HASI HA Sustainable Infrastructure Capital, Inc.

Overview and Growth

Fiscal 2025 results for HA Sustainable Infrastructure Capital, Inc. combined $400.50M of revenue with net income of $184.55M and an operating cash inflow of $167.32M. Revenue of $400.50M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 4.4% above fiscal 2024 revenue of $383.60M, marking a year-over-year increase. Diluted earnings per share were $1.41, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS decreased by 13.0% from $1.62 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. A diluted share base of 138.18M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. The diluted share count was 5.9% higher than fiscal 2024, when diluted shares averaged 130.50M, adding context to the EPS comparison. Total assets stood at $8.19B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.05x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Net income came to $184.55M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 46.1%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $273.48M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 68.3%, adding a pre-tax profitability layer between revenue and net income. The company recognized $85.25M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 31.2% of pretax income, showing the tax burden absorbed by the year’s earnings. The relationship between net income and period-end equity was 6.9%, indicating the profitability achieved on book capital. The net-income-to-assets relationship measured 2.3%, showing earnings relative to the full balance sheet. Against $200.04M in fiscal 2024, the current $184.55M bottom line finished below the prior-year result in absolute terms.

Liquidity and Capital Structure

The company held $8.19B of assets against $5.53B of liabilities and $2.66B of equity, revealing how the asset base was financed. Reported cash and equivalents were $110.22M, separating immediately recognizable cash resources from the rest of the current-asset base. The equity-to-assets relationship was 32.5%, placing book capital against the total resource base. Relative to total assets, liabilities measured 67.5%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 1.3%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 15.6% from $7.08B in fiscal 2024, leaving current total assets higher year over year. Book equity was 10.5% higher than fiscal 2024 equity of $2.41B, showing how shareholder capital changed year over year. Cash and equivalents were 15.1% lower than fiscal 2024 cash of $129.76M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported $167.32M of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 0.91x, comparing cash generated by operations with the bottom-line earnings result. The operating cash outcome moved from $5.85M in fiscal 2024 to $167.32M, ending above the prior-year level.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.