---
title: "Eversource Energy: Business Model"
description: "Eversource Energy revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/eversource-energy/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Eversource Energy: Business Model & Revenue Engine

## Direct Answer

Eversource Energy reports revenue across 5 business segments in its fiscal 2025 Form 10-K. Eversource Electric Distribution is the largest, with $10.0 billion of revenue (74% of the total), followed by Natural Gas Distribution at $2.6 billion (19%).

## How Does Eversource Energy Make Money?

Eversource Electric Distribution supplies 74% of revenue, so Eversource Energy's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Natural Gas Distribution grew fastest (+25.2%) and Water Distribution slowest (+3.3%), so the revenue mix tilts toward Natural Gas Distribution while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Eversource Electric Distribution | $10.0 billion | $9.1 billion | 74.1% | 10.7% |
| Natural Gas Distribution | $2.6 billion | $2.1 billion | 19.4% | 25.2% |
| Eversource Electric Transmission | $2.3 billion | $2.1 billion | 16.9% | 7.7% |
| Eversource Water | $237 million | $229 million | 1.7% | 3.3% |
| Water Distribution | $237 million | $229 million | 1.7% | 3.3% |

![Bar chart of Eversource Energy revenue by segment for fiscal 2025: Eversource Electric Distribution 74.1%, Natural Gas Distribution 19.4%, Eversource Electric Transmission 16.9%, Eversource Water 1.7%, Water Distribution 1.7%.](https://www.getswoopr.com/images/charts/eversource-energy-business-model-segment-mix.webp)
*Eversource Energy revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which Eversource Energy Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| Eversource Electric Distribution | $987 million | 9.8% |
| Natural Gas Distribution | $535 million | 20.3% |
| Eversource Electric Transmission | $1.2 billion | 51.5% |
| Eversource Water | $67 million | 28.3% |

Segment operating income is the profit measure Eversource Energy reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Eversource Energy more safely than against another company.

## What the Segment Figures Do Not Show

The rows above add up to 114% of Eversource Energy's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Eversource Energy reported in the segment note and revenue disclosures of its Form 10-K filed February 17, 2026 (accession 0001628280-26-008461), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Eversource Energy's business segments?

In its fiscal 2025 Form 10-K, Eversource Energy reports revenue for Eversource Electric Distribution, Natural Gas Distribution, Eversource Electric Transmission, Eversource Water and Water Distribution.

### Which part of Eversource Energy brings in the most revenue?

Eversource Electric Distribution, with $10.0 billion of revenue in fiscal 2025, or 74% of the total.

### Where does Eversource Energy report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 17, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: EVERSOURCE ENERGY Form 10-K filed February 17, 2026](https://www.sec.gov/Archives/edgar/data/72741/000162828026008461/es-20251231.htm)
- [SEC EDGAR: EVERSOURCE ENERGY annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=72741&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Eversource Energy company dossier](https://www.getswoopr.com/stocks/companies/eversource-energy/)
- [Eversource Energy financial metrics](https://www.getswoopr.com/stocks/companies/eversource-energy/metrics/)
- [Eversource Energy financial risk indicators](https://www.getswoopr.com/stocks/companies/eversource-energy/risks/)
- [Eversource Energy peer comparison](https://www.getswoopr.com/stocks/companies/eversource-energy/competitors/)
- [Eversource Energy business model and revenue mix](https://www.getswoopr.com/stocks/companies/eversource-energy/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).