Eversource Energy (ES) Q1 2026 earnings summary

Executive summary

• Q1 2026 GAAP earnings were $606.8M ($1.61/share), up from $550.8M ($1.50/share) in Q1 2025, with non-GAAP EPS at $1.73, despite a $43.9M after-tax charge from a FERC ROE reduction.

• Strong operational start to 2026, highlighted by effective storm response and infrastructure resilience during a major blizzard impacting over 500,000 customers.

• Strategic priorities include closing the Aquarion sale, advancing Revolution Wind, and managing regulatory changes.

• Focus on safety, reliability, balance sheet strength, and de-risking the business profile.

• Board approved a dividend of $0.7875 per share, payable June 30, 2026.

Financial highlights

• Q1 2026 GAAP EPS was $1.61, up from $1.50 in Q1 2025; non-GAAP EPS was $1.73, excluding a $43.9M after-tax charge from the FERC ROE decision.

• Segment EPS growth: Electric Transmission +$0.06, Electric Distribution +$0.03, Natural Gas Distribution +$0.18, Water Distribution +$0.01 year-over-year.

• Operating revenues rose to $4.50B in Q1 2026 from $4.12B in Q1 2025.

• FERC decision reduced base transmission ROE from 10.57% to 9.57%, impacting future after-tax earnings by ~$70M for 2026.

• Dividend per share was $0.7875, with $290M in cash dividends paid in Q1 2026.

Outlook and guidance

• 2026 non-GAAP EPS guidance revised to $4.57–$4.72 per share, down from $4.80–$4.95, reflecting the FERC ROE reduction and Aquarion sale uncertainty.

• Long-term EPS growth rate of 5–7% reaffirmed through 2030, using $4.65/share as the 2026 base.

• Confident in delivering growth toward the upper half of the target range by 2028.

• Guidance assumes current 9.57% ROE; will update if FERC approves a higher rate.

• Key 2026 earnings drivers: transmission investments, base rate changes, capital recovery, and controlled O&M expenses.