Research · Sep 3, 2026
[ES] Eversource Energy Thesis 2026: Offshore Wind Exit Clears the Growth Path
Eversource Energy (ES) FY25 (Dec 2025) revenue $13.547B (+13.8%); op income $2.989B (+10.5%); GAAP net income $1.692B (+108%, from $812M FY24, from -$442M FY23); GAAP EPS $4.56 (+101%); non-GAAP EPS $4.76 (+5.3%); OCF $4.114B (+90%); FCF -$45M (near breakeven vs -$2.321B FY24); total debt $30.281B (+4%); CapEx $4.159B. Dividends/share $3.01 (+5.2%). Segments: electric transmission $2.09/share (FERC-regulated); electric distribution $1.80/share; natural gas $0.97/share; parent/other -$0.22/share non-GAAP. Offshore wind fully exited (drove FY23 -$1.27 GAAP EPS loss). Aquarion Water divestiture expected close end-2025 → pure-play electric+gas. CT regulatory recovery: new PURA commissioners, SB4 storm cost securitization passed. FFO/debt +400bp per Moody's. AMI deployment: 100,000+ smart meters in MA. New England load growth 2%+. FY26 guide: non-GAAP EPS $4.80-$4.95. Long-term: 5-7% EPS CAGR through 2029; 8% rate base growth; $24.2B 5yr capital plan. 2027+ earnings inflection expected from improved regulatory outcomes + storm cost recoveries. Risks: CT regulatory reversion, MA affordability/political, interest rate sensitivity, tariff capital cost inflation, storm cost recovery timing.