EVERSOURCE ENERGYES

EVERSOURCE ENERGY Financial Overview 2021–2025

Updated Aug 15, 2026

Eversource Energy swallowed a $1.95 billion 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 billion 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 billion market cap company at 14.8x earnings, with shares closing at $67.33 at the end of FY2025.

Recent Developments (Q1 and Q2 2026)

Eversource Energy is pursuing legal action to stay a recent mandate that imposes retroactive rate refunds spanning over a decade. Management anticipates this decision will cause a $70 million hit to 2026 after-tax earnings, prompting revised 2026 non-GAAP guidance of $4.57 to $4.72 per share. Furthermore, finalizing the water business divestiture triggered a $115 million non-cash charge in Q2 2026. To support long-term capital needs, the company issued $1.5 billion in junior subordinated notes in February 2026, maturing in 2056.

Bulls appreciate the fully fixed-rate debt structure and passed-through commodity costs that shield core operations from macroeconomic volatility. Conversely, bears warn that massive retroactive rate refunds could severely pressure near-term cash flows amid prolonged litigation. The stock traded at a modest 15.8x earnings as of August 3, 2026, reflecting a cautious market multiple as investors digest this ongoing rate uncertainty.

What to watch: progress on the motion to stay retroactive refunds; future updates to capital infrastructure investments

Rev

$13.49B

+14.3% YoY

FY2025

NI

$1.70B

+107.5% YoY

FY2025

EPS

$4.56

+100.9% YoY

FY2025

OCF

$4.11B

+90.5% YoY

FY2025

Revenue Trend
Beta

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

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Data from SEC Company Facts

All ES Financial Metrics(53)

Recent SEC Filings

EVERSOURCE ENERGY 8-K Report, Financial Results (Jul 30, 2026)

Eversource Energy (ES) has filed an 8-K report on July 30, 2026, primarily to disclose its unaudited financial results for the second quarter and the first six months ended June 30, 2026. The report includes a news release (Exhibit 99.1) and a related financial report (Exhibit 99.2) detailing these results. Investors should note that this information, while provided, is not officially "filed" with the SEC and is not automatically incorporated into future registration statements unless explicitly stated. Furthermore, the company announced a webcast conference call scheduled for July 31, 2026, to discuss these financial performance updates with analysts. Presentation slides for this call (Exhibit 99.3) are also included with the filing. This provides an immediate opportunity for investors to gain further insights and context directly from Eversource Energy's senior management regarding their recent financial performance and outlook.

EVERSOURCE ENERGY 8-K Report, Financial Results (Jul 1, 2026)

Eversource Energy (ES) has announced the successful completion of the sale of its subsidiary, Aquarion Water Company, for $2.4 billion in cash to the Aquarion Water Authority. The net proceeds of approximately $1.7 billion are earmarked for debt reduction, which is a positive step towards strengthening the company's balance sheet. However, investors should note that the company expects to recognize an after-tax non-cash, non-recurring charge of approximately $115 million, or $0.31 per share, in the second quarter of 2026 as a result of this sale. The company also provided clarification on its use of non-GAAP financial measures, emphasizing that these are used for internal performance evaluation and planning, excluding items like the loss on the sale and a prior FERC decision charge. Management believes these exclusions provide a more meaningful representation of ongoing operational performance and future outlook. Investors are encouraged to review these non-GAAP measures cautiously and in conjunction with GAAP reporting, as they do not represent a direct legal interest in the assets and liabilities of specific businesses.

EVERSOURCE ENERGY 8-K Report, Financial Results (May 6, 2026)

Eversource Energy filed an 8-K on May 6, 2026, primarily announcing its unaudited financial results for the first quarter ended March 31, 2026. This report includes a news release and financial data for the company and its key subsidiaries, providing investors with an update on operational and financial performance. Additionally, the filing details the outcomes of the company's 2026 Annual Meeting of Shareholders, where several key proposals were voted upon by the shareholders. The annual meeting saw the election of all nine nominees to the Board of Trustees for one-year terms. Shareholders also approved, on an advisory basis, the compensation of the Company's Named Executive Officers for 2025 and ratified the selection of Deloitte & Touche LLP as the independent registered public accounting firm for 2026. However, a shareholder proposal requesting an "Independent Board Chairman" was not approved. The company also announced a forthcoming webcast on May 7, 2026, to discuss first-quarter financial performance.

EVERSOURCE 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.

EVERSOURCE ENERGY 8-K Report, Financial Obligation (Feb 26, 2026)

Eversource Energy (ES) announced on February 26, 2026, the issuance of $1.5 billion in aggregate principal amount of Junior Subordinated Notes. This offering is split equally between $750 million of Series A Notes and $750 million of Series B Notes, both due in 2056. These notes are unsecured obligations of the company and were issued under separate supplemental indentures to a master Junior Subordinated Note Indenture, with The Bank of New York Mellon Trust Company, N.A. serving as trustee. This debt issuance represents a significant capital raise for Eversource Energy. Investors should note that these are junior subordinated notes, which typically carry higher risk and offer potentially higher yields compared to senior debt. The long-term maturity of 2056 suggests the company is seeking to finance long-term projects or refinance existing debt with a protracted repayment schedule. Further details on the terms, covenants, and specific use of proceeds would be found in the prospectus supplement and related filings.

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