Eversource Energy

Eversource carries elevated leverage typical of regulated utilities in growth mode. At December 31, 2025, long term debt was 26.87B, notes payable 1.53B, and cash and restricted cash about 0.25B. Interest expense was 1.24B versus 2.99B operating income.

TTM operating cash flow was 4.11B and cash investments in property, plant and equipment were 4.16B, leaving TTM free cash flow slightly negative. S&P downgraded certain Eversource credits in Dec 2024 citing CT regulatory headwinds.

The company expects 2026 to 2030 equity raises of 0.8 to 1.1B and has an outstanding current offshore wind contingent liability of about 448M, largely expected to settle in 2026. A completed Aquarion sale would likely reduce net debt, but guidance does not assume it.

Overall resilience is adequate for a regulated utility, but headroom is not wide until externalities clear.