HASI Announces Third Quarter 2026 Results with YTD Adjusted EPS Growth of 15% Y/Y and YTD Adjusted ROE of 15.6%
HA Sustainable Infrastructure Capital, Inc. (HASI) filed an SEC Form 8-K — Results of Operations and Financial Condition. HASI Announces Third Quarter 2026 Results with YTD Adjusted EPS Growth of 15% Y/Y and YTD Adjusted ROE of 15.6% ANNAPOLIS, Md., November 5, 2026 -- (BUSINESS WIRE) -- HA Sustainable Infrastructure Capital, Inc. (“HASI,” “we,” “our” or the “Company”) (NYSE: HASI), a leading invest
How this was made
The 30-second read
Why it matters
The earnings beat and reaffirmed guidance provide fresh, material information that can move the stock.
Market read
First disclosure of Q3 results and guidance; likely to influence short‑term price action.
What to watch
Potential headwinds from higher interest rates could temper future asset yields despite current performance.
HASI Announces Third Quarter 2026 Results with YTD Adjusted EPS Growth of 15% Y/Y and YTD Adjusted ROE of 15.6%
Third-quarter GAAP diluted EPS increased to $1.04 from $0.61 and Adjusted Recurring Net Investment Income increased 15% to $121 million, while Managed Assets grew 27% to $19.0 billion. Adjusted EPS increased more modestly to $0.82 from $0.80, and results included a $21 million economic loss on consolidated project assets.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenue (in thousands)GAAP | $114.5M | – | – |
| Q3 2026 interest and rental income (in thousands)GAAP | $82.58M | – | – |
| Q3 2026 gain on sale of assets (in thousands)GAAP | $7.51M | – | – |
| Q3 2026 management fees and retained interest income (in thousands)GAAP | $14.23M | – | – |
| Q3 2026 origination fee and other income (in thousands)GAAP | $10.14M | – | – |
| Q3 2026 total expenses (in thousands)GAAP | $137.8M | – | – |
| Q3 2026 interest expense (in thousands)GAAP | $96.39M | – | – |
| Q3 2026 provision (benefit) for loss on receivables and retained interests in securitization trusts (in thousands)GAAP | $3.32M | – | – |
| Q3 2026 compensation and benefits (in thousands)GAAP | $21.77M | – | – |
| Q3 2026 general and administrative expense (in thousands)GAAP | $16.29M | – | increased by $10 million |
| Q3 2026 income (loss) from equity method investments (in thousands)GAAP | $213.9M | – | – |
| Q3 2026 income tax expense (in thousands)GAAP | $48.35M | – | – |
| Q3 2026 net income attributable to controlling stockholders (in thousands)GAAP | $146.5M | – | – |
| Q3 2026 diluted earnings per common shareGAAP | $1.04 | – | – |
| Q3 2026 Adjusted Earnings (in thousands)non-GAAP | $108.1M | – | increased $6 million |
| Q3 2026 Adjusted Earnings per sharenon-GAAP | $0.82 | – | – |
| Q3 2026 GAAP-based net investment income (loss) (in thousands)GAAP | $426K | – | – |
| Q3 2026 Adjusted Recurring Net Investment Income (in thousands)non-GAAP | $121.3M | – | up 15% |
| Q3 2026 GAAP-based Return on EquityGAAP | 21.1% | – | – |
| Q3 2026 Adjusted Return on Equitynon-GAAP | 16.1% | – | increased to 16.1% |
| Nine months ended September 30, 2026 total revenue (in thousands)GAAP | $359.5M | – | – |
| Nine months ended September 30, 2026 net income attributable to controlling stockholders (in thousands)GAAP | $203.1M | – | – |
| Nine months ended September 30, 2026 diluted earnings per common shareGAAP | $1.47 | – | – |
| Nine months ended September 30, 2026 Adjusted Earnings (in thousands)non-GAAP | $308.6M | – | – |
| Nine months ended September 30, 2026 Adjusted Earnings per sharenon-GAAP | $2.34 | – | 15% |
| Nine months ended September 30, 2026 Adjusted Recurring Net Investment Income (in thousands)non-GAAP | $329.5M | – | 23% |
| Nine months ended September 30, 2026 Adjusted Return on Equitynon-GAAP | 15.6% | – | rising to 15.6% |
| Managed Assets as of September 30, 2026 (in millions)non-GAAP | $19.05B | – | up 27% |
| GAAP-Based Portfolio as of September 30, 2026 (in millions)GAAP | $9.06B | – | – |
| Portfolio Yield for the nine months ended September 30, 2026non-GAAP | 9.2% | – | – |
| Unrestricted cash and cash equivalents as of September 30, 2026GAAP | $102M | – | – |
| Total debt outstanding as of September 30, 2026other | $6.5B | – | – |
| Debt-to-equity ratio as of September 30, 2026other | 1.8x | – | – |
| Net cash provided by (used in) operating activities for the nine months ended September 30, 2026 (in thousands)GAAP | $139.9M | – | – |
| Net cash provided by (used in) investing activities for the nine months ended September 30, 2026 (in thousands)GAAP | −$1.29B | – | – |
| Net cash provided by (used in) financing activities for the nine months ended September 30, 2026 (in thousands)GAAP | $1.12B | – | – |
| Cash Available for Reinvestment for the TTM ended September 30, 2026 (in thousands)non-GAAP | $935.1M | – | – |
2028 and full year 2026 outlook
- NoteAdjusted Earnings per Share in a range of $3.55 to $3.65 in 2028
- NoteAdjusted Return on Equity of more than 17% in 2028
- NoteDistributions of annual dividends per share of common stock to decline to less than 50% of annual Adjusted Earnings per Share by 2028 and less than 40% by 2030
- NoteMinimal share issuances through our ATM for the full year 2026
Capital returns
- Quarterly cash dividend of $0.425 per share of common stock
- Dividend will be paid on January 8, 2027, to stockholders of record as of December 29, 2026.
- Payments of dividends and distributions were $168,515 (in thousands) for the nine months ended September 30, 2026, compared with $155,627 (in thousands) for the nine months ended September 30, 2025.
- Net proceeds of common stock issuances were — for the nine months ended September 30, 2026, compared with $187,170 (in thousands) for the nine months ended September 30, 2025.
What drove it
- Interest and rental income was driven by higher yields on investments and investment fundings.
- Adjusted income from equity method investments was driven by growth in Equity Method Investments, higher yields, and a $35 million unrealized gain related to an investment in a solar asset servicing platform.
- Management Fees and Retained Interest Income increased due to higher managed assets in the co-investment vehicle.
- HASI closed new transactions totaling approximately $1.1 billion in Q3 2026 to be held on its balance sheet or at co-investment structures.
- Weighted average yields on new Portfolio investments were underwritten at more than 11% through the first three quarters of 2026.
- The pipeline exceeded $6.5 billion as of September 30, 2026.
Concerns
- Adjusted Recurring Net Investment Income included a $21 million economic loss recognized on a project company consolidated in Q2 2026. The loss has not been realized and is an estimate of a potential outcome from the asset sale process.
- HASI moved consolidated project assets to Category 3 in the third quarter of 2026 after determining there was substantial doubt it would recover all invested capital.
- Interest expense was $96 million in Q3 2026, up $25 million from $71 million in Q3 2025. Weighted-average interest cost was 6.2%, compared with 5.9%.
- General and administrative expenses increased by $10 million compared to Q3 2025, largely due to $8 million in additional expenses associated with a project company consolidated in Q2 2026.
- Gain on sale of assets was $7,514 (in thousands) in Q3 2026, compared with $24,898 (in thousands) in Q3 2025.
What to watch
- Execution against the 2028 Adjusted Earnings per Share guidance range of $3.55 to $3.65 and Adjusted Return on Equity guidance of more than 17%.
- The resolution of the consolidated project assets and the economic loss recognized in Adjusted Earnings.
- Growth in fee-generating assets held in co-investment structures, which were $2.0 billion as of September 30, 2026.
- Portfolio funding, new-investment yields, and the pipeline exceeding $6.5 billion.
- Interest expense and weighted-average interest cost as the company funds investment growth.
Balance sheet and cash flow
- Cash and cash equivalents were $102,287 (in thousands) as of September 30, 2026, compared with $110,218 (in thousands) as of December 31, 2025.
- Total Assets were $9,631,123 (in thousands) as of September 30, 2026, compared with $8,187,965 (in thousands) as of December 31, 2025.
- Total Liabilities were $6,895,176 (in thousands) as of September 30, 2026, compared with $5,530,096 (in thousands) as of December 31, 2025.
- Total Stockholders’ Equity was $2,735,947 (in thousands) as of September 30, 2026, compared with $2,657,869 (in thousands) as of December 31, 2025.
- Total liquidity was $2.0 billion, including approximately $1.9 billion of unreserved capacity under the revolving credit facility and commercial paper program.
- 87% of debt outstanding was either fixed-rate or hedged base rate debt as of September 30, 2026.
- Adjusted Cash from Operations plus Other Portfolio Collections was $1,157,802 (in thousands) for the TTM ended September 30, 2026.
Analysis
HASI reported stronger third-quarter GAAP results, with net income attributable to controlling stockholders of $146,481 (in thousands) and diluted earnings per common share of $1.04, compared with $83,257 (in thousands) and $0.61 in Q3 2025. Total revenue was $114,462 (in thousands), compared with $103,064 (in thousands). Income from equity method investments increased to $213,878 (in thousands) from $124,560 (in thousands), while interest and rental income increased to $82,585 (in thousands) from $68,976 (in thousands).
Adjusted Earnings rose to $108,134 (in thousands) from $102,543 (in thousands), and Adjusted Earnings per share was $0.82 versus $0.80. Adjusted Recurring Net Investment Income increased 15% to $121,295 (in thousands). The increase reflected a $16 million increase in Adjusted Recurring Net Investment Income and a $9 million increase in Origination Fee and Other Income, partly offset by a $17 million decrease in Gain on Sale of Assets. The recurring-income result included a $35 million unrealized gain on a solar asset servicing platform and a $21 million economic loss on a consolidated project company.
Managed Assets reached $19,048 million, up 27% from $15,047 million, while the GAAP-Based Portfolio was $9,064 million. Equity Method Investments were $5.5 billion, up 33% from $4.1 billion, and assets held by partners in co-investment vehicles were $2.0 billion versus $592 million. The company closed approximately $1.1 billion of new transactions in Q3 2026, reported new Portfolio investment yields underwritten at more than 11% through the first three quarters, and had a pipeline exceeding $6.5 billion.
Margin and funding costs remain central to the earnings profile. Interest expense was $96,386 (in thousands), versus $71,481 (in thousands), while weighted-average interest cost was 6.2%, compared with 5.9%. Total debt outstanding was $6.5 billion and the debt-to-equity ratio was 1.8x, within the stated target range of 1.5x to 2.0x. The company reported $2.0 billion of total liquidity and said 87% of debt outstanding was fixed-rate or hedged base rate debt.
HASI reaffirmed 2028 guidance for Adjusted Earnings per Share of $3.55 to $3.65 and Adjusted Return on Equity of more than 17%. It also expects its annual dividend payout to decline to less than 50% of annual Adjusted Earnings per Share by 2028 and less than 40% by 2030, with minimal ATM share issuance in 2026. The quarterly dividend was set at $0.425 per common share. The principal operating item to monitor is the Category 3 consolidated project asset, for which the company recorded a $21 million non-GAAP economic loss after remediation costs were determined to be higher than expected.
Management, verbatim
Our team continues to execute on our business plan by adding new clients and deepening our relationships with existing ones, further diversifying into new asset classes, and optimizing our capital platform.
Jeffrey A. Lipson, President and Chief Executive Officer
These factors have translated into superb financial results through the first three quarters of 2026 with our Managed Assets increasing nearly $3 billion to $19 billion, Adjusted Recurring Net Investment Income growing 23% and Adjusted EPS by 15% year-to-date, and our Adjusted ROE rising to 15.6%.
Jeffrey A. Lipson, President and Chief Executive Officer
Our new asset yields have increased to more than 11% year-to-date and we have continued to maintain our net investment margins. In combination with our growing base of management fees, we are generating greater profitability that is increasingly resilient to changes in the interest rate environment.
Chuck Melko, Chief Financial Officer
Not in the filing
stated, not guessed- Previous outlook section was not provided, so comparison of actual results with prior guidance is unavailable.
- Gross margin was not reported.
- Free cash flow was not reported.
- Reportable segment revenue was not reported.
- GAAP financial guidance was not provided.
- Forward revenue, gross margin, operating expense, and tax-rate guidance were not provided.
- Prior-quarter comparisons were not reported for the listed quarterly metrics.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
HA Sustainable Infrastructure Capital, Inc. (NYSE:HASI) filed a Form 8‑K reporting its third‑quarter 2026 financial results and reaffirmed its 2028 guidance.
Ticker impact
HASI reported Q3 2026 results with GAAP EPS $1.04, Adjusted EPS $0.82 and reaffirmed guidance for 2028, marking the first public disclosure of these numbers.
likely upside as investors price in robust earnings and reaffirmed guidance
Quarterly earnings exceed prior year, assets grew 27% to $19B and guidance remains strong, which typically supports the stock price.
Market effects
sustainable infrastructure and renewable energy investors may see renewed interest
U.S. sustainable‑infrastructure sector could see modest buying pressure
limited to investors focused on ESG and infrastructure funds
Counterpoint
If the market had already priced in strong growth, the reaffirmed guidance may be seen as a neutral update, limiting upside.
Key entities
- companyHA Sustainable Infrastructure Capital, Inc.
Issuer of the earnings release
