Revenue growth of 9.4% in 2026Q1 masks underlying volatility, as operating margins remain constrained by regulatory friction and fluctuating cost recovery mechanisms.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 13.93B | 13.55B | 11.9B | 11.91B | 12.29B | 9.86B | 8.9B | 8.53B | 8.45B | 7.75B | 7.64B | 7.95B | 7.74B | 7.3B | 6.27B | 4.47B | 4.9B | 5.44B | 5.8B | 5.82B | 6.88B | 7.4B | 6.69B | 6.07B | 5.22B | 6.87B | 5.88B | 4.47B | 3.77B | 3.83B | 3.79B |
| Revenue Growth % | 9.83% | 13.83% | -0.08% | -3.08% | 24.6% | 10.77% | 4.43% | 0.93% | 8.98% | 1.48% | -3.97% | 2.75% | 6.04% | 16.38% | 40.49% | -8.83% | -9.95% | -6.22% | -0.38% | -15.43% | -6.93% | 10.63% | 10.18% | 16.35% | -24.11% | 16.97% | 31.43% | 18.67% | -1.75% | 1.13% | 1.11% |
| Cost of Revenue | 8.38B | 9.47B | 8.2B | 7.06B | 6.88B | 5.11B | 4.47B | 4.4B | 4.47B | 3.81B | 3.82B | 4.42B | 4.45B | 4B | 3.67B | 1.58B | 1.99B | 3.63B | 3B | 3.35B | 4.63B | 4.93B | 4.23B | 3.73B | 3.03B | 4.54B | 3.32B | 1.9B | 1.3B | 1.29B | 1.14B |
| Gross Profit | 5.55B | 4.08B | 3.7B | 4.85B | 5.41B | 4.75B | 4.44B | 4.12B | 3.97B | 3.94B | 3.81B | 3.54B | 3.29B | 3.3B | 2.61B | 2.88B | 2.91B | 1.81B | 2.8B | 2.47B | 2.25B | 2.46B | 2.46B | 2.34B | 2.19B | 2.33B | 2.56B | 2.57B | 2.47B | 2.54B | 2.65B |
| Gross Margin % | 39.87% | 30.13% | 31.12% | 40.69% | 44.02% | 48.17% | 49.82% | 48.36% | 47.04% | 50.82% | 49.94% | 44.48% | 42.53% | 45.24% | 41.54% | 64.6% | 59.46% | 33.25% | 48.34% | 42.45% | 32.73% | 33.31% | 36.72% | 38.53% | 41.99% | 33.93% | 43.48% | 57.54% | 65.59% | 66.27% | 69.94% |
| Gross Profit Growth % | - | 10.2% | -23.59% | -10.41% | 13.87% | 7.09% | 7.59% | 3.75% | 0.88% | 3.27% | 7.8% | 7.47% | -0.32% | 26.74% | -9.66% | -0.95% | 61.04% | -35.5% | 13.45% | 9.67% | -8.55% | 0.36% | 4.99% | 6.78% | -6.1% | -8.72% | -0.68% | 4.12% | -2.76% | -4.18% | -6.66% |
| Operating Expenses | 2.42B | 1.09B | 997.9M | 2.45B | 3.21B | 2.76B | 2.45B | 2.53B | 2.27B | 2.02B | 1.95B | 1.77B | 1.66B | 1.58B | 1.35B | 2.09B | 2.11B | 1.06B | 2.21B | 1.93B | 2.03B | 2.62B | 2.04B | 1.91B | 1.91B | 2.44B | 1.86B | 2.05B | 2.16B | 2.35B | 2.31B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 5.53B | 5.39B | 4.48B | 3.22B | 3.84B | 3.33B | 3.15B | 2.67B | 2.77B | 2.78B | 2.65B | 2.43B | 2.25B | 2.14B | 1.64B | 1.1B | 1.2B | 1.07B | 1.05B | 1.06B | 687.89M | 500.57M | 940.99M | 637.75M | 485.19M | 1.08B | 1.21B | 1.58B | 1.07B | 692.8M | 754.1M |
| EBITDA Margin % | 39.7% | 39.81% | 37.66% | 26.99% | 31.26% | 33.74% | 35.35% | 31.33% | 32.81% | 35.89% | 34.65% | 30.55% | 29.03% | 29.31% | 26.1% | 24.55% | 24.42% | 19.75% | 18.14% | 18.18% | 9.99% | 6.77% | 14.07% | 10.51% | 9.3% | 15.73% | 20.6% | 35.24% | 28.3% | 18.07% | 19.89% |
| EBITDA Growth % | 9.31% | 20.33% | 39.41% | -16.3% | 15.41% | 5.73% | 17.84% | -3.63% | -0.36% | 5.1% | 8.93% | 8.12% | 5.01% | 30.72% | 49.33% | -8.35% | 11.35% | 2.09% | -0.56% | 53.83% | 37.42% | -46.8% | 47.55% | 31.44% | -55.13% | -10.69% | -23.16% | 47.76% | 53.93% | -8.13% | -43.06% |
| Depreciation & Amortization | 2.39B | 2.4B | 1.78B | 815.72M | 1.64B | 1.33B | 1.16B | 1.08B | 1.07B | 863.79M | 787.16M | 665.86M | 614.66M | 610.78M | 519.01M | 302.19M | 396.33M | 322.93M | 461.51M | 518.73M | 463.97M | 654.44M | 528.04M | 204.39M | 205.65M | 1.18B | 515.94M | 1.05B | 759.3M | 499.1M | 414.3M |
| D&A / Revenue % | 17.17% | 17.75% | 14.93% | 6.85% | 13.37% | 13.54% | 13.02% | 12.67% | 12.69% | 11.14% | 10.3% | 8.37% | 7.94% | 8.37% | 8.27% | 6.77% | 8.09% | 5.94% | 7.96% | 8.91% | 6.74% | 8.85% | 7.9% | 3.37% | 3.94% | 17.23% | 8.78% | 23.49% | 20.15% | 13.02% | 10.93% |
| Operating Income (EBIT) | 3.14B | 2.99B | 2.71B | 2.4B | 2.2B | 1.99B | 1.99B | 1.59B | 1.7B | 1.92B | 1.86B | 1.76B | 1.63B | 1.53B | 1.12B | 794.18M | 799.89M | 751.38M | 590.76M | 539.48M | 223.92M | -153.87M | 412.95M | 433.37M | 279.54M | -102.78M | 694.79M | 525.5M | 307.1M | 193.7M | 339.8M |
| Operating Margin % | 22.52% | 22.06% | 22.74% | 20.14% | 17.89% | 20.21% | 22.33% | 18.65% | 20.12% | 24.74% | 24.35% | 22.18% | 21.09% | 20.95% | 17.82% | 17.78% | 16.33% | 13.81% | 10.19% | 9.27% | 3.25% | -2.08% | 6.18% | 7.14% | 5.36% | -1.5% | 11.82% | 11.75% | 8.15% | 5.05% | 8.96% |
| Operating Income Growth % | - | 10.45% | 12.77% | 9.15% | 10.28% | 0.23% | 25.04% | -6.44% | -11.38% | 3.13% | 5.42% | 8.04% | 6.76% | 36.78% | 40.8% | -0.71% | 6.46% | 27.19% | 9.51% | 140.92% | 245.53% | -137.26% | -4.71% | 55.03% | 371.98% | -114.79% | 32.22% | 71.12% | 58.54% | -43% | -60.19% |
| Interest Expense | 4M | 1.24B | 1.11B | 855.44M | 678.27M | 582.33M | 538.45M | 533.2M | 498.81M | 421.75M | 400.96M | 372.42M | 362.11M | 341.39M | 0 | 240.24M | 237.29M | 273.64M | 269.14M | 240.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.40x | 2.12x | 0.68x | 3.75x | 3.70x | 3.90x | 3.23x | 3.67x | 4.73x | 4.75x | 4.83x | 4.57x | 4.57x | - | 3.42x | 4.57x | 2.88x | 2.38x | 2.50x | - | - | - | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.03% | 9.18% | 9.34% | 7.18% | 5.52% | 5.9% | 6.05% | 6.25% | 5.9% | 5.44% | 5.25% | 4.68% | 4.68% | 4.68% | 0% | 5.38% | 4.84% | 5.03% | 4.64% | 4.13% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 1.93B | 1.84B | 1.24B | -275.04M | 1.87B | 1.57B | 1.56B | 1.19B | 1.33B | 1.57B | 1.5B | 1.43B | 1.3B | 1.22B | 808M | 571.47M | 604.52M | 515.54M | 372.05M | 355.32M | 50.28M | -386.43M | 173.9M | 186.57M | 239.97M | 447.14M | 381.18M | 155.5M | -114.4M | -107.5M | 105.6M |
| Pretax Margin % | 13.88% | 13.58% | 10.45% | -2.31% | 15.18% | 15.94% | 17.51% | 13.96% | 15.74% | 20.31% | 19.7% | 17.93% | 16.73% | 16.72% | 12.88% | 12.8% | 12.34% | 9.48% | 6.41% | 6.1% | 0.73% | -5.22% | 2.6% | 3.07% | 4.6% | 6.51% | 6.49% | 3.48% | -3.04% | -2.8% | 2.78% |
| Income Tax | 178.39M | 140.29M | 424.66M | 159.68M | 453.57M | 344.22M | 346.19M | 273.5M | 288.97M | 578.89M | 555M | 539.97M | 468.3M | 426.94M | 274.93M | 170.95M | 210.41M | 179.95M | 105.66M | 109.42M | -81.43M | -162.76M | 51.76M | 59.86M | 82.3M | 173.95M | 161.72M | 98.5M | 5.9M | -2.1M | 70M |
| Effective Tax Rate % | 9.22% | 7.62% | 34.14% | -58.06% | 24.31% | 21.89% | 22.21% | 22.98% | 21.74% | 36.77% | 36.88% | 37.87% | 36.15% | 34.98% | 34.03% | 29.91% | 34.81% | 34.9% | 28.4% | 30.8% | -161.95% | 42.12% | 29.76% | 32.09% | 34.3% | 38.9% | 42.43% | 63.34% | -5.16% | 1.95% | 66.29% |
| Net Income | 1.75B | 1.69B | 811.65M | -442.24M | 1.4B | 1.22B | 1.21B | 909.05M | 1.03B | 988M | 942.3M | 878.49M | 819.55M | 786.01M | 525.95M | 394.69M | 387.95M | 335.59M | 260.83M | 246.48M | 476.14M | -247.93M | 122.15M | 121.97M | 157.67M | 250.76M | -14.42M | 57M | -120.3M | -105.4M | 35.6M |
| Net Margin % | 12.55% | 12.49% | 6.82% | -3.71% | 11.43% | 12.37% | 13.53% | 10.66% | 12.23% | 12.75% | 12.34% | 11.04% | 10.59% | 10.77% | 8.38% | 8.84% | 7.92% | 6.17% | 4.5% | 4.23% | 6.92% | -3.35% | 1.83% | 2.01% | 3.02% | 3.65% | -0.25% | 1.27% | -3.19% | -2.75% | 0.94% |
| Net Income Growth % | 108% | 108.51% | 283.53% | -131.48% | 15.1% | 1.27% | 32.57% | -12% | 4.56% | 4.85% | 7.26% | 7.19% | 4.27% | 49.45% | 33.25% | 1.74% | 15.6% | 28.66% | 5.82% | -48.23% | 292.05% | -302.98% | 0.15% | -22.64% | -37.12% | 1838.48% | -125.31% | 147.38% | -14.14% | -396.07% | -88.94% |
| EPS (Diluted) | 4.64 | 4.56 | 2.27 | -1.27 | 4.05 | 3.54 | 3.55 | 2.81 | 3.25 | 3.11 | 2.96 | 2.76 | 2.58 | 2.49 | 1.89 | 2.22 | 2.19 | 1.94 | 1.67 | 1.59 | 3.09 | -1.88 | 0.95 | 0.96 | 1.22 | 1.84 | -0.10 | 0.43 | -0.92 | -0.82 | 0.28 |
| EPS Growth % | 101.72% | 100.88% | 278.74% | -131.36% | 14.41% | -0.28% | 26.33% | -13.54% | 4.5% | 5.07% | 7.25% | 6.98% | 3.61% | 31.75% | -14.86% | 1.37% | 12.89% | 16.17% | 5.03% | -48.54% | 264.36% | -297.89% | -1.04% | -21.31% | -33.7% | 1940% | -123.26% | 146.74% | -12.2% | -392.86% | -89.02% |
| EPS (Basic) | - | 4.56 | 2.27 | -1.27 | 4.05 | 3.55 | 3.56 | 2.83 | 3.25 | 3.11 | 2.97 | 2.77 | 2.59 | 2.49 | 1.90 | 2.22 | 2.20 | 1.94 | 1.68 | 1.59 | 3.10 | -1.88 | 0.95 | 0.96 | 1.22 | 1.85 | -0.10 | 0.43 | -0.92 | -0.82 | 0.28 |
| Diluted Shares Outstanding | 376.58M | 371.26M | 357.48M | 349.58M | 347.25M | 344.63M | 339.85M | 322.94M | 317.99M | 318.03M | 318.45M | 318.43M | 317.42M | 316.21M | 277.99M | 177.8M | 176.89M | 172.72M | 156M | 155.3M | 154.15M | 131.64M | 128.4M | 127.24M | 129.15M | 135.92M | 141.97M | 132.03M | 130.98M | 129.24M | 128.2M |
Elevated regulatory and operational uncertainty
As reported in recent financial statements, Eversource Energy experienced a 9.4% year-over-year revenue increase in 2026Q1, yet this growth appears heavily influenced by seasonal pass-through mechanisms rather than consistent organic expansion, necessitating a cautious interpretation of the company's ability to sustain long-term earnings growth through rate base expansion.
The revenue trajectory remains highly sensitive to seasonal demand and the timing of regulatory rate case outcomes in Massachusetts and Connecticut. Investors should monitor whether these top-line gains are being effectively converted into earnings or if they are being absorbed by rising operational costs and regulatory deferrals.
Based on the provided income statement data, operating margins fluctuated between 20.0% and 25.4% over the last ten quarters, suggesting that Eversource Energy faces significant challenges in consistently capturing its authorized return on equity due to intensifying regulatory scrutiny and potential cost recovery delays in key jurisdictions.
The gap between authorized and earned ROE appears to be under pressure, particularly given the recent adversarial tone from the Connecticut Public Utilities Regulatory Authority. This suggests that the utility may struggle to maintain historical profitability levels if regulatory relationships continue to deteriorate.
According to historical income statement filings, the company's reliance on fuel and purchased power pass-throughs creates significant revenue volatility, which complicates the assessment of core operational efficiency and may mask underlying working capital strains caused by the lag between cost incurrence and regulatory recovery mechanisms.
While these costs are theoretically neutral to earnings, the sheer scale of the pass-through items relative to total revenue warrants investigation into the company's cash flow timing. Any delay in the recovery of these costs could lead to temporary liquidity pressure that is not immediately apparent in headline earnings.
As evidenced by the extreme volatility in net income, including the -$1.3B loss in 2023Q4 and the subsequent recovery, Eversource Energy's reported EPS is heavily impacted by non-recurring impairments related to offshore wind divestitures, obscuring the underlying earnings power of its core regulated utility operations.
Investors should focus on weather-normalized, core regulated earnings to gauge the true health of the business. The current earnings profile appears to be in a transition phase as management pivots away from high-risk ventures toward a more traditional, regulated utility model.
Based on the reported financial data, the company's aggressive capital expenditure cycle is reflected in elevated depreciation and amortization expenses, which rose to $823.2M in 2026Q1, suggesting that significant investment is required to maintain the existing rate base and support future earnings growth.
The reliance on construction work in progress (CWIP) to support current earnings warrants further investigation, as these non-cash credits may overstate near-term profitability. The long-term success of this strategy depends on the timely inclusion of these assets into the rate base without significant regulatory disallowances.
As indicated by the recent divestiture of offshore wind interests, Eversource Energy is undergoing a critical inflection point, shifting from a diversified energy strategy back to a pure-play regulated utility model, which may reduce long-term risk but has caused significant near-term accounting volatility and earnings impairment.
This strategic retreat appears to be a response to the realization that unregulated returns were insufficient to justify the associated risks. The durability of this new earnings profile will depend on the company's ability to execute its regulated growth plan within an increasingly challenging political environment.
Based on an analysis of the provided figures, the income statement may fail to fully capture the long-term financial impact of environmental remediation and decommissioning costs, which could represent significant future liabilities that are not yet reflected in the current earnings or rate base recovery plans.
Furthermore, the potential for a shift toward performance-based ratemaking in key states could compress future ROEs below historical norms. Investors should monitor whether the current regulatory construct is sustainable in an inflationary environment where consumer bill pressure is becoming a primary political concern.
Quick answers to the most common questions about buying ES stock.
For fiscal year 2025, Eversource Energy (ES) reported total revenue of $13.55B. This represents a 257.2% increase compared to $3.79B in 1996.
Eversource Energy (ES) is profitable, generating $1.69B in net income for the fiscal year ending 2025 with a net profit margin of 12.5%.
Eversource Energy (ES) reported an operating income of $2.99B, resulting in an operating profit margin of 22.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Eversource Energy (ES) generated $4.08B in gross profit for the year, representing a gross profit margin of 30.1%. This demonstrates the company's core pricing power and production efficiency.