Eversource Energy (ES) Q1 2025 earnings summary

Executive summary

• Reported Q1 2025 net income of $550.8M ($1.50/share), up from $521.8M ($1.49/share) in Q1 2024, driven by higher base distribution rates and transmission investments.

• Reaffirmed 2025 EPS guidance of $4.67–$4.82 and long-term EPS growth rate of 5–7% through 2029, using 2024 non-GAAP EPS of $4.57 as base.

• Strategic divestiture of Aquarion water business for ~$2.4B expected to close in 2025, positioning as a pure-play regulated utility and proceeds to reduce parent debt.

• Focus on regulated business model, robust capital investment, and supporting New England's clean energy transition.

• Board approved a common dividend of $0.7525 per share, payable June 30, 2025.

Financial highlights

• Q1 2025 GAAP and recurring EPS were $1.50, up from $1.49 year-over-year, with consolidated earnings increasing by $29.0M.

• Operating revenues increased to $4.12B in Q1 2025 from $3.33B in Q1 2024.

• Operating income was $926.4M, up from $846.0M year-over-year.

• Weighted average shares outstanding: 367.3M (basic), 367.7M (diluted).

• Cash and equivalents at March 31, 2025: $111.4M; available borrowing capacity: $1.16B.

Outlook and guidance

• Reaffirmed 2025 recurring EPS guidance of $4.67–$4.82 and long-term EPS growth rate of 5–7% off 2024 base.

• Five-year capital plan of $24.2B, a 10% increase over prior plan, focused on regulated utility infrastructure.

• Additional $1.5–$2B in potential investments identified within the forecast period.

• Proceeds from Aquarion sale to be used for debt reduction.

• Smart meter deployment in Massachusetts to begin July 2025.