Core earnings are structurally impaired, with net interest income negative in four of the last five quarters and a net interest margin of -0.2% in Q2 2026, while profitability is entirely reliant on volatile non-interest income that constituted 106.7% of total revenue.
HA Sustainable Infrastructure Capital, Inc. (HASI) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Sep'12 | Sep'11 |
|---|
| Net Interest Income | -108.29M | -6.04M | 47.48M | 56.05M | 37M | -5.12M | 3.38M | 11.96M | -939K | -3.25M | 4.78M | 12.51M | 10.29M | 7.55M | 2M | 11.44M |
| NII Growth % | -4005.22% | -112.72% | -15.28% | 51.46% | 822.13% | -251.73% | -71.76% | 1373.59% | 71.06% | -167.84% | -61.77% | 21.53% | 36.36% | 278.26% | -82.56% | - |
| Net Interest Margin % | -1.12% | -0.07% | 0.67% | 0.86% | 0.78% | -0.12% | 0.1% | 0.5% | -0.04% | -0.14% | 0.27% | 0.85% | 1.02% | 1.32% | 0.86% | 6.55% |
| Interest Income | 250.63M | 286.36M | 289.85M | 227.05M | 152.56M | 116.58M | 95.56M | 76.2M | 75.94M | 62.23M | 50.02M | 38.9M | 26.95M | 17.36M | 11.85M | 11.74M |
| Interest Expense | 358.92M | 292.4M | 242.36M | 171.01M | 115.56M | 121.7M | 92.18M | 64.24M | 76.87M | 65.47M | 45.24M | 26.39M | 16.66M | 9.81M | 9.85M | 295K |
| Loan Loss Provision | -92.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 223.66M | 114.14M | 93.75M | 233.79M | 118.47M | 223.01M | 139.31M | 129.56M | 85.62M | 66.05M | 37.28M | 19.68M | 18.32M | 6.72M | 13.41M | -9.49M |
| Non-Interest Income % | 193.87% | 105.59% | 66.38% | 80.66% | 76.2% | 102.35% | 97.63% | 91.55% | 101.11% | 105.17% | 88.63% | 61.14% | 64.03% | 47.1% | 87.04% | -485.97% |
| Total Net Revenue | 115.37M | 108.1M | 141.23M | 289.84M | 155.47M | 217.88M | 142.69M | 141.51M | 84.68M | 62.8M | 42.07M | 32.2M | 28.62M | 14.27M | 15.4M | 1.95M |
| Revenue Growth % | -40.95% | -23.46% | -51.27% | 86.43% | -28.65% | 52.7% | 0.83% | 67.11% | 34.84% | 49.3% | 30.66% | 12.49% | 100.55% | -7.34% | 688.63% | - |
| Non-Interest Expense | 146.46M | 135.28M | 115.28M | 107.46M | 106.18M | 73.38M | 62.71M | 51.5M | 40.74M | 30.88M | 27.17M | 24.04M | 18.82M | 27.16M | 11.6M | 1.95M |
| Efficiency Ratio | 126.95% | 125.15% | 81.63% | 37.08% | 68.29% | 33.68% | 43.95% | 36.39% | 48.11% | 49.18% | 64.59% | 74.68% | 65.77% | 190.29% | 75.3% | 100% |
| Operating Income | 61.27M | -27.18M | 25.95M | 182.38M | 49.29M | 144.5M | 79.98M | 90.02M | 43.94M | 31.92M | 14.9M | 8.15M | 9.8M | -12.88M | 3.8M | 0 |
| Operating Margin % | 53.11% | -25.15% | 18.37% | 62.92% | 31.71% | 66.32% | 56.05% | 63.61% | 51.89% | 50.82% | 35.41% | 25.32% | 34.23% | -90.29% | 24.7% | 0% |
| Operating Income Growth % | - | -204.76% | -85.77% | 270% | -65.89% | 80.68% | -11.15% | 104.85% | 37.66% | 114.27% | 82.74% | -16.78% | 176.03% | -438.72% | - | - |
| Pretax Income | 208.85M | 273.48M | 273.83M | 182.38M | 49.29M | 144.5M | 79.98M | 90.02M | 43.94M | 31.92M | 14.9M | 8.15M | 9.8M | -12.88M | 3.8M | -5.01M |
| Pretax Margin % | 181.03% | 253% | 193.89% | 62.92% | 31.71% | 66.32% | 56.05% | 63.61% | 51.89% | 50.82% | 35.41% | 25.32% | 34.23% | -90.29% | 24.7% | -256.63% |
| Income Tax | 63.24M | 85.25M | 70.2M | 31.62M | 7.38M | 17.16M | -2.78M | 8.1M | 2.14M | 885K | 141K | 118K | 26K | -251K | 0 | 0 |
| Effective Tax Rate % | 30.28% | 31.17% | 25.64% | 17.34% | 14.97% | 11.87% | -3.47% | 8.99% | 4.88% | 2.77% | 0.95% | 1.45% | 0.27% | 1.95% | 0% | 0% |
| Net Income | 149.38M | 184.55M | 200.04M | 148.84M | 41.5M | 126.58M | 82.42M | 81.56M | 41.58M | 30.86M | 14.65M | 7.96M | 9.61M | -10.46M | 3.8M | -5.01M |
| Net Margin % | 129.48% | 170.72% | 141.64% | 51.35% | 26.69% | 58.1% | 57.76% | 57.64% | 49.1% | 49.13% | 34.83% | 24.72% | 33.57% | -73.29% | 24.7% | -256.63% |
| Net Income Growth % | -51.56% | -7.74% | 34.4% | 258.62% | -67.21% | 53.59% | 1.04% | 96.18% | 34.75% | 110.59% | 84.12% | -17.16% | 191.85% | -374.95% | 175.9% | - |
| Net Income (Continuing) | 145.62M | 188.24M | 203.63M | 150.76M | 41.91M | 127.35M | 82.76M | 81.92M | 41.8M | 31.04M | 14.76M | 8.03M | 9.77M | -12.63M | 3.8M | -5.01M |
| EPS (Diluted) | 1.04 | 1.41 | 1.62 | 1.42 | 0.45 | 1.51 | 1.10 | 1.24 | 0.75 | 0.57 | 0.32 | 0.21 | 0.43 | -0.68 | 0.25 | -0.33 |
| EPS Growth % | -58.26% | -12.96% | 14.08% | 215.56% | -70.2% | 37.27% | -11.29% | 65.33% | 31.58% | 78.13% | 52.38% | -51.16% | 163.24% | -372% | 175.76% | - |
| EPS (Basic) | - | 1.49 | 1.72 | 1.45 | 0.47 | 1.57 | 1.13 | 1.25 | 0.75 | 0.57 | 0.32 | 0.21 | 0.43 | -0.68 | 0.25 | -0.33 |
| Diluted Shares Outstanding | 143.58M | 138.18M | 130.5M | 109.47M | 90.61M | 87.67M | 74.37M | 64.77M | 52.78M | 50.36M | 40.29M | 30.76M | 20.66M | 15.72M | 15.13M | 15.13M |
Quick answers to the most common questions about buying HASI stock.
For fiscal year 2025, HA Sustainable Infrastructure Capital, Inc. (HASI) reported total revenue of $108.1M. This represents a 5435.0% increase compared to $2.0M in 2011.
HA Sustainable Infrastructure Capital, Inc. (HASI) is profitable, generating $184.5M in net income for the fiscal year ending 2025 with a net profit margin of 170.7%.
HA Sustainable Infrastructure Capital, Inc. (HASI) reported an operating income of $-27.2M, resulting in an operating profit margin of -25.1%. This margin reflects the operational efficiency of the business before interest and taxes.
HA Sustainable Infrastructure Capital, Inc. (HASI) generated $108.1M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Earnings quality reliant on non-operating gains
Metrics are mathematically derived from official filings.
Net Interest Income Volatility and Negative Spread
HASI's net interest income has been negative in four of the last five quarters, with a -$2.3M result in Q2 2026, suggesting the yield on its asset portfolio is not covering its funding costs in the current rate environment.
The persistent negative NII indicates a structural challenge in the company's spread-based model, where the weighted average cost of debt appears to exceed the portfolio yield on new and existing assets. This dynamic is particularly concerning given the company's reliance on debt financing for growth, as it implies that each new dollar of capital deployed may be dilutive to net interest income until asset yields adjust upward or funding costs decline.
Net Interest Margin Compression and Structural Challenges
The net interest margin has been negative or near zero for the past ten quarters, reaching -0.2% in Q2 2026, which indicates a fundamental disconnect between asset yields and funding costs that is eroding the core earnings engine.
A persistently negative NIM for a specialty finance company is a significant red flag, as it means the core lending activity is not generating positive spread. This compression suggests that HASI's long-term, fixed-rate asset portfolio is not keeping pace with its rising cost of capital, a problem that may be exacerbated if the company is unable to reprice assets or refinance debt at more favorable terms.
Fee Income Dominance Masks Core Operational Weakness
Non-interest income represented 106.7% of total revenue in Q2 2026, indicating that the company's profitability is almost entirely dependent on transactional gains and investment realizations rather than its core lending operations.
The extreme reliance on fee income, which is often volatile and tied to securitization timing, creates significant earnings unpredictability. This structure suggests that the company's core competency in originating and holding sustainable infrastructure assets is not translating into consistent, recurring interest income, forcing it to rely on realized gains to achieve profitability.
Q2 2026 Earnings Beat Driven by Non-Operating Factors
Despite a -72.2% year-over-year revenue decline, Q2 2026 EPS of $0.92 beat estimates by $0.06, suggesting the earnings beat was driven by non-operating items like investment gains rather than core business growth.
The stark divergence between collapsing revenue and positive earnings per share points to a significant inflection in the earnings quality. This pattern indicates that management's raised guidance may be predicated on the successful realization of investments from the portfolio rather than a recovery in the core origination and spread-based business model.
Earnings Quality Challenged by Operating Losses
The -25.1% operating margin in Q2 2026, contrasted with a 170.7% net margin, indicates that reported profitability is entirely dependent on non-operating income, raising serious questions about the sustainability of the current earnings trajectory.
This extreme divergence suggests that the company's core operations are generating significant losses, which are being masked by large, likely non-recurring, gains on the income statement. Investors should scrutinize the nature and frequency of these non-operating items, as a future period without such gains could reveal a deeply unprofitable core business.