Eversource Energy

eversource.com

What Do They Do?

Delivers electricity and natural gas to residential, commercial and industrial customers, and transmits electricity across New England.

How Do They Make Money?

Customers pay regulated rates for electricity, natural gas and water delivered; bills are monthly, and transmission customers pay for grid service as it is provided. The company also sells wholesale energy and related products when transferred, while property-rental income accrues over time.

revenue

Segment	Share	How money arrives
Residential Usage-based	51% FY2022: 50%	Usage-based
Commercial Usage-based	30% FY2022: 29%	Usage-based
Industrial Usage-based	4.5% FY2022: 4.6%	Usage-based
Total Retail Tariff Sales Revenues Usage-based	85% FY2022: 84%	Usage-based
Wholesale Transmission Revenues Usage-based	4.9% FY2022: 3.6%	Usage-based
Wholesale Market Sales Revenues Sold outright	8.8% FY2022: 11%	Sold outright
Other Revenues from Contracts with Customers Recurring	0.9% FY2022: 0.9%	Recurring

Who Are Their Customers?

Households and businesses receive electricity, natural gas or water through Eversource's regulated utilities; some electric and eligible gas customers buy the commodity from third-party suppliers while Eversource provides delivery. Transmission customers use its regional grid.

Do Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$45.1M.

Operating income, FY2025

22% of revenue

▲ +24% vs FY2024 ($2.4B, 20%)

Net income, FY2025

13% of revenue

▲ +108% vs FY2024 ($819.2M, 7%)

Free cash flow, FY2025

0% of revenue

▼ −98% (Loss) vs FY2024 (−$2.3B, −20%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +5%; vs $2.8B in Q2 FY2025

Total Retail Tariff Sales Revenues share of revenue from contract with customer, including assessed tax vs 86.2% in Q2 FY2025

Jul 30, 2026 Reaffirmed 2026 earnings guidance It kept its 2026 non-GAAP recurring earnings outlook at $4.57 to $4.72 per share.
Jul 1, 2026 Sold Aquarion Water Company The sale brought $2.4 billion in cash; Eversource said it would use adjusted net equity proceeds to reduce debt.
May 6, 2026 Cut 2026 earnings guidance It revised 2026 guidance from $4.80 to $4.95 per share to $4.57 to $4.72 per share.

Growing. Revenue grew 37% in 4 years, from $9.9B in FY2021 to $13.5B in FY2025, about 8% a year.

Offshore wind ownership Eversource shifted from jointly developing offshore wind projects with Ørsted to selling its project interests and retaining only a tax equity investment in South Fork Wind.

Revenue over time

Residential Commercial Industrial Total Retail Tariff Sales Revenues Wholesale Transmission Revenues Wholesale Market Sales Revenues Other Revenues from Contracts with Customers Amortization of Revenues Subject to Refund

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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