Eversource raises 2026 forecast midpoint as Q3 revenue misses estimates

Eversource (ES) said on Nov. 4 that third-quarter earnings were 92 cents per share, just below the 93-cent consensus estimate, and revenue of $2.98 billion missed the $3.32 billion estimate. The company also raised the midpoint of its 2026 earnings forecast.

The company, which has about 377 million common shares outstanding, operates New England’s largest energy delivery system and serves more than 4 million electric and natural gas customers in Connecticut, Massachusetts and New Hampshire.

Net income attributable to common shareholders was $346.0 million for the quarter, down from $367.5 million a year earlier. Quarterly revenue fell to $2.98 billion from $3.22 billion.

Here's how the company did:

• Earnings per share: 92 cents vs. 93 cents expected, and 99 cents a year earlier
• Revenue: $2.98 billion vs. $3.32 billion expected, and $3.22 billion a year earlier
• Net income attributable to common shareholders: $346.0 million vs. $367.5 million a year earlier

For the first nine months, GAAP earnings were $1.01 billion, or $2.67 per share, compared with $1.27 billion, or $3.44 per share, a year earlier. Nine-month revenue rose to $10.39 billion from $10.18 billion.

Chairman, President and Chief Executive Officer Joe Nolan said: “We were pleased to receive a constructive decision from PURA on previously deferred storm costs, which provides a clear path to securitization that ultimately will benefit our Connecticut customers.”

2026 guidance

The company updated its 2026 non-GAAP recurring earnings guidance to a range of $4.62 to $4.70 per share, with a midpoint of $4.66 per share. In its previous results release on July 30, it had given a range of $4.57 to $4.72 per share, with a midpoint of $4.65 per share.

It also reaffirmed its cumulative long-term earnings per share growth rate of 5% to 7% through 2030, using the revised midpoint as the base year.

The company expects annual earnings growth towards the upper half of that long-term range by 2028.

Segment results

Here's how Eversource's segments did during the quarter:

• Electric transmission: $182.0 million vs. $185.5 million a year earlier
• Electric distribution: $200.9 million vs. $221.6 million a year earlier
• Natural gas distribution: loss of $43.4 million vs. loss of $16.8 million a year earlier
• Water distribution: no earnings vs. $18.9 million a year earlier, after the sale of Aquarion

Electric distribution earnings were hit by disallowed storm costs from PURA's July 29, 2026, final decision on CL&P's storm prudency proceeding, along with higher depreciation, interest expense and property taxes.

Natural gas distribution posted a loss, due primarily to lower revenues at its Massachusetts natural gas businesses from a change in seasonal rate design, as well as higher depreciation expense.

Charges

Nine-month GAAP results include a non-cash, after-tax charge of $111.4 million, or 30 cents per share, related to the sale of Aquarion Water Company on June 30, 2026.

They also include a $164.0 million, or 43 cents per share, charge tied to higher expected payments related to the offshore wind divestiture from the Sept. 30, 2024, sale of South Fork Wind and Revolution Wind.

A $43.9 million, or 12 cents per share, charge covers estimated refunds linked to a FERC decision of March 19, 2026, which cut the return on equity for New England transmission owners to 9.57% from 10.57%.

Those charges were excluded from non-GAAP results in their respective quarters.