EVERSOURCE ENERGY REPORTS FULL-YEAR & FOURTH QUARTER 2025 RESULTS
Eversource Energy today reported full-year 2025 earnings of $1.69 billion, or $4.56 per share, compared with $811.7 million, or $2.27 per share, in 2024. Non-GAAP recurring earnings totaled $1.77 billion, or $4.76 per share, for 2025, up from $1.63 billion, or $4.57 per share, in 2024. The company’s updated 2025 non-GAAP recurring earnings guidance ranged between $4.72 and $4.80 per share.
Fourth-quarter 2025 earnings were $421.3 million, or $1.12 per share, compared with $72.5 million, or $0.20 per share, in the fourth quarter of 2024. Non-GAAP earnings for the quarter were $421.3 million, or $1.12 per share, compared with $370.8 million, or $1.01 per share, in the prior-year period.
Full-year 2025 results included an after-tax loss of $75.0 million, or $0.20 per share, tied to increased liabilities for future payments to Global Infrastructure Partners following the September 2024 sale of the South Fork Wind and Revolution Wind projects. By comparison, full-year 2024 results included an after-tax loss of $524.0 million, or $1.47 per share, related to the completion of offshore wind investment sales. In the fourth quarter of 2024, the company also recorded an after-tax loss of $298.3 million tied to the pending sale of Aquarion Water Company. These items were excluded from non-GAAP recurring earnings.
Chairman, President and Chief Executive Officer Joe Nolan said the company delivered solid operational and financial results in 2025 while strengthening its balance sheet and improving cash flow. He added that Eversource achieved constructive regulatory outcomes and credited the company’s workforce for its performance.
Looking ahead, Nolan said the company will continue focusing on energy affordability, disciplined investments and innovative technology to improve service reliability. He also noted confidence in Eversource’s outlook as a pure-play regulated utility.
Annual Outlook and Investment Plan
Eversource projects 2026 earnings between $4.80 and $4.95 per share. The company expects long-term earnings per share growth of 5% to 7% annually through 2030, using the 2025 non-GAAP result of $4.76 per share as the base year. It also anticipates growth toward the upper half of that range by 2028.
The company introduced a new five-year, $26.5 billion investment plan for 2026 through 2030, up $2.3 billion from its previous plan. The increase is primarily driven by higher electric and natural gas distribution investments aimed at supporting reliability, load growth and clean-energy goals.
Eversource expects to raise between $800 million and $1.1 billion in equity from 2026 through 2030, excluding routine issuances under dividend reinvestment and compensation programs.
Segment Performance
Electric Transmission:
Transmission earnings rose to $776.7 million in 2025 from $724.6 million in 2024, driven by continued system investment. Fourth-quarter earnings were $183.7 million, slightly below the prior-year period.
Electric Distribution:
The electric distribution segment earned $667.1 million in 2025, up from $631.7 million in 2024, supported by rate increases and system investments. Fourth-quarter earnings were $95.5 million, down from $110.4 million a year earlier, reflecting customer credits at NSTAR Electric.
Natural Gas Distribution:
Natural gas distribution earnings increased to $360.5 million in 2025 from $291.0 million in 2024. Fourth-quarter earnings rose to $123.6 million from $103.4 million, largely due to base rate increases and infrastructure investments.
Water Distribution:
Excluding the prior-year loss on the pending sale, the water distribution segment earned $44.2 million in 2025, compared with $44.6 million in 2024. Fourth-quarter earnings were $7.4 million, roughly in line with the prior year.
Parent and Other Companies:
Excluding offshore wind losses, parent and other operations reported a loss of $81.1 million in 2025, compared with a loss of $57.9 million in 2024, mainly due to higher interest expense. The fourth quarter showed earnings of $11.1 million, compared with a loss of $34.5 million a year earlier.
Consolidated Earnings
Reported earnings for the fourth quarter of 2025 were $421.3 million, or $1.12 per share, compared with $72.5 million, or $0.20 per share, in the fourth quarter of 2024. Full-year reported earnings were $1.69 billion, or $4.56 per share, compared with $811.7 million, or $2.27 per share, in 2024.
Eversource has approximately 375 million common shares outstanding and operates New England’s largest energy delivery system, serving about 4.6 million electric, natural gas and water customers across Connecticut, Massachusetts and New Hampshire.
