01—Abstract
Summary
Summary of the 10-K filed February 17, 2026. Cited figures are marked; the original filing is the authoritative source.
Eversource Energy (ES) reported a significant rebound in financial performance for 2025, with net income attributable to common shareholders reaching $1.69 billiona, 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 billionb, 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 billionc from 2026 through 2030, primarily focused on electric and natural gas distribution and transmission infrastructure upgrades, signaling a continued commitment to modernization and reliability.
02—Key points
Key Highlights
- Eversource 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.
- Non-GAAP earnings for 2025 were $1.77 billion ($4.76/share), indicating improved operational performance after excluding certain charges.
- The 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.
- Operating cash flows significantly increased to $4.11 billion in 2025 from $2.16 billion in 2024.
- Capital 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.
- Eversource 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.
- The 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.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 17, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $13.49B$11.80B | +14.3% |
| Operating Expenses | $10.56B$9.49B | +11.2% |
| Operating Income | $2.99B$2.41B | +24.1% |
| Net Income | $1.70B$819.17M | +107.5% |
| EPS (Basic) | $4.56$2.27 | +100.9% |
| EPS (Diluted) | $4.56$2.27 | +100.9% |
| Shares Outstanding (Basic) | 370.85M357.48M | +3.7% |
| Shares Outstanding (Diluted) | 371.26M357.78M | +3.8% |
05—Questions
Frequently Asked Questions
What was Eversource Energy's financial performance in 2025, and what are the key drivers of this performance?
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.
What is Eversource Energy's outlook for earnings and growth in the coming years?
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.
How is Eversource Energy managing its capital expenditures and liquidity?
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.
What are the key regulatory developments and their potential impact on Eversource Energy?
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.
06—Continue