Eversource Q2 GAAP EPS Plunges to $0.14 on Aquarion, Offshore Wind Charges; Recurring EPS $0.87, Guidance Reaffirmed
ES sits 19% above its 52-week low of $61.53.
Summary
Eversource Energy reported Q2 GAAP earnings of $0.14 per share, down sharply from $0.96 a year ago due to charges from the Aquarion sale and offshore wind liabilities. Non-GAAP recurring EPS of $0.87 met expectations, and the company reaffirmed its full-year guidance and long-term growth targets.
Key Events · Earnings and Guidance · ES
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Q2 GAAP EPS Plunges on One-Time Charges
GAAP earnings were $53.7M ($0.14/share) vs $352.7M ($0.96/share) in Q2 2025, driven by a $111.4M after-tax charge on the Aquarion sale and a $164.0M after-tax charge for an increased offshore wind contingent liability.
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Non-GAAP Recurring EPS of $0.87 In Line
Excluding the charges, non-GAAP recurring earnings were $329.1M, or $0.87 per share, consistent with the revised guidance range provided in March 2026.
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2026 Guidance and Long-Term Growth Reaffirmed
Management reaffirmed 2026 non-GAAP recurring EPS guidance of $4.57-$4.72 and a 5-7% long-term EPS growth rate through 2030, using the adjusted 2026 midpoint of $4.65 as the base year.
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Major Transmission Project Win
ISO-NE preliminarily selected an Avangrid/Eversource solution for a $2.2B transmission project, with an in-service target of end-2032 and a 2.2x benefit/cost ratio, adding a significant regulated growth opportunity.
Analysis · ES · Energy & Transportation
Eversource's Q2 GAAP earnings collapsed to $53.7M, or $0.14 per share, from $352.7M a year ago, dragged down by a $111.4M after-tax charge on the Aquarion sale and a $164.0M charge for an increased offshore wind contingent liability. Excluding these items, non-GAAP recurring earnings were $329.1M, or $0.87 per share, in line with the revised guidance range. The company reaffirmed its 2026 non-GAAP EPS outlook of $4.57-$4.72 and its 5-7% long-term growth rate, signaling confidence in its regulated utility strategy. The filing also highlights a major transmission win—preliminary selection for a $2.2B ISO-NE project—and a rate case filing in Connecticut, both key to future earnings. The GAAP miss is severe but largely non-cash and tied to strategic exits; the reaffirmed guidance and new growth catalysts are the real story.
At the time of this filing, ES was trading at $73.20 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $27.8B. The 52-week trading range was $61.53 to $76.57. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.