Key Highlights

  • GAAP and non-GAAP Earnings were USD 346.0 million, or USD 0.92 per share, for the third quarter, against GAAP earnings of USD 367.5 million, or USD 0.99, a year earlier.
  • A year earlier, non-GAAP recurring earnings were USD 442.5 million, or USD 1.19 per share, and the company reported no non-GAAP adjustments for the third quarter of 2026.
  • The company updated 2026 non-GAAP recurring earnings guidance to USD 4.62 to USD 4.70 per share, with an increased midpoint of USD 4.66, and reaffirmed 5% to 7% Long-term Growth through 2030.
  • Nine-month GAAP earnings were USD 1.01 billion, or USD 2.67 per share, against USD 3.44, after charges tied to the Aquarion sale, offshore wind and a FERC return decision.

Third-Quarter Earnings Slip Against a Strong Recurring Base

Eversource Energy (NYSE:ES) reported third-quarter 2026 results on November 4, 2026. The Utility serves more than 4 million electric and Natural Gas customers in Connecticut, Massachusetts and New Hampshire. Operating revenues were USD 2.98 billion against USD 3.22 billion, about 7.5% lower (calculated). Interest expense rose to USD 348.7 million from USD 318.1 million. On a GAAP basis the decline was USD 0.07 per share, but against the USD 1.19 recurring figure of a year earlier the drop was USD 0.27 per share (calculated), because last year's GAAP result included a USD 75.0 million offshore wind charge.

Distribution Storm Costs and a Gas Loss Weigh on Segments

Electric distribution earned USD 200.9 million against USD 221.6 million, hit by storm costs disallowed in a July 29, 2026 decision by Connecticut regulators, plus higher depreciation, interest and property taxes. Transmission earned USD 182.0 million against USD 185.5 million, reflecting a lower allowed return and higher interest. Natural gas lost USD 43.4 million against a USD 16.8 million loss, from a seasonal rate design change in Massachusetts. Water contributed nothing after the June 30, 2026 sale of Aquarion, which had earned USD 18.9 million a year earlier. Parent and other earned USD 6.5 million against USD 33.3 million.

Charges Behind the Nine-Month Gap and the Guidance Reset

Nine-month GAAP EPS of USD 2.67 includes a USD 111.4 million non-cash Aquarion sale charge, a USD 164.0 million offshore wind charge for higher expected payments, and a USD 43.9 million refund charge after a federal decision cut the transmission Return on Equity from 10.57% to 9.57%. Non-GAAP recurring earnings were USD 3.52 per share against USD 3.64. The release does not state the prior guidance midpoint, so the size of the increase is not quantified. Management expects growth toward the upper half of its range by 2028. Regulatory outcomes, storm cost recovery, weather and interest costs remain the key risks, and the company notes offshore wind sale adjustments could still change.

Where Things Stand

The release does not give a reason for the higher midpoint. It applies to recurring earnings, which exclude the large 2026 charges, while the quarter itself had no adjustments. Eversource Energy (NYSE:ES) earned USD 0.92 per share, below last year's USD 1.19 recurring figure, yet it now targets USD 4.62 to USD 4.70 for 2026. Next markers are the November 5 call, securitization of Connecticut storm costs and any further offshore wind payment changes.