Eversource Energy (ES) Q3 2025 earnings summary

Executive summary

• Q3 2025 net income was $367.5M ($0.99/share), up from a loss of $118.1M in Q3 2024, with non-GAAP recurring earnings at $442.5M ($1.19/share); nine-month net income was $1.27B ($3.44/share), driven by higher regulated segment earnings and lower offshore wind losses.

• Strategic focus on a fully regulated business model, $24.2B capital plan through 2029, and leadership in the New England energy transition.

• Substantial progress on Revolution Wind and AMI deployment, with onshore substation nearly complete and project de-risked.

• Regulatory clarity and progress in Connecticut, Massachusetts, and New Hampshire, including key rate cases and the pending Aquarion Water sale.

• Continued investment in grid infrastructure and robust load growth from electrification and economic expansion.

Financial highlights

• Q3 2025 GAAP EPS was $0.99, up from $-0.33 in Q3 2024; non-GAAP recurring EPS was $1.19, up from $1.13; nine-month non-GAAP EPS was $3.64, up from $3.56.

• Q3 2025 operating revenues were $3.22B, up $157M year-over-year; YTD revenues were $10.18B, up $1.25B.

• Operating cash flows increased to $3.20B YTD 2025, up from $1.52B YTD 2024.

• Offshore wind contingent liability increased by $284M in Q3 2025, resulting in a $75M after-tax charge.

Outlook and guidance

• 2025 non-GAAP recurring EPS guidance narrowed to $4.72–$4.80, with a reaffirmed 5–7% long-term EPS growth rate off a 2024 non-GAAP base of $4.57.

• Five-year capital plan of $24.2B through 2029, with $3.3B executed YTD and $1.5–$2B in additional investment opportunities identified.

• Rate base projected to grow at an 8.0% CAGR from $26.4B in 2023 to $41.9B in 2029.