Eversource Energy Reports Third Quarter 2026 Results
The recurring earnings guidance midpoint increased to $4.66 per share despite lower quarterly and nine-month earnings.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Eversource Energy (NYSE: ES) reported third-quarter 2026 earnings of $346.0 million, with diluted earnings per share below the year-earlier level. Diluted earnings per share fell to $0.92 from $0.99; recurring earnings per share fell from $1.19. Nine-month GAAP earnings were $1,006.5 million, or $2.67 per share, versus $1,271.1 million, or $3.44 per share. Nine-month results included after-tax charges of $164.0 million for increased expected offshore wind payments, $111.4 million for the completed Aquarion sale and $43.9 million for estimated transmission refunds.
The company updated its 2026 recurring earnings guidance to $4.62–$4.70 per share, raising the midpoint to $4.66, and reaffirmed cumulative annual earnings growth of 5–7% through 2030 using that base. Third-quarter earnings declined across its energy segments, while nine-month natural gas earnings increased. Aquarion's June 30 sale eliminated third-quarter water earnings.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.2026 recurring earnings guidance updated to $4.62–$4.70 per share, with an increased midpoint of $4.66.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Eversource reaffirmed 5–7% cumulative annual EPS growth through 2030, using the revised $4.66 recurring EPS base.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Eversource expects annual earnings growth toward the upper half of long-term guidance by 2028.
- Moderate pointNine-month natural gas earnings increased to $281.6 million from $236.9 million, primarily reflecting base rate increases.
- Minor pointNine-month electric distribution earnings rose to $574.1 million from $571.6 million; segment EPS declined to $1.52 from $1.55.
3 minor points
- Minor pointMassachusetts and New Hampshire electric base distribution rate increases partially offset higher costs in both periods.
- Minor pointContinued transmission and distribution investment partially offset unfavorable earnings impacts in both periods.
- Minor point. Forward-looking: it has not happened yet and may not happen.PURA's deferred storm-cost decision provides a path to securitization, in Eversource's assessment.
Negative
- Moderate pointNine-month GAAP earnings fell to $1,006.5 million, or $2.67 per share, from $1,271.1 million, or $3.44.
- Moderate pointThird-quarter electric distribution earnings fell to $200.9 million from $221.6 million.
- Moderate pointThird-quarter natural gas losses widened to $43.4 million from $16.8 million, reflecting seasonal rate changes and higher depreciation.
- Moderate pointWater earnings excluding the sale charge fell to $17.9 million year-to-date from $36.8 million; third-quarter earnings were absent.
- Minor pointThird-quarter GAAP earnings fell to $346.0 million, or $0.92 per share, from $367.5 million, or $0.99.
9 minor points
- Minor pointThird-quarter recurring EPS declined to $0.92 from $1.19; nine-month recurring EPS fell to $3.52 from $3.64.
- Minor pointIncreased expected offshore wind divestiture payments generated a $164.0 million after-tax charge in the first nine months.
- Minor pointAquarion's June 30 sale generated a $111.4 million non-cash, after-tax charge in the first nine months.
- Minor pointFERC reduced allowed transmission return on equity from 10.57% to 9.57%, generating $43.9 million in after-tax estimated refund charges.
- Minor pointTransmission earnings, excluding refund charges, fell to $182.0 million quarterly and $590.0 million year-to-date, from $185.5 million and $593.0 million.
- Minor pointElectric distribution results faced disallowed storm costs and higher depreciation, interest expense and property taxes in both periods.
- Minor pointNine-month gas earnings faced higher expenses and effective taxes, plus unfavorable timing of certain cost recovery items.
- Minor pointParent and other earnings excluding wind charges fell to $6.5 million quarterly from $33.3 million.
- Minor pointParent and other nine-month losses excluding wind charges widened to $137.8 million from $92.2 million.
Key Figures
- Q3 GAAP earnings and EPS
- $346.0 million; $0.92/share
- Q3 2026; compared with $367.5 million and $0.99/share in Q3 2025
- Nine-month GAAP earnings and EPS
- $1.01 billion; $2.67/share
- First nine months of 2026; compared with $1.27 billion and $3.44/share in 2025
- Nine-month non-GAAP recurring earnings and EPS
- $1.33 billion; $3.52/share
- First nine months of 2026; compared with $1.35 billion and $3.64/share in 2025
- 2026 recurring EPS guidance
- $4.62–$4.70/share; midpoint $4.66/share
- Updated non-GAAP recurring earnings guidance
- Long-term EPS growth outlook
- 5–7%
- Cumulative long-term growth rate through 2030, using the revised 2026 midpoint as the base year
- Aquarion sale charge
- $111.4 million after tax; $0.30/share
- First nine months of 2026; non-cash charge
- Offshore wind liability charge
- $164.0 million after tax; $0.43/share
- First nine months of 2026; increase in expected future payments
- FERC ROE refund charge
- $43.9 million after tax; $0.12/share
- First nine months of 2026; related to the March 2026 FERC decision
Previous Earnings Reports
-
Lowered 2026 recurring EPS guidance amid Q1 results.
-
Reported Q2 earnings with the same charges and reaffirmed 2026 recurring EPS guidance.
-
Reported Q3 earnings growth versus 2024 and narrowed full-year recurring EPS guidance.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
non-gaap financial
return on equity financial
ferc regulatory
securitization financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
HARTFORD, Conn. and BOSTON, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Eversource Energy (“Eversource” or the “Company”) (NYSE: ES) today reported GAAP and non-GAAP earnings of
For the first nine months of 2026, Eversource reported GAAP earnings of
GAAP results for the first nine months of 2026 include a non-cash, after-tax charge of
“We continued to execute well across our key strategic initiatives and our employees continued to deliver safe and reliable energy service and advance the investments necessary to support our customers and communities,” said Joe Nolan, Eversource Chairman, President and Chief Executive Officer. “We were pleased to receive a constructive decision from PURA on previously deferred storm costs, which provides a clear path to securitization that ultimately will benefit our Connecticut customers. This outcome demonstrates the importance of constructive, transparent engagement with our regulators as we work collaboratively to balance customer affordability, system reliability, and the investments needed to maintain and strengthen the energy infrastructure for our customers. Looking ahead, our focus remains on disciplined execution and successfully delivering on the operational, regulatory, and financial objectives we established for 2026.”
2026.
The Company is updating its 2026 non-GAAP recurring earnings guidance to be in the range of
Electric Transmission
Eversource Energy’s transmission segment, excluding the non-recurring FERC ROE refund charge noted previously, earned
Electric Distribution
Eversource Energy’s electric distribution segment earned
Natural Gas Distribution
Eversource Energy’s natural gas distribution segment had a loss of
Water Distribution
Lower year-to-date results for Eversource Energy’s water distribution segment are due to the absence of earnings in the third quarter of 2026 due to the sale of the Aquarion water business on June 30, 2026.The water segment, excluding the charge related to the sale of Aquarion noted previously, earned
Eversource Energy Parent and Other Companies
Eversource Energy parent and other companies, excluding the increases in the offshore wind contingent liability noted previously, earned
Eversource Energy Consolidated Earnings
The following table reconciles consolidated GAAP earnings per share for the third quarter and the first nine months of 2026 and 2025:
| Third Quarter | First Nine Months | ||||||
| 2025 | Reported GAAP EPS | $ | 0.99 | $ | 3.44 | ||
| Electric transmission segment earnings, excluding FERC ROE Refund Charge | (0.02) | (0.03) | |||||
| Electric distribution segment earnings | (0.07) | (0.03) | |||||
| Natural gas distribution segment earnings | (0.06) | 0.11 | |||||
| Water distribution segment earnings, excluding Sale of Aquarion Charge | (0.05) | (0.05) | |||||
| Parent and other companies, excluding Offshore Wind Charge | (0.07) | (0.12) | |||||
| Absence of Q3 2025 Offshore Wind Charge for third quarter, Q2 2026 compared to Q3 2025 Offshore Wind Charges for first nine months | 0.20 | (0.23) | |||||
| Sale of Aquarion Charge | — | (0.30) | |||||
| FERC ROE Refund Charge | — | (0.12) | |||||
| 2026 | Reported GAAP EPS | $ | 0.92 | $ | 2.67 | ||
Financial results for the third quarter and the first nine months of 2026 and 2025 for Eversource Energy’s business segments and parent and other companies are noted below:
| Three months ended: | ||||||||||||||||||
| (in millions, except EPS) | September 30, 2026 | September 30, 2025 | Increase/ (Decrease) | 2026 EPS | 2025 EPS1 | Increase/ (Decrease) | ||||||||||||
| Electric Transmission | $ | 182.0 | $ | 185.5 | $ | (3.5) | $ | 0.48 | $ | 0.50 | $ | (0.02) | ||||||
| Electric Distribution | 200.9 | 221.6 | (20.7) | 0.53 | 0.60 | (0.07) | ||||||||||||
| Natural Gas Distribution | (43.4) | (16.8) | (26.6) | (0.11) | (0.05) | (0.06) | ||||||||||||
| Water Distribution | — | 18.9 | (18.9) | — | 0.05 | (0.05) | ||||||||||||
| Parent and Other Companies1 | 6.5 | 33.3 | (26.8) | 0.02 | 0.09 | (0.07) | ||||||||||||
| Offshore Wind Charge | — | (75.0) | 75.0 | — | (0.20) | 0.20 | ||||||||||||
| Reported Earnings | $ | 346.0 | $ | 367.5 | $ | (21.5) | $ | 0.92 | $ | 0.99 | $ | (0.07) | ||||||
| Nine months ended: | ||||||||||||||||||
| (in millions, except EPS) | September 30, 2026 | September 30, 2025 | Increase/ (Decrease) | 2026 EPS1 | 2025 EPS1 | Increase/ (Decrease) | ||||||||||||
| Electric Transmission1 | $ | 590.0 | $ | 593.0 | $ | (3.0) | $ | 1.57 | $ | 1.60 | $ | (0.03) | ||||||
| Electric Distribution | 574.1 | 571.6 | 2.5 | 1.52 | 1.55 | (0.03) | ||||||||||||
| Natural Gas Distribution | 281.6 | 236.9 | 44.7 | 0.75 | 0.64 | 0.11 | ||||||||||||
| Water Distribution1 | 17.9 | 36.8 | (18.9) | 0.05 | 0.10 | (0.05) | ||||||||||||
| Parent and Other Companies1 | (137.8) | (92.2) | (45.6) | (0.37) | (0.25) | (0.12) | ||||||||||||
| Offshore Wind Charge | (164.0) | (75.0) | (89.0) | (0.43) | (0.20) | (0.23) | ||||||||||||
| Sale of Aquarion Charge | (111.4) | — | (111.4) | (0.30) | — | (0.30) | ||||||||||||
| FERC ROE Refund Charge | (43.9) | — | (43.9) | (0.12) | — | (0.12) | ||||||||||||
| Reported Earnings | $ | 1,006.5 | $ | 1,271.1 | $ | (264.6) | $ | 2.67 | $ | 3.44 | $ | (0.77) | ||||||
Eversource Energy has approximately 377 million common shares outstanding and operates New England’s largest energy delivery system. It serves more than 4 million electric and natural gas customers in Connecticut, Massachusetts and New Hampshire.
CONTACT:
Rima Hyder (Investor Relations)
rima.hyder@eversource.com
(781) 441-8882
William Hinkle (Media Relations)
william.hinkle@eversource.com
(603) 634-2228
| Note: Eversource Energy will webcast a conference call with senior management on November 5, 2026, beginning at 9 a.m. Eastern Time. The webcast and associated slides can be accessed through Eversource Energy’s website at www.eversource.com or directly on the Investor Relations website at investors.eversource.com. |
1 All per-share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings discussion includes financial measures that are not recognized under generally accepted accounting principles (non-GAAP) referencing earnings and EPS excluding a 2026 charge on the sale of the Aquarion water distribution business, 2026 and 2025 charges associated with increasing the offshore wind contingent liability, and a 2026 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 Energy 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 Eversource Energy’s assets and liabilities as a whole.
Eversource Energy uses these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain results without including these items. This information is among the primary indicators management uses as a basis for evaluating performance and planning and forecasting of future periods. Management believes the charge on the sale of the Aquarion water distribution business, the charges 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 Eversource Energy's ongoing costs and performance. Management views 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, management believes that the non-GAAP presentation is a more meaningful representation of Eversource Energy's financial performance and provides additional and useful information to readers of this news release in analyzing historical and future performance of the 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 Eversource Energy's operating performance.
Eversource Energy does not provide a reconciliation of guidance from non-GAAP recurring earnings or non-GAAP recurring EPS to the most directly comparable GAAP measures because it is not able to predict with reasonable certainty the amount or nature of all items that will be included in 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 Net Income Attributable to Common Shareholders and EPS for the year ending December 31, 2026, and therefore cannot be made available without unreasonable effort.
Eversource Energy makes statements concerning its 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 U. S. federal securities laws. Readers can generally identify these 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 the 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 actual results or outcomes to differ materially from those contained in 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; 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 Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource Energy’s website at investors.eversource.com and on the SEC’s website at www.sec.gov, and management encourages you to consult such disclosures.
All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s 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, Eversource Energy undertakes 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.
EVERSOURCE ENERGY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||
| (Thousands of Dollars, Except Share Information) | 2026 | 2025 | 2026 | 2025 | |||||||||
| Operating Revenues | $ | 2,978,890 | $ | 3,220,625 | $ | 10,386,443 | $ | 10,177,048 | |||||
| Operating Expenses: | |||||||||||||
| Purchased Power, Purchased Natural Gas and Transmission | 1,103,471 | 1,049,254 | 3,561,159 | 3,208,337 | |||||||||
| Operations and Maintenance | 504,653 | 518,341 | 1,492,073 | 1,473,349 | |||||||||
| Depreciation | 381,676 | 395,388 | 1,226,072 | 1,160,563 | |||||||||
| Amortization | (119,539) | 108,246 | 238,903 | 672,798 | |||||||||
| Energy Efficiency Programs | 188,991 | 173,104 | 653,722 | 565,945 | |||||||||
| Taxes Other Than Income Taxes | 289,901 | 287,610 | 856,395 | 817,931 | |||||||||
| Sale of Aquarion | — | — | 111,360 | — | |||||||||
| Total Operating Expenses | 2,349,153 | 2,531,943 | 8,139,684 | 7,898,923 | |||||||||
| Operating Income | 629,737 | 688,682 | 2,246,759 | 2,278,125 | |||||||||
| Interest Expense | 348,695 | 318,065 | 1,069,443 | 912,107 | |||||||||
| Losses on Offshore Wind | — | 284,000 | 194,000 | 284,000 | |||||||||
| Other Income, Net | 117,256 | 85,830 | 362,446 | 273,536 | |||||||||
| Income Before Income Tax Expense | 398,298 | 172,447 | 1,345,762 | 1,355,554 | |||||||||
| Income Tax Expense/(Benefit) | 50,404 | (196,982) | 333,587 | 78,849 | |||||||||
| Net Income | 347,894 | 369,429 | 1,012,175 | 1,276,705 | |||||||||
| Net Income Attributable to Noncontrolling Interests | 1,880 | 1,880 | 5,639 | 5,639 | |||||||||
| Net Income Attributable to Common Shareholders | $ | 346,014 | $ | 367,549 | $ | 1,006,536 | $ | 1,271,066 | |||||
| Basic and Diluted Earnings Per Common Share | $ | 0.92 | $ | 0.99 | $ | 2.67 | $ | 3.44 | |||||
| Weighted Average Common Shares Outstanding: | |||||||||||||
| Basic | 377,055,832 | 371,914,953 | 376,523,310 | 369,299,065 | |||||||||
| Diluted | 377,658,965 | 372,262,732 | 377,080,488 | 369,619,180 | |||||||||
The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Eversource's third-quarter 2026 earnings?
Eversource earned $346.0 million, or $0.92 per diluted share, compared with $367.5 million, or $0.99 per share, a year earlier. There were no non-GAAP adjustments in the third quarter of 2026; year-earlier recurring earnings were $442.5 million, or $1.19 per share.
What is Eversource's updated 2026 earnings guidance?
Eversource expects 2026 non-GAAP recurring earnings of $4.62–$4.70 per share, with an increased midpoint of $4.66. Its reaffirmed long-term earnings growth range is 5–7% through 2030, using that revised midpoint as the base.
Why did Eversource's natural gas results weaken in the third quarter but improve year-to-date?
Third-quarter natural gas results weakened primarily because a seasonal rate-design change shifted quarterly revenue recovery at the Massachusetts businesses, alongside higher depreciation. Nine-month improvement primarily reflected Massachusetts and Connecticut base distribution rate increases effective November 1, 2025, partially offset by higher expenses, a higher effective income tax rate and cost-recovery timing.
Why did Eversource's parent and other companies report lower 2026 earnings?
A higher effective income tax rate and higher interest expense drove lower parent and other company results in both the third quarter and first nine months of 2026. These segment comparisons exclude increases in the offshore wind contingent liability.