Filing Flows › HA Sustainable Infrastructure Capital (HASI) › Q3 2025
HA Sustainable Infrastructure Capital (HASI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
HA Sustainable Infrastructure Capital (HASI) reported revenue of $103M for the third quarter 2025 (Q3 2025), +26% from a year earlier and +20% from the quarter before. Operating margin was 115.9%, net earnings $83.3M (80.8% of revenue).
HA Sustainable Infrastructure Capital, Q3 2025: revenue $103M (+26% year over year), operating margin 115.9%, net earnings $83.3M, operating cash flow −$122M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $103M | +20% | +26% |
| Operating profit | $119M | -13% | — |
| Net earnings | $83.3M | -15% | — |
| Operating cash flow | −$122M | -253% | — |
What changed
Revenue was $103.1M in Q3 2025, up 26% year over year and up 20% from the previous quarter.
Operating profit was $119.4M, a 115.9% margin (up 147.9 points year over year). Net earnings were $83.3M. The effective tax rate was 28.9%.
Operating cash flow was −$121.8M. Non-cash charges added back $178K of depreciation and amortization and $5.8M of share-based compensation. Working capital and other items used $212.6M.
Questions
What was HA Sustainable Infrastructure Capital's revenue in the third quarter 2025?
HA Sustainable Infrastructure Capital (HASI) reported revenue of $103M for the third quarter 2025 (Q3 2025), +26% from a year earlier and +20% from the quarter before.
Was HA Sustainable Infrastructure Capital profitable in the third quarter 2025?
Operating profit was $119M (115.9% of revenue) and net earnings $83.3M.
Source: HA Sustainable Infrastructure Capital 10-Q on SEC EDGAR.