Eversource Energy (NYSE: ES) reported full‑year 2025 results that included net income of $1.69 billion, or $4.56 per share, up 107% from $811.7 million ($2.27 per share) in 2024. Non‑GAAP recurring earnings totaled $1.77 billion, or $4.76 per share, representing a 4.16% year‑over‑year increase, a correction to the 9.5% figure originally reported. The company’s operating income rose 104.3% to $1.77 billion, driven by higher revenue and improved operating leverage across its regulated utility segments.
In the fourth quarter, Eversource earned a profit of $421.3 million, or $1.12 per share, compared with $72.5 million ($0.20 per share) a year earlier. The quarter’s earnings per share beat the Zacks consensus estimate of $1.10 by $0.02, a 1.8% lift, largely due to disciplined cost management and a favorable mix of higher‑margin distribution work. Revenue for the quarter reached $3.37 billion, a $0.43 billion (14.6%) beat on a 14.6% year‑over‑year increase, driven by strong demand in the electric and natural‑gas distribution segments and a modest rebound in transmission revenue.
Eversource recorded a $75 million after‑tax charge related to its offshore wind contingent liability, a charge that was recorded in the third quarter of 2025. The company noted the absence of the $524 million loss that accompanied the 2024 sale of its offshore wind assets, underscoring its strategic exit from that business and the focus on core regulated operations.
The company unveiled a new five‑year capital investment plan totaling $26.5 billion for 2026‑2030, an increase of $2.3 billion over the prior plan. The plan is heavily weighted toward electric and natural‑gas distribution infrastructure, reflecting the company’s strategy to modernize its network and support clean‑energy growth. Management reiterated its guidance for 2026 earnings per share of $4.80 to $4.95, slightly above the previous range, and emphasized that the company expects a “transitional year” in 2026 with moderate earnings growth due to timing of regulatory outcomes, the potential sale of Aquarion, and storm‑cost recovery headwinds. Joseph Nolan, President, CEO & Chairman, said, “2025 was another year of strong execution across the organization.” John Moreira, Executive VP, CFO & Treasurer, added, “Our revised non‑GAAP earnings guidance for 2025 was in the range of $4.72 to $4.80.”
Segment performance analysis shows that electric transmission earnings were slightly lower than the prior year because the company did not receive the carrying‑charge benefit that boosted earnings in 2024. Electric distribution earnings fell due to a charge for customer credits at NSTAR Electric, while natural‑gas distribution earnings increased, driven by rate‑increase approvals that expanded the company’s revenue base. These segment dynamics explain the overall earnings growth and the company’s confidence in its long‑term growth trajectory.
Investors reacted positively to the results, citing the strong revenue beat, the disciplined cost base that enabled an EPS lift, and the ambitious $26.5 billion capital plan that signals confidence in future infrastructure investment and clean‑energy opportunities. The market’s enthusiasm reflects the company’s clear strategy to focus on regulated utility operations, its ability to execute on rate‑base expansion, and its commitment to delivering shareholder value through dividends and capital investment.
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