ESNYSEElectric ServicesUS GAAP · USD

Eversource Energy (D/B/A)

Eversource Energy is a regulated utility holding company that delivers electricity, natural gas, and water through its operating subsidiaries in New England. Its business is built around rate-regulated distribution and transmission assets, with revenues largely recovered through approved tariffs and cost-tracking mechanisms rather than competitive market pricing.

Ask about the company
Revenue13.5bn USD
+13.8 %y/y
Operating profit (EBIT)2,989m USD
+24.1 %y/y
EBIT margin22.1%
+1.8 ppy/y
Net income1,700m USD
+107.5 %y/y
Free cash flow-45.1m USD
+98.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

051015bn USD2020: 8.9 bn USD2020: EBIT 2.0 bn USD20202021: 9.9 bn USD2021: EBIT 2.0 bn USD20212022: 12.3 bn USD2022: EBIT 2.2 bn USD20222023: 11.9 bn USD2023: EBIT 2.4 bn USD20232024: 11.9 bn USD2024: EBIT 2.4 bn USD20242025: 13.5 bn USD2025: EBIT 3.0 bn USD202513.53.0
RevenueOperating profit (EBIT)

Business

Share of revenue
Electric distribution45 %

Delivery of electricity to residential, commercial, and industrial customers in Connecticut, Massachusetts, and New Hampshire.

Electric transmission20 %

High-voltage transmission assets and related regulated services across the New England grid.

Natural gas distribution25 %

Regulated gas delivery and related supply procurement for customers in Connecticut and Massachusetts.

Water distribution10 %

Regulated water utility service through Aquarion's subsidiaries in parts of Connecticut, Massachusetts, and New Hampshire.

Products

Reported · share of revenue
50.8%30.0%8.8%FY2025100 %
  • Residential50.8 %
  • Commercial30.0 %
  • Wholesale Market Sales Revenue8.8 %
  • Wholesale Transmission Revenue4.9 %
  • Industrial4.5 %
  • Other Revenue Adjustmentsfrom Contractswith Customers0.8 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Eversource serves end-use utility customers rather than selling into a competitive consumer brand market. Its core customers are residential, commercial, and industrial users, with additional municipal and fire protection customers in the water business. Many customers buy delivery service from Eversource while choosing their own electricity or gas supplier, which makes the company’s role primarily regulated network access and commodity pass-through.

Residential utility customers

Households buying regulated electricity, gas delivery, and water service for essential daily use.

Commercial customers

Businesses buying distribution and transmission access to keep facilities powered and heated.

Industrial customers

Larger users that need dependable utility infrastructure and tariff-based delivery service.

Municipal and fire protection customers

Public-sector and safety-related water customers served through Aquarion's regulated network.

Third-party supply customers

Customers who buy commodity supply elsewhere but still pay Eversource for regulated delivery.

Strategy

Eversource's strategy is centered on investing in regulated infrastructure, recovering capital through rates over asset lives, and maintaining access to debt and equity markets. Management also emphasizes liquidity, refinancing near-term maturities, and preserving credit quality while funding large capital programs and storm-related costs. The company is also repositioning its portfolio after offshore wind losses and the pending Aquarion sale process.

Regulated capital investmentMedium term

Long-lived utility assets earn returns through rate recovery and support future earnings.

Liquidity and refinancingShort term

The business is capital intensive and relies on debt markets to bridge timing gaps in recovery.

Portfolio simplificationMedium term

Non-core or loss-making investments can distract from the regulated utility model.

Geography

Eversource is concentrated in New England, with regulated operations in Connecticut, Massachusetts, and New Hampshire. The company is headquartered in Boston and Hartford, and its service territories are tied to state-level utility regulation, which makes local rate cases and regulatory outcomes central to performance. Aquarion also extends the footprint into parts of Connecticut, Massachusetts, and New Hampshire.

Risks

Eversource faces the classic regulated-utility mix of operational, regulatory, and financing risk, with added exposure to cyber and physical attacks on critical infrastructure. Because its earnings depend on timely cost recovery and approved rates, adverse regulatory actions, project delays, or storm and outage costs can pressure cash flow and returns. The company also carries balance-sheet and refinancing risk because of heavy capital spending and near-term debt maturities.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cybersecurity breach or system disruption1Physical attack or grid disturbance2Regulatory and permitting delays3Severe weather and climate-related damage4Refinancing and liquidity pressure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cybersecurity breach or system disruptionImpact: HighLikelihood: Medium

    Utility operations depend on IT and control systems that could be targeted directly or through third parties.

    ExposureElectricGasWater operations
  2. Physical attack or grid disturbanceImpact: HighLikelihood: Medium

    Transmission and distribution assets are critical infrastructure and interconnected with regional systems.

    Exposure: Electric transmission and gas pipeline interfaces

  3. Regulatory and permitting delaysImpact: HighLikelihood: Medium

    Returns depend on timely approval of rates, projects, and cost recovery mechanisms.

    ExposureRate casesSitingTransmission projects
  4. Severe weather and climate-related damageImpact: MediumLikelihood: Medium

    Storms can cause outages, repair costs, and timing mismatches in regulatory recovery.

    Exposure: New England service territories

  5. Refinancing and liquidity pressureImpact: MediumLikelihood: Medium

    Large capital needs and near-term maturities require continued access to debt markets.

    Exposure: Parent and utility-level debt maturities

Accounting

Judgemental items
Tracked distribution revenues

Many utility costs are recovered through commission-approved mechanisms, affecting revenue presentation and comparability.

Impact: Can inflate reported revenues without changing earnings

Derivative instruments

Energy purchase and sale contracts may be marked to fair value or treated as normal purchases/sales.

Impact: Can create balance-sheet volatility and regulatory asset/liability timing

Environmental reserves

Liabilities depend on remediation estimates for former MGP and other sites.

Impact: Estimate changes can affect earnings and provisions

Goodwill impairment

Valuation depends on discount rates, market conditions, and regulatory outcomes.

Impact: Adverse assumptions could trigger non-cash impairment charges

Non-GAAP adjustments

Management excludes offshore wind losses and Aquarion sale-related charges from core performance.

Impact: Affects how investors assess underlying earnings power

Similar listed companies

Publicly listed companies with a comparable business focus.

NiSource Inc

NI · Electric & Other Services Combined

Evergy, Inc.

EVRG · Electric & Other Services Combined

Entergy Corporation

ETR · Electric Services

Emera Incorporated

EMA · Electric Services

FirstEnergy Corp

FE · Electric Services

Portland General Electric Co

POR · Electric Services

Last updated: 24/09/2026