Eversource Energy (ES) Q2 2025 earnings summary

Executive summary

• Q2 2025 net income was $352.7M ($0.96/share), up from $335.3M ($0.95/share) in Q2 2024; H1 2025 net income was $903.5M ($2.45/share), up from $857.2M ($2.43/share) in H1 2024.

• Achieved strong progress on strategic priorities, maintaining focus as a regulated utility amid rising electric demand and infrastructure needs driven by electrification and decarbonization trends.

• Maintained a fully regulated business model, focusing on reliability, affordability, and energy transition investments, with operational performance supported by quick response to weather events.

• Issued 2024 sustainability report and received multiple recognitions for climate leadership and responsible corporate practices.

• Enhanced cash flow from operations and strengthened balance sheet during the quarter.

Financial highlights

• Q2 2025 GAAP and recurring EPS were $0.96, up from $0.95 in Q2 2024; H1 2025 EPS was $2.45, up from $2.43 year-over-year.

• Operating revenues for Q2 2025 were $2.84B, up $305M year-over-year; H1 2025 revenues were $6.96B, up $1.09B year-over-year.

• Operating income for Q2 2025 was $663M, up $60.5M year-over-year; H1 2025 operating income was $1.59B, up $141M year-over-year.

• Operating cash flows increased by over $1 billion year-over-year in the first half of 2025, reaching $2.10B.

• $1.73B in new long-term debt issued and $375M repaid in H1 2025; 3.38M common shares issued for $218M net proceeds.

Outlook and guidance

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

• Five-year capital plan of $24.2 billion, a 10% increase over the prior plan, with $2.2 billion executed through June 2025 and $1.5–$2 billion in additional opportunities identified.

• Sale of Aquarion water business for $2.4B expected to close late 2025, with proceeds to pay down parent debt.

• Pending regulatory decisions in Connecticut and Massachusetts may impact future rates and cost recovery.

• Majority of $1.2 billion equity needs expected in the latter half of the five-year plan.