Key Highlights

  • Third-quarter GAAP and recurring figures matched at USD 346.0 million, or USD 0.92 a share, while the year-earlier GAAP number was USD 367.5 million, or USD 0.99.
  • The prior-year recurring result of USD 442.5 million, or USD 1.19 a share, sits above the current quarter, which carried no non-GAAP adjustments.
  • Recurring 2026 guidance moved to USD 4.62 to USD 4.70 a share, midpoint USD 4.66, and the 5% to 7% growth target through 2030 remains in place.
  • Nine-month GAAP EPS was USD 2.67 on USD 1.01 billion of earnings, compared with USD 3.44, reflecting Aquarion, offshore wind and FERC return-related charges.

Quarter Earnings Dip Against a Higher Recurring Baseline

Eversource Energy (NYSE:ES) filed its third-quarter 2026 report on November 4, 2026. Its customer base surpasses 4 million people receiving electric and gas service in Connecticut, Massachusetts and New Hampshire. Revenue from operations fell to USD 2.98 billion from USD 3.22 billion, a decline of roughly 7.5% (calculated). Interest costs moved up to USD 348.7 million from USD 318.1 million. Measured on GAAP, earnings dropped USD 0.07 a share, but relative to the USD 1.19 recurring result a year ago the gap is USD 0.27 a share (calculated), largely because the earlier GAAP figure absorbed a USD 75.0 million offshore wind charge.

Storm Costs, Gas Losses and the Aquarion Exit Shape Segments

Electric distribution brought in USD 200.9 million, compared with USD 221.6 million, dragged by storm cost disallowances ordered by Connecticut regulators on July 29, 2026, plus heavier depreciation, interest and property tax bills. Transmission posted USD 182.0 million, slightly below USD 185.5 million, owing to a smaller permitted return and greater interest outlays. The gas Business lost USD 43.4 million, widening from a USD 16.8 million loss after a seasonal rate design shift in Massachusetts. Aquarion, sold June 30, 2026, produced nothing this period, versus USD 18.9 million a year earlier. Parent and other items contributed USD 6.5 million, down from USD 33.3 million.

Nine-Month Charges and the Reset Guidance Range

Nine-month GAAP earnings of USD 2.67 a share absorbed a USD 111.4 million non-cash loss on the Aquarion sale, a USD 164.0 million offshore wind provision for expected higher payments, and a USD 43.9 million refund after a federal ruling lowered the transmission Return on Equity from 10.57% to 9.57%. Recurring non-GAAP earnings stood at USD 3.52 a share, compared with USD 3.64. Because the release omits the old guidance midpoint, the scale of the lift cannot be measured. Management anticipates growth landing in the upper half of its target band by 2028. Key exposures include regulatory decisions, storm cost recovery, weather and borrowing costs, and offshore wind sale adjustments may still shift the picture.

Where Things Stand

The release gives no stated reason for the raised midpoint, which applies to recurring earnings that set aside the large 2026 charges. The third quarter itself carried no adjustments, so the USD 0.92 per share figure is the same on both GAAP and non-GAAP bases. Eversource Energy (NYSE:ES) now targets USD 4.62 to USD 4.70 for the year, even though last year's recurring quarter came in at USD 1.19. Next up are the November 5 call, the securitization of Connecticut storm costs and whatever happens to offshore wind payment terms.