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HA Sustainable Infrastructure Capital (HASI) Financials

HA Sustainable Infrastructure Capital logo
$40.17 -0.48 (-1.18%)
As of 02:00 PM Eastern
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Annual Income Statements for HA Sustainable Infrastructure Capital

Annual Income Statements for HA Sustainable Infrastructure Capital

This table shows HA Sustainable Infrastructure Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 7.96 15 31 42 82 82 127 42 149 200 185
Consolidated Net Income / (Loss)		 8.03 15 31 42 82 83 127 42 151 204 188
Net Income / (Loss) Continuing Operations		 8.03 15 31 42 82 83 127 42 151 204 188
Total Pre-Tax Income 		8.15 15 32 44 90 80 145 49 182 274 273
Total Revenue		 32 36 41 63 77 95 91 124 149 141 108
Net Interest Income / (Expense)		 13 4.78 -3.25 -0.94 12 3.38 -15 19 -171 -242 -292
Total Interest Income		 39 50 62 76 76 96 107 135 0.00 0.00 0.00
Total Interest Expense		 26 45 65 77 64 92 122 116 171 242 292
Long-Term Debt Interest Expense		 26 45 65 77 64 92 122 116 171 242 292
Total Non-Interest Income		 20 31 44 63 65 91 106 105 320 384 401
Other Service Charges		 - - - - - - 12 22 22 37 49
Net Realized & Unrealized Capital Gains on Investments		 9.22 17 21 33 24 50 68 57 69 80 65
Other Non-Interest Income		 9.11 12 20 25 26 26 26 26 229 266 286
Provision for Credit Losses		 - - 0.00 0.00 8.03 10 0.50 13 12 1.06 12
Total Non-Interest Expense		 24 27 31 41 43 53 73 93 -45 -134 -178
Salaries and Employee Benefits		 17 19 20 26 29 38 53 63 64 81 92
Net Occupancy & Equipment Expense		 - - - - - - - - -141 -248 -301
Other Operating Expenses		 7.26 8.29 11 15 15 15 20 30 31 33 31
Income Tax Expense		 0.12 0.14 0.89 2.14 8.10 -2.78 17 7.38 32 70 85
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.08 0.10 0.18 0.22 0.36 0.34 0.77 0.41 1.92 3.59 3.69
Basic Earnings per Share		 $0.21 $0.32 $0.57 $0.75 $1.25 $1.13 $1.57 $0.47 $1.45 $1.72 $1.49
Weighted Average Basic Shares Outstanding		 30.76M 40.29M 50.36M 52.78M 63.92M 72.39M 79.99M 87.50M 101.84M 115.55M 122.98M
Diluted Earnings per Share		 $0.21 $0.32 $0.57 $0.75 $1.24 $1.10 $1.51 $0.47 $1.42 $1.62 $1.41
Weighted Average Diluted Shares Outstanding		 30.76M 40.29M 50.36M 52.78M 64.77M 74.37M 87.67M 90.61M 109.47M 130.50M 138.18M
Weighted Average Basic & Diluted Shares Outstanding		 37.90M 45.80M 54.20M 55.40M 67.09M 78.15M 85.52M 91.01M 112.43M 119.28M 128.18M
Cash Dividends to Common per Share		 - - $1.32 $1.32 - - - - $1.58 $1.66 $1.68

Quarterly Income Statements for HA Sustainable Infrastructure Capital

This table shows HA Sustainable Infrastructure Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 21 90 123 27 -20 70 57 98 83 -54 -72
Consolidated Net Income / (Loss)		 22 91 125 27 -19 71 58 100 85 -55 -74
Net Income / (Loss) Continuing Operations		 22 91 125 27 -19 71 58 100 85 -55 -74
Total Pre-Tax Income 		17 128 171 37 -26 92 82 138 119 -66 -105
Total Revenue		 47 36 44 35 23 40 32 5.94 32 38 25
Net Interest Income / (Expense)		 11 12 6.82 -60 -59 6.69 -65 -80 -71 -143 -99
Total Interest Income		 54 62 69 0.00 0.00 68 0.00 0.00 0.00 -66 0.00
Total Interest Expense		 43 51 62 60 59 62 65 80 71 77 99
Long-Term Debt Interest Expense		 43 51 62 60 59 62 65 80 71 77 99
Total Non-Interest Income		 36 24 37 95 82 33 97 86 103 181 124
Other Service Charges		 7.11 6.46 6.67 5.86 10 15 12 10 9.19 18 19
Net Realized & Unrealized Capital Gains on Investments		 22 16 29 26 7.68 18 19 7.83 25 14 23
Other Non-Interest Income		 6.04 2.24 1.85 63 64 0.08 66 67 69 150 83
Total Non-Interest Expense		 23 22 30 25 25 32 38 26 37 -274 50
Salaries and Employee Benefits		 16 16 21 21 17 23 25 18 27 22 36
Other Operating Expenses		 6.71 6.46 9.05 7.96 6.99 8.90 9.38 6.50 6.33 8.48 10
Other Special Charges		 - - - -4.20 1.23 - 3.81 1.04 3.03 - 4.54
Nonoperating Income / (Expense), net		 2.76 114 159 27 -23 86 88 158 125 - -79
Income Tax Expense		 -5.13 37 46 10 -7.11 21 24 38 34 -11 -31
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.20 1.23 1.52 0.40 0.44 1.22 1.57 1.35 1.65 -0.88 -1.78
Basic Earnings per Share		 $0.20 $0.85 $1.08 $0.23 ($0.17) $0.58 $0.47 $0.80 $0.66 ($0.44) ($0.57)
Weighted Average Basic Shares Outstanding		 107.72M 101.84M 112.62M 114.33M 116.58M 115.55M 119.38M 121.52M 124.59M 122.98M 127.58M
Diluted Earnings per Share		 $0.20 $0.82 $0.98 $0.23 ($0.17) $0.58 $0.44 $0.74 $0.61 ($0.38) ($0.57)
Weighted Average Diluted Shares Outstanding		 109.15M 109.47M 131.00M 114.43M 116.58M 130.50M 137.96M 137.74M 139.61M 138.18M 127.58M
Weighted Average Basic & Diluted Shares Outstanding		 111.30M 112.43M 114.03M 116.75M 118.79M 119.28M 121.45M 124.35M 126.53M 128.18M 128.43M
Cash Dividends to Common per Share		 $0.40 - $0.42 $0.42 $0.42 - $0.42 $0.42 $0.42 - $0.43

Annual Cash Flow Statements for HA Sustainable Infrastructure Capital

This table details how cash moves in and out of HA Sustainable Infrastructure Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 9.07 -20 59 -59 47 204 -59 -75 -101 75 -4.93
Net Cash From Operating Activities		 19 57 12 59 29 73 13 0.23 100 5.85 167
Net Cash From Continuing Operating Activities		 19 57 12 59 29 73 13 0.23 100 5.85 167
Net Income / (Loss) Continuing Operations		 8.03 15 31 42 82 83 127 42 151 204 188
Consolidated Net Income / (Loss)		 8.03 15 31 42 82 83 127 42 151 204 188
Provision For Loan Losses		 - - 0.00 0.00 8.03 10 0.50 13 12 1.06 12
Depreciation Expense		 3.95 7.66 3.55 4.53 3.59 3.58 3.80 3.99 3.13 1.00 0.78
Amortization Expense		 - - 9.62 11 6.44 7.79 11 12 13 17 15
Non-Cash Adjustments to Reconcile Net Income		 3.75 -2.09 -23 -2.11 -64 -12 -112 7.67 -130 -218 -81
Changes in Operating Assets and Liabilities, net		 2.79 37 -9.27 3.85 -6.78 -19 -17 -78 51 0.65 32
Net Cash From Investing Activities		 -349 -191 -298 51 -201 -832 -703 -592 -1,993 -131 -856
Net Cash From Continuing Investing Activities		 -349 -191 -298 51 -201 -832 -703 -592 -1,993 -131 -856
Purchase of Investment Securities		 -568 -412 -538 -422 -696 -1,178 -955 -864 -2,228 -1,101 -1,572
Sale and/or Maturity of Investments		 219 221 262 475 493 362 262 254 236 970 716
Net Cash From Financing Activities		 340 114 345 -168 219 962 631 517 1,792 200 684
Net Cash From Continuing Financing Activities		 340 114 345 -168 219 962 631 517 1,792 200 684
Issuance of Debt		 714 406 1,062 241 740 1,057 1,150 666 2,495 2,841 2,676
Issuance of Common Equity		 180 177 97 187 138 298 201 189 492 204 237
Repayment of Debt		 -423 -341 -595 -437 -535 -261 -592 -193 -1,002 -2,698 -1,968
Payment of Dividends		 -32 -49 -68 -71 -86 -100 -114 -132 -160 -192 -210
Other Financing Activities, Net		 -100 -79 -150 -89 -38 -32 -14 -13 -33 46 -52
Cash Interest Paid		 24 38 49 72 48 76 108 99 138 193 252

Quarterly Cash Flow Statements for HA Sustainable Infrastructure Capital

This table details how cash moves in and out of HA Sustainable Infrastructure Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 18 -94 2.25 84 -103 92 -67 20 215 -173 5.83
Net Cash From Operating Activities		 27 7.35 21 -25 22 -12 -37 80 -122 247 16
Net Cash From Continuing Operating Activities		 27 7.35 21 -25 22 -12 -37 80 -122 247 16
Net Income / (Loss) Continuing Operations		 22 91 125 27 -19 71 58 100 85 -55 -74
Consolidated Net Income / (Loss)		 22 91 125 27 -19 71 58 100 85 -55 -74
Provision For Loan Losses		 9.79 -0.65 2.02 -4.20 1.23 2.00 3.81 1.04 3.03 4.27 4.54
Depreciation Expense		 0.88 0.38 0.34 0.18 0.18 0.31 0.17 0.25 0.18 0.18 0.18
Amortization Expense		 3.03 3.61 4.01 4.18 4.80 4.05 4.15 3.75 3.61 3.82 3.78
Non-Cash Adjustments to Reconcile Net Income		 -11 -113 -162 -31 38 -66 -65 -89 -82 154 158
Changes in Operating Assets and Liabilities, net		 1.82 26 52 -21 -3.23 -24 -38 63 -132 139 -77
Net Cash From Investing Activities		 -731 -574 -70 255 -131 -185 -324 -60 -127 -345 -184
Net Cash From Continuing Investing Activities		 -731 -574 -70 255 -131 -185 -324 -60 -127 -345 -184
Purchase of Investment Securities		 -840 -702 -358 -159 -221 -362 -383 -206 -443 -540 -435
Sale and/or Maturity of Investments		 109 128 288 414 90 176 59 146 316 195 250
Net Cash From Financing Activities		 722 472 51 -146 6.48 289 294 1.09 464 -75 174
Net Cash From Continuing Financing Activities		 722 472 51 -146 6.48 289 294 1.09 464 -75 174
Issuance of Debt		 862 1,065 585 662 830 835 25 1,292 -72 1,100 1,059
Issuance of Common Equity		 107 27 30 52 98 24 47 73 67 50 0.00
Repayment of Debt		 -273 -478 -562 -791 -839 -577 296 -1,289 534 -1,177 -820
Payment of Dividends		 -43 -45 -45 -48 -49 -50 -50 -52 -53 -54 -57
Other Financing Activities, Net		 68 -98 43 -21 -33 57 -23 -22 -13 6.08 -8.47
Cash Interest Paid		 24 46 33 77 33 50 62 85 65 41 103

Annual Balance Sheets for HA Sustainable Infrastructure Capital

This table presents HA Sustainable Infrastructure Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,470 1,746 2,250 2,155 2,387 3,459 4,148 4,760 6,552 7,080 8,188
Cash and Due from Banks		 43 29 57 21 6.21 286 226 156 63 130 110
Trading Account Securities		 408 421 693 641 573 1,335 1,777 1,880 2,973 3,622 4,192
Loans and Leases, Net of Allowance		 0.00 516 0.00 945 263 0.00 0.00 0.00 0.00 0.00 0.00
Loans Held for Sale		 784 - - - - 0.00 22 85 35 76 114
Customer and Other Receivables		 - - - 72 124 164 210 177 219 249 300
Other Assets		 235 779 1,500 476 1,421 1,673 1,912 2,462 3,262 3,004 3,472
Total Liabilities & Shareholders' Equity		 1,470 1,746 2,250 2,155 2,387 3,459 4,148 4,760 6,552 7,080 8,188
Total Liabilities		 1,038 1,172 1,607 1,350 1,447 2,249 2,582 3,095 4,411 4,675 5,530
Short-Term Debt		 247 283 70 259 31 23 151 51 431 101 271
Long-Term Debt		 664 692 1,359 983 1,362 2,166 2,342 2,924 3,816 4,298 4,878
Other Long-Term Liabilities		 108 196 153 109 54 60 89 120 163 276 381
Total Equity & Noncontrolling Interests		 432 574 643 805 940 1,210 1,567 1,665 2,142 2,405 2,658
Total Preferred & Common Equity		 428 571 639 801 936 1,203 1,545 1,629 2,092 2,337 2,575
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 428 571 639 801 936 1,203 1,545 1,629 2,092 2,337 2,575
Common Stock		 483 664 772 966 1,103 1,395 1,729 1,925 2,383 2,594 2,851
Retained Earnings		 -53 -92 -131 -163 -170 -204 -194 -285 -304 -297 -323
Accumulated Other Comprehensive Income / (Loss)		 -1.91 -1.39 -1.07 -1.68 3.30 13 9.90 -10 13 40 47
Noncontrolling Interest		 3.91 3.73 3.60 3.42 3.43 6.85 22 36 49 68 83

Quarterly Balance Sheets for HA Sustainable Infrastructure Capital

This table presents HA Sustainable Infrastructure Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 4,498 5,140 5,375 5,908 6,728 6,659 6,673 7,476 7,596 8,204 8,202
Cash and Due from Banks		 273 142 127 156 61 146 44 67 87 302 124
Trading Account Securities		 1,932 2,260 2,309 2,573 3,271 3,378 3,371 4,000 4,099 4,213 4,330
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loans Held for Sale		 17 17 5.24 17 5.42 36 22 92 43 235 36
Customer and Other Receivables		 178 193 204 183 220 238 258 265 272 278 326
Other Assets		 2,098 2,527 2,730 2,980 3,170 2,860 2,978 3,051 3,095 3,175 3,386
Total Liabilities & Shareholders' Equity		 4,498 5,140 5,375 5,908 6,728 6,659 6,673 7,476 7,596 8,204 8,202
Total Liabilities		 2,847 3,481 3,381 3,808 4,455 4,336 4,349 5,005 5,008 5,518 5,668
Short-Term Debt		 200 459 383 537 267 427 135 431 357 832 1.45
Long-Term Debt		 2,528 2,901 2,884 3,121 3,984 3,686 3,996 4,291 4,358 4,357 5,384
Other Long-Term Liabilities		 119 121 114 - 204 - 219 283 292 329 282
Total Equity & Noncontrolling Interests		 1,651 1,659 1,994 2,100 2,273 2,323 2,323 2,471 2,589 2,686 2,535
Total Preferred & Common Equity		 1,616 1,617 1,950 2,053 2,218 2,260 2,258 2,393 2,510 2,605 2,443
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,616 1,617 1,950 2,053 2,218 2,260 2,258 2,393 2,510 2,605 2,443
Common Stock		 1,862 1,948 2,284 2,355 2,416 2,469 2,569 2,648 2,725 2,796 2,854
Retained Earnings		 -231 -298 -326 -349 -228 -249 -318 -292 -245 -216 -450
Accumulated Other Comprehensive Income / (Loss)		 -15 -33 -8.00 47 29 41 7.54 38 31 25 39
Noncontrolling Interest		 35 42 44 47 56 63 65 77 78 81 92

Annual Metrics And Ratios for HA Sustainable Infrastructure Capital

This table displays calculated financial ratios and metrics derived from HA Sustainable Infrastructure Capital's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.21 $0.00 $0.00 $0.00 $0.00 $0.00 $1.57 $0.47 $1.45 $1.72 $1.49
Adjusted Weighted Average Basic Shares Outstanding		 30.76M 0.00 0.00 0.00 0.00 0.00 79.99M 87.50M 101.84M 115.55M 122.98M
Adjusted Diluted Earnings per Share		 $0.21 $0.00 $0.00 $0.00 $0.00 $0.00 $1.51 $0.47 $1.42 $1.62 $1.41
Adjusted Weighted Average Diluted Shares Outstanding		 30.76M 0.00 0.00 0.00 0.00 0.00 87.67M 90.61M 109.47M 130.50M 138.18M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 38.33M 0.00 0.00 0.00 0.00 0.00 85.52M 91.01M 112.43M 119.28M 128.18M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for HA Sustainable Infrastructure Capital

This table displays calculated financial ratios and metrics derived from HA Sustainable Infrastructure Capital's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 128,184,572.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 128,184,572.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.58
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -23.86% 1,400.25% 37.82% 1.61% -51.53% 10.41% -26.58% -83.03% 39.97% - -22.67%
EBITDA Growth		 -62.05% 171.03% 112.47% 8.04% -88.15% -42.37% -109.62% -206.48% -165.28% - -1,238.00%
EBIT Growth		 -67.64% 148.01% 237.66% 7.74% -120.95% -56.69% -148.44% -289.39% -78.88% - -327.72%
NOPAT Growth		 -48.39% 154.86% 160.64% -31.38% -111.19% -52.84% -147.07% -289.61% -81.71% - -322.37%
Net Income Growth		 -38.05% 550.56% 406.33% 99.26% -188.59% -21.63% -53.28% 270.38% 542.77% - -226.74%
EPS Growth		 -47.37% 490.48% 276.92% 64.29% -185.00% -29.27% -55.10% 221.74% 458.82% - -229.55%
Operating Cash Flow Growth		 -70.71% 111.53% -57.11% -246.66% -17.56% -266.05% -277.35% 420.63% -655.15% - 142.06%
Free Cash Flow Firm Growth		 -182.91% -190.18% -69.15% -39.73% 48.68% 76.38% 55.00% 24.50% -104.10% - -10.59%
Invested Capital Growth		 31.47% 37.69% 29.99% 22.35% 12.09% 6.50% 10.26% 13.48% 22.02% - 10.11%
Revenue Q/Q Growth		 35.22% -22.69% 32.23% -20.38% -35.51% 76.10% -18.80% -81.59% 431.79% - -34.87%
EBITDA Q/Q Growth		 29.26% 3.87% 6.07% -10.72% -85.82% 405.25% -115.05% -887.94% 91.31% - -106.73%
EBIT Q/Q Growth		 42.33% 4.40% 5.06% -14.57% -127.68% 315.82% -194.92% -234.02% 73.86% - -108.08%
NOPAT Q/Q Growth		 64.41% -43.33% -90.23% -15.38% -126.81% 338.77% -186.88% -240.87% 74.30% - 61.70%
Net Income Q/Q Growth		 60.09% 320.34% 36.88% -78.37% -171.17% 471.88% -18.41% 71.51% -14.92% - -34.94%
EPS Q/Q Growth		 42.86% 310.00% 19.51% -76.53% -173.91% 441.18% -24.14% 68.18% -17.57% - -50.00%
Operating Cash Flow Q/Q Growth		 57.27% -72.39% 184.81% -218.57% 188.41% -155.62% -204.20% 314.36% -253.08% - -93.67%
Free Cash Flow Firm Q/Q Growth		 -62.71% -27.83% 9.75% 21.94% 40.23% 41.17% -63.94% -30.97% -61.57% - 29.00%
Invested Capital Q/Q Growth		 9.44% 10.97% 2.12% -1.35% 0.27% 5.44% 5.71% 1.54% 7.81% - 1.45%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 37.96% 51.00% 37.65% 42.22% 9.28% 26.63% -4.93% -264.83% -4.33% - -85.37%
EBIT Margin		 29.56% 39.91% 27.75% 29.77% -12.78% 15.66% -18.31% -332.16% -16.33% - -101.24%
Profit (Net Income) Margin		 46.50% 252.81% 283.42% 77.01% -84.98% 179.46% 180.34% 1,680.33% 268.83% - -295.55%
Tax Burden Percent		 131.04% 71.14% 72.94% 72.26% 72.95% 77.44% 70.89% 72.34% 71.11% - 70.55%
Interest Burden Percent		 120.05% 890.42% 1,400.34% 358.01% 911.83% 1,479.93% -1,389.82% -699.31% -2,315.36% - 413.76%
Effective Tax Rate		 -31.04% 28.86% 27.06% 27.74% 0.00% 22.56% 29.11% 27.66% 28.89% - 0.00%
Return on Invested Capital (ROIC)		 0.84% 0.77% 0.56% 0.59% -0.20% 0.26% -0.25% -3.52% -0.18% - -0.95%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.95% 3.00% 3.60% 1.12% -0.64% 1.80% 1.15% -0.93% 1.72% - -2.05%
Return on Net Nonoperating Assets (RNNOA)		 1.63% 5.70% 6.97% 1.91% -1.13% 3.42% 2.17% -1.67% 3.21% - -4.15%
Return on Equity (ROE)		 2.47% 6.46% 7.54% 2.51% -1.33% 3.68% 1.92% -5.19% 3.03% - -5.09%
Cash Return on Invested Capital (CROIC)		 -26.41% -31.10% -25.42% -19.45% -11.00% -6.01% -9.67% -12.87% -20.09% - -8.87%
Operating Return on Assets (OROA)		 0.63% 1.05% 0.75% 0.80% -0.28% 0.32% -0.33% -4.68% -0.24% - -1.30%
Return on Assets (ROA)		 0.98% 6.65% 7.69% 2.07% -1.86% 3.72% 3.29% 23.69% 3.96% - -3.80%
Return on Common Equity (ROCE)		 2.41% 6.32% 7.35% 2.45% -1.30% 3.58% 1.87% -5.04% 2.94% - -4.92%
Return on Equity Simple (ROE_SIMPLE)		 1.93% 0.00% 11.31% 11.68% 9.89% 0.00% 5.74% 8.37% 12.06% - 2.31%
Net Operating Profit after Tax (NOPAT)		 18 10 8.89 7.53 -2.02 4.82 -4.19 -14 -3.67 - -18
NOPAT Margin		 38.73% 28.39% 20.24% 21.51% -8.94% 12.13% -12.98% -240.28% -11.61% - -70.87%
Net Nonoperating Expense Percent (NNEP)		 -0.11% -2.24% -3.04% -0.53% 0.44% -1.54% -1.39% -2.58% -1.90% - 1.11%
SG&A Expenses to Revenue		 35.00% 43.95% 47.05% 59.49% 76.32% 56.90% 77.42% 305.29% 86.72% - 142.30%
Operating Expenses to Revenue		 49.41% 61.89% 67.65% 82.23% 107.31% 79.30% 106.49% 432.16% 116.33% - 201.24%
Earnings before Interest and Taxes (EBIT)		 14 14 12 10 -2.88 6.22 -5.91 -20 -5.16 - -25
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 18 18 17 15 2.09 11 -1.59 -16 -1.37 - -21
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.04 1.41 0.00 0.00 1.76 1.36 1.44 1.28 1.45 - 1.91
Price to Tangible Book Value (P/TBV)		 1.04 1.41 0.00 0.00 1.76 1.36 1.44 1.28 1.45 - 1.91
Price to Revenue (P/Rev)		 19.42 19.76 0.00 0.00 28.92 22.57 26.53 31.96 34.39 - 46.21
Price to Earnings (P/E)		 54.62 19.76 0.00 0.00 18.10 15.93 25.72 15.63 12.21 - 83.21
Dividend Yield		 7.73% 5.98% 0.00% 0.00% 4.70% 4.64% 4.32% 4.73% 5.51% - 4.62%
Earnings Yield		 1.83% 5.06% 0.00% 0.00% 5.53% 6.28% 3.89% 6.40% 8.19% - 1.20%
Enterprise Value to Invested Capital (EV/IC)		 0.99 1.12 0.00 0.00 1.26 1.11 1.14 1.08 1.11 - 1.26
Enterprise Value to Revenue (EV/Rev)		 51.65 48.20 0.00 0.00 59.11 53.28 63.06 78.80 79.75 - 99.32
Enterprise Value to EBITDA (EV/EBITDA)		 428.02 124.81 0.00 0.00 156.99 171.07 316.01 0.00 0.00 - 35.49
Enterprise Value to EBIT (EV/EBIT)		 0.00 173.30 0.00 0.00 238.39 290.01 1,040.88 0.00 0.00 - 37.59
Enterprise Value to NOPAT (EV/NOPAT)		 143.71 209.65 0.00 0.00 330.59 389.99 1,404.11 0.00 0.00 - 177.78
Enterprise Value to Operating Cash Flow (EV/OCF)		 198.88 71.98 0.00 0.00 319.91 1,285.93 0.00 151.75 0.00 - 45.49
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.74 1.98 1.87 1.77 1.78 1.83 1.91 1.82 1.93 - 2.12
Long-Term Debt to Equity		 1.49 1.78 1.75 1.59 1.72 1.79 1.74 1.68 1.62 - 2.12
Financial Leverage		 1.70 1.90 1.94 1.71 1.76 1.90 1.89 1.80 1.86 - 2.02
Leverage Ratio		 2.77 2.97 3.02 2.79 2.84 3.00 2.99 2.90 2.97 - 3.13
Compound Leverage Factor		 3.33 26.46 42.26 9.98 25.94 44.37 -41.61 -20.30 -68.77 - 12.96
Debt to Total Capital		 63.53% 66.48% 65.15% 63.91% 64.00% 64.66% 65.65% 64.56% 65.89% - 68.00%
Short-Term Debt to Total Capital		 9.32% 6.75% 4.09% 6.63% 2.09% 1.49% 6.00% 4.89% 10.56% - 0.02%
Long-Term Debt to Total Capital		 54.21% 59.73% 61.07% 57.27% 61.92% 63.17% 59.66% 59.67% 55.33% - 67.98%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.82% 0.77% 0.86% 0.97% 1.00% 1.00% 1.08% 1.07% 1.03% - 1.16%
Common Equity to Total Capital		 35.66% 32.75% 33.99% 35.12% 34.99% 34.34% 33.27% 34.37% 33.08% - 30.84%
Debt to EBITDA		 275.28 73.88 64.17 61.08 79.79 100.01 182.67 -2,624.07 -986.88 - 19.10
Net Debt to EBITDA		 263.58 72.79 63.24 58.91 78.94 97.06 180.07 -2,575.93 -929.48 - 18.65
Long-Term Debt to EBITDA		 234.89 66.38 60.14 54.74 77.19 97.71 165.99 -2,425.23 -828.71 - 19.09
Debt to NOPAT		 92.43 124.10 110.95 108.19 168.02 228.00 811.65 -287.73 -290.08 - 95.64
Net Debt to NOPAT		 88.50 122.27 109.35 104.36 166.23 221.28 800.07 -282.45 -273.20 - 93.43
Long-Term Debt to NOPAT		 78.87 111.51 103.99 96.96 162.54 222.77 737.51 -265.93 -243.58 - 95.62
Noncontrolling Interest Sharing Ratio		 2.18% 2.23% 2.48% 2.47% 2.53% 2.59% 2.81% 2.87% 2.91% - 3.38%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,360 -1,739 -1,496 -1,168 -698 -411 -673 -882 -1,425 - -745
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Free Cash Flow to Firm to Interest Expense		 -31.42 -34.37 -24.19 -19.62 -11.75 -6.67 -10.41 -11.06 -19.93 - -7.50
Operating Cash Flow to Interest Expense		 0.61 0.15 0.34 -0.42 0.37 -0.20 -0.57 1.00 -1.70 - 0.16
Operating Cash Flow Less CapEx to Interest Expense		 0.61 0.15 0.34 -0.42 0.37 -0.20 -0.57 1.00 -1.70 - 0.16
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.03 0.03 0.03 0.02 0.02 0.02 0.01 0.01 - 0.01
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,758 6,389 6,524 6,436 6,454 6,805 7,193 7,304 7,875 - 7,920
Invested Capital Turnover		 0.02 0.03 0.03 0.03 0.02 0.02 0.02 0.01 0.02 - 0.01
Increase / (Decrease) in Invested Capital		 1,378 1,749 1,505 1,176 696 416 669 868 1,421 - 727
Enterprise Value (EV)		 5,687 7,175 0.00 0.00 8,127 7,525 8,170 7,919 8,734 - 10,010
Market Capitalization		 2,138 2,941 0.00 0.00 3,976 3,187 3,437 3,212 3,766 - 4,657
Book Value per Share		 $19.14 $18.80 $19.69 $19.82 $19.34 $19.67 $20.05 $20.67 $20.95 - $19.15
Tangible Book Value per Share		 $19.14 $18.80 $19.69 $19.82 $19.34 $19.67 $20.05 $20.67 $20.95 - $19.15
Total Capital		 5,758 6,389 6,524 6,436 6,454 6,805 7,193 7,304 7,875 - 7,920
Total Debt		 3,658 4,247 4,251 4,113 4,131 4,400 4,723 4,715 5,189 - 5,386
Total Long-Term Debt		 3,121 3,816 3,984 3,686 3,996 4,298 4,291 4,358 4,357 - 5,384
Net Debt		 3,502 4,185 4,189 3,968 4,087 4,270 4,655 4,629 4,887 - 5,261
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Nonoperating Expense (NNE)		 -3.62 -81 -116 -19 17 -66 -62 -114 -89 - 56
Net Nonoperating Obligations (NNO)		 3,658 4,247 4,251 4,113 4,131 4,400 4,723 4,715 5,189 - 5,386
Total Depreciation and Amortization (D&A)		 3.91 3.99 4.35 4.36 4.98 4.36 4.31 4.00 3.79 - 3.96
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.20 $0.85 $1.08 $0.23 ($0.17) $0.58 $0.47 $0.80 $0.66 ($0.44) ($0.57)
Adjusted Weighted Average Basic Shares Outstanding		 107.72M 101.84M 112.62M 114.33M 116.58M 115.55M 119.38M 121.52M 124.59M 122.98M 127.58M
Adjusted Diluted Earnings per Share		 $0.20 $0.82 $0.98 $0.23 ($0.17) $0.58 $0.44 $0.74 $0.61 ($0.38) ($0.57)
Adjusted Weighted Average Diluted Shares Outstanding		 109.15M 109.47M 131.00M 114.43M 116.58M 130.50M 137.96M 137.74M 139.61M 138.18M 127.58M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 111.30M 112.43M 114.03M 116.75M 118.79M 119.28M 121.45M 124.35M 126.53M 128.18M 128.43M
Normalized Net Operating Profit after Tax (NOPAT)		 9.63 10 8.89 7.53 -2.02 4.82 -4.19 -14 -1.52 - -15
Normalized NOPAT Margin		 20.69% 28.39% 20.24% 21.51% -8.94% 12.13% -12.98% -227.64% -4.80% - -58.13%
Pre Tax Income Margin		 35.48% 355.39% 388.55% 106.58% -116.50% 231.73% 254.41% 2,322.83% 378.06% - -418.90%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.32 0.28 0.20 0.18 -0.05 0.10 -0.09 -0.25 -0.07 - -0.25
NOPAT to Interest Expense		 0.42 0.20 0.14 0.13 -0.03 0.08 -0.06 -0.18 -0.05 - -0.18
EBIT Less CapEx to Interest Expense		 0.32 0.28 0.20 0.18 -0.05 0.10 -0.09 -0.25 -0.07 - -0.25
NOPAT Less CapEx to Interest Expense		 0.42 0.20 0.14 0.13 -0.03 0.08 -0.06 -0.18 -0.05 - -0.18
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 376.47% 105.99% 67.70% 68.50% 83.69% 94.42% 143.94% 95.87% 65.47% - 383.95%
Augmented Payout Ratio		 376.47% 105.99% 67.70% 68.50% 83.69% 94.42% 143.94% 95.87% 65.47% - 383.95%

Financials Breakdown Chart

Key Financial Trends

HA Sustainable Infrastructure Capital (NYSE: HASI) showed a mixed start to 2026, with a sharp earnings loss in Q1 even as operating cash flow stayed positive and the balance sheet remained heavily asset-backed. Over the last several years, the company has grown its asset base and recurring income streams, but quarterly results also show meaningful volatility in non-operating items, financing activity, and debt levels.

  • Operating cash flow remained positive in Q1 2026, with net cash from operating activities of $15.6 million, even though GAAP net income was a loss of $73.7 million.
  • Total assets continued to expand, rising to $8.20 billion in Q1 2026 from $7.48 billion in Q1 2025 and $5.14 billion in Q1 2023.
  • Equity also increased meaningfully over the past year, with total equity and noncontrolling interests up to $2.53 billion in Q1 2026 from $2.47 billion in Q1 2025.
  • Non-interest income remains a major profit driver, and in Q1 2026 it totaled $124.2 million, helping offset a large negative interest spread.
  • Q1 2026 financing cash flow was positive at $174.4 million, supported by over $1.06 billion of debt issuance despite heavy repayments.
  • The business model remains heavily dependent on investment and non-operating gains, rather than simple spread income, which can make quarterly results uneven.
  • Net income has been volatile across the last several quarters, swinging from $124.5 million in Q1 2024 to a $73.7 million loss in Q1 2026.
  • Interest expense remains substantial, with Q1 2026 long-term debt interest expense of $99.3 million and cash interest paid of $102.9 million.
  • Dividend payments have stayed consistent, with quarterly dividends per share around $0.42 to $0.425, suggesting ongoing shareholder returns but also a recurring cash obligation.
  • Q1 2026 was a loss quarter, with pre-tax income of negative $104.5 million and diluted EPS of negative $0.57.
  • Operating cash flow weakened sharply versus prior quarters, falling from $246.7 million in Q4 2025 and $79.6 million in Q2 2025 to just $15.6 million in Q1 2026.
  • Debt remains very large, including $5.38 billion of long-term debt and $5.67 billion of total liabilities in Q1 2026.
  • Short-term debt and leverage have been volatile, with short-term debt jumping to $831.7 million in Q3 2025 before falling to $1.5 million in Q1 2026.
  • Cash declined year over year, from $301.8 million in Q3 2025 to $124.5 million in Q1 2026, which may reduce near-term flexibility.

Bottom line: HASI continues to grow its asset base and generate meaningful non-interest income, but its earnings profile is volatile and highly sensitive to financing activity, market-driven investment gains, and interest costs. For retail investors, the main takeaway is that the company still appears to have a solid balance sheet foundation, but quarterly profitability can swing widely, so the sustainability of cash flow and earnings will matter a lot going forward.

06/03/26 02:01 PM ETAI Generated. May Contain Errors.

HA Sustainable Infrastructure Capital Financials - Frequently Asked Questions

According to the most recent income statement we have on file, HA Sustainable Infrastructure Capital's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

HA Sustainable Infrastructure Capital's net income appears to be on an upward trend, with a most recent value of $188.24 million in 2025, rising from $8.03 million in 2015. The previous period was $203.63 million in 2024. Check out HA Sustainable Infrastructure Capital's forecast to explore projected trends and price targets.

Over the last 10 years, HA Sustainable Infrastructure Capital's total revenue changed from $32.29 million in 2015 to $108.10 million in 2025, a change of 234.7%.

HA Sustainable Infrastructure Capital's total liabilities were at $5.53 billion at the end of 2025, a 18.3% increase from 2024, and a 433.0% increase since 2015.

In the past 10 years, HA Sustainable Infrastructure Capital's cash and equivalents has ranged from $6.21 million in 2019 to $286.25 million in 2020, and is currently $110.22 million as of their latest financial filing in 2025.


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Financial statements for NYSE:HASI last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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