Eversource Energy
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −2.98%.
Did ES Beat Earnings? Q4 2025 Results
Eversource Energy posted a mixed fourth quarter for fiscal 2025, delivering a revenue beat that masked a slim earnings miss as the New England utility continued its transformation into a pure-play regulated business. Revenue came in at $3.37 billion, well above the $2.66 billion consensus estimate for a 26.77% beat and 13.4% growth year over year, while Q4 GAAP EPS of $1.12 fell just short of the $1.14 consensus by 1.75%. The earnings figure, though slightly below expectations, marked a dramatic recovery from the $0.20 reported in Q4 2024, when a $298.30 million after-tax loss tied to the Aquarion Water Company sale weighed heavily on results. The Electric Transmission segment remained the company's primary earnings engine, while Natural Gas Distribution posted the strongest year-over-year growth following Massachusetts base rate increases. Looking ahead, management guided 2026 EPS of $4.80 to $4.95 and unveiled a raised $26.50 billion five-year capital plan, targeting 5% to 7% long-term EPS growth through 2030, even as recent winter storm outages kept grid resilience squarely in focus for investors.
- Continued investment in electric transmission system
- Higher revenues from base distribution rate increases in New Hampshire and Massachusetts electric and gas businesses
- Constructive regulatory outcomes including PSNH rate order, Yankee Gas rate case, and Massachusetts settlement approvals
- Credit metric improvement of +300 bps at S&P and +450 bps at Moody's
- Absence of 2024 offshore wind and Aquarion sale losses improving year-over-year GAAP comparisons
“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.”
Eversource Energy CEO, on the earnings call
Forward Guidance & Outlook
Eversource projects 2026 EPS of $4.80 to $4.95 per share. The company expects cumulative long-term EPS growth of 5% to 7% through 2030, using 2025 non-GAAP EPS of $4.76 as the base year, with annual earnings growth towards the upper half of that range by 2028. Key 2026 earnings drivers include transmission capital investments, base rate changes in Connecticut, Massachusetts and New Hampshire, and capital recovery mechanisms, partially offset by higher depreciation, property taxes, interest expense, share dilution, and a higher effective tax rate. The company released a new five-year $26.5 billion capital investment plan for 2026-2030, an increase of $2.3 billion over the prior plan, with potential for an incremental $1 billion for Connecticut AMI. Eversource expects to raise $800 million to $1.1 billion in equity over 2026-2030, excluding dividend reinvestment and equity compensation programs.
ES YoY Financials
ES Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.