HA Sustainable Infrastructure Capital (HASI) FY2025 results: revenue $401 million, up 4.4% on the year
HA Sustainable Infrastructure Capital, Inc. (HASI) reported revenue of $401 million for fiscal 2025, the year ended 31 December 2025, up 4.4% on the year before. Net income was $185 million, down 7.7%, and diluted earnings per share $1.41. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.
Revenue
$401 million
+4.4% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$185 million
-7.7% on the year
FY2018FY2025
Diluted EPS
$1.41
-13.0% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 narrowed, 3 new.
Adjusted EPS up 10% for the year: Adjusted EPS was $2.70 against $2.45, on Adjusted Earnings of $342 million, up $52 million from 2024.
Recurring income rose 25%: Adjusted Recurring Net Investment Income was $362 million, up from $289 million, on a larger Portfolio. GAAP-based net investment income was $28 million, against $50 million.
$4.3 billion closed in 2025: New investments closed in 2025 totaled $4.3 billion, up 87% from 2024, with $2.8 billion closed in the fourth quarter. The pipeline ended the year above $6.5 billion.
Fourth quarter GAAP equity loss: The fourth quarter GAAP equity method result was a $70 million loss, against $86 million of income a year earlier. Management said GAAP and economic returns can differ in a period because of tax allocations.
Junior subordinated notes issued: The company issued $500 million of junior subordinated notes for the first time, which it said broadens its funding platform and improves equity efficiency.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
167
5.9
99.7
+2,759.1%
Cash from investing
-856
-131
-1,993
Cash from financing
684
200
1,792
+241.1%
Depreciation and amortisation
0.8
1.0
3.1
-22.2%
Share-based compensation
29.9
25.6
19.8
+16.7%
Dividends paid
210
192
160
+9.1%
Diluted shares, weighted
138m
131m
109m
+5.9%
Shares outstanding at period end
128m
119m
112m
+7.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,658
2,405
2,142
+10.5%
Debt
5,149
4,400
4,247
+17.0%
Other liabilities
381
276
163
+38.1%
Total liabilities and equity
8,188
7,080
6,552
+15.6%
Intangible assets
n/a
n/a
14.0
Securities held for sale or to maturity
n/a
6.8
7.2
Cash and equivalents
110
130
62.6
-15.1%
Other assets
8,078
6,944
6,469
+16.3%
Total assets
8,188
7,080
6,552
+15.6%
10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.