Eversource Lifts 2026 Non-GAAP Midpoint After Aquarion Exit

The Tip Desk · November 4, 2026 · 3 min read

The utility raised its 2026 non-GAAP recurring earnings midpoint to $4.66 a share after third-quarter GAAP earnings of $346.0 million, or $0.92 a share, with no non-GAAP adjustments.

Eversource Energy (ES) reported GAAP earnings of $346.0 million, or $0.92 a share, for the third quarter of 2026, compared with $367.5 million, or $0.99 a share, a year earlier. There were no non-GAAP adjustments in the quarter.

The result marked a sequential recovery from second-quarter GAAP earnings of $53.7 million, or $0.14 a share, after that period absorbed a non-cash, after-tax charge of $111.4 million, or $0.30 a share, on the June 30, 2026 sale of Aquarion Water Company and an after-tax charge of $164.0 million, or $0.43 a share, on higher expected future payments tied to the 2024 offshore wind divestiture.

The company updated 2026 non-GAAP recurring earnings guidance to $4.62 a share to $4.70 a share, an increased midpoint of $4.66 a share, from the prior reaffirmed range of $4.57 a share to $4.72 a share with a $4.65 midpoint. It reaffirmed a cumulative long-term earnings-per-share growth rate of 5 to 7 percent through 2030, using the revised $4.66 midpoint as the base year, and said it expects annual earnings growth towards the upper half of that long-term range by 2028.

Chairman, President and Chief Executive Officer Joe Nolan said the company continued to execute on key strategic initiatives and that a constructive decision from PURA on previously deferred storm costs provides a clear path to securitization that ultimately will benefit Connecticut customers.

Operating revenues for the three months ended September 30, 2026 were $2,978.9 million, down from $3,220.6 million a year earlier. Operating income was $629.7 million. Interest expense rose to $348.7 million from $318.1 million.

Electric transmission, excluding the non-recurring FERC ROE refund charge, earned $182.0 million, down from $185.5 million a year earlier. The company said results reflect the reduction to the allowed return on equity after FERC cut the New England transmission ROE from 10.57% to 9.57%, as well as higher interest expense, partially offset by continued investment in the electric transmission system.

Electric distribution earned $200.9 million, down from $221.6 million a year earlier. The company said third-quarter results were unfavorably impacted by disallowed storm costs from PURA’s July 29, 2026 final decision on CL&P’s storm prudency proceeding, as well as higher depreciation, interest expense and property taxes, partially offset by higher revenues from base distribution rate increases at the Massachusetts and New Hampshire electric businesses and continued distribution investment.

Natural gas distribution posted a loss of $43.4 million, versus a loss of $16.8 million a year earlier. The company attributed the lower third-quarter result primarily to lower revenues at Massachusetts natural gas businesses driven by a change in seasonal rate design that shifted the recovery of quarterly revenues, as well as higher depreciation expense.

Water distribution contributed no earnings in the third quarter after the Aquarion sale, versus $18.9 million a year earlier. Parent and other companies, excluding offshore-wind charges, earned $6.5 million, down from $33.3 million, on a higher effective income tax rate and higher interest expense.

Eversource has approximately 377 million common shares outstanding and operates New England’s largest energy delivery system, serving more than 4 million electric and natural gas customers in Connecticut, Massachusetts and New Hampshire.