Short answer
Eversource Energy (ES) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $13.5B (+13.8% year over year) and net income of $1.7B.
- Top risk flagged: FERC complaints challenging allowed ROEs on transmission investments could reduce returns and cash flows under regulatory scrutiny
FY2025 key financial metrics · XBRL
- Revenue
- $13.5B
- +13.8% YoY
- Net income
- $1.7B
- +108.5% YoY
- Operating margin
- 22.1%
- +1.8 pp YoY
- EPS (diluted)
- $4.56
- +100.9% YoY
- ROE
- 10.4%
- +5.1 pp YoY
- Operating cash flow
- $4.1B
- +90.5% YoY
Source: XBRL data from the Eversource Energy (ES) FY2025 10-K on SEC EDGAR. USD.
Eversource Energy FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: regulated energy delivery via electric, natural gas, and water utilities across CT, MA, NH
- Divestiture of offshore wind interests in 2024; residual noncontrolling tax equity investment retained in South Fork Wind
- CL&P distribution revenue increased $333M to $4.16B with significant public benefits revenue growth (+$250M)
- NSTAR Electric rate case approved 2022 includes 5-year PBR plan with potential 5-year extension, supporting rate stability
- PSNH implemented new rate case in 2025 with alternative regulation: formulaic revenue adjustments and earnings sharing
Management Discussion & Analysis
- Revenue increased to $1.69B net income in 2025 vs $811.7M in 2024, non-GAAP earnings $1.77B vs $1.63B, $140M YoY rise excluding special charges
- Operating margin stable: Regulated companies non-GAAP EPS $4.98 in 2025 vs $4.73 in 2024; electric transmission best performer $776.7M earnings up $52.1M
- Worst segment water distribution: 2024 impairment charge $297M; 2025 earnings $44.2M down slightly from $44.6M in 2024 excluding sale loss
- Cash flow from operations $4.11B in 2025 vs $2.16B in 2024; capex $4.16B vs $4.48B; dividends $3.01/share up from $2.86/share; issued $465.4M equity
- 2026 EPS guidance $4.80-$4.95; long-term EPS growth projected 5-7% through 2030; key risks in offshore wind contingent liabilities and regulatory appeals
Risk Factors
- FERC complaints challenging allowed ROEs on transmission investments could reduce returns and cash flows under regulatory scrutiny
- Exposure to post-closing cost overruns and tax credit risks on Revolution Wind offshore wind project sale with Global Infrastructure Partners
- Supply chain disruptions and long lead times for specialized equipment in New England could impede clean-energy infrastructure development
- Competition risks from FERC’s transmission project solicitations introducing non-incumbent bidders and cost caps may reduce growth
- Eversource parent liquidity dependent on dividends from subsidiaries and access to commercial paper and capital markets for debt service
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