Hannon Armstrong Sustainable Infrastructure Capital Inc
NYSE: HASI · FINANCIAL SERVICES · ASSET MANAGEMENT
Updated 2026-09-11
Hannon Armstrong Sustainable Infrastructure Capital Inc (HASI) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $369540.00 | $1.95M | $25.25M | $24.09M | $45.27M | $58.58M | $87.31M | $128.28M | $161.56M | $205.75M | $234.87M | $339.59M | $271.03M | $460.85M | $631.47M | $400.50M |
| Revenue growth (YoY) | — | +428.5% | +1193.1% | -4.6% | +88.0% | +29.4% | +49.0% | +46.9% | +25.9% | +27.4% | +14.2% | +44.6% | -20.2% | +70.0% | +37.0% | -36.6% |
| Cost of revenue | $369540.00 | $15.98M | $9.85M | $9.81M | $16.66M | $26.39M | $45.24M | $65.47M | $76.87M | $64.24M | $92.18M | $121.70M | $115.56M | $171.01M | $242.36M | $292.40M |
| Gross profit | $15.34M | $1.95M | $15.40M | $14.27M | $28.62M | $32.20M | $42.07M | $62.80M | $84.68M | $141.51M | $142.69M | $217.88M | $155.47M | $289.84M | $389.11M | $108.10M |
| Gross margin | 4150.1% | 100.0% | 61.0% | 59.3% | 63.2% | 55.0% | 48.2% | 49.0% | 52.4% | 68.8% | 60.8% | 64.2% | 57.4% | 62.9% | 61.6% | 27.0% |
| R&D | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | $9.05M | $2.51M | $3.90M | $3.84M | $8.31M | $7.26M | $8.29M | $11.18M | $15.09M | $14.69M | $14.85M | $19.91M | $29.93M | $31.28M | $32.91M | $123.14M |
| Operating income | $14.08M | $-6.96M | $3.80M | $-12.88M | $9.80M | $8.15M | $14.90M | $31.92M | $43.94M | $90.02M | $79.98M | $144.50M | $49.29M | $182.38M | $273.83M | $-27.18M |
| Operating margin | 3810.3% | -356.6% | 15.1% | -53.5% | 21.6% | 13.9% | 17.1% | 24.9% | 27.2% | 43.7% | 34.1% | 42.6% | 18.2% | 39.6% | 43.4% | -6.8% |
| EBITDA | $17.84M | $-3.70M | $4.24M | $-11.79M | $12.43M | $12.10M | $22.55M | $35.47M | $48.47M | $93.61M | $83.56M | $148.31M | $53.28M | $185.50M | $274.83M | $-26.40M |
| EBITDA margin | 4827.7% | -189.3% | 16.8% | -48.9% | 27.4% | 20.7% | 25.8% | 27.7% | 30.0% | 45.5% | 35.6% | 43.7% | 19.7% | 40.3% | 43.5% | -6.6% |
| EBIT | $14.08M | $-4.72M | $3.80M | $-12.88M | $9.80M | $8.15M | $14.90M | $31.92M | $43.94M | $90.02M | $79.98M | $144.50M | $49.29M | $182.38M | $273.83M | $-27.18M |
| Interest expense | $369540.00 | $295000.00 | $9.85M | $9.81M | $16.66M | $26.39M | $45.24M | $65.47M | $76.87M | $64.24M | $92.18M | $121.70M | $115.56M | $171.01M | $242.36M | $292.40M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $14.08M | $-5.01M | $3.80M | $-10.46M | $9.61M | $7.96M | $14.65M | $30.86M | $41.58M | $81.56M | $82.42M | $126.58M | $41.50M | $148.84M | $200.04M | $184.55M |
| Net income growth (YoY) | — | -135.6% | +175.9% | -374.9% | +191.9% | -17.2% | +84.1% | +110.6% | +34.7% | +96.2% | +1.0% | +53.6% | -67.2% | +258.6% | +34.4% | -7.7% |
| Profit margin | 3810.3% | -256.6% | 15.1% | -43.4% | 21.2% | 13.6% | 16.8% | 24.1% | 25.7% | 39.6% | 35.1% | 37.3% | 15.3% | 32.3% | 31.7% | 46.1% |
Frequently asked questions
What is Hannon Armstrong Sustainable Infrastructure Capital Inc's revenue?
Hannon Armstrong Sustainable Infrastructure Capital Inc's trailing twelve-month revenue is $127.34M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is HASI?
In its most recent fiscal year, HASI ran a gross margin of 26.99%, an operating margin of -6.79%, and a net margin of 46.08%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does HASI generate?
HASI produced $167.32M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is HASI's balance sheet healthy?
HASI holds $145.22M in cash and equivalents against $4.49B in long-term debt, on $2.57B of shareholder equity. That debt is best read against the cash flow the business throws off each year.