Eversource Energy

Eversource is a public utility holding company whose four reportable segments are electric distribution, electric transmission, natural gas distribution and water distribution, which the filing says represent substantially all consolidated revenue. Its regulated utilities include CL&P, which the filing says served approximately 1.32 million retail customers in Connecticut as of December 31, 2025, along with NSTAR Electric, PSNH, NSTAR Gas, EGMA, Yankee Gas and Aquarion, the water holding company whose sale is in regulatory dispute. The offshore wind business has been substantially scaled back: the company sold its interests in Revolution Wind, South Fork Wind and Sunrise Wind in the third quarter of 2024, and what remains is a noncontrolling tax equity investment in South Fork Wind, along with a contingent liability described in Note 13G. Financing activity is also visible in the filing: a junior subordinated note indenture dated February 1, 2026 was filed as an exhibit to a Form 8-K filed February 26, 2026. The first-quarter 2026 filing shows only a small share purchase of 2,522 shares in March 2026, tied to 401(k) matching contributions rather than a repurchase program. On forensic scores, no Beneish M-Score, Piotroski F-Score, Altman Z-Score or Fog Index is on file for this company in the data provided, so this synthesis gives no score values or readability bands. The absence of scores is not a clean bill of health, and readers may want to run the statements through their own checks. Plainly, the reported figures show a strong 2025 rise in revenue and operating income, a sharp 2023 earnings loss, and a revenue decline from $12.29 billion in 2022 to $11.91 billion in 2023, about 3.1%. Operating income rose from $2.2 billion in 2022 to $2.4 billion in 2023, about 9.1%, so the 2023 loss arose below the operating line. Readers may want to look at the income statement and the Note 9C discussion of the FERC ROE complaints order before drawing conclusions about how durable the 2025 gains are.

Catalyst.The most recent full-year figures in the data show growth: revenue rose to $13.55 billion in 2025 from $11.9 billion in 2024, a gain of about 13.9%, and operating income rose to $2.99 billion from $2.41 billion, about 24.1%. The MD&A excerpt provided for the first quarter of 2026 does not spell out the drivers of these results. It does point to a FERC ROE complaints order, discussed in Note 9C, which the filing says has a financial impact on the company, and to the Aquarion sale, which regulators denied and which is now under appeal. The first-quarter filing also states there are no material changes to the risk factors in the 2025 Form 10-K.

Hidden risk.A casual reader could miss how uneven the earnings record is. Net income was a loss of $434.7 million in 2023, compared with $1.41 billion in 2022, even though operating income that year was $2.4 billion. The data provided does not explain that gap, and it does not include net income for 2024 or 2025, so readers may want to check the full income statement in the 10-K. The filings also flag unresolved exposures: the financial impact of the FERC ROE order described in Note 9C, and a purchase price post-closing adjustment on the Revolution Wind and South Fork Wind sale that could change the final returns on those projects.