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Eversource Energy 8-K Report, Financial Results (Jul 30, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed July 30, 2026
Period End
July 30, 2026
Security
ES
In the record · 2016–202610-K1110-Q328-K126

ES filed 11 annual reports (10-K), 32 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 July 30, 2026. Cited figures are marked; the original filing is the authoritative source.

Eversource Energy (NYSE: ES) reported a sharply lower GAAP result for the second quarter of 2026, with GAAP earnings of $53.7 milliona, or $0.14 per diluted share, versus $352.7 million, or $0.96 per share, a year earlier.

The decline is driven by three non-cash or one-time charges: a $111.4 millionb after-tax loss tied to the June 30, 2026 sale of Aquarion Water Company, a $164.0 million after-tax charge to increase the offshore wind contingent liability owed to Global Infrastructure Partners, and, for the first half, a $43.9 million charge for estimated refunds tied to the March 2026 FERC decision cutting the New England transmission base ROE from 10.57% to 9.57%. Excluding these items, non-GAAP recurring earnings were $329.1 million, or $0.87 per share, in Q2 2026, and $979.8 million, or $2.60 per share, for the first half, roughly in line with management's revised guidance. Management reaffirmed its 2026 non-GAAP recurring EPS guidance of $4.57 to $4.72, which already reflects the lower transmission ROE and the loss of Aquarion earnings in the second half.

The company also reaffirmed a 5% to 7% long-term EPS growth target through 2030 and expects growth toward the upper half of that range by 2028. The Aquarion sale closed with about $1.7 billionc of cash, which is being used to reduce parent debt, and Moody's moved its outlook to stable. The company is also pursuing a $2.2 billion ISO-NE longer-term transmission project it has been preliminarily selected for, and a Connecticut rate case filed July 14, 2026 that requests a $451 million base deficiency with a 10.25% ROE.

For investors, the key questions are the timing of the FERC ROE outcome (refund exposure runs through mid-2027 and the Section 205 request for an 11.39% ROE is pending), the Revolution Wind commercial operation date (expected by year end), and the execution of the Connecticut rate case and financing plan. The 2026 to 2030 capital plan of $26.5 billiond, with about $1.7 billion of incremental opportunities, supports the long-term growth thesis, but near-term reported GAAP earnings remain volatile.

02—Key points

Key Highlights

  1. GAAP EPS fell to $0.14 in Q2 2026 from $0.96 a year earlier, driven by a $164.0M ($0.43/share) offshore wind contingent liability charge and a $111.4M ($0.30/share) loss on the Aquarion sale.
  2. Non-GAAP recurring EPS was $0.87 in Q2 2026 (vs. $0.96 GAAP in Q2 2025) and $2.60 for the first half, with electric distribution and natural gas distribution gains partly offset by transmission and parent-company declines.
  3. 2026 non-GAAP recurring EPS guidance of $4.57 to $4.72 was reaffirmed, reflecting the lower FERC transmission ROE (9.57%) and the absence of Aquarion earnings in the second half.
  4. The Aquarion sale closed June 30, 2026 with about $1.7B of cash realized, which is being used to displace parent debt and improve credit metrics.
  5. Capital plan of $26.5B for 2026 to 2030, with $1.7B of potential incremental opportunities (including $1B CT AMI and $700M ISO-NE LTTP), plus a preliminary ISO-NE selection for a $2.2B transmission project in which Eversource is a partner.
  6. Eversource filed a CL&P rate case on July 14, 2026 seeking a $451M base deficiency at a 10.25% ROE; a decision is expected by mid-2027.
  7. FERC transmission ROE dispute remains open: refunds (extended to May/mid-2027) are being contested, and a Section 205 filing requests an 11.39% ROE with rates effective November 30, 2026, subject to refund.

03—Questions

Frequently Asked Questions

  1. Why did Eversource's GAAP earnings fall so sharply in Q2 2026?

    GAAP net income attributable to common shareholders fell to $53.7M ($0.14/share) from $352.7M ($0.96/share). The decline reflects a $164.0M after-tax charge (about $0.43/share) to increase the offshore wind contingent liability owed to Global Infrastructure Partners, and a $111.4M after-tax loss (about $0.30/share) on the June 30, 2026 Aquarion sale. Excluding these items, recurring earnings were $0.87/share.

  2. Is Eversource still on track to meet its 2026 earnings guidance?

    Yes. Management reaffirmed 2026 non-GAAP recurring EPS guidance of $4.57 to $4.72, which it had revised in March 2026 from $4.80 to $4.95. The revision accounts for the lower transmission ROE and the loss of Aquarion earnings in the second half. First-half non-GAAP recurring EPS of $2.60 is consistent with that range when seasonality is considered.

  3. What is the risk from the FERC transmission ROE decision?

    FERC cut the base ROE for New England transmission owners from 10.57% to 9.57% and ordered refunds for 2011 to 2026. The company recorded a $43.9M after-tax charge ($0.12/share) in H1 2026. Refund timing has been extended to around mid-2027, and Eversource has filed a motion at the D.C. Circuit for a stay, a Section 205 filing for an 11.39% ROE, and a rehearing request. Outcomes remain uncertain, and the company has said the court decision is still pending.

  4. What is the outlook for the offshore wind exposure after the charge?

    Management expects Revolution Wind to reach commercial operation by year end 2026, which it says removes go-forward earnings risk from offshore wind and improves earnings predictability. The $164.0M charge reflects an increase in expected future payments to Global Infrastructure Partners under the 2024 sale agreement, tied to post-closing purchase price adjustments.

04—Continue

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