Eversource Reports $4.56 EPS for 2025, Revenue Reaches $13.55 Billion
Eversource Energy (NYSE: ES) reported full year 2025 earnings of $4.56 per share on revenue of $13.55 billion, according to an 8-K filing released February 12, 2026. The New England utility holding company, which operates through subsidiaries including Connecticut Light and Power, NSTAR Electric, and Public Service Company of New Hampshire, saw strong performance across its regulated electric and gas distribution businesses.
Key Numbers
The company's full year 2025 earnings per share of $4.56 represented solid performance for the regulated utility. Revenue for the year totaled $13.55 billion, with third quarter revenue alone reaching $10.18 billion. The quarterly revenue progression showed $3.22 billion in Q3 and $6.96 billion in Q2, indicating seasonality typical of Northeast utilities where summer cooling and winter heating drive demand.
For perspective on the earnings trajectory, the company reported $3.44 per share through the third quarter and $0.99 in the third quarter alone. Second quarter earnings came in at $2.45 per share. These quarterly results demonstrate the utility's ability to generate consistent earnings throughout varying seasonal demand patterns.
The 2025 results mark a significant turnaround from 2023, when the company posted a net loss of $430 million for the full year. That loss reflected challenges the company faced including regulatory pressures and the impact of its offshore wind exit. The return to profitability in 2025 signals that management's strategic refocus on core regulated utility operations is bearing fruit.
What Management Said
While detailed management commentary will come during the February 13 analyst call, the timing and structure of this earnings release suggests confidence in the results. The company has scheduled a webcast conference call with financial analysts for February 13, where senior management will provide deeper insights into the fourth quarter and full year performance.
The filing indicates that presentation slides for the analyst call have been prepared and will be available through the company's investor relations website. This structured approach to earnings communication typically signals that management has a clear narrative around the results and forward-looking strategy.
The inclusion of all four major subsidiaries in the filing - Eversource Energy parent company, The Connecticut Light and Power Company, NSTAR Electric Company, and Public Service Company of New Hampshire - indicates comprehensive reporting across the entire regulated footprint. Each of these subsidiaries serves distinct geographic markets across New England, providing regulatory and revenue diversification.
What to Watch
Several key themes merit attention as Eversource moves forward. First, the company's ability to sustain earnings growth while managing regulatory relationships across three states remains critical. Each jurisdiction has different rate case timing and regulatory priorities that could impact future earnings.
The strong 2025 performance sets a high baseline for 2026 expectations. Investors will be looking for management's 2026 earnings guidance during the analyst call, particularly given the regulatory calendar and planned infrastructure investments. The company's ability to grow earnings while managing customer bill impacts will be crucial.
Capital allocation priorities also warrant monitoring. With the offshore wind exit behind it, Eversource can focus capital on traditional transmission and distribution infrastructure. The pace and returns on these investments will drive future earnings growth.
Regulatory developments remain a wildcard. Rate cases in Connecticut, Massachusetts, and New Hampshire each present opportunities and risks. The outcomes of these proceedings will determine the company's authorized returns and cost recovery mechanisms for the next several years.
The broader energy transition also presents both challenges and opportunities. As New England states pursue aggressive decarbonization goals, Eversource must balance grid modernization investments with affordability concerns. The company's role in enabling renewable energy integration while maintaining reliability will be increasingly important.
For investors, Eversource's return to solid profitability in 2025 demonstrates the resilience of the regulated utility model. The company's focus on its core electric and gas distribution operations, combined with transmission investments, provides a clear path for steady, predictable earnings growth typical of regulated utilities.
*Source: Eversource Energy Form 8-K filed with the SEC on February 12, 2026*
— StockCliff Research