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Dec 31, 2025
Hannon Armstrong Q4 2025 Earnings Report
Hannon Armstrong reported a GAAP net loss for the fourth quarter of 2025, while adjusted earnings and recurring income increased year-over-year.
Key Takeaways
For Q4 2025, HASI generated total revenue of 114811000 and reported a GAAP net loss attributable to controlling stockholders of 53766000, or diluted EPS of -0.43. Adjusted earnings rose to 86779000, or 0.67 per share, driven by higher adjusted recurring net investment income.
Total revenue was 114811000 for the quarter.
GAAP net loss attributable to controlling stockholders was 53766000, or -0.43 per diluted share.
Adjusted earnings increased to 86779000, or 0.67 per share.
Adjusted recurring net investment income grew to 93254000 from 78112000 year-over-year.
Revenue by Segment
Forward Guidance
The company introduced 2028 guidance targeting adjusted EPS of 3.50 to 3.60 and adjusted ROE above 17%, with plans to reduce dividend payout ratio below 50% by 2028.
Positive Outlook
- 2028 adjusted EPS expected between 3.50 and 3.60.
- Adjusted ROE expected to exceed 17% by 2028.
- Pipeline exceeds 6500000000 supporting future growth.
- Managed assets grew 18% year-over-year.
- New investments totaled 2800000000 in Q4 2025.
Challenges Ahead
- Reported GAAP net loss in Q4 2025.
- Income from equity method investments was negative in the quarter.
- Higher interest expense of 76500000 impacted results.
- Exposure to capital markets and interest rate environment.
- Dividend payout ratio targeted to decline over time.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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