Eversource Energy (ES) Q1 2025 earnings summary

Executive summary

• Reported Q1 2025 net income of $550.8 million ($1.50 per share), up from $521.8 million ($1.49 per 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.

• Announced strategic divestiture of Aquarion water business for ~$2.4B, expected to close in late 2025, positioning as a pure-play regulated utility.

• Cash flows from operations rose to $1.04B in Q1 2025 from $291.3M in Q1 2024, aided by improved regulatory recoveries and higher collections.

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

Financial highlights

• Q1 2025 operating revenues increased to $4.12B from $3.33B in Q1 2024, with operating income up to $926.4M from $846.0M.

• Diluted EPS for Q1 2025 was $1.50, compared to $1.49 in Q1 2024, with approximately 367 million shares outstanding.

• Net income attributable to common shareholders was $550.8M, up $29.0M year-over-year.

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

• Parent and other companies posted a loss of $59.0 million, $40.0 million higher loss year-over-year, mainly from higher interest expense.

Outlook and guidance

• 2025 EPS guidance range reaffirmed at $4.67–$4.82, with long-term EPS growth rate of 5–7% through 2029.

• Five-year capital plan of $24.2 billion, a 10% increase over the previous plan, focused on utility infrastructure investments.

• Projected 8% rate base growth over five years, with potential for $1.5B–$2B in incremental investments.

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

• Smart meter deployment in Massachusetts to begin July 2025, supporting clean energy goals.