Companies /Utilities

Eversource Energy

NYSE: ES Utilities - Regulated Electric
$70.44
▼ $1.05 (−1.47%) today
Markets closed · 11:06pm ET

Q2 2025 Earnings

Reported Jul 31, 2025, 4:20pm ET · SEC source
$0.96
Beat +0.96%
EPS · est. $0.95
$2.8B
Miss −3.11%
Revenue · est. $2.9B
−7.0%
Trailing market
ES vs S&P since report
3 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−1.8%−0.9%0+0.9%Jul 31Aug 1report 4:20pm ETearnings−1.5%−0.8%
−1.8%−0.9%0+0.9%Jul 31Aug 1earnings−1.5%−0.8%
ES −0.8%S&P 500 −1.5%
−2%−1%0+1%Jul 31Aug 1report 4:20pm ETearnings−1.8%−0.8%
−2%−1%0+1%Jul 31Aug 1earnings−1.8%−0.8%
ES −0.8%NASDAQ −1.8%
−2%−1%0+1%Jul 30Aug 8report 4:20pm ETearnings+1.0%−1.6%
−2%−1%0+1%Jul 30Aug 8earnings+1.0%−1.6%
ES −1.6%S&P 500 +1.0%
−2%0+2%Jul 30Aug 8report 4:20pm ETearnings+2.0%−1.6%
−2%0+2%Jul 30Aug 8earnings+2.0%−1.6%
ES −1.6%NASDAQ +2.0%
−0.83%
Day of report
+1.39%
Next session
−0.78%
One week
−3.43%
30 days

S&P 500 over the same 30 days: +3.54%.

Did ES Beat Earnings? Q2 2025 Results

Eversource Energy posted a mixed but broadly encouraging second quarter, delivering earnings per share of $0.96 against a consensus estimate of $0.95, a beat of 0.96%, even as revenue of $2.84 billion trailed analyst expectations of $2.93 billion by 3.11%. Despite the top-line shortfall, revenues still climbed 12.0% year over year, underscoring the underlying momentum in the company's regulated utility operations. The single most decisive driver was Electric Transmission, where segment earnings reached $208.00 million, up $19.00 million from a year ago, fueled by sustained infrastructure investment across the grid. Gains in Electric Distribution, Natural Gas, and Water Distribution further reinforced the story, though a widening loss in the Parent segment, tied to higher interest expense following the exit from offshore wind, partially offset those contributions. Management reaffirmed full-year 2025 EPS guidance of $4.67 to $4.82, backed by a $24.20 billion five-year capital plan, and some analysts argue the stock's true earnings power remains underappreciated given the distortion from prior unusual items.

Key Takeaways
  • Continued investment in electric transmission system
  • Base distribution rate increases in New Hampshire and Massachusetts electric businesses
  • Massachusetts gas rate increases effective November 1, 2024
  • Higher water distribution revenues and lower interest expense
  • Improved cash flow from operations

“Eversource delivered solid operational and financial results in the second quarter, reflecting the dedication and expertise of our talented workforce. Our employees demonstrated exceptional commitment to our customers, responding quickly to a series of weather events across our service territory. We strengthened our financial foundation by boosting cash flow from operations and enhancing our balance sheet. Importantly, we continued to prioritize customer affordability while progressing constructive regulatory outcomes that support our long-term investment strategy.”

Eversource Energy CEO, on the earnings call

Forward Guidance & Outlook

Eversource reaffirms its 2025 EPS guidance range of $4.67 to $4.82 per share and its long-term compound annual EPS growth rate of 5% to 7% from a 2024 base of $4.57 per share through 2029. The company projects $24.2 billion in capital expenditures for core businesses from 2025 to 2029, with potential for an incremental $1.5 billion to $2 billion in additional investments. Rate base is expected to grow from $26.4 billion in 2023 to $41.9 billion by 2029. The company continues to strengthen its balance sheet, targeting improved FFO-to-debt ratios, and plans to fund investments through a $1.2 billion ATM equity issuance program and $600 million in DRSPP equity through 2029. The pending sale of the Aquarion water business for approximately $1.6 billion is expected to further enhance the balance sheet.

ES YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$800.0M$1.6B$2.4B$2.5B$2.8BRevenue$602.5M$663.0MOperating Income$335.4M$352.7MNet Income
$0$800.0M$1.6B$2.4BRevenueOperating IncomeNet Income

ES Revenue by Segment

Electric Distribution$161.5M
Natural Gas Distribution$35.3M
Electric Transmission$208.0M
Water Distribution$14.4M

Figures from SEC filings and company reports. Not investment advice.