HA Sustainable Infrastructure Capital Inc delivered a standout QQ3 2025 financial results profile, underpinned by exceptionally strong top-line and margin metrics. Revenue reached USD 103.064 billion, with gross profit of USD 75.676 billion and a gross margin of 73.4%. Operating income stood at USD 69.35 billion, and net income reported USD 83.257 billion, producing an elevated net margin around 80.8% and earnings per share (EPS) of USD 0.66 (basic) and USD 0.61 (diluted).
A notable feature of the quarter is the substantial contribution from non-operating items, with total other income and expenses amounting to USD 50.053 billion and a pre-tax income of USD 119.403 billion. The tax expense is presented as negative USD 34.497 billion, contributing to the reported net income strength. The balance sheet shows robust cash per share metrics and an extremely low price-to-book and price-to-sales footprint, yet cash flow indicators reveal negative operating and free cash flow per share (both USD -637.28), suggesting the earnings profile is supported by non-operating items and potential accounting constructs rather than recurring cash generation.
Risks and uncertainties remain around the sustainability of the earnings mix, the unusually high interest expense (USD 71.482 billion) relative to EBITDA (USD 69.35 billion), and the heavy reliance on non-operating gains. There is no public peer data in the provided dataset to benchmark directly; investors should scrutinize the quarterly footnotes and management discussion to gauge the durability of the quarter’s drivers and the quality of earnings.