# Eversource Energy (ES) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ES/thesis · /stocks/ES/memo

## Financial Snapshot

---
ticker: ES
step: 04
generated: 2026-05-12
source: quick-research
---

### Eversource Energy (ES) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $12.29B | $11.91B | $11.90B | ~flat |
| Net Income (GAAP) | ~$1.4B | ($442M) | $812M | nm |
| EPS (GAAP, diluted) | $4.05 | ($1.26) | $2.27 | nm |
| EPS (Non-GAAP recurring) | ~$4.10 | $4.34 | $4.57 | +5.3% |

*FY2023 GAAP loss driven by offshore wind investment impairments (Ørsted partnership). Non-GAAP recurring EPS, which excludes impairments, has grown steadily at ~5% annually — consistent with regulated utility growth.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Rate Base | ~$30.6B (FY2024) |
| Long-Term Debt | ~$28.4B |
| Capital Expenditure Plan | $26.5B (2025–2029) |
| Quarterly Dividend | $0.7875/share (~3.3% annualized yield) |

*Eversource has a net working capital deficit and significant debt load. FCF is negative — as with most capital-intensive utilities, cash needs are funded through debt issuance and equity. The balance sheet is stretched following years of offshore wind investments.*

#### Key Ratios (approximate)
- P/E (non-GAAP): ~14x | Dividend Yield: ~3.3%
- Rate Base Growth: ~10% CAGR through 2030 (to $49.3B)
- Non-GAAP EPS Growth Target: 5–7% annually
- Long-term Debt / Total Capital: ~65% (elevated)

#### Growth Profile
Eversource is a pure-play regulated utility recovering from the offshore wind write-downs that depressed FY2023 GAAP earnings. The non-GAAP earnings story (recurring regulated operations) has been stable at ~$4+ EPS with 5–7% annual growth. The $26.5B capital plan through 2029 drives rate base expansion, which underpins the long-term EPS growth trajectory — but requires significant ongoing debt financing.

#### Forward Estimates
- FY2025 non-GAAP EPS: ~$4.75–$4.90 (reaffirmed guidance range)
- FY2026 non-GAAP EPS: ~$5.10–$5.30 (consensus)
- Rate base target: $49.3B by 2030 (vs. $30.6B in 2024) — ~10% CAGR

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ES/fundamental

## Navigation

- Overview: /stocks/ES
- Financials (this page): /stocks/ES/financials
- Thesis: /stocks/ES/thesis
- Investment Memo: /stocks/ES/memo
- Coverage universe: /stocks