10-K · February 13, 2026
HASI positions itself as a specialist investor in sustainable infrastructure with scale and repeatable origination: Managed Assets were approximately $16.1 billion and the on‑balance sheet Portfolio totaled about $7.6…
Earnings analysis · 10-Q
HASI earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
HASI reported a strong Q1 2026, achieving revenue of $82.7 million, exceeding estimates by 131%. EPS came in at $0.77, surpassing expectations by 28.3%, and the company affirmed its long-term adjusted EPS guidance…
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HASI reported a strong Q1 2026, achieving revenue of $82.7 million, exceeding estimates by 131%. EPS came in at $0.77, surpassing expectations by 28.3%, and the company affirmed its long-term adjusted EPS guidance despite previous geopolitical challenges.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.77
- Segment
- Behind-the-Meter
- Segment
- Grid-Connected
- Segment
- Fuels, Transport, and Nature
What stood out
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Revenue Grew Significantly
Total revenue increased to $82.7 million, up 131% from the estimated $35.8 million.
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EPS Beat Estimates
Diluted EPS reached $0.77, exceeding estimates of $0.60 by 28.3%.
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Diversified Asset Portfolio
Managed assets rose to $16.4 billion, showcasing continued investment in sustainable infrastructure.
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Increased Management Fees
Management fees and retained interest income rose 39%, indicating strong portfolio performance.
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Strong Operating Cash Flow
Operating cash flow for the quarter was $15.6 million, improving from a net cash used of $37.1 million in the same period last year.
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Cash Available for Reinvestment
Cash available for reinvestment surged to $938.9 million, up from $(11.7) million YoY.
What to watch
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Increased Interest Expense
Interest expense surged 53% YoY to $99.3 million, driven by higher debt balances and redemption fees.
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Loss from Equity Method Investments
Loss from equity method investments dropped significantly to $(79.3) million from a gain of $88 million, impacting net income.
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Credit Risk Exposure
Potential defaults on receivables and investments amid ongoing economic uncertainty could impact future earnings.
Management's outlook
Affirms adjusted EPS guidance for 2028 to be in range of $3.50 to $3.60.
Earlier filings 4
10-Q · August 8, 2025
HASI reported a strong Q2 2025 performance, with revenue of $85.7 million, significantly higher than the prior year's $94.5 million during the same period. The company achieved a diluted EPS of $0.74, a substantial…
10-Q · May 8, 2025
HA Sustainable Infrastructure Capital reported total revenue of $96,941,000 for Q1 2025, down from $105,816,000 in Q1 2024, while diluted EPS fell to $0.44 from $0.98. Operating performance weakened: income before…
10-K · February 14, 2025
HASI (HA Sustainable Infrastructure Capital, Inc.) presents growth in scale and deal flow while repositioning its tax status. Managed assets reached approximately $13.7 billion as of December 31, 2024, with a retained…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.