Eversource Energy (ES)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	-275,016	1,865,970	1,572,270	1,558,890	1,190,100
Revenue	US$ in thousands	11,910,700	12,289,300	9,863,080	8,904,430	8,526,500
Pretax margin		-2.31%	15.18%	15.94%	17.51%	13.96%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $-275,016K ÷ $11,910,700K
= -2.31%

The pretax margin for Eversource Energy has exhibited fluctuating trends over the past five years. In 2019, the company reported a pretax margin of 13.96%, which increased to 17.51% in 2020 before slightly declining to 15.94% in 2021. However, there was a notable decrease in the pretax margin to 15.18% in 2022 and a further decline to -2.31% in 2023, indicating a significant decrease in profitability in the most recent year. This downward trend in pretax margin warrants further investigation into the factors contributing to the company's lower profitability levels in 2023 compared to the previous years.