Companies /Utilities

Eversource Energy

NYSE: ES Utilities - Regulated Electric
$70.44
▼ $1.05 (−1.47%) today
Markets closed · 11:31pm ET

Q3 2025 Earnings

Reported Nov 4, 2025, 4:20pm ET · SEC source
$1.19
Beat +3.61%
EPS · est. $1.15
$3.2B
Beat +0.62%
Revenue · est. $3.2B
−9.4%
Trailing market
ES vs S&P since report
3 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−1.4%−0.7%0+0.7%Nov 4Nov 5report 4:20pm ETearnings+0.3%−1.2%
−1.4%−0.7%0+0.7%Nov 4Nov 5earnings+0.3%−1.2%
ES −1.2%S&P 500 +0.3%
−1.6%−0.8%0+0.8%Nov 4Nov 5report 4:20pm ETearnings+0.6%−1.2%
−1.6%−0.8%0+0.8%Nov 4Nov 5earnings+0.6%−1.2%
ES −1.2%NASDAQ +0.6%
−2%0Nov 3Nov 12report 4:20pm ETearnings+1.1%−0.3%
−2%0Nov 3Nov 12earnings+1.1%−0.3%
ES −0.3%S&P 500 +1.1%
−2%0+2%Nov 3Nov 12report 4:20pm ETearnings+0.3%−0.3%
−2%0+2%Nov 3Nov 12earnings+0.3%−0.3%
ES −0.3%NASDAQ +0.3%
−1.23%
Day of report
−1.88%
Next session
+0.96%
One week
−8.52%
30 days

S&P 500 over the same 30 days: +0.89%.

Did ES Beat Earnings? Q3 2025 Results

Eversource Energy delivered a clean beat across both top and bottom lines in Q3 2025, posting non-GAAP recurring EPS of $1.19 against a consensus estimate of $1.15, a 3.61% beat, while revenue of $3.22 billion edged past the $3.20 billion estimate and rose 5.1% year over year. The stronger result was driven by broad-based improvement across regulated segments, with Electric Transmission and Electric Distribution both posting meaningful earnings gains and Natural Gas Distribution narrowing its seasonal loss, collectively lifting operating income to $688.68 million from $612.40 million a year ago. On a GAAP basis, the quarter reflected a dramatic swing to profitability, with net income of $367.50 million compared to a $118.10 million loss in Q3 2024, when offshore wind exit charges weighed heavily on results. Goldman Sachs raised its price target on the stock to $80 following the report, maintaining a Buy rating. Looking ahead, Eversource narrowed its full-year 2025 non-GAAP EPS guidance to $4.72 to $4.80 and reaffirmed a 5% to 7% compound annual EPS growth rate through 2029, underpinned by a $24.20 billion capital plan.

Key Takeaways
  • Higher revenues from base distribution rate increases in New Hampshire and Massachusetts electric businesses
  • Continued investment in electric transmission system
  • Massachusetts gas base distribution rate increases effective November 2024
  • Improved FFO-to-Debt ratio to 14.6% from 12.7% at year-end 2024

“During the third quarter, the Eversource team once again delivered strong financial and operational results, executing well on our planned investments while also responding promptly and safely to storm events.”

Eversource Energy CEO, on the earnings call

Forward Guidance & Outlook

Eversource narrowed its full-year 2025 non-GAAP recurring EPS guidance to $4.72–$4.80 per share, from the original range of $4.67–$4.82. The company reaffirmed its expected compound annual EPS growth rate of 5–7% from a 2024 base of $4.57 per share. Eversource is on track to invest approximately $5 billion in 2025 in transmission and distribution, part of a $24.2 billion capital plan through 2029 with potential for $1.5B–$2B in incremental investments. Rate base is projected to grow from $26.4 billion in 2023 to $41.9 billion by 2029. The company continues to strengthen its balance sheet, with FFO-to-Debt improving to 14.6% at mid-2025, and expects further cash flow enhancement from rate increases, storm cost recovery, the pending sale of the water business (~$1.6 billion in proceeds), and equity issuances.

ES YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$900.0M$1.8B$2.7B$3.1B$3.2BRevenue$612.4M$688.7MOperating Income$71.9M$367.5MNet Income
$0$900.0M$1.8B$2.7BRevenueOperating IncomeNet Income

ES Revenue by Segment

Electric Distribution$221.6M
Natural Gas Distribution
Electric Transmission$185.5M
Water Distribution$18.9M

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