Eversource Swings to $367M Profit as Transmission and Distribution Earnings Rise

Eversource Energy (NYSE: ES) reported third-quarter 2025 earnings of $367.5 million ($0.99 per share), rebounding from a $118.1 million loss ($-0.33 per share) in the same period last year, as stronger electric transmission and distribution performance offset increased costs and lingering offshore wind-related losses.

On a non-GAAP basis, recurring earnings rose to $442.5 million ($1.19 per share) from $405.9 million ($1.13 per share) a year earlier, reflecting higher revenues from rate increases in Massachusetts and New Hampshire and continued investment in grid infrastructure. The utility also narrowed its 2025 full-year guidance to $4.72–$4.80 per share, reaffirming a 5–7% compound annual EPS growth target from its 2024 base.

Eversource’s transmission segment earned $185.5 million, up from $174.9 million last year, driven by ongoing system upgrades. Electric distribution profit climbed to $221.6 million from $203.5 million, supported by new rates and capital spending. Its natural gas segment trimmed losses to $16.8 million from $30.2 million, aided by rate adjustments to recover infrastructure investment.

The company’s water distribution business posted lower quarterly earnings of $18.9 million, reflecting higher operations and maintenance costs. Parent-level losses widened due to higher interest expenses following the sale of offshore wind assets.

Eversource’s results included a $75 million after-tax loss tied to obligations from the 2024 divestment of its South Fork and Revolution Wind projects. That compares to a $524 million loss from offshore wind sales a year earlier.

For the first nine months of 2025, Eversource earned $1.27 billion ($3.44 per share), up from $739 million ($2.08 per share) in 2024. Recurring nine-month earnings totaled $1.35 billion ($3.64 per share) versus $1.26 billion ($3.56 per share) a year prior.

The turnaround underscores Eversource’s transition back to its regulated “pipes and wires” focus after exiting offshore wind ventures that had weighed on earnings. CEO Joe Nolan emphasized grid modernization and affordability as priorities amid regulatory shifts in New England.

Eversource operates the region’s largest energy delivery network, serving 4.6 million electric, natural gas, and water customers across Connecticut, Massachusetts, and New Hampshire.

By Charles Kennedy for Oilprice.com

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