Eversource Energy (ES)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	1,243,836	-260,579	166,454	-232,789	-275,032	1,504,935	1,586,492	1,928,608	1,865,968	1,798,002	1,708,189	1,671,638	1,572,270	1,558,297	1,635,542	1,612,366	1,558,872	1,545,485	1,490,093	1,224,629
Revenue (ttm)	US$ in thousands	11,900,810	11,623,520	11,351,780	11,447,600	11,910,660	12,246,200	12,670,360	12,613,660	12,289,330	11,741,500	10,987,060	10,536,960	9,891,490	9,643,510	9,525,950	9,356,540	8,904,430	8,720,890	8,553,050	8,484,420
Pretax margin		10.45%	-2.24%	1.47%	-2.03%	-2.31%	12.29%	12.52%	15.29%	15.18%	15.31%	15.55%	15.86%	15.90%	16.16%	17.17%	17.23%	17.51%	17.72%	17.42%	14.43%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $1,243,836K ÷ $11,900,810K
= 10.45%

The pretax margin of Eversource Energy has shown some fluctuations over the period under review. It started at 14.43% as of March 31, 2020, and increased to a peak of 17.72% by September 30, 2020. The pretax margin remained relatively stable around this level for the next few quarters, hovering between 17% and 18%.

However, there was a slight dip in the pretax margin to 15.90% by December 31, 2021, followed by a gradual decline over the next few quarters. By June 30, 2023, the pretax margin dropped to 12.52% and decreased further to 12.29% by September 30, 2023.

The most significant decline occurred in the last quarter of 2023, with a sharp decrease to -2.31% for the pretax margin. This negative trend continued into the first quarter of 2024, where the pretax margin stood at -2.03%. However, there was a notable turnaround by June 30, 2024, with the pretax margin rising to 1.47%.

The pretax margin showed further improvement by December 31, 2024, reaching 10.45%. Overall, the pretax margin experienced fluctuations and volatility over the period, reflecting changes in Eversource Energy's profitability before accounting for taxes. Further analysis and context would be needed to understand the factors driving these fluctuations in the pretax margin.