Eversource Q3 2026 earnings fall to $346 million
Eversource reaffirmed cumulative long-term EPS growth of 5% to 7% through 2030, using the revised $4.66 midpoint as its 2026 base.
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 Filing Summary
Eversource Energy reported third-quarter 2026 GAAP earnings of $346.0 million, or $0.92 per diluted share, compared with $367.5 million and $0.99 a year earlier; operating revenue was $2,978.890 million versus $3,220.625 million. Third-quarter 2026 had no non-GAAP adjustments; non-GAAP recurring earnings in Q3 2025 were $442.5 million, or $1.19 per share. For the first nine months of 2026, GAAP earnings were $1,006.5 million, or $2.67 per share, versus $1,271.1 million and $3.44; recurring non-GAAP earnings were $1.33 billion, or $3.52 per share, versus $1.35 billion and $3.64.
Nine-month GAAP results included after-tax charges of $111.4 million related to the June 30, 2026 Aquarion sale, $164.0 million for increased expected future payments related to the offshore-wind divestiture, and $43.9 million for estimated refunds tied to the FERC ROE decision. Eversource set 2026 non-GAAP recurring EPS guidance at $4.62 to $4.70, with a $4.66 midpoint, and reaffirmed 5% to 7% cumulative long-term EPS growth through 2030. The Aquarion sale generated $1.7 billion in proceeds.
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.
Positive
- None.
Negative
- Moderate pointQ3 2026 operating revenue fell to $2,978.890 million from $3,220.625 million.
- Moderate pointNine-month GAAP earnings fell to $1,006.5 million from $1,271.1 million.
- Minor pointThird-quarter GAAP earnings fell to $346.0 million from $367.5 million.
Filing Explained
The presentation reports new shares already issued; absent offsetting changes, that issuance reduces existing holders’ percentage ownership, while the capital plan remains projected.
This Form 8-K reports Eversource Energy’s third-quarter results and attaches a presentation describing a projected
The presentation identifies an at-the-market program for
The slides say the
The slides state that a FERC refund is due by
8-K Event Classification
Key Figures
Key Terms
non-GAAP recurring earnings financial
return on equity (ROE) regulatory
FFO to Debt financial
securitization financial
Earnings Snapshot
$4.62 to $4.70 per share in 2026 non-GAAP recurring EPS guidance, with a $4.66 midpoint
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
Commission File Number |
Registrant; State of Incorporation Address; and Telephone Number |
I.R.S. Employer Identification No. |
(a Telephone: ( |
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(a Telephone: ( |
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(a Telephone: ( |
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(a Telephone: ( |
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| |||
| Registrant | Title of each class | Trading Symbol(s) |
Name of each exchange on which registered |
| Eversource Energy | |||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company | |
| Eversource Energy | |
| The Connecticut Light and Power Company | |
| NSTAR Electric Company | |
| Public Service Company of New Hampshire |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Eversource Energy | ¨ |
| The Connecticut Light and Power Company | ¨ |
| NSTAR Electric Company | ¨ |
| Public Service Company of New Hampshire | ¨ |
| Section 2 | Financial Information |
| Item 2.02 | Results of Operations and Financial Conditions. |
On November 4, 2026, Eversource Energy issued a news release announcing its unaudited results of operations for the third quarter and nine months ended September 30, 2026, and related financial information for certain of its subsidiaries as of and for the same period. A copy of the news release and related unaudited financial report are attached as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference thereto.
The information contained in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission (“SEC”) nor incorporated by reference in any registration statement filed by Eversource Energy or any subsidiary thereof under the Securities Act of 1933, as amended (the “Securities Act”), unless specified otherwise.
| Section 7 | Regulation FD |
| Item 7.01 | Regulation FD Disclosure. |
On November 5, 2026, Eversource Energy will webcast a conference call with financial analysts during which senior management will discuss the company’s financial performance through the second quarter of 2026. 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. Attached as Exhibit 99.3 and incorporated herein by reference are the slides to be discussed by Eversource Energy during the conference call.
The information contained in this Item 7.01, including Exhibit 99.3, shall not be deemed “filed” with the SEC nor incorporated by reference into any registration statement filed by Eversource Energy or any subsidiary thereof under the Securities Act, unless specified otherwise.
| Section 9 | Financial Statements and Exhibits |
| Item 9.01 | Financial Statements and Exhibits. |
|
Exhibit Number |
Description |
| 99.1 | News Release of Eversource Energy dated November 4, 2026. |
| 99.2 | Financial report for the three and nine months ended September 30, 2026. |
| 99.3 | November 5, 2026 presentation slides. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
[The remainder of this page left blank intentionally.]
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| EVERSOURCE ENERGY THE CONNECTICUT LIGHT AND POWER COMPANY NSTAR ELECTRIC COMPANY PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE (Registrants) | ||
| November 4, 2026 | By: | /s/ Jay S. Buth |
| Jay S. Buth | ||
| Vice President, Controller and Chief Accounting Officer | ||
Exhibit 99.1
Eversource Energy Reports Third Quarter 2026 Results
HARTFORD, Conn. and BOSTON, Mass. (November 4, 2026) – Eversource Energy (“Eversource” or the “Company”) (NYSE: ES) today reported GAAP and non-GAAP earnings of $346.0 million, or $0.92 per share, for the third quarter of 2026, compared with GAAP earnings of $367.5 million, or $0.99 per share and non-GAAP recurring earnings of $442.5 million1, or $1.19 per share1, in the third quarter of 2025. There were no non-GAAP adjustments in the third quarter of 2026.
For the first nine months of 2026, Eversource reported GAAP earnings of $1.01 billion, or $2.67 per share, compared with $1.27 billion, or $3.44 per share, for the first nine months of 2025. Non-GAAP recurring earnings totaled $1.33 billion1, or $3.52 per share1, in the first nine months of 2026, compared with $1.35 billion1, or $3.64 per share1, in the first nine months of 2025.
GAAP results for the first nine months of 2026 include a non-cash, after-tax charge of $111.4 million, or $0.30 per share, related to the sale of Aquarion Water Company on June 30, 2026, an after-tax charge of $164.0 million, or $0.43 per share, related to an increase in Eversource's expected future payments related to its offshore wind divestiture as part of the September 30, 2024, sale of South Fork Wind and Revolution Wind, and an after-tax charge of $43.9 million, or $0.12 per share, related to estimated refunds associated with the Federal Energy Regulatory Commission (FERC) decision of March 19, 2026, that reduced the return on equity (ROE) rate for New England transmission owners from 10.57% to 9.57%. GAAP results for the first nine months of 2025 include an aggregate net after-tax loss of $75.0 million, or $0.20 per share, related to an increase in Eversource’s offshore wind contingent liability, net of tax benefits associated with the tax losses on the sale of the offshore wind projects. These charges were excluded from non-GAAP results in their respective quarters.
“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.”
The Company is updating its 2026 non-GAAP recurring earnings guidance to be in the range of $4.62 per share1 and $4.70 per share1 reflecting an increased midpoint of $4.66 per share1. It also reaffirms its cumulative long-term earnings per share growth rate within the range of 5 to 7 percent through 2030, using the aforementioned revised 2026 non-GAAP earnings guidance midpoint of $4.66 per share1 as the base year. Eversource expects annual earnings growth towards the upper half of its long-term guidance by 2028.
Electric Transmission
Eversource Energy’s transmission segment, excluding the non-recurring FERC ROE refund charge noted previously, earned $182.0 million in the third quarter of 2026 and $590.0 million1 in the first nine months of 2026, compared with earnings of $185.5 million in the third quarter of 2025 and $593.0 million in the first nine months of 2025. Transmission segment results in both 2026 periods reflect the impact from the reduction to the allowed ROE mentioned previously, as well as higher interest expense, partially offset by continued investment in Eversource’s electric transmission system.
Electric Distribution
Eversource Energy’s electric distribution segment earned $200.9 million in the third quarter of 2026 and $574.1 million in the first nine months of 2026, compared with earnings of $221.6 million in the third quarter of 2025 and $571.6 million in the first nine months of 2025. Third quarter and year-to-date results were unfavorably impacted by disallowed storm costs from PURA's July 29, 2026, final decision on CL&P's storm prudency proceeding, as well as higher depreciation, interest expense and property taxes. These unfavorable earnings impacts were partially offset in both periods by higher revenues from base distribution rate increases at Eversource’s Massachusetts and New Hampshire electric businesses, and continued investments in the Company’s distribution system.
Natural Gas Distribution
Eversource Energy’s natural gas distribution segment had a loss of $43.4 million in the third quarter of 2026 and earned $281.6 million in the first nine months of 2026, compared with a loss of $16.8 million in the third quarter of 2025 and earnings of $236.9 million in the first nine months of 2025. Lower results in the third quarter are due primarily to lower revenues at Eversource's Massachusetts natural gas businesses driven by a change in the seasonal rate design that shifted the recovery of quarterly revenues, as well as higher depreciation expense. Improved results in the first nine months were due primarily to base distribution rate increases at Eversource’s Massachusetts and Connecticut natural gas businesses, effective November 1, 2025, to recover continued investment in the Company’s natural gas infrastructure, partially offset by higher depreciation expense, operations and maintenance expense, property taxes, interest expense, a higher effective income tax rate, and the impact from timing of certain cost recovery items.
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 $17.9 million1 in the first nine months of 2026, compared with earnings of $36.8 million in the first nine months of 2025.
Eversource Energy Parent and Other Companies
Eversource Energy parent and other companies, excluding the increases in the offshore wind contingent liability noted previously, earned $6.5 million in the third quarter of 2026 and had a loss of $137.8 million1 in the first nine months of 2026, compared with earnings of $33.3 million1 in the third quarter of 2025 and a loss of $92.2 million1 in the first nine months of 2025. Lower results in 2026 for both periods are driven by a higher effective income tax rate and higher interest expense.
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 EPS 1 | 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 Companies 1 | 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 EPS 1 | 2025 EPS 1 | Increase/ (Decrease) |
||||||||||||||||||
| Electric Transmission 1 | $ | 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 Distribution 1 | 17.9 | 36.8 | (18.9 | ) | 0.05 | 0.10 | (0.05 | ) | ||||||||||||||||
| Parent and Other Companies 1 | (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.
###
Exhibit 99.2
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.
Exhibit 99.3
Q3 2026 EARNINGS REPORT November 5, 2026 NOVEMBER 5, 2026 Eversource Energy Q3 2026 Earnings Report Exhibit 99.3
Q3 2026 EARNINGS REPORT November 5, 2026 Safe Harbor Statement 1 All per - share amounts in this presentation 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 peri od. 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 t o more fully compare and explain results without including these items. This information is among the primary indicators management us es 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 con tingent 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 t he 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 be lie ves 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 presentation in analyzing historical and future pe rformance 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 op erating performance. Eversource Energy does not provide a reconciliation of guidance from non - GAAP recurring earnings or non - GAAP recurring EPS to th e 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 Dec emb er 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 wit hou t unreasonable effort. Eversource Energy makes statements concerning its expectations, beliefs, plans, objectives, goals, strategies, assumptions of fu ture 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. For ward - 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, estima tes, 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 statement s a re 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 t o 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, fi nancial 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 la ws 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 i n t he 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 an d 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 syste ms, 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 inc lude 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 inter est 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 ar e 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 res ult s, 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, Eversour ce 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.
Q3 2026 EARNINGS REPORT November 5, 2026 Agenda Business Update ▪ Key Strategic Priorities ▪ Recent Highlights 2 Joe Nolan Chairman, President & CEO Financial Update ▪ Q3 2026 Financial Results ▪ Regulatory Update ▪ Balance Sheet Progress ▪ Guidance Revision John Moreira EVP, CFO & Treasurer
Q3 2026 EARNINGS REPORT November 5, 2026 Q3 2026 EARNINGS REPORT 3 CHAIRMAN, PRESIDENT & CHIEF EXECUTIVE OFFICER Joe Nolan Business Update
Q3 2026 EARNINGS REPORT November 5, 2026 Aligned with our mission to provide reliable, resilient and affordable service for customers, while delivering shareholder value Our Key Strategic Priorities for 2026 Long - term EPS growth target of between 5% and 7% expected to be supported by constructive regulatory and strategic financing outcomes in 2026 and beyond Execute on Capital Investment Plan Maintain Balance Sheet Strength Deliver Top - Tier Performance Robust capital investment plan of $26.5 billion through 2030 that is focused on load growth and reliability, with incremental opportunities of $1.7 billion Meaningful progress made on FFO/Debt. Maintaining levels well above downgrade thresholds Maintain high reliability, enhance customer experience and ensure the safety of our workforce Engage with Regulators Actively pursue constructive engagement with regulators and stakeholders to help shape future of energy in our region while balancing affordability Support Sustainable Long - Term Growth 4
Q3 2026 EARNINGS REPORT November 5, 2026 Recent Highlights Recurring EPS of $0.92; in line with guidance Revolution Wind Update FERC ROE & Refund; line of sight into timing CL&P Rate Case progress continues Massachusetts AMI > 500K meters installed Transmission project TIDE selected for ISO - NE LTTP Eversource wins DREAM grid modernization DOE grant Named one of America’s Best Companies by TIME 5
Q3 2026 EARNINGS REPORT November 5, 2026 Q3 2026 EARNINGS REPORT 6 EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER & TREASURER John Moreira Financial Update
Q3 2026 EARNINGS REPORT November 5, 2026 Third Quarter and Nine Months 2026 Financial Results 7 Change 9M 2025 9M 2026 Change 3Q 2025 3Q 2026 $(0.03) $1.60 $1.57 $(0.02) $0.50 $0.48 Electric Transmission (Non - GAAP) (0.03) 1.55 1.52 (0.07) 0.60 0.53 Electric Distribution 0.11 0.64 0.75 (0.06) (0.05) (0.11) Natural Gas Distribution (0.05) 0.10 0.05 (0.05) 0.05 0.00 Water Distribution (Non - GAAP) (0.12) (0.25) (0.37) (0.07) 0.09 0.02 Parent & Other (Non - GAAP) $(0.12) $3.64 $3.52 $(0.27) $1.19 $0.92 EPS (Non - GAAP) (0.65) (0.20) (0.85) 0.20 (0.20) 0.00 Aquarion, Offshore Wind, and FERC ROE Refund* $(0.77) $3.44 $2.67 $(0.07) $0.99 $0.92 Reported EPS (GAAP) * FERC ROE Refund Q1 Charge reflects refunds associated with the 15 - month first complaint period, including interest
Q3 2026 EARNINGS REPORT November 5, 2026 CL&P Rate Case – Powering Connecticut’s Future With a Focus on Affordability 8 System Investments Annual Storm Restoration Vegetation Management O&M Income Taxes Revenue Increases $451M Total Revenue Deficiency $300M (66% of request) $79M (17% of request) $52M (12% of request) $31M (7% of request) - $11M ( - 2% of request) Revenue Deficiency $ In Millions PURA 26 - 05 - 10 Exhibit CLP - ELP - 1
Q3 2026 EARNINGS REPORT November 5, 2026 CL&P Rate Case – Disciplined Cost Control that Addresses Affordability 9 $50M actual O&M increase based on 2025 TY If O&M had grown at the rate of inflation, the 2025 TY increase would have been $100M 2016 Test Year (TY) O&M was $318M $ In Millions PURA 26 - 05 - 10 Exhibit CLP - ELP - 1 Revenue Deficiency
Q3 2026 EARNINGS REPORT November 5, 2026 FERC ROE Update Section 206 Refund Appeal Section 205 Prospective ROE Decision - Section 205 filed April 30 th - Requesting 11.39% ROE - FERC responded June 29 th , established process - Briefs filed Aug 28 th and September 28 th - Awaiting FERC decision with an ROE expected to be “Just and Reasonable” - New rate effective November 30 th - FERC refund due date: May 2027 - March decision dismissed complaints 2, 3 and 4 - Appeal filed with D.C. Circuit Court ▪ FERC ordered refund >15 months allowed by FPA ▪ Failed to find 11.14% or 10.57% was unjust and unreasonable until March 2026 ▪ FERC denied transmission owners due process ▪ FERC set a 9.57% ROE in an unconstitutionally low range - Court expedited appeal schedule but denied motion for stay 10
Q3 2026 EARNINGS REPORT November 5, 2026 FFO to Debt Enhancement Strategy Results S&P Moody’s 14.2% 15.4% December 2025 September 2026 14.5% 16.1% December 2025 September 2026 340 Bps of Credit Cushion (12% Downgrade Threshold) 310 Bps of Credit Cushion (13% Downgrade Threshold) 11 Projected 2026 - 2030 FFO to Debt: 100 Bps above S&P and Moody’s downgrade thresholds each year Eversource and subsidiaries now on Stable Outlook at all three rating agencies
Q3 2026 EARNINGS REPORT November 5, 2026 $1,328 $1,209 $1,275 $1,360 $1,492 $1,507 $1,608 $1,871 $2,009 $2,291 $2,278 $2,180 $2,197 $2,296 $1,023 $975 $1,247 $1,320 $1,404 $1,456 $1,376 $260 $241 $259 $217 $276 $219 $256 $4,482 $4,434 $5,072 $5,175 $5,352 $5,379 $5,536 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 $5,500 $6,000 2024A 2025A 2026E 2027E 2028E 2029E 2030E Transmission Electric Distribution Natural Gas Distribution IT and Facilities $ In Millions $26.5 BILLION 2026 - 2030 * 2026 – 2030 Projected Capital Infrastructure Investments 12 Represents $2.3 billion increase as compared to prior five - year forecast Potential incremental investments during and beyond this forecast period: $1 Billion CT AMI * The capital expenditure plan for 2026 to 2030 excludes projected investments for Aquarion due to the June 30, 2026 sale. Approved incremental investments during and beyond this forecast period: $700 Million TIDE (~$400m 2027 - 30)
Q3 2026 EARNINGS REPORT November 5, 2026 Key 2026 Earnings Drivers 2026 Non - GAAP EPS Guidance Narrowed $4.62 to $4.70* ▪ Transmission capital investments ▪ Base rate changes in CT, MA and NH ▪ Capital recovery mechanisms ▪ Controlled operations and maintenance expenses 13 ▪ Higher depreciation and property taxes ▪ Higher interest expense ▪ Higher effective tax rate ▪ Aquarion and FERC ROE impacts *ES updated its non - GAAP EPS guidance on March 31, 2026 to $4.52 to $4.72
Q3 2026 EARNINGS REPORT November 5, 2026 Solid Foundation for Future Growth 14 Aquarion Water Sale $1.7 Billion in proceeds CL&P Rate Case Rates Effective July 2027 CL&P & PSNH Storm Cost Securitization Mid - 2027 / Early 2028; Cash used for debt reduction Revolution Wind Project completion derisks business profile ISO - NE TIDE Project $700M investment; Construction 2029 - 2032 Credit Ratings All rating agency outlooks “stable” FERC ROE New rate 11/30; Refund appeal underway CT AMI $1 Billion potential investment
Q3 2026 EARNINGS REPORT November 5, 2026 Q & A 15
Q3 2026 EARNINGS REPORT November 5, 2026 Appendix 16
Q3 2026 EARNINGS REPORT November 5, 2026 Eversource - A Pure Play Regulated Utility & the Largest in the New England Region 17 4.4M CUSTOMERS 3.5M Electric, 897K Gas (Excluding Water) 59.9K DISTRIBUTION MILES 19K Underground Lines 4.5K TRANSMISSION MILES $25B CURRENT MARKET CAPITALIZATION As of December 31, 2025 $34B 2025 RATE BASE (Excluding Water) $64B TOTAL ASSETS As of December 31, 2025 10,730 EMPLOYEES As of YE 2025 66.0 SYSTEM AVG MIN INTERRUPTION DURATION (SAIDI) 2025 21.0 AVG MONTHS BETWEEN INTERRUPTIONS (MBI) 2025
Q3 2026 EARNINGS REPORT November 5, 2026 $2.96 $3.11 $3.25 $3.45 $3.64 $3.86 $4.09 $4.34 $4.57 $4.76 $4.62 - $4.70 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022A* 2023A* 2024A* 2025A* 2026E* 2027E 2028E 2029E 2030E * Reflects non - GAAP results, excludes nonrecurring charges 18 Proven Track Record of Earnings and Dividend Performance $2.55 DPS $2.70 DPS $2.86 DPS $3.01 DPS $2.41 DPS $2.27 DPS $2.14 DPS $2.02 DPS $1.90 DPS $1.78 DPS EPS EPS EPS EPS EPS EPS EPS EPS EPS EPS EPS
Q3 2026 EARNINGS REPORT November 5, 2026 2026 & 2027 Parent Debt and Equity Issuances and Maturities 19 Equity Issuances New Shares ▪ At - The - Market Program for $1.2 billion issued 7.1 million shares in 2025 with net proceeds of approximately $ 465 million ▪ Through September 2026, an additional 0.3 million shares were issued with net proceeds of approximately $20 million Treasury Shares ▪ Dividend reinvestment, employee equity programs continue with approximately 1.2 million shares issued through September 2026 2026 DEBT MATURITIES Maturity Size/Coupon Company Mar 15, 2026 $250M @ 3.35% Parent May 15, 2026 $450M @ 4.75% Parent Aug 15, 2026 $300M @ 1.40% Parent 19 2026 JUNIOR SUBORDINATED NOTES ISSUANCES Maturity Size/Coupon Company Aug 15, 2056 $750M @ 6.10% Parent Aug 15, 2056 $750M @ 6.35% Parent 2027 DEBT MATURITIES Maturity Size/Coupon Company Jan 1, 2027 $350M @ 5.00% Parent Mar 1, 2027 $650M @ 2.90% Parent Jul 1, 2027 $600M @ 4.60% Parent
Q3 2026 EARNINGS REPORT November 5, 2026 Procedural Background: FERC’s ISO - NE Transmission ROE Decision Procedural Timeline ▪ In March 2026, FERC finally issued a decision related to complaints against the ISO - NE transmission owners ‒ Decision resulted in a reduction of the authorized base ROE to 9.57% ‒ FERC argued that the previously approved ROE of 11.14% was “unjust and unreasonable” ‒ FERC ordered refunds from 2011 to 2026 for the ROE differential between the billed 10.57% and replacement 9.57% base ROE ▪ Eversource and other transmission owners have filed multiple motions against this order ‒ Re fund extension granted through May 2027 ‒ Motion for stay at the D.C. Circuit Court (Denied) ‒ Section 205 filing for new base ROE of 11.39% ‒ Appeal pending with D.C. Circuit Court 20 ISO - NE Open Access Transmission Tariff (ROE) 11.14% 10.57% 9.57% 11.39% Initial Tariff (2006) FERC Decision (2014) FERC Decision (2026) Section 205 Filing (2026) 2006: FERC approves transmission tariff that established a base ROE of 11.14% 2011: Initial challenge to the transmission base ROE 2014: FERC established a new base ROE of 10.57% 2017: U.S. Court of Appeals vacated FERC’s base ROE of 10.57% 2026: FERC ordered 9.57% base ROE; Section 205 filed 15 - Year Period 22 FERC Commissioners; 13 FERC Chairs; Nominated by 5 Administrations
Q3 2026 EARNINGS REPORT November 5, 2026 Named as one of America’s Climate Leaders by USA TODAY and Statista for the 3 rd year in a row. Ranked #1 among energy companies and utilities nationwide for the highest core emissions reduction year - over - year. For the 7th year in a row Eversource was recognized in Newsweek’s list of America’s Most Responsible Companies based on our corporate social sustainability performance and reputation. Eversource was recognized in Newsweek’s list of the Most Trustworthy Companies In America for companies that demonstrate leadership in ethical business practices and have built strong trust among stakeholders. Included as a constituent of the FTSE4Good Index Series, designed to identify companies that demonstrate strong environmental, social and governance practices measured against globally recognized standards. 21 Eversource Recognition Named one of the nation’s top veteran employers by VETS Indexes for the third year in a row. This year, we were honored with VETS Indexes’ prestigious 5 Star Employer Award – the highest award level offered by the organization. The TIME America’s Best Companies 2026 ranking identifies top - performing U.S. companies using a data - driven evaluation across employee satisfaction, financial strength, and ESG transparency.