Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) Income Statement
HASI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHASI revenue and net income
Where HASI's revenue goes
2025Each bar shows an amount and its share of revenue. HASI kept 46.1% of revenue as net income.
HASI profit margins
HASI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −36.6% | +13.9% | +11.3% | +21.2% |
| Gross profit | −72.2% | −11.4% | −5.4% | +12.9% |
| Operating income | −109.9% | — | — | — |
| Net income | −7.7% | +64.4% | +17.5% | +36.9% |
| EPS (diluted) | +9.0% | +8.7% | +11.2% | +9.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HASI quarterly EPS vs estimates
HA Sustainable Infrastructure beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.69).
HASI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $400.5M | $631.5M | $460.8M | $271.0M | $339.6M | $234.9M | $205.8M | $161.6M | $128.3M | $87.3M |
| Cost of revenue | $292.4M | $242.4M | $171.0M | $115.6M | $121.7M | $92.2M | $64.2M | $76.9M | $65.5M | $45.2M |
| Gross profit | $108.1M | $389.1M | $289.8M | $155.5M | $217.9M | $142.7M | $141.5M | $84.7M | $62.8M | $42.1M |
| Research & development | — | — | $1 | $0 | $1 | $0 | $1 | $0 | $0 | $0 |
| Sales, general & admin | $123.1M | $32.9M | $95.6M | $93.4M | $72.9M | $14.8M | $14.7M | $16.7M | $11.2M | $8.3M |
| Total operating expenses | $135.3M | $115.3M | $107.5M | $106.2M | $73.4M | $62.7M | $51.5M | $40.7M | $30.9M | $27.2M |
| Operating income | −$27.2M | $273.8M | $182.4M | $49.3M | $144.5M | $80.0M | $90.0M | $43.9M | $31.9M | $14.9M |
| Interest income | $286.4M | $289.8M | $185.8M | $134.7M | $106.9M | $95.6M | $76.2M | $74.3M | $61.8M | $50.0M |
| Interest expense | $292.4M | $242.4M | $171.0M | $115.6M | $121.7M | $92.2M | $64.2M | $76.9M | $65.5M | $45.2M |
| Income before taxes | $273.5M | $273.8M | $182.4M | $49.3M | $144.5M | $80.0M | $90.0M | $43.9M | $31.9M | $14.9M |
| Income taxes | $85.2M | $70.2M | $31.6M | $7.4M | $17.2M | −$2.8M | $8.1M | $2.1M | $885,000 | $141,000 |
| Net income | $184.5M | $200.0M | $148.8M | $41.5M | $126.6M | $82.4M | $81.6M | $41.6M | $30.9M | $14.7M |
| EBITDA | −$26.4M | $274.8M | $185.5M | $53.3M | $148.3M | $83.6M | $93.6M | $48.5M | $35.5M | $22.6M |
| EPS (diluted) | $2.67 | $2.45 | $2.21 | $2.08 | $1.88 | $1.57 | $1.41 | $1.39 | $1.28 | $1.22 |
| Gross margin | 27.0% | 61.6% | 62.9% | 57.4% | 64.2% | 60.8% | 68.8% | 52.4% | 49.0% | 48.2% |
| Operating margin | −6.8% | 43.4% | 39.6% | 18.2% | 42.6% | 34.1% | 43.7% | 27.2% | 24.9% | 17.1% |
| Net margin | 46.1% | 31.7% | 32.3% | 15.3% | 37.3% | 35.1% | 39.6% | 25.7% | 24.1% | 16.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $120.8M | $124.2M | $114.8M | $103.1M | $85.7M | $96.9M | $187.2M | $82.0M | $121.4M | $264.4M | $200.1M | $92.6M |
| Cost of revenue | $87.5M | $99.3M | $76.5M | $71.5M | $79.7M | $64.7M | $61.6M | $17.2M | $59.5M | $61.9M | $50.6M | $43.3M |
| Gross profit | $33.3M | $25.0M | $38.3M | $31.6M | $5.9M | $32.3M | $125.6M | $64.7M | $61.9M | $202.5M | $149.5M | $49.3M |
| Sales, general & admin | $34.5M | $45.7M | $30.4M | $33.7M | $24.6M | $34.4M | $31.5M | $7.0M | $8.0M | $29.7M | $6.5M | $23.0M |
| Total operating expenses | $23.5M | $50.2M | $34.7M | $36.7M | $25.7M | $38.2M | $33.5M | $7.0M | $24.6M | $31.8M | $21.6M | $32.8M |
| Operating income | $9.8M | −$25.3M | $3.6M | −$5.2M | −$19.7M | −$5.9M | $92.1M | $57.8M | $37.3M | $170.7M | $127.9M | $16.5M |
| Interest income | — | $82.7M | $83.5M | $69.0M | $67.4M | $73.4M | $75.1M | $73.2M | $68.0M | $73.6M | $68.0M | $59.9M |
| Interest expense | $86.8M | $99.3M | $76.5M | $71.5M | $79.7M | $64.7M | $61.6M | $59.4M | $59.5M | $61.9M | $50.6M | $43.3M |
| Income before taxes | $188.8M | −$104.5M | −$66.0M | $119.4M | $138.0M | $82.1M | $92.1M | −$26.3M | $37.3M | $170.7M | $127.9M | $16.5M |
| Income taxes | $57.0M | −$30.8M | −$11.3M | $34.5M | $38.2M | $23.9M | $20.8M | −$7.1M | $10.3M | $46.2M | $36.9M | −$5.1M |
| Net income | $128.6M | −$72.0M | −$53.8M | $83.3M | $98.4M | $56.6M | $70.1M | −$19.6M | $26.5M | $123.0M | $89.8M | $21.4M |
| EBITDA | $10.0M | −$25.1M | $3.8M | −$5.0M | −$19.5M | −$5.7M | $92.4M | $57.75B | $37.5M | $171.1M | $128.3M | $17.4M |
| EPS (diluted) | $0.71 | $0.77 | $0.67 | $0.80 | $0.56 | $0.64 | $0.62 | $0.52 | $0.63 | $0.68 | $0.53 | $0.62 |
| Gross margin | 27.6% | 20.1% | 33.4% | 30.6% | 6.9% | 33.3% | 67.1% | 79.0% | 51.0% | 76.6% | 74.7% | 53.3% |
| Operating margin | 8.1% | −20.3% | 3.1% | −5.0% | −23.0% | −6.1% | 49.2% | 70.5% | 30.7% | 64.6% | 63.9% | 17.8% |
| Net margin | 106.5% | −57.9% | −46.8% | 80.8% | 114.9% | 58.4% | 37.4% | −23.9% | 21.9% | 46.5% | 44.9% | 23.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HASI's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HASI financial results
In fiscal year 2025 (ended December 31, 2025), HA Sustainable Infrastructure reported revenue of $400.5 million, down 36.6% from the year before. It had net income of $184.5 million (down 7.7%), a net profit margin of 46.1%. Diluted earnings per share came to $2.67. Over five years revenue grew at an average rate of 11.3% a year.
See the HASI stock overview for the latest quote and news, or the HASI chart for price history and technical indicators.
HASI income statement FAQ
What is HA Sustainable Infrastructure's annual revenue?
HA Sustainable Infrastructure reported total revenue of $400.5 million for fiscal year 2025, which ended on December 31, 2025. That was down 36.6% from $631.5 million the previous year.
Is HA Sustainable Infrastructure profitable?
Yes. HA Sustainable Infrastructure reported net income of $184.5 million in fiscal 2025, a net profit margin of 46.1%; its operating margin was −6.8%.
What is HA Sustainable Infrastructure's gross margin?
HA Sustainable Infrastructure's gross margin was 27.0% in fiscal 2025: for every $100 of revenue, HA Sustainable Infrastructure kept $27 after the direct cost of its products and services.
How fast is HA Sustainable Infrastructure growing?
Revenue grew 11.3% a year on average over the last five fiscal years, from $234.9 million to $400.5 million.
What are HA Sustainable Infrastructure's earnings per share?
HA Sustainable Infrastructure earned $2.67 per diluted share in fiscal 2025, compared with $2.45 a year earlier.
When will HA Sustainable Infrastructure report its next earnings?
HA Sustainable Infrastructure is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does HA Sustainable Infrastructure's fiscal year end?
HA Sustainable Infrastructure's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.