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Eversource Energy 8-K Report, Financial Results (Oct 14, 2025)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed October 14, 2025
Period End
October 14, 2025
Security
ES
In the 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. Impairment8-K · Jul ’19Jul ’19
  2. Leadership change8-K · Dec ’22Dec ’22
  3. Leadership change8-K · Dec ’24Dec ’24

01—Abstract

Summary

Summary of the 8-K filed October 14, 2025. Cited figures are marked; the original filing is the authoritative source.

Eversource Energy (NYSE: ES) disclosed on October 14, 2025 that it has increased its contingent liability to Global Infrastructure Partners (GIP) by approximately $285 milliona related to post-closing purchase price adjustments from the September 30, 2024 sale of its South Fork Wind and Revolution Wind projects.

The increase reflects revised Revolution Wind construction cost projections that include insurance costs, tariff impacts, damage to the turbine installation vessel, and costs from the August 22, 2025 BOEM stop-work order that halted offshore wind construction through September 22, 2025. Eversource expects a federal tax benefit of approximately $210 millionb tied to tax losses on the sale, resulting in a net after-tax non-recurring charge of roughly $75 million, or $0.20 per share, to be recorded in the third quarter of 2025. The liability stood at $365 million at closing and was reduced to approximately $296 million as of June 30, 2025 by payments made in 2025.

South Fork Wind is in service, so the remaining obligation relates primarily to completing Revolution Wind, which is more than 80 percent complete and is expected to finish in the second half of 2026. Management notes the liability may still change as construction finishes and terms are finalized with GIP, so further adjustments remain a risk. Alongside the charge, Eversource narrowed its full-year 2025 non-GAAP recurring EPS guidance to $4.72c–$4.80 from $4.67–$4.82, raising the midpoint.

The company continues to exclude offshore wind equity method losses, the pending Aquarion water business sale loss, a Northern Pass land disposition loss, and certain transaction costs from non-GAAP results. Investors should weigh the one-time charge against the improved guidance midpoint and the tax-benefit offset, while monitoring Revolution Wind's completion risk and the final GIP settlement.

02—Key points

Key Highlights

  1. Contingent liability to GIP increased by approximately $285 million due to revised Revolution Wind construction cost projections.
  2. Net after-tax non-recurring charge of approximately $75 million, or $0.20 per share, expected in Q3 2025, after a ~$210 million federal tax benefit.
  3. Offshore wind liability fell from $365 million at closing to ~$296 million at June 30, 2025, before the new increase.
  4. Cost drivers include insurance costs, tariff impacts, turbine installation vessel damage, and costs from the August 22, 2025 BOEM stop-work order (lifted September 22, 2025).
  5. Revolution Wind is over 80% complete, with completion expected in the second half of 2026; South Fork Wind is already in service.
  6. Full-year 2025 non-GAAP recurring EPS guidance narrowed to $4.72–$4.80 from $4.67–$4.82, with a higher midpoint.
  7. Liability may change further as construction completes and final terms are settled with GIP.

03—Questions

Frequently Asked Questions

  1. What is driving the $285 million increase in the offshore wind liability?

    GIP provided updated Revolution Wind construction cost projections in Q3 2025. The increase reflects insurance costs, tariff impacts, construction cost increases from damage to the turbine installation vessel, and costs from the August 22, 2025 BOEM stop-work order that halted offshore wind construction through September 22, 2025.

  2. How much will this actually cost Eversource after taxes?

    The company expects an aggregate net after-tax non-recurring charge of about $75 million, or $0.20 per share, in Q3 2025. This is the $285 million liability increase offset by an expected federal tax benefit of approximately $210 million from tax losses on the sale of the offshore wind projects.

  3. Does this change Eversource's 2025 earnings outlook?

    Eversource narrowed its full-year 2025 non-GAAP recurring EPS guidance to $4.72–$4.80 from $4.67–$4.82. The midpoint moved higher even after accounting for the offshore wind charge, because the charge is excluded from non-GAAP recurring earnings.

  4. Could the offshore wind liability change again?

    Yes. Management said it continues to review its obligations with GIP as Revolution Wind completes construction, and the liability reflects changes to components that are still being finalized. Eversource relies on project owner information and its own judgment, so further adjustments are possible.

  5. When is Revolution Wind expected to be completed?

    Revolution Wind is more than 80% complete and is expected to finish construction in the second half of 2026. South Fork Wind was placed in service in 2024, so the remaining liability relates mainly to completing Revolution Wind.

04—Continue

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