# EVERSOURCE ENERGY (ES)

Informational only - not investment advice.

CIK: 0000072741
SIC: 4911 Electric Services
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4911 Electric Services](/industry/4911/)
Latest 10-K filed: 2026-02-17
SEC page: https://www.sec.gov/edgar/browse/?CIK=72741
Filing source: https://www.sec.gov/Archives/edgar/data/72741/000162828026008461/es-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-17 · accession 0001628280-26-008461 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000072741.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 13,547,244,000 USD | 2025 | verified |
| Net income | 1,699,891,000 USD | 2025 | verified |
| Assets | 63,786,711,000 USD | 2025 | verified |
| Free cash flow | -45,097,000 USD | 2025 | computed |
| Net margin | 12.55% | 2025 | computed |
| Operating margin | 22.06% | 2025 | computed |
| Revenue YoY | +13.83% | 2025 | computed |
| ROE | 10.49% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | ES | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 12.5% | 12.2% | 56 | 26 |
| Operating margin | 22.1% | 20.2% | 56 | 26 |
| Revenue growth | 13.8% | 9.2% | 84 | 26 |
| FCF margin | -0.3% | -2.0% | 55 | 23 |
| ROE | 10.5% | 9.4% | 63 | 28 |
| ROA | 2.7% | 2.6% | 56 | 28 |
| Liabilities / equity | 2.94 | 2.76 | 59 | 28 |
| Current ratio | 0.65 | 0.81 | 22 | 28 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4911 Electric Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 13547244000 | USD | 2025 | 2026-02-17 |
| Net income | 1699891000 | USD | 2025 | 2026-02-17 |
| Assets | 63786711000 | USD | 2025 | 2026-02-17 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-17. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000072741.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 7,639,129,000 | 7,751,952,000 | 8,448,201,000 | 8,526,470,000 | 8,904,430,000 | 9,863,085,000 | 12,289,336,000 | 11,910,705,000 | 11,900,809,000 | 13,547,244,000 |
| Net income |  | 7,500,000 | 7,500,000 | 7,500,000 | 1,212,686,000 | 1,228,046,000 | 1,412,394,000 | -434,721,000 | 819,172,000 | 1,699,891,000 |
| Operating income | 1,841,274,000 | 1,888,249,000 | 1,699,930,000 | 1,590,491,000 | 1,988,734,000 | 1,993,321,000 | 2,198,154,000 | 2,399,335,000 | 2,408,709,000 | 2,988,589,000 |
| Diluted EPS | 2.96 | 3.11 | 3.25 | 2.81 | 3.55 | 3.54 | 4.05 | -1.26 | 2.27 | 4.56 |
| Operating cash flow | 2,208,242,000 | 1,996,202,000 | 1,830,543,000 | 2,009,577,000 | 1,682,572,000 | 1,962,600,000 | 2,401,293,000 | 1,646,161,000 | 2,159,737,000 | 4,113,572,000 |
| Capital expenditures | 1,976,867,000 | 2,348,105,000 | 2,569,936,000 | 2,911,489,000 | 2,942,996,000 | 3,175,080,000 | 3,441,852,000 | 4,336,849,000 | 4,480,529,000 | 4,158,669,000 |
| Dividends paid | 564,486,000 | 602,083,000 | 640,110,000 | 663,239,000 | 744,665,000 | 805,439,000 | 860,033,000 | 918,995,000 | 1,001,488,000 | 1,093,074,000 |
| Assets | 32,053,173,000 | 36,220,386,000 | 38,241,256,000 | 41,123,915,000 | 46,099,598,000 | 48,492,144,000 | 53,230,900,000 | 55,612,245,000 | 59,594,529,000 | 63,786,711,000 |
| Stockholders' equity | 10,711,734,000 | 11,086,242,000 | 11,486,817,000 | 12,629,994,000 | 14,063,566,000 | 14,599,844,000 | 15,473,158,000 | 14,173,892,000 | 15,039,387,000 | 16,197,271,000 |
| Cash and cash equivalents |  |  |  |  |  | 66,800,000 | 374,600,000 | 53,900,000 | 26,700,000 | 135,400,000 |
| Free cash flow | 231,375,000 | -351,903,000 | -739,393,000 | -901,912,000 | -1,260,424,000 | -1,212,480,000 | -1,040,559,000 | -2,690,688,000 | -2,320,792,000 | -45,097,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 0.10% | 0.09% | 0.09% | 13.62% | 12.45% | 11.49% | -3.65% | 6.88% | 12.55% |
| Operating margin | 24.10% | 24.36% | 20.12% | 18.65% | 22.33% | 20.21% | 17.89% | 20.14% | 20.24% | 22.06% |
| Return on equity |  | 0.07% | 0.07% | 0.06% | 8.62% | 8.41% | 9.13% | -3.07% | 5.45% | 10.49% |
| Return on assets |  | 0.02% | 0.02% | 0.02% | 2.63% | 2.53% | 2.65% | -0.78% | 1.37% | 2.66% |
| Liabilities / equity | 1.99 | 2.27 | 2.33 | 2.26 | 2.28 | 2.32 | 2.44 | 2.92 | 2.96 | 2.94 |
| Current ratio | 0.68 | 0.69 | 0.56 | 0.67 | 0.64 | 0.56 | 0.62 | 0.67 | 0.76 | 0.65 |

## As-reported value updates

6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/ES/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000072741.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.00 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.41 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.04 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 2,791,482,000 | 339,663,000 | 0.97 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 2,694,238,000 | -1,288,485,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 3,332,575,000 | 521,848,000 | 1.49 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 2,533,522,000 | 335,341,000 | 0.95 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 3,063,224,000 | -118,057,000 | -0.33 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 2,971,488,000 | 72,520,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 4,118,355,000 | 550,788,000 | 1.50 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 2,838,068,000 | 352,728,000 | 0.96 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 3,220,625,000 | 367,549,000 | 0.99 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 3,370,196,000 | 421,306,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 4,504,363,000 | 606,841,000 | 1.61 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 2,903,189,000 | 53,680,000 | 0.14 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from ES's latest 10-K: [/company/ES/business/](/company/ES/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from ES's latest 10-K: [/company/ES/risk-factors/](/company/ES/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/72741/000162828026051906/es-20260630.htm

Extracted from a later financial-section MD&A body after Item 2 boundaries were low-confidence.
Confidence: high
Filing date: 2026-08-03
Report date: 2026-06-30

Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and related combined notes included in this combined Quarterly Report on Form 10-Q, the combined Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as well as the Eversource 2025 combined Annual Report on Form 10-K.  References in this combined Quarterly Report on Form 10-Q to "Eversource," the "Company," "we," "us," and "our" refer to Eversource Energy and its consolidated subsidiaries.  All per-share amounts are reported on a diluted basis.  The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P are herein collectively referred to as the "financial statements."  

Refer to the Glossary of Terms included in this combined Quarterly Report on Form 10-Q for abbreviations and acronyms used throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations.  

The only common equity securities that are publicly traded are common shares of Eversource. Our earnings discussion includes financial measures that are not recognized under GAAP (non-GAAP) referencing our 2026 earnings and EPS excluding a charge on the sale of the Aquarion water distribution business, a charge associated with increasing our offshore wind contingent liability, and a charge related to the March 2026 FERC decision in the FERC base ROE complaints. EPS by business is also a non-GAAP financial measure and is calculated by dividing the Net Income Attributable to Common Shareholders of each business by the weighted average diluted Eversource common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in our assets and liabilities as a whole.

We use these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain our results without including these items. This information is among the primary indicators we use as a basis for evaluating performance and planning and forecasting of future periods. We believe the charge on the sale of the Aquarion water distribution business, the charge associated with increasing our offshore wind contingent liability, and the charge related to the March 2026 FERC decision in the FERC base ROE complaints are not indicative of our ongoing costs and performance. We view these charges as not directly related to the ongoing operations of the business and therefore not indicators of baseline operating performance. Due to the nature and significance of the effect of these items on Net Income Attributable to Common Shareholders and EPS, we believe that the non-GAAP presentation is a more meaningful representation of our financial performance and provides additional and useful information to readers of this report in analyzing historical and future performance of our business. These non-GAAP financial measures should not be considered as alternatives to reported Net Income Attributable to Common Shareholders or EPS determined in accordance with GAAP as indicators of operating performance.

We do not provide a reconciliation of guidance from non-GAAP recurring earnings or non-GAAP recurring EPS to the most directly comparable GAAP measures because we are not able to predict with reasonable certainty the amount or nature of all items that will be included in our Net Income Attributable to Common Shareholders or EPS for the year ending December 31, 2026. These items are uncertain, depend on many factors and could have a material impact on our Net Income Attributable to Common Shareholders and EPS for the year ending December 31, 2026, and therefore cannot be made available without unreasonable effort.

We make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the U.S. federal securities laws. You can generally identify our forward-looking statements through the use of words or phrases such as "estimate," "expect," "pending," "anticipate," "intend," "plan," "project," "believe," "forecast," "would," "should," "could," and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in our forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to:

•    cyber events or breaches, including acts of war or terrorism, affecting our systems or the systems of third parties on which we rely,

•unauthorized access to, and the misappropriation of, confidential and proprietary Company, customer, employee, financial or system operating information,

•actions or inaction of local, state and federal regulatory, public policy and taxing bodies,

•changes in laws, regulations, Presidential executive orders or regulatory policy, including compliance with laws and regulations, which may impact the cost of compliance and strategic initiatives of the Company,

•adverse publicity, which can harm our reputation, influence legislative and regulatory bodies, and result in unfavorable outcomes,

•variability in the costs and final investment returns of the Revolution Wind and South Fork Wind offshore wind projects as it relates to the purchase price post-closing adjustment under the terms of the sale agreement for these projects,

•the ability to qualify for investment tax credits,

•extreme weather, including severe storms, due to the impacts of climate change, and fluctuations in weather patterns,

•physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric and natural gas distribution systems,

•ability or inability to commence and complete our major strategic development projects and opportunities,

•breakdown, failure of, or damage to operating equipment, information technology systems, or processes of our transmission and distribution systems,

42

•changes in levels or timing of capital expenditures, including unplanned expenditures and increased capital expenditure requirements,

•changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model,

•substandard performance of third-party suppliers and service providers, or counterparties not meeting their obligations,

•limits on our access to, or increases in, the cost of capital, including disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly,

•changes in economic conditions, including impact on interest rates, tax policies, tariffs and customer demand and payment ability,

•changes in accounting standards and financial reporting regulations,

•actions of rating agencies, and

•other presently unknown or unforeseen factors.

Other risk factors are detailed in our reports filed with the SEC and are updated as necessary and available on our Investor Relations website at investors.eversource.com and on the SEC’s website at www.sec.gov, and we encourage you to consult such disclosures.

All such factors are difficult to predict and contain uncertainties that may materially affect our actual results, many of which are beyond our control.  You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time and it is not possible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see Item 1A, Risk Factors, included in this combined Quarterly Report on Form 10-Q and in Eversource's 2025 combined Annual Report on Form 10-K.  This combined Quarterly Report on Form 10-Q and Eversource's 2025 combined Annual Report on Form 10-K also describe material contingencies and critical accounting policies in the accompanying Management's Discussion and Analysis of Financial Condition and Results of Operations and Combined Notes to Financial Statements.  We encourage you to review these items.

Financial Condition and Business Analysis

Executive Summary

Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business.  Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities) and Yankee Gas, NSTAR Gas and EGMA (natural gas utilities). On June 30, 2026, Eversource completed the sale of the Aquarion water distribution business, which comprised its water distribution reportable segment. Eversource is organized into the electric distribution, electric transmission, and natural gas distribution reportable segments, and the water distribution reportable segment until the Aquarion sale.

The following items in this executive summary are explained in more detail in this combined Quarterly Report on Form 10-Q:

Earnings Overview and Future Outlook: 

•We earned $53.7 million, or $0.14 per share, in the second quarter of 2026, compared with $352.7 million, or $0.96 per share, in the second quarter of 2025. We earned $660.5 million, or $1.75 per share, in the first half of 2026, compared with $903.5 million, or $2.45 per share, in the first half of 2025.

•Our second quarter of 2026 and first half of 2026 results include a non-cash, after-tax charge of $111.4 million, or $0.30 per share, resulting from a loss on the June 30, 2026 sale of Aquarion, which was recorded within the Water Distribution segment. Those results also include an after-tax charge of $164.0 million, or $0.43 per share, resulting from increasing our offshore wind contingent liability for expected future payments under a 2024 sale agreement of our previous offshore wind investments. This charge was recorded within Eversource Parent and Other Companies. Our first half of 2026 results also include an after-tax charge of $43.9 million, or $0.12 per share, for estimated refunds resulting from FERC’s March 19, 2026 order in the NETO ROE complaint proceedings, which was recorded within the Transmission segment. Excluding these charges, our non-GAAP earnings were $329.1 million, or $0.87 per share, in the second quarter of 2026 and $979.8 million, or $2.60 per share, in the first half of 2026.

•We reaffirmed our projection to earn within a 2026 non-GAAP recurring earnings guidance range of between $4.57 per share and $4.72 per share, which includes the impact of the prospective reduction to the transmission ROE resulting from the

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/72741/000162828026008461/es-20251231.htm
Complete FY 2025 MD&A: /company/ES/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-17
Report date: 2025-12-31

Item 7.    Management's Discussion and Analysis of Financial Condition and Results of Operations

EVERSOURCE ENERGY AND SUBSIDIARIES

The following discussion and analysis should be read in conjunction with our consolidated financial statements and related combined notes included in this combined Annual Report on Form 10-K.  References in this combined Annual Report on Form 10-K to "Eversource," the "Company," "we," "us," and "our" refer to Eversource Energy and its consolidated subsidiaries.  All per-share amounts are reported on a diluted basis.  The consolidated financial statements of Eversource, NSTAR Electric and PSNH and the financial statements of CL&P are herein collectively referred to as the "financial statements."  Our discussion of fiscal year 2025 compared to fiscal year 2024 is included herein. Unless expressly stated otherwise, for discussion and analysis of fiscal year 2023 items and of fiscal year 2024 compared to fiscal year 2023, please refer to Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our combined 2024 Annual Report on Form 10-K, which is incorporated herein by reference.

Refer to the Glossary of Terms included in this combined Annual Report on Form 10-K for abbreviations and acronyms used throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations.  

The only common equity securities that are publicly traded are common shares of Eversource. Our earnings discussion includes financial measures that are not recognized under GAAP (non-GAAP) referencing our earnings and EPS excluding losses associated with our previous offshore wind investments, a loss on the pending sale of the Aquarion water distribution business, and a loss on the disposition of land that was initially acquired to construct the Northern Pass Transmission project and was subsequently abandoned. EPS by business is also a non-GAAP financial measure and is calculated by dividing the Net Income Attributable to Common Shareholders of each business by the weighted average diluted Eversource common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in our assets and liabilities as a whole.

We use these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain our results without including these items. This information is among the primary indicators we use as a basis for evaluating performance and planning and forecasting of future periods. We believe the impacts of the losses associated with our previous offshore wind investments, the loss on the pending sale of the Aquarion water distribution business, and the loss on the disposition of land associated with an abandoned project are not indicative of our ongoing costs and performance. We view these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on Net Income Attributable to Common Shareholders and EPS, we believe that the non-GAAP presentation is a more meaningful representation of our financial performance and provides additional and useful information to readers of this report in analyzing historical and future performance of our business. These non-GAAP financial measures should not be considered as alternatives to reported Net Income Attributable to Common Shareholders or EPS determined in accordance with GAAP as indicators of operating performance.

Financial Condition and Business Analysis

Executive Summary

Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business.  Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric and PSNH (electric utilities), Yankee Gas, NSTAR Gas and EGMA (natural gas utilities) and Aquarion (water utilities). Eversource is organized into the electric distribution, electric transmission, natural gas distribution, and water distribution reportable segments.

The following items in this executive summary are explained in more detail in this combined Annual Report on Form 10-K:

Earnings Overview and Future Outlook:

•We earned $1.69 billion, or $4.56 per share, in 2025, compared with $811.7 million, or $2.27 per share, in 2024. Our 2025 results include an aggregate, net after-tax charge resulting from our previous offshore wind investments of $75.0 million, or $0.20 per share. Our 2024 results include an aggregate, net after-tax loss on the sale of our offshore wind investments of $524.0 million, or $1.47 per share. These 2025 and 2024 charges were recorded within Eversource Parent and Other Companies. Our 2024 results also include an after-tax loss resulting from the expected sale of Aquarion of $298.3 million, or $0.83 per share. This 2024 charge was recorded within the Water Distribution segment. Excluding these charges, our 2025 non-GAAP earnings were $1.77 billion, or $4.76 per share, and our 2024 non-GAAP earnings of $1.63 billion, or $4.57 per share.

•We project that we will earn within a 2026 earning guidance range of between $4.80 per share and $4.95 per share. We also project that our long-term EPS growth rate through 2030 will be in a 5 to 7 percent range, using 2025 non-GAAP EPS of $4.76 per share as the base year.

Liquidity:

•Cash flows provided by operating activities totaled $4.11 billion in 2025, compared with $2.16 billion in 2024.  Investments in property, plant and equipment totaled $4.16 billion in 2025, compared with $4.48 billion in 2024.  

29

•Cash totaled $135.4 million as of December 31, 2025, compared with $26.7 million as of December 31, 2024.  Our available borrowing capacity under our commercial paper programs totaled $1.12 billion as of December 31, 2025.

•In 2025, we issued $2.94 billion of new long-term debt and we repaid $1.40 billion of long-term debt.

•In 2025, we paid dividends totaling $3.01 per common share, compared with dividends of $2.86 per common share in 2024. Our quarterly common share dividend payment was $0.7525 per share in 2025, as compared to $0.715 per share in 2024.  On January 27, 2026, our Board of Trustees approved a common share dividend payment of $0.7875 per share, payable on March 31, 2026 to shareholders of record as of March 5, 2026.

•On May 30, 2025, we entered into an equity distribution agreement pursuant to which we may offer and sell up to $1.2 billion of our common shares from time to time through an “at-the-market” (ATM) equity offering program. In 2025, we issued 7,130,134 common shares, which resulted in proceeds of $465.4 million, net of issuance costs.

•We project to make capital expenditures of $26.51 billion from 2026 through 2030, of which we expect $11.24 billion to be in our electric distribution segment, $6.80 billion to be in our natural gas distribution segment, and $7.24 billion to be in our electric transmission segment. We also project to invest $1.23 billion in information technology and facilities upgrades and enhancements.

Regulatory Developments:

•On July 25, 2025, the NHPUC issued its decision in the PSNH distribution rate case and approved a permanent rate increase of $100.7 million, effective August 1, 2025, inclusive of the temporary rate increase that went into effect in August 2024. The order established an authorized regulatory ROE of 9.5 percent with a 50 percent common equity ratio for PSNH’s capital structure. The NHPUC approved an alternative regulatory framework that authorizes formulaic annual revenue adjustments on August 1st of 2026, 2027 and 2028.

•On November 3, 2025, EGMA, NSTAR Electric, and the Massachusetts Office of the Attorney General reached a joint settlement agreement that resolved outstanding issues in multiple open Pension Adjustment Mechanism (PAM) dockets and open Resiliency Tree Work (RTW) dockets at NSTAR Electric and allows recovery of transaction and integration costs related to Eversource’s acquisition of EGMA. The settlement agreement was approved by the DPU on December 1, 2025. The settlement resulted in a net pre-tax benefit to earnings of $64.8 million on the Eversource income statement in the fourth quarter of 2025.

•On November 5, 2025, PURA issued a final decision in the Yankee Gas distribution rate case that included a distribution rate increase of $95.7 million, which excluded a previously recorded non-firm margin rate credit of $13.5 million to be refunded annually over three years, effective November 1, 2025. The final decision also established an authorized net regulatory ROE of 9.32 percent and a 53 percent common equity ratio for Yankee Gas’ capital structure. Yankee Gas filed motions to request PURA reconsider the disallowances of certain capitalized overhead costs, certain computational errors, and other issues identified in its final decision. A final decision on the reconsideration is expected from PURA by March 15, 2026.

•On November 19, 2025, PURA denied an application to approve the sale of the Aquarion Water Company, finding that the transaction did not meet managerial suitability and responsibility requirements due to concerns with governance and oversight structure over Aquarion and its consumer advocate. On January 15, 2026, the Connecticut Superior Court issued a decision on the appeal of PURA’s denial, sustaining the appeal and remanding back to PURA. A final decision is expected by PURA on March 25, 2026.

•On December 30, 2025, NSTAR Gas and the Massachusetts Office of the Attorney General reached a joint settlement agreement that allowed for the reinstatement of a rate base reset of $45.0 million increase to base distribution rates effective January 1, 2026 and for continuation of NSTAR Gas’ PBR program through November 1, 2030. The settlement agreement also required NSTAR Gas to provide credits to customers and a concession to the Office of the Attorney General, among other items. The DPU approved the settlement agreement on January 16, 2026. The settlement agreement resulted in a pre-tax charge to earnings of $12.2 million in the fourth quarter of 2025.

•On January 30, 2026, the New Hampshire Department of Energy filed a notice of appeal with the New Hampshire Supreme Court challenging certain aspects of the PSNH distribution rate case decision approved by the NHPUC on July 25, 2025, including the alternative regulatory framework and the revenue requirement. On February 6, 2026, the Office of the Consumer Advocate filed a notice of cross-appeal challenging other aspects of the rate case decision. Eversource is currently evaluating the appeals.

30

Earnings Overview

Consolidated:  Below is a summary of our earnings/(loss) by business, which also reconciles the non-GAAP financial measures of consolidated non-GAAP earnings and EPS, as well as EPS by business, to the most directly comparable GAAP measures of consolidated Net Income/(Loss) Attributable to Common Shareholders and diluted EPS.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/ES/mda/fy2025/
All MD&A years: /company/ES/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/ES/mda/fy2024/): filed 2025-02-14; accession 0000072741-25-000007 (https://www.sec.gov/Archives/edgar/data/72741/000007274125000007/es-20241231.htm)
- [FY 2023 MD&A](/company/ES/mda/fy2023/): filed 2024-02-14; accession 0000072741-24-000005 (https://www.sec.gov/Archives/edgar/data/72741/000007274124000005/es-20231231.htm)
- [FY 2022 MD&A](/company/ES/mda/fy2022/): filed 2023-02-15; accession 0000072741-23-000004 (https://www.sec.gov/Archives/edgar/data/72741/000007274123000004/es-20221231.htm)
- [FY 2021 MD&A](/company/ES/mda/fy2021/): filed 2022-02-17; accession 0000072741-22-000015 (https://www.sec.gov/Archives/edgar/data/72741/000007274122000015/es-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4911 Electric Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/ES.md · JSON record: /company/ES.json · verified financials: /company/ES/financials.json / /company/ES/financials.csv · machine TOC for the whole site: /llms.txt