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Call sheet · Q2'26

Eversource Energy (ES)

Q2'26 earnings call · held July 31, 2026 · compared with the Q1'26 call · management-credibility review
8/12
Disclosure score
1 high, 4 medium, 1 low flags
Financial quality
Bottom line
The sleeper story is Connecticut's rate case math: asking $451M after 9 years with only 11% from O&M proves exceptional cost discipline, not the rate shock headlines suggest. Yes, the FERC ROE fight dominates the narrative, but the binding constraint is actually Revolution Wind completion risk, despite management's 'nothing to see here' posture after another $164M charge. Nolan claims 'I don't see any other types of risk that worry me,' but two work stoppages forcing vessel remobilization at 97% complete screams execution problems. My view changes if they settle FERC ROE above 10.5%, which would add $35M+ to annual earnings and validate their unchanged capex commitment.

The 30-second version

  • Connecticut rate case asks for $451M after 9 years: the real story is 90% capex, only 11% O&M
  • FERC ROE appeal timeline crystallizes: November 30 decision looms with 11.39% ask vs 9.57% current
  • Revolution Wind contingent liability jumps $164M on 'stopped work orders' but project is '97% complete'

What changed this quarter

MetricQ1'26Q2'26Change
Recurring EPS$1.73 (Q1 2026) vs $1.50 YoY$0.87 (Q2 2026) vs $0.96 YoY-9% YoY decline
GAAP EPS$1.61 (Q1 2026)$0.14 (Q2 2026)Crushed by Revolution Wind charge
Electric Transmission Earnings+$0.06/share improvement Q1Lower earnings driven by FERC ROE cutMomentum reversed
Electric Distribution EarningsUp on rate increases Q1Increased on higher revenuesMaintaining positive trajectory
Gas Distribution Earnings+$0.18/share improvement Q1Lower due to prior year benefitTough comp headwind
Revolution Wind Contingent LiabilityAppropriate per Q1+$164M after-tax charge23% increase in liability
Storm Cost Securitization ApprovedPending final decision$670M approved for CT securitization$200M less than requested
FFO/Debt (S&P)14.2% (Q1 2026)14.3% (as of March 31)+10 bps improvement
FFO/Debt (Moody's)14.5% (Q1 2026)15.7% (as of March 31)+120 bps improvement
Aquarion Sale ProceedsPending close$1.7B net proceeds receivedTransaction closed June 30

Accountability tracked

8 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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