The quarter fell well short of the market’s earnings expectation. Diluted EPS was $0.14 versus a published consensus of roughly $1.08, while revenue was $2.90 billion; the market had expected materially more revenue as well.
| $ millions, except EPS | Q2 2026 | Q2 2025 | Change / comparison |
|---|---|---|---|
| Operating revenue | $2,903 | $2,838 | +2.3% (Income Statement) |
| Operating income | $541 | $663 | -18.4% (Income Statement) |
| Interest expense | $355 | $293 | +21.3% (Income Statement) |
| Offshore-wind loss | $194 | — | New charge (Income Statement) |
| Net income attributable to common shareholders | $54 | $353 | -84.8% (Income Statement) |
| Diluted EPS | $0.14 | $0.96 | -85.4% (Income Statement) |
The main surprise was a $194 million offshore-wind loss. That charge, combined with a $62 million increase in quarterly interest expense, overwhelmed the benefit from a $111 million gain on the Aquarion sale and left pretax income at just $135 million versus $465 million a year earlier (Income Statement). The filing provides no indication that the offshore-wind charge is recurring, but it is a material hit to reported earnings in this period.
Underlying operating momentum was not enough to offset the one-time and financing pressures. Revenue rose modestly, but purchased power, depreciation, energy-efficiency costs and other operating expenses increased faster, pushing operating income lower despite the Aquarion sale gain (Income Statement). With no new outlook or guidance included, the cleanest read is the reported earnings miss rather than a change to the full-year forecast.
Net: clearly worse than expected, not merely a weak year-over-year comparison. The market appears to have anticipated quarterly EPS around $1.08, so the $0.14 result represents a substantial gap rather than an in-line outcome.
Read the original 8-K on SEC EDGAR ↗