Eversource Energy Reports Strong Full-Year and Fourth Quarter 2025 Results, Outlines Growth Plans for 2026-2030
Eversource Energy one of New England’s leading utility companies, today announced robust financial results for the full-year and fourth quarter of 2025, reflecting strong operational execution, disciplined financial management, and continued strategic investment in its energy infrastructure.
Full-Year and Fourth Quarter 2025 Financial Performance
For the full year 2025, Eversource reported GAAP earnings of $1.69 billion, or $4.56 per share, marking a substantial increase from $811.7 million, or $2.27 per share in 2024. Non-GAAP recurring earnings, which exclude certain one-time items, totaled $1.77 billion, or $4.76 per share, compared with $1.63 billion, or $4.57 per share in 2024. These results are in line with the company’s updated non-GAAP recurring earnings guidance of $4.72 to $4.80 per share for 2025.
In the fourth quarter of 2025, Eversource achieved GAAP earnings of $421.3 million, or $1.12 per share, up significantly from $72.5 million, or $0.20 per share in Q4 2024. Non-GAAP earnings for the quarter were also strong at $421.3 million, or $1.12 per share, compared with $370.8 million, or $1.01 per share in Q4 2024.
The 2025 full-year results include a net after-tax loss of $75.0 million, or $0.20 per share, primarily related to an increase in the company’s liability for future payments to Global Infrastructure Partners following the September 30, 2024 sale of the South Fork Wind and Revolution Wind projects. In comparison, full-year 2024 results included an after-tax loss of $524.0 million, or $1.47 per share from the sale of offshore wind investments. Additionally, the fourth quarter of 2024 recorded an after-tax loss of $298.3 million related to the pending sale of Aquarion Water Company, which was excluded from non-GAAP recurring earnings.
Executive Commentary
Joe Nolan, Chairman, President, and CEO of Eversource, highlighted the company’s operational and financial achievements:
In 2025, we executed on our priorities of delivering solid operational and financial results, strengthening our balance sheet, and improving cash flow from operations. We also made significant progress in achieving constructive regulatory outcomes by working collaboratively with our regulators during a time of extensive change at the state and federal levels. This solid execution would not have been possible without our highly dedicated team of nearly 11,000 employees who work expertly and passionately to serve our communities and customers.”
Looking ahead, Nolan emphasized the company’s continued focus on customer affordability, prudent investments, and innovative technology:
We are very excited about Eversource’s future as a pure-play regulated utility company with solid growth opportunities. We will continue to focus on energy affordability, making prudent investments, exercising cost discipline, and adopting innovative solutions to deliver safe, reliable, and affordable energy.”
2026 Outlook and Long-Term Investment Plan
Eversource projected full-year 2026 earnings to range between $4.80 and $4.95 per share, building on a solid 2025 base of $4.76 per share (non-GAAP). The company anticipates a 5-7% cumulative annual earnings growth rate through 2030, with growth toward the upper end of the range expected by 2028.
The company unveiled a new five-year investment plan totaling $26.5 billion for 2026–2030, up from $24.2 billion in the previous plan. This $2.3 billion increase, which excludes investments related to Aquarion Water Company, reflects higher investments in electric and natural gas distribution infrastructure. These capital investments aim to enhance service reliability, support load growth, and advance clean energy objectives within Eversource’s service territory.
To support this investment plan, Eversource expects to raise $800 million to $1.1 billion in equity over the 2026–2030 period, excluding dividend reinvestment and equity compensation programs. This financing strategy is independent of the potential sale of Aquarion.
Segment Performance
Eversource operates across multiple utility segments, each demonstrating a combination of growth and strategic investments:
Electric Transmission
- 2025 earnings: $776.7 million vs. $724.6 million in 2024 (+$52.1 million)
- Q4 2025 earnings: $183.7 million vs. $184.0 million in Q4 2024
- Growth driven by ongoing investment in transmission infrastructure, though Q4 results slightly declined due to the absence of a prior-year carrying charge benefit.
Electric Distribution
- 2025 earnings: $667.1 million vs. $631.7 million in 2024 (+$35.4 million)
- Q4 2025 earnings: $95.5 million vs. $110.4 million in Q4 2024
- Improvements in full-year results reflect higher revenues from base distribution rate increases in New Hampshire and Massachusetts. Q4 earnings were impacted by customer credits related to a Massachusetts joint settlement agreement.
Natural Gas Distribution
- 2025 earnings: $360.5 million vs. $291.0 million in 2024 (+$69.5 million)
- Q4 2025 earnings: $123.6 million vs. $103.4 million in Q4 2024
- Growth was supported by base distribution rate increases in Massachusetts and Yankee Gas, offset partially by higher O&M expenses, penalties from the NSTAR Gas settlement, and increased depreciation, interest, and property taxes.
Water Distribution
- 2025 earnings: $44.2 million vs. $44.6 million in 2024
- Q4 2025 earnings: $7.4 million vs. $7.5 million in Q4 2024
- Results remained relatively flat, excluding prior-year losses on the pending sale.
Parent and Other Companies
- 2025 loss: $(81.1) million vs. $(57.9) million in 2024
- Q4 2025 earnings: $11.1 million vs. $(34.5) million in Q4 2024
- The full-year loss was primarily due to higher interest expense and the absence of capitalized interest from prior offshore wind projects. Q4 results benefited from cost recoveries related to Massachusetts’ Eversource Gas acquisition.
Consolidated Earnings Summary
| Segment | Q4 2025 EPS | Q4 2024 EPS | FY 2025 EPS | FY 2024 EPS |
|---|---|---|---|---|
| Electric Transmission | $0.49 | $0.50 | $2.09 | $2.03 |
| Electric Distribution | $0.25 | $0.30 | $1.80 | $1.77 |
| Natural Gas Distribution | $0.33 | $0.28 | $0.97 | $0.81 |
| Water Distribution | $0.02 | $0.02 | $0.12 | $0.12 |
| Parent & Other Companies | $0.03 | $(0.09) | $(0.22) | $(0.16) |
| Offshore Wind / Pending Sales Adjustments | — | $(0.81) | $(0.20) | $(2.30) |
| Reported Earnings | $1.12 | $0.20 | $4.56 | $2.27 |
Operational Reach
Eversource Energy operates New England’s largest energy delivery system, serving approximately 4.6 million electric, natural gas, and water customers across Connecticut, Massachusetts, and New Hampshire. The company has approximately 375 million common shares outstanding and continues to invest strategically in infrastructure to ensure reliable, safe, and sustainable service for its customers.
Looking Forward
With a solid financial foundation, an ambitious five-year investment plan, and a commitment to energy affordability and innovation, Eversource Energy is positioned for continued growth and operational excellence in the coming years. Its focus on regulatory collaboration, infrastructure expansion, and long-term earnings growth highlights the company’s strategy to remain a leading pure-play regulated utility in New England.
