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Eversource Energy 8-K Report, Financial Results (Feb 12, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 12, 2026
Period End
February 12, 2026
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 February 12, 2026. Cited figures are marked; the original filing is the authoritative source.

Eversource Energy (NYSE: ES) reported full-year 2025 GAAP earnings of $1.69 billiona, or $4.56 per share, versus $2.27 per share in 2024, and non-GAAP recurring earnings of $4.76 per share (up from $4.57).

Fourth-quarter 2025 GAAP EPS was $1.12b versus $0.20 a year earlier, which was depressed by a $298.3 million loss on the pending Aquarion Water sale. Full-year 2025 GAAP results absorbed a $75.0 million after-tax loss tied to higher offshore wind contingent liabilities from the September 2024 sale of South Fork and Revolution Wind. Growth was led by electric transmission ($776.7M, up from $724.6M), natural gas distribution ($360.5M, up from $291.0M), and electric distribution ($667.1M, up from $631.7M), partly offset by higher parent-company interest expense.

Management guided 2026 non-GAAP EPS to $4.80 to $4.95c and reaffirmed a cumulative 5% to 7% long-term EPS growth target through 2030, with growth expected toward the upper half of that range by 2028. The company unveiled a $26.5 billion five-year capital plan for 2026 to 2030, up $2.3 billion from the prior plan, mostly in electric and gas distribution, and expects to issue $800 million to $1.1 billion of common equity over the period, excluding dividend reinvestment and employee equity programs. Investors should monitor the pending Aquarion sale, which management says is not a condition for the equity raise, and the regulatory decisions tied to the CL&P rate case, Aquarion rate proceedings, and storm cost securitization.

The filing also highlights ongoing credit-metric repair, with management targeting FFO-to-debt at least 100 basis points above S&P and Moody's downgrade thresholds. Affordability remains a central regulatory theme, reflected in the Massachusetts joint settlement and the customer credits recorded at NSTAR Electric in the fourth quarter.

02—Key points

Key Highlights

  1. FY2025 GAAP EPS of $4.56 vs. $2.27 in FY2024; non-GAAP recurring EPS of $4.76 vs. $4.57, roughly 4% growth.
  2. Q4 2025 GAAP EPS of $1.12 vs. $0.20 in Q4 2024, which included a $298.3M after-tax loss on the pending Aquarion Water sale.
  3. 2026 non-GAAP EPS guidance of $4.80 to $4.95, implying roughly 1% to 4% growth from the 2025 base of $4.76.
  4. Reaffirmed 5% to 7% cumulative long-term EPS growth through 2030 from the $4.76 base, with growth toward the upper half by 2028.
  5. New $26.5B 2026-2030 capital plan, up $2.3B from the prior plan (excluding Aquarion's ~$1.3B), with ~$1B of potential incremental CT AMI investment.
  6. Planned common equity issuance of $800M to $1.1B over 2026-2030, excluding dividend reinvestment and employee plans; management cites Aquarion sale outcome as not affecting this raise.
  7. Credit metrics improved: S&P FFO/Debt cushion of 230 bps and Moody's cushion of 110 bps versus downgrade thresholds as of September 2025; company targets at least 100 bps cushion going forward.

03—Questions

Frequently Asked Questions

  1. Did Eversource meet its 2025 earnings guidance?

    Yes. Non-GAAP recurring EPS of $4.76 fell within the updated 2025 guidance range of $4.72 to $4.80 per share. GAAP EPS of $4.56 was lower because it included offshore wind-related losses of $75.0 million after tax.

  2. Why did fourth-quarter GAAP earnings look so much better year over year?

    Q4 2024 GAAP results included a $298.3 million after-tax loss on the pending Aquarion Water sale, which reduced EPS by $0.81. No comparable loss was recorded in Q4 2025, so GAAP EPS rose to $1.12 from $0.20. Q4 2025 non-GAAP EPS was $1.12 versus $1.01 a year earlier.

  3. What are the main drivers of the 2026 EPS guidance?

    Management cites transmission capital investment, base rate changes in Connecticut, Massachusetts and New Hampshire, capital recovery mechanisms, and controlled O&M as positive drivers. Offsets include higher depreciation and property taxes, higher interest expense, share dilution, and a higher effective tax rate.

  4. How is the Aquarion sale affecting the financing plan?

    The company says most financing will come from operating cash flow and that its financing needs remain flexible given Aquarion uncertainty. The $800M to $1.1B equity raise is not contingent on the sale, but the company's $6.7B to $7.2B of cash sources and the financing mix depend partly on Aquarion outcomes, including potential proceeds from a sale or minority interest sale.

  5. What regulatory events could affect results in 2026 and 2027?

    Key items include the CL&P rate case filing, a PURA decision on Aquarion remand, storm cost securitization proceedings (about $980M of storm costs under prudency review in Connecticut), and the Revolution Wind operational start in the second half of 2026, which removes ongoing offshore wind earnings risk. Management expects the rate decision for CL&P by year-end 2026 with earnings impact in 2027.

04—Continue

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