EVERSOURCE ENERGY financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EVERSOURCE ENERGY files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,639	7,752	8,473	8,526	8,904	9,863	12,289	11,911	11,901	13,547
Operating expenses	5,798	5,864	6,748	6,936	6,916	7,870	10,091	9,511	9,492	10,559
Operating income	1,841	1,888	1,700	1,590	1,989	1,993	2,198	2,399	2,409	2,989
Interest expense	401	422	499	533	538	582	678	855	1,111	1,243
Interest income	11	8.3	18.1	12.8	4.8	25.6	50.5	94.2	138	126
Other non-operating income	64.5	108	128	133	109	161	346	348	410	379
Pre-tax income	1,505	1,574	1,329	1,190	1,559	1,572	1,866	-275	1,244	1,840
Income tax	555	579	289	273	346	344	454	160	425	140
Net income to minority interests	7.52	7.52	7.52	7.52	7.52	7.52	7.52	7.52	7.52	7.52
Net income	950	996	1,041	917	1,213	1,228	1,412	-435	812	1,692
EBITDA	2,628	2,752	2,772	2,671	3,148	3,328	3,841	3,215	4,185	5,393
EPS, basic	2.97	3.11	3.25	2.83	3.56	3.55	4.05	-1.27	2.27	4.56
EPS, diluted	2.96	3.11	3.25	2.81	3.55	3.54	4.05	-1.26	2.27	4.56
Shares, basic (weighted)	318	317	317	321	339	344	347	350	357	371
Shares, diluted (weighted)	318	318	318	323	340	345	347	350	358	371
Dividend per share	1.78	1.90	2.02	2.14	2.27	2.41	2.55	2.70	2.86	3.01

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	107	85.9	209	15.4	265	66.8	375	53.9	26.7	135
Receivables	847	925	994	989	1,196	1,226	1,517	1,432	1,651	1,847
Other current assets	215	138	261	342	252	370	383	356	315	353
Total current assets	2,478	2,487	2,292	2,415	3,130	3,270	4,223	4,248	5,076	5,077
Lease right-of-use assets				49.9	55.2	47.2	56.9	53.5	56.1	47.4
Goodwill	3,519	4,427	4,427	4,427	4,446	4,477	4,523	4,532	3,571	4,234
Long-term investments	545	585	418	449	457	460	367	338	320	317
Other non-current assets	522	606	398	512	584	612	541	592	812	998
Total assets	32,053	36,220	38,241	41,124	46,100	48,492	53,231	55,612	59,595	63,787
Accounts payable	885	1,085	1,120	1,148	1,371	1,672	2,114	1,869	1,737	1,860
Short-term debt	774	550	837	327	1,053	1,193	1,320	825	1,003	1,393
Total current liabilities	3,639	3,589	4,113	3,606	4,915	5,847	6,799	6,341	6,721	7,809
Long-term debt	8,829	11,776	12,249	13,771	15,126	17,024	19,724	23,589	25,702	26,872
Lease liabilities				41.3	45.7	37.2	47.9	44	45.7	37.4
Other non-current liabilities	853	1,074	730	811	949	971	888	1,029	774	1,102
Total liabilities	21,341	25,134	26,754	28,494	32,036	33,892	37,758	41,438	44,555	47,589
Total debt	9,603	12,326	13,086	14,098	16,179	18,217	21,044	24,413	26,705	28,265
Paid-in capital	6,250	6,240	6,241	7,088	8,016	8,099	8,402	8,461	9,429	9,938
Retained earnings	3,175	3,561	3,954	4,177	4,613	5,005	5,527	4,143	3,929	4,505
Treasury stock	-318	-318	-318	-299	-278	-251	-216	-196	-171	-139
Other comprehensive income	-65.3	-66.4	-60	-65.1	-76.4	-42.3	-39.4	-33.7	-26.5	-20.5
Shareholders' equity	10,712	11,086	11,487	12,630	14,064	14,600	15,473	14,174	15,039	16,197
Total equity	10,712	11,086	11,487	12,630	14,064	14,600	15,473	14,174	15,039	16,197
Total liabilities and equity	32,053	36,220	38,241	41,124	46,100	48,492	53,231	55,612	59,595	63,787
Shares outstanding	317	317	317	330	343	344	348	350	367	375

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	950	7.5	7.5	7.5	1,213	1,228	1,412	-435	819	1,700
Depreciation and amortization	787	864	1,072	1,081	1,159	1,335	1,643	816	1,776	2,405
Stock-based compensation	23.6	19.7	21.4	27.3	33.9	28.2	33.4	27.8	30	33.6
Deferred income tax	466	492	175	210	257	347	347	85.4	436	27.3
Change in receivables	-143	-117	-141	-98.7	-207
Change in inventory	7.76	-9.22	-0.83	-8.07	-15.4	-1.86
Change in payables	-14.1	56.1	24.5	14.9	123	-29.2	378	-288	47.1	84.2
Cash from operations	2,208	1,996	1,831	2,010	1,683	1,963	2,401	1,646	2,160	4,114
Capital expenditures	-1,977	-2,348	-2,570	-2,911	-2,943	-3,175	-3,442	-4,337	-4,481	-4,159
Acquisitions	0	-878	0	0	-1,113	0	0
Purchases of investments	-189	-32.6	-205	-537	-402	-415	-424	-337	-243	-416
Sales and maturities of investments	659	833	901	567	434	448	458	396	268	439
Cash from investing	-2,152	-3,231	-2,437	-3,274	-4,129	-3,447	-4,130	-4,871	-4,536	-4,306
Debt issued	800	2,500	2,200	1,520	2,760	3,230	4,045	5,198	4,502	2,942
Debt repaid	-200	-745	-1,050	-801	-327	-1,143	-1,175	-2,008	-1,950	-1,400
Stock issued		0	0	852	929	0	197	0	989	465
Dividends paid	-564	-602	-640	-663	-745	-805	-860	-919	-1,001	-1,093
Cash from financing	-17.9	1,213	730	1,172	2,595	1,441	2,030	2,869	2,337	312
Net change in cash	38.8	-20.9	123	-92.3	148	-43.9	301	-355	-39.1	119
Free cash flow	231	-352	-739	-902	-1,260	-1,212	-1,041	-2,691	-2,321	-45.1
Interest paid	398	419	503	532	518	569	636	783	1,014	1,183
Income taxes paid	-136	30.8	159	56	48.9	122	77.9	39.2	-69.6	-48.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $63.67 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	21.4%	Operating income / revenue.
EBITDA margin	37.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.4%	Pre-tax income / revenue.
Net margin	10.3%	Net income / revenue.
FCF margin	2.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.4%	Cash from operations / revenue.
Effective tax rate	9.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.3%	Net income / average total assets.
Return on invested capital (ROIC)	6.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	29.3%	Capital expenditures / revenue.
D&A / revenue	16.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	24.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	28.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	108.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	6.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	100.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	90.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	19.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.80x	Current assets / current liabilities.
Quick ratio	0.44x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.78x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	45.9%	Total debt / total assets.
Liabilities / assets	74.2%	Total liabilities / total assets.
Net debt	$27.29B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.16x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.20x	Operating income / interest expense.
Working capital	-$1.61B	Current assets - current liabilities.
Goodwill and intangibles / assets	5.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$12.77B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.22x	Revenue / average total assets.
Receivables turnover	8.19x	Revenue / average receivables.
Days sales outstanding	45 days	365 x average receivables / revenue.
FCF conversion	20.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	93.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.84	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$37.43	Revenue / diluted weighted shares.
FCF per share	$0.79	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.75	Cash from operations / diluted weighted shares.
Book value per share	$43.39	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$33.91	Tangible book value / shares outstanding.
Cash per share	$4.83	(Cash + short-term investments) / shares outstanding.
Payout ratio	78.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	380.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$23.98B	Share price x shares outstanding.
Enterprise value	$51.28B	Market cap + total debt - cash - short-term investments.
P/E	16.5x	Market cap / net income. Only when net income is positive.
P/S	1.70x	Market cap / revenue.
P/B	1.47x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.88x	Market cap / tangible book value, when positive.
P/FCF	80.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.41x	Market cap / cash from operations, when positive.
EV/Sales	3.63x	Enterprise value / revenue.
EV/EBIT	17.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.69x	Enterprise value / EBITDA, when both are positive.
EV/FCF	172x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.2%	Free cash flow / market cap.
Earnings yield	6.0%	Net income / market cap (the inverse of P/E).
Dividend yield	4.7%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.
PEG	4.10x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was EVERSOURCE ENERGY's revenue in fiscal 2025?

EVERSOURCE ENERGY reported revenue of $13.55B for fiscal 2025, 13.8% higher than the year before.

Was EVERSOURCE ENERGY profitable in fiscal 2025?

Yes. Net income was $1.69B, a net margin of 12.5%.

How much free cash flow did EVERSOURCE ENERGY generate in fiscal 2025?

Cash from operations of $4.11B minus capital expenditures of $4.16B left free cash flow of -$45.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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