Eversource reported solid 2025 results and provided 2026 guidance that reflects a transition year, with management emphasizing de-risking the business through regulatory resolutions and balance sheet improvement. The company expects a significant earnings inflection in 2027. Full year 2025 non-GAAP EPS was $4.76, within guidance.
Eversource reported solid 2025 results and provided 2026 guidance that reflects a transition year, with management emphasizing de-risking the business through regulatory resolutions and balance sheet improvement. The company expects a significant earnings inflection in 2027. Full year 2025 non-GAAP EPS was $4.76, within guidance.
Eversource raised its five-year capital plan to $26.5 billion (2026-2030), a $2.3 billion increase from the prior plan, driven largely by electric and natural gas distribution investments for aging infrastructure, grid modernization, and safety regulations.
Guidance tone
Guidance tone
Five-year capex plan increased to $26.5 billion (2026-2030).
Management mentioned using AI to optimize system operations, reduce costs, and prepare for regulatory proceedings, with investments in AI tools included in the capital plan.
Management expresses confidence in long-term growth despite 2026 being a transition year, with earnings growth expected to accelerate towards the upper half of 5-7% by 2028.
Eversource raised its five-year capital plan to $26.5 billion (2026-2030), a $2.3 billion increase from the prior plan, driven largely by electric and natural gas distribution investments for aging infrastructure, grid modernization, and safety regulations.
Management expressed confidence in resolving key overhangs (storm costs, Aquarion, offshore wind) and delivering upper-half long-term EPS growth, while acknowledging 2026 headwinds as transitory.
“As we move into 2027 and 2028, we expect a meaningful inflection in earnings growth driven by improved regulatory outcomes, recovery of storm costs, completion of alternative financing opportunities, and distribution rate adjustments...”
“we have followed through on our commitment to cash flow and balance sheet improvements with over 400 basis points of enhancement on the FFO to debt metrics at Moody's and 300 basis point improvement at S&P for 2025.”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2030 | $26.5B | $26.5B | MAINTAINED |
| EPS | FY2026 | $4.80–$4.95 | $4.88 | GUIDED |
Orsted is making progress on Revolution Wind with construction resumed and first power imminent, de-risking Eversource's contingent liability.
“as Orsted recently announced, The project is expected to achieve first power within the coming weeks. Orsted has also stated that construction of Revolution Wind has resumed since the preliminary injunction on the recent stop work order”
… a $1.8 billion investment which is the largest underground substation in the nation and critical investment in strengthening the electric system that serves one of the fastest growing and most energy intensive areas of our region. Construction on this project continues to progress very well. We completed the construction of the onshore substation for the Revolution Wind Project late last year. And as Orsted recently announced, The project is expected to achieve first power within the coming weeks. Orsted has also stated that construction of Revolution Wind has resumed since the preliminary injunction on the recent stop work order was granted, and the project is 87% complete. Currently, given the latest construction updates and cost estimates, we do not need to change the contingent liability that we recorded in the third quarter of 2025. Another one of our proud accomplishments for the seventh year in a row was that Newsweek recognized Eversource as one of America's most responsible companies. This recognition highlights our excellence in environmental, social, and corporate governance areas. This recognition is a reflection on the hard work and dedication of nearly 11,000 …