10-KPeriod: FY2025

EVERSOURCE ENERGY Annual Report, Year Ended Dec 31, 2025

Filed February 17, 2026For Securities:ES

Summary

Eversource Energy (ES) reported a significant rebound in financial performance for 2025, with net income attributable to common shareholders reaching $1.69 billion, or $4.56 per diluted share, a substantial increase from $811.7 million, or $2.27 per diluted share, in 2024. Excluding specific charges related to offshore wind investments and the pending sale of its water business, the company's non-GAAP earnings were $1.77 billion, or $4.76 per share, compared to $1.63 billion, or $4.57 per share, in the prior year. This improvement was driven by higher revenues across its electric distribution, electric transmission, and natural gas distribution segments, largely due to rate increases and investments in infrastructure. Looking ahead, Eversource projects 2026 non-GAAP earnings per share to be between $4.80 and $4.95, with a long-term EPS growth rate target of 5-7% through 2030. The company also reported robust operating cash flows and managed its liquidity effectively, issuing significant amounts of new long-term debt while repaying existing obligations. Capital expenditures are projected to be substantial, totaling $26.51 billion from 2026 through 2030, primarily focused on electric and natural gas distribution and transmission infrastructure upgrades, signaling a continued commitment to modernization and reliability.

Financial Highlights

47 data points
Beta

Revenue

$13.49B

Net Income

$1.70B

12.6% Net Margin

EPS (Diluted)

$4.56

Total Assets

$63.79B

Cash & Equivalents

$135.35M

Free Cash Flow

-$45.10M

Financial Statements
Beta
Revenue$13.49B
Operating Expenses$10.56B
Operating Income$2.99B
Net Income$1.70B
EPS (Basic)$4.56
EPS (Diluted)$4.56
Shares Outstanding (Basic)370.85M
Shares Outstanding (Diluted)371.26M

Key Highlights

  • 1Eversource Energy reported a strong financial recovery in 2025 with net income of $1.69 billion ($4.56/share), up from $811.7 million ($2.27/share) in 2024.
  • 2Non-GAAP earnings for 2025 were $1.77 billion ($4.76/share), indicating improved operational performance after excluding certain charges.
  • 3The company projects 2026 non-GAAP EPS between $4.80 and $4.95 and anticipates a long-term EPS growth rate of 5-7% through 2030.
  • 4Operating cash flows significantly increased to $4.11 billion in 2025 from $2.16 billion in 2024.
  • 5Capital expenditures are planned at $26.51 billion for 2026-2030, with significant investments in electric distribution ($11.24 billion), natural gas distribution ($6.80 billion), and electric transmission ($7.24 billion) to enhance infrastructure.
  • 6Eversource paid a total of $1.09 billion in common share dividends in 2025, an increase from $1.00 billion in 2024, reflecting a commitment to shareholder returns.
  • 7The company is navigating several regulatory developments, including rate case decisions, settlements, and appeals in Connecticut, Massachusetts, and New Hampshire, which are anticipated to be managed within existing recovery mechanisms.

Frequently Asked Questions

In 2025, Eversource Energy reported a significant increase in net income attributable to common shareholders to $1.69 billion, or $4.56 per diluted share, compared to $811.7 million, or $2.27 per diluted share, in 2024. This improvement was driven by higher revenues across its electric distribution, electric transmission, and natural gas distribution segments, primarily due to rate increases authorized by regulators and ongoing investments in infrastructure modernization and reliability.

Eversource Energy projects its non-GAAP earnings per share for 2026 to be in the range of $4.80 to $4.95. Looking further ahead, the company targets a long-term earnings per share growth rate of 5% to 7% annually through 2030, based on its 2025 non-GAAP EPS of $4.76 per share. This outlook is supported by planned capital expenditures aimed at system enhancements and regulatory approvals for rate adjustments.

Eversource Energy plans significant capital expenditures of $26.51 billion from 2026 through 2030, focusing on upgrading its electric and natural gas distribution and transmission infrastructure. To fund these investments and manage its operations, the company maintains robust liquidity. In 2025, operating cash flows increased substantially to $4.11 billion, and the company issued $2.94 billion in new long-term debt while repaying $1.40 billion, demonstrating active management of its capital structure.

Eversource Energy is actively engaged in various regulatory proceedings across Connecticut, Massachusetts, and New Hampshire. Key developments include rate case decisions, settlements, and ongoing appeals. The company expects these regulatory actions, which are crucial for cost recovery and establishing future rates, to be managed within existing frameworks and to support its investment recovery and earnings outlook. Specific regulatory matters related to storm cost recovery, performance-based regulation, and rate adjustments are ongoing and subject to regulatory review and approval.