Eversource Energy

Company facts

Industry

Electric Services

Headquarters

Springfield, Massachusetts

Most recent report

10-Q, filed Nov 6, 2026

Incorporated

Massachusetts

Filings on record

1,001+ filings

On EDGAR

CIK 72741

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 14 sections worth reading, with 1 positive, 10 notable, and 8 negative flags.

• COMBINED NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited)

  Large FERC ROE refund exposure, offshore wind contingent liability, and Aquarion sale closed.
  Notable

  • Aquarion sale closed June 30, 2026 for ~$2.4B; non-cash charge of $111.4M recorded in Q2 2026.
  • PURA disallowed $40.8M of CL&P storm costs; CL&P filed appeal on Oct 15, 2026.
  • ATM equity program: only $19.9M raised in first nine months of 2026 vs $465.4M in all of 2025.
  Negative

  • Potential pre-tax refund of up to $902M from FERC ROE ruling; only $63M accrued as of Q3 2026.
  • Contingent liability for offshore wind cost overruns was $409.2M as of Sep 30, 2026; $194M charge in Q2 2026.

• Management's Discussion and Analysis of Financial Condition and Results of Operations

  Multiple material charges, FERC ROE dispute with up to $900M exposure, and Aquarion sale loss.
  Notable

  • Cash from operations fell to $3.07B from $3.20B; capex also down to $3.05B from $3.18B.
  • Issued $2.68B in new long-term debt, repaid $2.01B; net debt increased in first nine months of 2026.
  • Fitch revised outlooks to stable for Eversource and utilities after Aquarion sale and Revolution Wind progress.
  • ISO-NE selected Eversource's $700M share of a $2.2B transmission project, in-service by 2032.
  Negative

  • FERC lowered allowed base ROE from 10.57% to 9.57%, cutting future annual earnings by ~$70M.

• RESULTS OF OPERATIONS –

  Three regulated utilities with diverging earnings, a FERC ROE cut, and a storm-cost disallowance.
  Positive

  • PSNH net income rose $18.9M to $230.3M for the nine months ended September 30, 2026, on base rate increases effective August 1, 2025 and August 1, 2026.
  Notable

  • NSTAR Electric began a long-term PPA with Hydro-Québec in Q1 2026, with costs recovered via the LTRCA rate.
  • CL&P's non-bypassable FMCC and SBC deferral adjustments reduced amortization expense by $334.1M and $180.8M, respectively, for the nine months ended September 30, 2026.
  • CL&P operating cash flow dropped from $1.13B to $673.0M for the nine months ended September 30, 2026, due to timing of regulatory collections.
  Negative

  • CL&P net income fell $49.9M to $379.6M for the nine months ended September 30, 2026, hit by a $40.8M storm-cost disallowance.

• Risk Factors (Item 1A)

  New FERC order creates material refund liability and cash outflow risk.
  Negative

  • FERC ordered refunds with interest for a ~12-year retroactive period; amount is material and must be paid before appeals end.
  • Company recorded a liability for the low end of the range; additional losses significantly exceeding that amount remain reasonably possible.
  • Refunds must be paid before the appeal is resolved, causing significant cash outflows before final judicial outcome.
  • FERC's methodology may lower future allowed returns on transmission investments, affecting long-term earnings.

What changed: Sep 2026 vs. Jun 2026

About 7% of ES's Sep 2026 10-Q is new information. 46 paragraphs were added, 244 changed, and 63 removed. Below are the most important lines SECSift identified.

• Management's Discussion and Analysis of Financial Condition and Results of Operations 79
• COMBINED NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited) 74
• RESULTS OF OPERATIONS – 29
• RESULTS OF OPERATIONS – EVERSOURCE ENERGY AND SUBSIDIARIES 24
• Item 1A 2
• Item 3 2
• Item 4 2
• Item 5 1