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% |
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.