Eversource Energy: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 12 February 2026: press release. Guidance figures: 1 raised, 2 new, 1 kept. The quarter’s numbers.

Key takeaways

Full-year 2025 EPS rose to $4.56: Full-year GAAP EPS was $4.56 versus $2.27; non-GAAP recurring EPS was $4.76 versus $4.57, with 2024 losses excluded. Source
Fourth-quarter EPS was $1.12: Q4 GAAP EPS was $1.12 versus $0.20; non-GAAP Q4 2024 EPS was $1.01, and Q4 2025 non-GAAP equals GAAP. Source
Electric distribution hit by NSTAR credits: Electric distribution earned $667.1 million in 2025 and $95.5 million in Q4, down from $110.4 million, due to the NSTAR Electric customer credit charge. Source
Gas distribution earnings rose on rates: Gas distribution earned $360.5 million in 2025 versus $291.0 million, and $123.6 million in Q4 versus $103.4 million. Source
Offshore wind liability charge reduced earnings: The 2025 charge is $75.0 million, or $0.20 per share, tied to expected future payments to Global Infrastructure Partners. Source
Distribution spending drives plan increase: The $2.3 billion increase in the 2026 to 2030 plan is primarily electric and natural gas distribution investment. Source

“In 2025, we executed on our priorities of delivering solid operational and financial results, strengthening our balance sheet, and improving cash flow from operations.”
Eversource Chairman, President and Chief Executive Officer Joe Nolan

Guidance

Area	Period	Figure	Against last quarter
2026 earnings per share Source	2026	$4.80 to $4.95 per share	New
Long-term earnings per share growth Source	cumulative through 2030, base year 2025	5 to 7 percent	Kept
Five-year investment plan Source	2026 to 2030	$26.5 billion	Raised from $24.2 billion
Equity issuance Source	2026 to 2030	$800 million to $1.1 billion	New

What changed from last quarter

New guidance: A 2026 earnings per share range appears in these documents; the prior release gave no 2026 figure. Source
Guidance raised: The five-year investment plan rose $2.3 billion over the previous plan, to $26.5 billion for 2026 to 2030. Source
New guidance: Equity raise range of $800 million to $1.1 billion over 2026 to 2030 is stated for the first time. Source
New guidance: Expected earnings growth toward the upper half of long-term guidance by 2028 is stated for the first time. Source
Guidance kept: The 5 to 7 percent range is kept, but the base moved from 2024 ($4.57) to 2025 ($4.76) and the measure is cumulative through 2030. Source
New: Massachusetts joint settlement approved December 1, 2025 led to a customer credit charge at NSTAR Electric in the fourth quarter. Source
New: NSTAR Gas penalties recorded under a settlement agreement with the Attorney General in December 2025 were included in gas O&M. Source
New: A benefit was recorded for the approved recovery of costs to acquire Eversource Gas Company of Massachusetts. Source

Full-year and fourth-quarter results

Full-year 2025 EPS rose to $4.56: Full-year GAAP EPS was $4.56 versus $2.27; non-GAAP recurring EPS was $4.76 versus $4.57, with 2024 losses excluded. Source
Fourth-quarter EPS was $1.12: Q4 GAAP EPS was $1.12 versus $0.20; non-GAAP Q4 2024 EPS was $1.01, and Q4 2025 non-GAAP equals GAAP. Source
Prior-year Aquarion loss excluded: A $298.3 million after-tax loss on the pending Aquarion sale in Q4 2024 is excluded from non-GAAP recurring earnings. Source

Segments and regions

Transmission earnings rose on investment: Transmission earned $776.7 million in 2025 versus $724.6 million; Q4 was $183.7 million versus $184.0 million, held back by a prior-year carrying charge. Source
Electric distribution hit by NSTAR credits: Electric distribution earned $667.1 million in 2025 and $95.5 million in Q4, down from $110.4 million, due to the NSTAR Electric customer credit charge. Source
Gas distribution earnings rose on rates: Gas distribution earned $360.5 million in 2025 versus $291.0 million, and $123.6 million in Q4 versus $103.4 million. Source
Water distribution flat year on year: Water distribution earned $44.2 million in 2025 versus $44.6 million, and $7.4 million in Q4 versus $7.5 million. Source
Parent and other losses widened: Parent and other companies lost $(81.1) million in 2025 versus $(57.9) million, and earned $11.1 million in Q4 against a $(34.5) million loss. Source

“Looking ahead to 2026, we will continue to focus on energy affordability for our customers, making prudent investments and exercising cost discipline.”
Eversource Chairman, President and Chief Executive Officer Joe Nolan

Rate decisions and settlements

Massachusetts settlement added EGMA benefit: A benefit from approved recovery of costs to acquire Eversource Gas Company of Massachusetts was recorded in the Massachusetts settlement approved December 1, 2025. Source
Base rate increases in two states: Full-year electric distribution revenue rose from base rate increases in New Hampshire and Massachusetts. Source
Yankee Gas rate decision weighed: A Yankee Gas base rate increase took effect November 1, 2025, while the Yankee Gas rate case decision had an unfavorable impact on gas results. Source

Costs, margins and charges

Non-tracked O&M and property taxes rose: Higher revenues were partly offset by higher interest, non-tracked O&M, property taxes and depreciation. Source
Parent interest expense rose: Parent interest expense increased because capitalized interest ended after the offshore wind sale, partly offset by a lower effective tax rate. Source
Offshore wind liability charge reduced earnings: The 2025 charge is $75.0 million, or $0.20 per share, tied to expected future payments to Global Infrastructure Partners. Source

“We are very excited about Eversource’s future as a pure-play regulated utility company”
Eversource Chairman, President and Chief Executive Officer Joe Nolan

Customers and demand

About 4.6 million customers served: The company serves about 4.6 million electric, gas and water customers in Connecticut, Massachusetts and New Hampshire. Source
Investment to support load growth: Management says the investment plan supports safe service, load growth and clean energy objectives; no load figures are given. Source
Storm response noted last quarter: The previous quarter's release said the team responded promptly and safely to storm events while executing planned investments.

Capital plan and equity

Distribution spending drives plan increase: The $2.3 billion increase in the 2026 to 2030 plan is primarily electric and natural gas distribution investment. Source
Plan excludes Aquarion capital spending: The 2026 to 2030 plan and the comparison period exclude capital investments related to Aquarion Water Company. Source
Equity plan unaffected by Aquarion sale: The equity raise is stated as not affected by the status of the potential Aquarion sale. Source

Strategy, regulators and workforce

Grid modernization stated as focus: The previous release described grid modernization for near and longer-term reliability needs, alongside affordability and regulator engagement.
Regulatory outcomes called constructive: Management cites constructive regulatory outcomes achieved by working with regulators through extensive state and federal change. Source
Workforce of nearly 11,000 employees: Management credits its nearly 11,000 employees for the 2025 execution. Source

Coming up, as management said on 12 February 2026

Technology adoption continues into 2026: Management said it will continue adopting technology solutions to deliver safe, reliable and affordable energy. Source

Figures management reported

Figure	Reported
Capital plan Source	$26.5 billion for 2026 to 2030, up $2.3 billion from $24.2 billion
EPS growth target Source	5 to 7 percent cumulative through 2030
Customer count Source	approximately 4.6 million
Rate cases Source	base distribution rate increases in New Hampshire and Massachusetts electric, Massachusetts gas, and Yankee Gas effective November 1, 2025
Load growth Source	referenced; no figure given

Risks management discussed

Regulatory: Management names extensive state and federal regulatory change as an ongoing factor in its work with regulators. Source
Regulatory: Settlements produced an NSTAR Electric customer credit charge and NSTAR Gas penalties recorded in Q4 2025. Source
Demand: Management lists energy affordability for customers as a continuing focus.
Financial: Higher interest expense at the parent was named as the driver of the full-year parent loss. Source
Operational: Storm events required prompt and safe response, as noted in the prior quarter's release.

Earlier plans management reported on

Not stated: Updated 2025 guidance was $4.72 to $4.80; reported non-GAAP recurring EPS was $4.76. Management does not state a met or missed status. Source
Not stated: The prior release reaffirmed a compound annual EPS growth range of 5 to 7 percent from a 2024 base of $4.57.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Eversource Energy Reports Full-Year & Fourth Quarter 2025 Results

HARTFORD,

Conn. and BOSTON, Mass. (February 12, 2026) - Eversource Energy (NYSE: ES) today reported full-year 2025 earnings of $1.69 billion, or $4.56 per share, compared with full-year 2024 earnings of $811.7 million, or $2.27 per share. Non-GAAP recurring earnings totaled $1.77 billion, or $4.76 per share, for the full-year 2025, compared with $1.63 billion, or $4.57 per share, for the full-year 2024. The Company's 2025 updated non-GAAP recurring earnings guidance was between $4.72 and $4.80 per share.

Eversource reported fourth quarter 2025 earnings of $421.3 million, or $1.12 per share, compared with fourth quarter 2024 earnings of $72.5 million, or $0.20 per share. Non-GAAP earnings totaled $421.3 million, or $1.12 per share, in the fourth quarter of 2025 and $370.8 million, or $1.01 per share, in the fourth quarter of 2024.

Results for the full-year 2025 include an aggregate net after-tax loss of $75.0 million, or $0.20 per share, related to an increase in Eversource’s liability for expected future payments to Global Infrastructure Partners as part of the September 30, 2024 sale of the South Fork Wind and Revolution Wind projects, net of tax benefits associated with the tax losses on the sale of these projects. Results for the full-year 2024 include an aggregate net after-tax loss of $524.0 million, or $1.47 per share, related to Eversource completing the sales of its offshore wind investments. Also, in the fourth quarter 2024, the Company recorded an after-tax loss of $298.3 million related to the pending sale of the Aquarion Water Company. The full year 2024 impact of this loss was $0.83 per share, while the fourth quarter 2024 impact was $0.81 per share. These impacts are excluded from non-GAAP recurring earnings.

“In 2025, we executed on our priorities of delivering solid operational and financial results, strengthening our balance sheet, and improving cash flow from operations. We also made significant progress in achieving constructive regulatory outcomes by working collaboratively with our regulators during a time of extensive change at the state and federal levels. This solid execution would not have been possible without our highly dedicated team of nearly 11,000 employees who work expertly and passionately to serve our communities and customers,” said Eversource Chairman, President and Chief Executive Officer Joe Nolan.

“Looking ahead to 2026, we will continue to focus on energy affordability for our customers, making prudent investments and exercising cost discipline. We'll also continue to adopt innovative technology solutions to improve our delivery of safe, reliable and affordable energy that our customers need and deserve. We are very excited about Eversource’s future as a pure-play regulated utility company with solid growth opportunities,” said Nolan.

Annual Outlook, 5-year Investment Plan and Financing Activity

Eversource Energy's annual projection for 2026 earnings is between $4.80 per share and $4.95 per share. The Company also expects that its cumulative long-term earnings per share growth rate would be within the range of 5 to 7 percent through 2030, using the 2025 non-GAAP results of $4.76 per share earned as the base year. In addition, the Company expects annual earnings growth towards the upper half of its long-term guidance by 2028.

Eversource released its new five-year $26.5 billion investment plan for the years 2026 to 2030, which is an increase of $2.3 billion dollars over its previous plan of $24.2 billion and an increase of $1.5 billion for the years 2025 to 2029. Both time periods exclude any capital investments related to Aquarion Water Company. This increase is primarily due to higher electric and natural gas distribution investment. These investments enable Eversource to continue to provide customers with safe and reliable service, support load growth and clean energy objectives for the Eversource territory.

Eversource expects to raise equity in the range of $800 million to $1.1 billion, excluding the annual equity issuances related to its dividend reinvestment and equity compensation programs, over its forecast period of 2026-2030. This equity raise is not impacted by the status of the potential sale of Aquarion.

Electric Transmission

Eversource’s transmission segment earned $776.7 million in 2025, compared with earnings of $724.6 million in 2024. Transmission earnings were $183.7 million in the fourth quarter of 2025, compared with $184.0 million in the fourth quarter of 2024. Transmission segment results improved due primarily to continued investment in Eversource’s electric transmission system. Fourth quarter results were slightly lower due primarily to the absence of a carrying charge benefit recorded in the prior year.

Electric Distribution

Eversource’s electric distribution segment earned $667.1 million in 2025, compared with earnings of $631.7 million in 2024. Electric distribution earned $95.5 million in the fourth quarter of 2025, compared with earnings of $110.4 million in the fourth quarter of 2024. Fourth quarter and full year 2025 earnings were negatively impacted by a charge to earnings for customer credits at NSTAR Electric as a result of the joint settlement agreement approved in Massachusetts on December 1, 2025. Improved full-year results were due primarily to higher revenues from base distribution rate increases at Eversource's New Hampshire and Massachusetts electric businesses, and continued investments in our distribution system. The higher revenues were partially offset by higher interest expense, higher non-tracked operations and maintenance expense (O&M), as well as higher property taxes and depreciation.

Natural Gas Distribution

Eversource’s natural gas distribution segment earned $360.5 million in 2025, compared with earnings of $291.0 million in 2024. Natural gas distribution earned $123.6 million in the fourth quarter of 2025, compared with earnings of $103.4 million in the fourth quarter of 2024. Improved full-year and fourth-quarter results were due primarily to higher revenues from base distribution rate increases at Eversource's Massachusetts natural gas businesses to recover continued investment in our natural gas infrastructure, as well as a base distribution rate increase at Yankee Gas effective November 1, 2025. The higher revenues were partially offset by higher O&M, which included a charge resulting from penalties recorded as part of NSTAR Gas' settlement agreement with the Attorney General in December 2025 and an unfavorable impact from the Yankee Gas rate case decision, higher depreciation, interest and property tax expense.

Water Distribution

Eversource’s water distribution segment, excluding the prior year loss on the pending sale noted above, earned $44.2 million in 2025, compared with earnings of $44.6 million in 2024. Water distribution earned $7.4 million in the fourth quarter of 2025, compared with earnings of $7.5 million in the fourth quarter of 2024. Results in both periods were comparable to prior year results.

Eversource Parent and Other Companies

Eversource parent and other companies, excluding the net losses from offshore wind, lost $(81.1) million in 2025 compared with $(57.9) million in 2024, and earned $11.1 million in the fourth quarter of 2025, compared to losses of $(34.5) million in the fourth quarter of 2024. The full year loss is driven by higher interest expense due primarily to the absence of capitalized interest as a result of the sale of our offshore wind projects in the third quarter of 2024, partially offset by a lower effective tax rate. Fourth quarter and full year 2025 results also include a benefit from the approved recovery of costs to acquire Eversource Gas Company of Massachusetts (EGMA) as part of the Massachusetts joint settlement agreement approved on December 1, 2025.

Eversource Energy Consolidated Earnings

The following table reconciles 2025 and 2024 fourth quarter and full-year GAAP earnings per share including the effects of share dilution in 2025:

		Fourth Quarter	Full Year
2024	Reported GAAP EPS	$0.20	$2.27
	Electric transmission segment earnings	(0.01)	0.06
	Electric distribution segment earnings	(0.05)	0.03
	Natural gas distribution segment earnings	0.05	0.16
	Water distribution segment earnings	-	-
	Parent and other companies	0.12	(0.06)
	Absence of 2024 losses from sale of offshore wind investments, partially offset by the net loss to increase the offshore wind contingent liability recorded in the third quarter 2025	-	1.27
	Absence of prior year loss on pending sale of the water distribution business	0.81	0.83
2025	Reported GAAP EPS	$1.12	$4.56

Financial results for the fourth quarter and full-year 2025 and 2024 for Eversource Energy’s business segments and parent and other companies are noted below:

Three months ended:

(in millions, except EPS)	December 31, 2025	December 31, 2024	Increase/ (Decrease)	2025 EPS	2024 EPS	Increase/ (Decrease)
Electric Transmission	$183.7	$184.0	$(0.3)	$0.49	$0.50	$(0.01)
Electric Distribution	95.5	110.4	(14.9)	0.25	0.30	(0.05)
Natural Gas Distribution	123.6	103.4	20.2	0.33	0.28	0.05
Water Distribution	7.4	7.5	(0.1)	0.02	0.02	-
Parent and Other Companies	11.1	(34.5)	45.6	0.03	(0.09)	0.12
Loss on pending sale of the water distribution business	-	(298.3)	298.3	-	(0.81)	0.81
Reported Earnings	$421.3	$72.5	$348.8	$1.12	$0.20	$0.92

Full year ended:

(in millions, except EPS)	December 31, 2025	December 31, 2024	Increase/ (Decrease)	2025 EPS	2024 EPS	Increase/ (Decrease)
Electric Transmission	$776.7	$724.6	$52.1	$2.09	$2.03	$0.06
Electric Distribution	667.1	631.7	35.4	1.80	1.77	0.03
Natural Gas Distribution	360.5	291.0	69.5	0.97	0.81	0.16
Water Distribution	44.2	44.6	(0.4)	0.12	0.12	-
Parent and Other Companies	(81.1)	(57.9)	(23.2)	(0.22)	(0.16)	(0.06)
Losses on Offshore Wind	(75.0)	(524.0)	449.0	(0.20)	(1.47)	1.27
Loss on pending sale of the water distribution business	-	(298.3)	298.3	-	(0.83)	0.83
Reported Earnings	$1,692.4	$811.7	$880.7	$4.56	$2.27	$2.29

Eversource Energy has approximately 375 million common shares outstanding and operates New England’s largest energy delivery system. It serves approximately 4.6 million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire.

Note: Eversource Energy will webcast a conference call with senior management on February 13, 2026, beginning at 9 a.m. Eastern Time. The webcast and associated slides can be accessed through Eversource Energy’s website at eversource.com or directly on the Investor Relations website at investors.eversource.com.

All per-share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings discussion includes financial measures that are not recognized under generally accepted accounting principles (non-GAAP) referencing earnings and EPS excluding losses associated with our previous offshore wind investments, a loss on the pending sale of the Aquarion water distribution business, and a loss on the disposition of land that was initially acquired to construct the Northern Pass Transmission project and was subsequently abandoned. EPS by business is also a non-GAAP financial measure and is calculated by dividing the net income attributable to common shareholders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in Eversource Energy’s assets and liabilities as a whole. Eversource Energy uses these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain results without including these items. This information is among the primary indicators management uses as a basis for evaluating performance and planning and forecasting of future periods. Management believes the impacts of the losses associated with our previous offshore wind investments, the loss on the pending sale of the Aquarion water distribution business, and the loss on the disposition of land associated with an abandoned project are not indicative of Eversource Energy's ongoing costs and performance. Management views these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on net income attributable to common shareholders and EPS, management believes that the non-GAAP presentation is a more meaningful representation of Eversource Energy's financial performance and provides additional and useful information to readers of this report in analyzing historical and future performance of the business. These non-GAAP financial measures should not be considered as alternatives to reported net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy's operating performance.

Forward-looking statements notice

This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the U. S. federal securities laws. Generally, readers can identify these forward-looking statements through the use of words or phrases such as “estimate,” “expect,” “pending,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “would,” “should,” “could” and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to cyber events or breaches, including acts of war or terrorism, affecting our systems or the systems of third parties on which we rely; unauthorized access to, and the misappropriation of, confidential and proprietary Company, customer, employee, financial or system operating information; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; changes in laws, regulations, Presidential executive orders or regulatory policy, including compliance with laws and regulations, which may impact the cost of compliance and strategic initiatives of the Company; adverse publicity, which can harm our reputation, influence legislative and regulatory bodies, and result in unfavorable outcomes; variability in the costs and final investment returns of the Revolution Wind and South Fork Wind offshore wind projects as it relates to the purchase price post-closing adjustment under the terms of the sale agreement for these projects; the ability to qualify for investment tax credits; extreme weather, including severe storms, due to the impacts of climate change, and fluctuations in weather patterns; adequacy, contamination of, or disruption in, our water supplies; physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; ability or inability to commence and complete our major strategic development projects and opportunities; breakdown, failure of, or damage to operating equipment, information technology systems, or processes of our transmission and distribution systems; changes in levels or timing of capital expenditures, including unplanned expenditures and increased capital expenditure requirements; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model; substandard performance of third-party suppliers and service providers, or counterparties not meeting their obligations; limits on our access to, or increases in, the cost of capital, including disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in economic conditions, including impact on interest rates, tax policies, tariffs and customer demand and payment ability; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.

Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource Energy’s website at investors.eversource.com and on the SEC’s website at www.sec.gov, and management encourages you to consult such disclosures.

All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, Eversource Energy undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

Contacts
Rima Hyder (Investor Relations)
(781) 441-8882
William Hinkle (Media Relations)
(603) 634-2228