Climate investment firm HA Sustainable Infrastructure Capital (NYSE: HASI) will be reporting earnings this Thursday after market close. Here’s what to expect.

HA Sustainable Infrastructure Capital beat analysts’ revenue expectations by 32.1% last quarter, reporting revenues of $103.6 million, up 4.2% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ revenue estimates and full-year EPS guidance exceeding analysts’ expectations.

Is HA Sustainable Infrastructure Capital a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting HA Sustainable Infrastructure Capital’s revenue to decline 4.4% year on year to $87.86 million, a further deceleration from the 2.2% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.69 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. HA Sustainable Infrastructure Capital has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 103% on average.

Looking at HA Sustainable Infrastructure Capital’s peers in the specialty finance segment, some have already reported their Q3 results, giving us a hint as to what we can expect. PROG’s revenues decreased 1.8% year on year, beating analysts’ expectations by 1.5%, and Capital Southwest reported revenues up 16.9%, topping estimates by 2.2%. PROG traded down 5% following the results while Capital Southwest was also down 2.4%.

Read our full analysis of PROG’s results here and Capital Southwest’s results here.

The euphoria surrounding Trump’s November win lit a fire under major indices, but potential tariffs have caused the market to do a 180 in 2025. While some of the specialty finance stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3.2% on average over the last month. HA Sustainable Infrastructure Capital is down 8.2% during the same time and is heading into earnings with an average analyst price target of $39 (compared to the current share price of $28.05).

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