Filing Flows › HA Sustainable Infrastructure Capital (HASI) › Q4 2025
HA Sustainable Infrastructure Capital (HASI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
HA Sustainable Infrastructure Capital (HASI) reported revenue of $115M for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +11% from the quarter before. Operating margin was -57.4%, net loss $54.6M (47.6% of revenue).
HA Sustainable Infrastructure Capital, Q4 2025: revenue $115M (+13% year over year), operating margin -57.4%, net loss $54.6M, operating cash flow $247M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $115M | +11% | +13% |
| Operating profit | −$66.0M | -155% | — |
| Net earnings | −$54.6M | -166% | — |
| Operating cash flow | $247M | — | — |
What changed
Revenue was $114.8M in Q4 2025, up 13% year over year and up 11% from the previous quarter.
Operating costs exceeded revenue by $66.0M, an operating margin of -57.4%. Total costs grew 1861% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+55121%). The quarter ended with a net loss of $54.6M, after a profit of $84.9M the previous quarter. Minority interests bore $883K of it: to shareholders the quarter was a loss of $53.8M.
Operating cash flow was $246.7M. Non-cash charges added back $184K of depreciation and amortization and $5.9M of share-based compensation. Working capital and other items added $295.3M.
Questions
What was HA Sustainable Infrastructure Capital's revenue in the fourth quarter 2025?
HA Sustainable Infrastructure Capital (HASI) reported revenue of $115M for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +11% from the quarter before.
Was HA Sustainable Infrastructure Capital profitable in the fourth quarter 2025?
Operating loss was $66.0M (-57.4% of revenue) and net loss $54.6M.
Source: HA Sustainable Infrastructure Capital 10-K on SEC EDGAR.