Eversource Energy (ES) Q4 2025 earnings summary

Executive summary

• Achieved recurring non-GAAP EPS of $4.76 in 2025, up from $4.57 in 2024, with a 10-year EPS growth rate of 6%.

• Maintained top-decile reliability and customer service metrics for the seventh consecutive year.

• Executed over $4 billion in capital projects and advanced major infrastructure, including grid modernization and clean energy initiatives.

• Recognized for ESG and sustainability leadership, including being named #1 utility for emissions reduction and listed among America's Most Responsible Companies.

• Focused on operational execution, balance sheet strengthening, and regulatory collaboration.

Financial highlights

• 2025 non-GAAP EPS was $4.76, up from $4.57 in 2024; GAAP EPS was $4.56, up from $2.27.

• Paid dividends of $3.01 per share, a 5.2% increase year-over-year.

• Electric transmission earned $2.09/share, electric distribution $1.80/share, and natural gas $0.97/share in 2025.

• Natural Gas Distribution segment saw the largest EPS growth, up $0.16 year-over-year.

• Parent and Other segment posted a non-GAAP loss of $0.22/share, mainly due to higher interest costs.

Outlook and guidance

• 2026 EPS guidance set at $4.80–$4.95, with long-term EPS growth projected at 5%-7% off 2025 non-GAAP EPS, targeting upper half of range by 2028.

• Major drivers for 2027+ include Aquarion transaction, storm cost recovery, CL&P rate case, and securitization.

• Key 2026 drivers include transmission investments, base rate changes, and capital recovery mechanisms.

• Robust capital investment plan of $26.5 billion through 2030, with potential for $1 billion incremental investments.