targeting 5% to 7% long-term earnings growth, whereas the bear case centers on severe regulatory headwinds, including a pending FERC transmission refund liability reaching up to $968.4 million pre-tax. At 15.3x earnings based on an annual EPS of $4.56 and a $69.84 share price as of the Q3 2026 filing, the equity trades near historical utility multiples.

What to watch: FERC transmission ROE appeal outcomes; Connecticut rate case proceedings

03—Filings

Recent SEC Filings

  1. 8-KEversource Energy 8-K Report, Financial Results (Nov 4, 2026)Eversource Energy (ES) reported its third quarter and nine months ended September 30, 2026, results, with GAAP earnings per share of $0.92 for the quarter and $2.67 for the nine-month period. These figures represent a decrease compared to the prior year's periods, primarily due to several one-time charges and adjustments. Notably, the company incurred charges related to the sale of Aquarion Water Company, an increase in expected future payments for its offshore wind divestiture, and refunds associated with a FERC decision reducing the allowed return on equity for New England transmission owners. Despite these impacts, Eversource is updating its 2026 non-GAAP recurring earnings guidance to a range of $4.62 to $4.70 per share, with an increased midpoint. The company continues to focus on strategic initiatives including capital investment in its infrastructure, maintaining balance sheet strength, and engaging with regulators. A conference call is scheduled for November 5, 2026, to discuss these results and provide further insights.
  2. 8-KEversource Energy 8-K Report, Financial Results (Jul 30, 2026)Eversource Energy (NYSE: ES) reported a sharply lower GAAP result for the second quarter of 2026, with GAAP earnings of $53.7 million, or $0.14 per diluted share, versus $352.7 million, or $0.96 per share, a year earlier. The decline is driven by three non-cash or one-time charges: a $111.4 million after-tax loss tied to the June 30, 2026 sale of Aquarion Water Company, a $164.0 million after-tax charge to increase the offshore wind contingent liability owed to Global Infrastructure Partners, and, for the first half, a $43.9 million charge for estimated refunds tied to the March 2026 FERC decision cutting the New England transmission base ROE from 10.57% to 9.57%. Excluding these items, non-GAAP recurring earnings were $329.1 million, or $0.87 per share, in Q2 2026, and $979.8 million, or $2.60 per share, for the first half, roughly in line with management's revised guidance. Management reaffirmed its 2026 non-GAAP recurring EPS guidance of $4.57 to $4.72, which already reflects the lower transmission ROE and the loss of Aquarion earnings in the second half. The company also reaffirmed a 5% to 7% long-term EPS growth target through 2030 and expects growth toward the upper half of that range by 2028. The Aquarion sale closed with about $1.7 billion of cash, which is being used to reduce parent debt, and Moody's moved its outlook to stable. The company is also pursuing a $2.2 billion ISO-NE longer-term transmission project it has been preliminarily selected for, and a Connecticut rate case filed July 14, 2026 that requests a $451 million base deficiency with a 10.25% ROE. For investors, the key questions are the timing of the FERC ROE outcome (refund exposure runs through mid-2027 and the Section 205 request for an 11.39% ROE is pending), the Revolution Wind commercial operation date (expected by year end), and the execution of the Connecticut rate case and financing plan. The 2026 to 2030 capital plan of $26.5 billion, with about $1.7 billion of incremental opportunities, supports the long-term growth thesis, but near-term reported GAAP earnings remain volatile.
  3. 8-KEversource Energy 8-K Report, Financial Results (Jul 1, 2026)Eversource Energy (ES) announced on June 30, 2026 that it has completed the sale of Aquarion Water Company to the Aquarion Water Authority, a quasi-public Connecticut political subdivision, for a total cash purchase price of $2.4 billion. The transaction was agreed in January 2025 and approved by the Connecticut Public Utilities Regulatory Authority on March 25, 2026. Management says adjusted net equity proceeds of roughly $1.7 billion will be used to pay down Eversource debt, which is framed as a step toward strengthening the balance sheet and credit profile. The sale carries an accounting cost. Eversource expects an after-tax, non-cash, non-recurring charge of approximately $115 million, or $0.31 per share, in the second quarter of 2026. The company also says its revised 2026 non-GAAP EPS guidance of $4.57 to $4.72 already reflects the loss of Aquarion's earnings. Management continues to target a cumulative long-term EPS growth rate of 5% to 7% through 2030 off a $4.65 midpoint base, and expects annual earnings growth in the upper half of that range by 2028. For investors, the key trade-off is a one-time write-down and lost water earnings in exchange for lower leverage and a more focused pipes-and-wires electric and gas utility. The filing also relies on non-GAAP measures that exclude the Aquarion loss and a March 2026 FERC base ROE charge, so investors should weigh GAAP results alongside the adjusted figures.
  4. 8-KEversource Energy 8-K Report, Financial Results (May 6, 2026)Eversource Energy (ES) reported first-quarter 2026 GAAP earnings of $606.8 million, or $1.61 per share, up from $1.50 per share a year earlier. Non-GAAP recurring earnings were $650.7 million, or $1.73 per share. The GAAP figure absorbs a $43.9 million after-tax (about $0.12 per share) charge tied to FERC's March 19, 2026 decision cutting the New England transmission base ROE from 10.57% to 9.57%, including refunds with interest for prior periods. Growth was led by Natural Gas Distribution (up $76.9 million on base rate increases effective November 1, 2025), with Electric Transmission and Electric Distribution also improving. Parent and other losses widened, driven by higher interest expense and a higher effective tax rate. The bigger story for investors is the revised 2026 guidance. Following the FERC order and the potential Aquarion sale, non-GAAP recurring EPS guidance was cut to $4.57-$4.72 from $4.80-$4.95. Management reaffirmed a 5-7% long-term EPS growth target through 2030, using the $4.65 midpoint as the base, and expects growth in the upper half of that range by 2028. The company has filed a Section 205 request for a replacement ROE of 11.39%, expected to take effect later in 2026 subject to refund, and is pursuing rehearing, a refund extension (through May 2027), and a stay motion at the D.C. Circuit. The balance sheet and capital plan remain central to the thesis. The company has a $26.5 billion capital plan for 2026-2030, with about $1.0 billion of incremental opportunities, and it targets FFO-to-debt at least 100 basis points above S&P and Moody's downgrade thresholds. Financing needs are largely met from operating cash flow, with the remainder covered by equity-content hybrids, asset sales, and storm securitization proceeds. Near-term catalysts include the Aquarion sale appeal period, Revolution Wind's second-half 2026 commercial operation date, a Connecticut rate case, and a FERC ROE decision expected in mid-2027.
  5. 8-KEversource Energy 8-K Report, Regulation FD Disclosure (Mar 31, 2026)Eversource Energy (ES) has filed an 8-K detailing its response to a recent Federal Energy Regulatory Commission (FERC) order reducing the authorized return on equity (ROE) for New England transmission owners. The company views this decision, which sets a base ROE of 9.57% and a maximum incentive ROE of 12.09%, as arbitrary and inconsistent with federal law, arguing it uses outdated data and fails to reflect current economic conditions. This reduction is expected to have significant negative impacts on transmission owners and customers by increasing the cost of capital for essential infrastructure upgrades and potentially eroding investor confidence. In response, Eversource is pursuing legal action, including a motion for a stay of the order, and is considering a Section 205 filing to propose updated rates. The company also highlights concerns about potential retroactive refunds, which could be implemented over 18-24 months if upheld. The negative impact on Eversource's 2026 earnings is estimated at approximately $70 million due to the ROE change, leading to a revised non-GAAP earnings guidance range of $4.57 to $4.72 per share. The company reiterates its long-term earnings per share growth target of 5-7% through 2030.
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04—See also

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