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Eversource Energy 8-K Report, Financial Results (Nov 4, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed November 4, 2025
Period End
November 4, 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 November 4, 2025. Cited figures are marked; the original filing is the authoritative source.

Eversource Energy (NYSE: ES) reported third-quarter 2025 GAAP earnings of $367.5 milliona, or $0.99 per diluted share, compared with a loss of $(0.33) per share in Q3 2024, which was driven by offshore wind sale losses.

Excluding losses tied to its former offshore wind investments, non-GAAP recurring earnings were $442.5 millionb, or $1.19 per share, up from $1.13 a year earlier. For the first nine months of 2025, GAAP EPS was $3.44 versus $2.08, and non-GAAP recurring EPS was $3.64 versus $3.56. Growth was led by the transmission, electric distribution, and natural gas distribution segments, supported by rate increases and continued capital investment.

Management narrowed full-year 2025 non-GAAP recurring EPS guidance to $4.72c-$4.80, from the original $4.67-$4.82, and reaffirmed a 5-7% EPS CAGR off a 2024 base of $4.57. The company also disclosed a $75.0 million after-tax loss ($0.20 per share) from an increase in its obligation to Global Infrastructure Partners tied to the 2024 offshore wind sale. The slide deck points to a $24.2 billion five-year capital plan (2025-2029), a $1.2 billion ATM equity program, FFO-to-debt improvement (12.7% at 6/30/2025 versus a 12% threshold), and pending regulatory decisions in Connecticut (Yankee Gas rate case and the Aquarion sale).

The quarter was clean on a recurring basis, with the main investor questions centering on regulatory outcomes in Connecticut, the pace of equity issuance to fund capex, and the residual offshore wind obligations. Investors should note that the 8-K itself is a earnings-release filing, and the figures above come from unaudited, preliminary results.

02—Key points

Key Highlights

  1. GAAP Q3 2025 EPS of $0.99 vs. $(0.33) in Q3 2024; non-GAAP recurring EPS of $1.19 vs. $1.13, up about 5%.
  2. Nine-month 2025 GAAP EPS of $3.44 (vs. $2.08) and non-GAAP recurring EPS of $3.64 (vs. $3.56).
  3. 2025 non-GAAP recurring EPS guidance narrowed to $4.72-$4.80 (from $4.67-$4.82); 5-7% long-term EPS CAGR reaffirmed off a $4.57 2024 base.
  4. Q3 2025 includes a $75.0 million after-tax ($0.20/share) offshore wind loss tied to the Global Infrastructure Partners obligation from the 2024 sale.
  5. Five-year capital plan of $24.2 billion (2025-2029) for core businesses, with potential incremental investment of $1.5-$2.0 billion.
  6. Balance sheet improving: FFO-to-debt at 12.7% at 6/30/2025 vs. a 12% S&P threshold, with a $1.2 billion ATM equity program and $600 million DRSPP planned through 2029.
  7. Pending catalysts include the Yankee Gas rate case decision (Nov. 5, 2025), the Aquarion sale decision (Nov. 19, 2025), and over $450 million in New Hampshire storm costs awaiting approval.

03—Questions

Frequently Asked Questions

  1. Did Eversource's core earnings grow in the third quarter of 2025?

    Yes. Non-GAAP recurring EPS rose to $1.19 from $1.13, led by electric distribution (+$0.03), natural gas distribution (+$0.04), and transmission (+$0.01), partly offset by water (-$0.02). GAAP EPS of $0.99 compares with a loss in Q3 2024 that was driven by offshore wind sale losses.

  2. Is Eversource on track to meet its 2025 earnings guidance?

    Management narrowed 2025 non-GAAP recurring EPS guidance to $4.72-$4.80. With nine-month non-GAAP EPS of $3.64, the company would need roughly $1.08-$1.16 in Q4 2025 to reach that range, which is in line with or modestly above the prior-year quarterly run rate.

  3. What is the impact of the offshore wind obligations on investors?

    Eversource recorded a $75.0 million after-tax loss ($0.20 per share) in 2025 tied to a higher liability for expected obligations to Global Infrastructure Partners from the 2024 sale of South Fork Wind and Revolution Wind. Results remain exposed to the final purchase price post-closing adjustment and the investment tax credit outcomes for these projects.

  4. How will Eversource fund its $24.2 billion capital plan?

    The plan is funded through a mix of operating cash flow, a $1.2 billion ATM equity program (7.1 million shares issued through September 2025 for $465 million in net proceeds), roughly $600 million in DRSPP equity through 2029, and debt issuance. Management also cites cash flow enhancements from rate increases, storm cost recovery, and the Aquarion water sale proceeds.

  5. What regulatory events could affect Eversource in the near term?

    Key near-term events include the Connecticut Yankee Gas rate case final decision (expected November 5, 2025), the Aquarion sale final decision (expected November 19, 2025), a $10 million NSTAR Gas performance-based rate adjustment in November 2025, and more than $450 million in New Hampshire storm costs pending approval. Constructive outcomes would support the FFO-to-debt improvement and credit profile.

04—Continue

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