AI Takeaway
Eversource Energy (ES) delivered strong FY2025 results with revenue growing 13.8% to $13.5B and operating cash flow nearly doubling to $4.1B, while EPS more than doubled to $4.56, though the company carries a current ratio below 1.0 and significant long-term debt of $26.9B.
Revenue
$13.55B
++13.83% YoY
EPS (Basic)
$4.56
++100.88% YoY
Operating Income
$2.99B
++24.07% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue increased 13.8% year-over-year from $11.9B to $13.5B in FY2025, reflecting continued investment in regulated utility infrastructure and rate base growth across electric, gas, and water segments.
Source: Source: 10-K Income Statement, Financial Data
Operating margin expanded approximately 180 basis points to 22.1% in FY2025 from 20.2% in the prior year, as revenue growth outpaced operating cost increases, signaling improving operational efficiency.
Source: Source: 10-K Income Statement & Key Ratios, Financial Data
Operating cash flow surged 90.5% to $4.1B from $2.2B in the prior year, a significant improvement that enhances the company's ability to fund capital expenditures and service its substantial debt load.
Source: Source: 10-K Cash Flow Statement, Financial Data
2 more insights available
Upgrade to unlockEversource's current ratio stands at approximately 0.65, meaning current liabilities of $7.8B significantly exceed current assets of $5.1B. This structural liquidity gap is common in regulated utilities but requires ongoing access to credit facilities and capital markets to meet near-term obligations. Any disruption to credit markets could pressure the company's short-term financial position.
Source: Source: 10-K Balance Sheet, Financial Data
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $1.12 versus the $1.15 analyst consensus — a -2.5% miss for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $13.55B | $11.9B | +13.83% |
Operating Income | $2.99B | $2.41B | +24.07% |
EPS (Basic) | $4.56 | $2.27 | +100.88% |
EPS (Diluted) | $4.56 | $2.27 | +100.88% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $63.79B | $59.59B | +7.03% |
Current Assets | $5.08B | $5.08B | +0.02% |
Current Liabilities | $7.81B | $6.72B | +16.18% |
Stockholders' Equity | $16.2B | $15.04B | +7.70% |
Cash & Equivalents | $135.4M | $26.7M | +407.12% |
Long-Term Debt | $26.87B | $25.7B | +4.56% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $4.11B | $2.16B | +90.47% |
Investing Cash Flow | $-4.31B | $-4.54B | +5.06% |
Financing Cash Flow | $311.53M | $2.34B | -86.67% |
D&A | $2.4B | $1.78B | +35.36% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 22.1% | 20.2% | +1.82% |
Current Ratio | $0.65 | — | — |
Other companies in Electric Utilities
Eversource Energy delivered strong FY2025 results with revenue of $13.5B, up 13.8% year-over-year, and operating income of $3.0B, up 24.1%. EPS more than doubled to $4.56 from $2.27 in FY2024, driven by improved operating performance and the resolution of prior-year charges.
Eversource's EPS surged 100.9% to $4.56 in FY2025 from $2.27 in FY2024, likely reflecting the absence of significant offshore wind-related write-downs that weighed on prior-year results, combined with stronger operating income growth of 24.1%. The improvement in operating cash flow to $4.1B also signals healthier underlying earnings quality.
Key risks include Eversource's high long-term debt of $26.9B (debt-to-equity ~1.66x), negative free cash flow due to capital-intensive infrastructure spending of $4.3B, and a current ratio of only 0.65 indicating reliance on credit markets for short-term liquidity. Regulatory risk from utility commission rate cases in New England also remains a persistent concern.
No — Eversource's free cash flow remains negative in FY2025, as investing cash outflows of $4.3B exceeded operating cash flow of $4.1B by approximately $193M. This is typical for capital-intensive regulated utilities, but it means the company must continue accessing debt and equity markets to fund its infrastructure investment program.
Eversource carries $26.9B in long-term debt as of FY2025, up 4.6% from $25.7B in the prior year, against stockholders' equity of $16.2B, implying a leverage ratio of approximately 1.66x. While high leverage is common in regulated utilities given their stable, rate-regulated cash flows, rising interest rates and ongoing capital needs could increase financing costs over time.