8-KEarnings & ResultsOther EventsExhibits & Filings

EVERSOURCE ENERGY 8-K Report, Financial Results (Oct 14, 2025)

Filed October 14, 2025For Securities:ES

Summary

Eversource Energy (ES) has filed an 8-K report detailing significant financial updates, primarily related to its offshore wind projects. The company announced an increase in its contingent liability stemming from the sale of its interests in the South Fork Wind and Revolution Wind projects to affiliates of Global Infrastructure Partners (GIP). This increase is driven by revised cost projections for the Revolution Wind project, which includes overruns due to vessel damage, insurance, and a recent stop-work order from BOEM. Consequently, Eversource expects to recognize a net after-tax non-recurring charge of approximately $75 million, or $0.20 per share, in the third quarter of 2025, partially offset by a tax benefit. Additionally, the filing highlights Eversource's use of non-GAAP financial measures to provide a clearer view of ongoing operational performance, excluding losses from asset sales, impairments, and certain transaction costs. Management believes these non-GAAP measures offer a more meaningful representation of the company's financial performance. Investors should note the forward-looking nature of many statements in the filing and the inherent risks and uncertainties associated with the offshore wind projects and broader market conditions.

Key Highlights

  • 1Eversource Energy is increasing its contingent liability related to the sale of offshore wind projects (South Fork Wind and Revolution Wind) to GIP.
  • 2Revised cost projections for Revolution Wind project, due to vessel damage, insurance, and a BOEM stop-work order, are driving the increased liability.
  • 3The company anticipates a net after-tax non-recurring charge of approximately $75 million ($0.20 per share) in Q3 2025.
  • 4A significant portion of the charge increase is offset by an estimated $210 million federal tax benefit related to tax losses on the sale.
  • 5Eversource continues to use non-GAAP financial measures to present earnings, excluding certain one-time or non-operational items.
  • 6Revolution Wind project construction is expected to be completed in the second half of 2026.

Frequently Asked Questions

The primary reason for the increased contingent liability is updated projections for the Revolution Wind project's construction costs. These revisions are due to quantifiable cost overruns, including impacts from damage to the wind turbine installation vessel, insurance costs, and costs incurred as a result of a stop-work order issued by the Bureau of Ocean Energy Management (BOEM).

Eversource expects to recognize an aggregate, net after-tax non-recurring charge of approximately $75 million, or $0.20 per share, in the third quarter of 2025. This charge is the result of an estimated $285 million increase to the offshore wind contingent liability, partially offset by an approximately $210 million federal tax benefit.

Construction of the Revolution Wind project continues to be expected in the second half of 2026.

Eversource uses non-GAAP financial measures to evaluate and explain earnings results by business, excluding items that management believes are not indicative of ongoing operations or performance. These include losses on asset sales, impairments, and certain transaction costs, which management views as not directly related to the core business and therefore provides a more meaningful representation of financial performance and useful information for investors analyzing historical and future performance.