Short answer
HA Sustainable Infrastructure Capital, Inc. (HASI) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $401M (+4.4% year over year) and net income of $185M.
- Top risk flagged: Operational cybersecurity risk with oversight by Finance and Risk Committee and CISO managing incident response and vulnerability processes
FY2025 key financial metrics · XBRL
- Revenue
- $401M
- +4.4% YoY
- Net income
- $185M
- −7.7% YoY
- EPS (diluted)
- $1.41
- −13.0% YoY
- ROE
- 6.9%
- −1.4 pp YoY
- Operating cash flow
- $167M
- +2759.1% YoY
Source: XBRL data from the HA Sustainable Infrastructure Capital, Inc. (HASI) FY2025 10-K on SEC EDGAR. USD.
HA Sustainable Infrastructure Capital, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Sustainable infrastructure investment management utilizing debt, equity, securitizations, and co-investment structures
- New partnership expansion: Strategic partnership with KKR increased equity commitment from $2B to $3B, extended investment period to Dec 2027
- Capital market activity: Issued $1.5B senior notes (2031/2035) and $500M junior subordinated notes, repurchased $700M senior notes maturing 2026-2027
- Financial leverage: Debt to equity ratio 1.7x, down from 1.8x, fixed-rate debt 99% within 75-100% target range as of Dec 31, 2025
- Organizational tax status shift: Converted from REIT to C-Corp effective 2024 tax year impacting dividend policy and tax treatment
Management Discussion & Analysis
- Revenue $400.5M, up 4% YoY from $383.6M; interest and rental income rose $20.5M to $286.4M, management fees +29% to $33.6M
- Net income $188.2M, down 8% YoY from $203.6M; operating loss before equity method investments ($27.2M) vs income $25.9M prior year
- Equity method investments income best segment $300.7M, up 21%; gain on sale of assets worst segment down 19% to $65.1M
- Interest expense $292.4M, up 21%; provision for loss on receivables $12.1M vs $1.1M; compensation $92.5M up 14%, admin down 7%
- Adjusted Earnings $342.4M ($2.70/share) vs $290.6M ($2.45/share); Adjusted Recurring Net Investment Income $362.0M vs $289.2M
- Cash from operations $167.3M vs $5.9M prior year; Adjusted Cash from Operations plus Other Collections $959.2M vs $910.1M
- Dividends paid $209.8M; cash available for reinvestment $749.4M vs $717.8M; capex details not explicitly disclosed
- Portfolio increased to $7.6B from $6.6B; Managed Assets $16.1B up from $13.7B; weighted average life ~16 years; yield 8.6% vs 8.4%
- Management outlook not explicitly stated; risks include increased interest expense and higher provision for loan losses impacting profitability
Risk Factors
- Operational cybersecurity risk with oversight by Finance and Risk Committee and CISO managing incident response and vulnerability processes
- Key-person risk from dependence on CISO with over 20 years cybersecurity leadership experience responsible for risk management and budgeting
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