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Eversource: Eversource Energy's 2025 Earnings: A Year of Strong Execution

Eversource Energy reported a non-GAAP earnings per share (EPS) of $4.76 for 2025, with the actual EPS for the fourth quarter coming in at $1.12, slightly beating estimates of $1.1. The company's revenues for the year were not explicitly stated, but the reported EPS suggests a stable financial performance. The company's ability to deliver on its earnings expectations is reflected in its operational achievements, including top-decile performance for both the MAIFI and SAIDI metrics, demonstrating investments in grid modernization and reliability. With a P/E Ratio of 20.31, the market seems to be pricing in a certain level of growth, and the Dividend Yield of 4.1% indicates an attractive return for income-seeking investors.

ES

USD 73.36

4.32%

A-Score: 6.2/10

Publication date: February 13, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • 2025 Non-GAAP Earnings & Dividends Eversource reported $4.76/share in non-GAAP earnings and paid $3.01/share in dividends, with $4B+ in capital investments deployed.
  • 2026–2030 Capital Plan Updated $26.5B infrastructure plan includes $11B for electric distribution, $7B for natural gas, and $7B for transmission, targeting $35B rate base by 2030.
  • Regulatory Approvals Massachusetts PBR adjustments granted $55M for NSTAR Electric and $10M for NSTAR Gas, with $45M base rate increase from NSTAR Gas rate base roll-in.
  • 2026 Earnings Outlook Guidance of $4.80–$4.95/share, with moderate growth due to transitory 2026 headwinds and a 5–7% long-term EPS growth target by 2028.
  • Offshore Wind & Storm Costs First power from Revolution Wind expected mid-2026, with $88M Aquarion rate case request and $34.5B–$35B total cash needs for 2026–2030 projects.

Operational Highlights and Future Plans

The company highlighted several accomplishments, including achieving over 100,000 smart meter installations in Massachusetts and obtaining constructive decisions from regulators to support ongoing infrastructure needs. Eversource is also working with Governor Healey's administration to implement a rate relief plan for electric and gas customers in Massachusetts. For 2026, the company is focused on completing offshore wind commitments, enhancing storm cost securitization, and managing a potential sale of Aquarion. The updated five-year capital plan includes approximately $26.5 billion in infrastructure investments, representing a $2.3 billion increase from the prior plan, with a focus on system resiliency and top-tier electric reliability.

Regulatory Developments and Financing Needs

Eversource had a busy year on the regulatory front, with encouraging results, including approval of its PBR rate adjustments in Massachusetts and a settlement agreement that included the recovery of EGMA acquisition and integration costs. The company anticipates incremental financing needs over the next five years and is reviewing alternatives to ensure efficient funding. Eversource expects to fund $27.8 billion of infrastructure investments, with a total cash need of $34.5 billion to $35 billion, and cash flows from operations expected to be in the range of $24.2 billion to $24.7 billion, funding nearly 70% of its cash needs.

Outlook and Valuation

The company is projecting earnings per share in the range of $4.80 to $4.95 for 2026, with earnings growth to be more moderate due primarily to the timing of key regulatory outcomes. Analysts estimate next year's revenue growth at 3.6%. With an EV/EBITDA ratio of 11.13, the market is pricing in a certain level of profitability. The ROE of 8.66% indicates a reasonable return on equity. The company's long-term earnings per share growth rate is expected to be in the range of 5% to 7%, driven by improved regulatory outcomes, recovery of storm costs, and distribution rate adjustments.

Eversource's A-Score