H2O America's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), H2O America reported revenue of $800.6M (+7.0% year on year) and net income of $102.6M (+9.2% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Operating revenue | $800.6M | $748.4M | $670.4M | $620.7M |
| Purchased water | $126.3M | $158.6M | $136.0M | $122.3M |
| Power | $21.8M | $11.5M | $9.6M | $8.9M |
| Groundwater extraction charges | $112.1M | $73.1M | $63.0M | $56.2M |
| Other production expenses | $51.0M | $48.9M | $47.6M | $45.4M |
| Total production expenses | $311.2M | $292.0M | $256.2M | $232.8M |
| Administrative and general | $126.0M | $105.8M | $98.7M | $95.4M |
| Maintenance | $32.9M | $31.3M | $25.7M | $30.7M |
| Property taxes and other non-income taxes | $37.7M | $35.9M | $34.5M | $32.6M |
| Depreciation and amortization | $115.3M | $112.9M | $105.9M | $104.4M |
| Total operating expense | $623.1M | $577.9M | $520.9M | $489.7M |
| Operating income | $177.5M | $170.5M | $149.4M | $131.0M |
| Interest on long-term debt and other interest expense | ($72.6M) | ($71.4M) | ($66.1M) | ($58.1M) |
| Pension non-service credit (cost) | $6.4M | $3.8M | ($1.2M) | $5.0M |
| Other, net | $3.5M | $55.0K | $8.9M | $4.4M |
| Income before income taxes | $114.9M | $102.9M | $90.9M | $82.3M |
| Provision for income taxes | $12.4M | $9.0M | $6.0M | $8.5M |
| Net income | $102.6M | $94.0M | $85.0M | $73.8M |
| Unrealized (loss) gain on investment, net of taxes of $0 in 2025, $(163) in 2024 and $166 in 2023 | $0 | ($442.0K) | $530.0K | ($511.0K) |
| Adjustment to pension benefit plans, net of taxes of $0 in 2025, $0 in 2024 and $80 in 2023 | ($493.0K) | $611.0K | ($216.0K) | $2.2M |
| Comprehensive income | $102.1M | $94.1M | $85.3M | $75.5M |
| —Basic (in dollars per share) | $2.93 | $2.87 | $2.69 | $2.44 |
| —Diluted (in dollars per share) | $2.92 | $2.87 | $2.68 | $2.43 |
| —Basic (shares) | 35.0M | 32.7M | 31.6M | 30.3M |
| —Diluted (shares) | 35.1M | 32.8M | 31.7M | 30.4M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Operating revenue | $210.5M | $183.3M | $240.6M | $198.3M |
| Purchased water | $39.6M | $26.9M | $38.2M | $37.4M |
| Power | $3.9M | $4.3M | $8.2M | $3.9M |
| Groundwater extraction charges | $28.6M | $23.2M | $39.6M | $26.4M |
| Other production expenses | $13.4M | $12.0M | $12.4M | $13.2M |
| Total production expenses | $85.5M | $66.4M | $98.3M | $80.9M |
| Administrative and general | $33.6M | $29.8M | $31.3M | $28.8M |
| Maintenance | $7.5M | $8.4M | $8.0M | $7.5M |
| Property taxes and other non-income taxes | $9.0M | $9.0M | $9.5M | $8.5M |
| Depreciation and amortization | $32.1M | $32.3M | $28.8M | $28.8M |
| Total operating expense | $167.7M | $145.9M | $175.9M | $154.4M |
| Operating income | $42.8M | $37.4M | $64.6M | $43.9M |
| Interest on long-term debt and other interest expense | ($18.0M) | ($18.8M) | ($17.9M) | ($18.1M) |
| Pension non-service credit | $2.0M | $1.9M | $1.6M | $1.6M |
| Other, net | $3.8M | $1.9M | $2.6M | $2.0M |
| Income before income taxes | $30.6M | $22.4M | $50.9M | $29.3M |
| Provision for income taxes | $4.0M | $3.4M | $5.8M | $4.7M |
| Net income | $26.6M | $19.0M | $45.1M | $24.7M |
| Comprehensive income | $26.6M | $19.0M | $45.1M | $24.7M |
| Basic (in usd per share) | $0.64 | $0.50 | $1.27 | $0.71 |
| Diluted (in usd per share) | $0.62 | $0.49 | $1.27 | $0.71 |
| Dividends per share (in usd per share) | $0.44 | $0.44 | $0.42 | $0.42 |
| Basic (in shares) | 41.9M | 37.9M | 35.5M | 34.8M |
| Diluted (in shares) | 42.9M | 38.5M | 35.6M | 34.9M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Land | $44.6M | $44.7M | $41.4M | $40.0M |
| Depreciable plant and equipment | $4.7B | $4.2B | $4.0B | $3.7B |
| Construction work in progress | $269.3M | $179.5M | $107.0M | $116.9M |
| Intangible assets | $51.7M | $51.6M | $35.9M | $36.0M |
| Total utility plant | $5.1B | — | — | — |
| Less: accumulated depreciation and amortization | $1.1B | $1.0B | $981.6M | $1.2B |
| Net utility plant | $3.9B | $3.5B | $3.2B | $2.6B |
| Nonutility properties | $1.7M | $4.5B | $4.2B | $3.9B |
| Less: accumulated depreciation and amortization | $103.0K | $98.0K | $194.0K | $17.2M |
| Net nonutility properties | $1.6M | — | — | — |
| Cash and cash equivalents | $20.7M | $11.1M | $9.7M | — |
| Customers, net of allowances for uncollectible accounts of $722 and $1,172 in 2025 and 2024, respectively | $62.5M | $68.7M | $67.9M | $59.2M |
| Income tax | $2.7M | $6.0M | $5.2M | $0 |
| Other | $7.7M | $7.1M | $3.7M | $5.6M |
| Accrued unbilled revenue | $69.0M | $60.8M | $49.5M | $45.7M |
| Prepaid expenses | $11.6M | $10.3M | $11.1M | $9.8M |
| Current regulatory assets | $8.3M | $18.2M | $4.3M | $16.1M |
| Other current assets | $8.1M | $8.6M | $6.1M | $6.1M |
| Total current assets | $190.6M | $190.7M | $198.4M | $154.7M |
| Regulatory assets, less current portion | $246.5M | $224.1M | $235.9M | $127.3M |
| Investments | $19.7M | $18.1M | $16.4M | $14.8M |
| Postretirement benefit plans | $81.0M | $66.4M | $33.8M | — |
| Goodwill | $640.3M | $640.3M | $640.3M | $640.3M |
| Other | $35.9M | $28.9M | $8.1M | $24.3M |
| Total other assets | $1.0B | $977.8M | $962.9M | $806.7M |
| Total assets | $5.1B | $4.7B | $4.3B | $3.6B |
| Common stock, $0.001 par value; authorized 70,000,000 shares in 2025 and 2024; issued and outstanding 36,118,242 shares in 2025 and 33,629,169 shares in 2024 | 36.0K | 34.0K | 32.0K | 31.0K |
| Additional paid-in capital | $958.2M | $827.8M | $736.2M | $651.0M |
| Retained earnings | $581.1M | $537.2M | $495.4M | $458.4M |
| Accumulated other comprehensive income | $1.5M | $2.0M | $1.8M | $1.5M |
| Total stockholders’ equity | $1.5B | $1.4B | $1.2B | $1.1B |
| Long-term debt, less current portion | $1.9B | $1.7B | $1.5B | $1.5B |
| Total capitalization | $3.4B | $3.1B | $2.8B | $2.6B |
| Lines of credit | $86.8M | $119.1M | $171.5M | $159.6M |
| Current portion of long-term debt | $23.5M | $3.6M | $49.0M | $4.4M |
| Accrued groundwater extraction charges, purchased water and power | $29.3M | $25.1M | $24.5M | $19.7M |
| Accounts payable | $75.4M | $56.3M | $46.1M | $29.6M |
| Accrued interest | $18.2M | $17.5M | $15.8M | $13.9M |
| Accrued payroll | $19.1M | $15.2M | $12.2M | $11.9M |
| Current regulatory liabilities | $0 | $1.1M | $3.1M | — |
| Other current liabilities | $20.9M | $23.2M | $20.8M | $22.9M |
| Total current liabilities | $273.4M | $261.2M | $343.0M | $264.6M |
| Deferred income taxes | $307.9M | $276.0M | $238.5M | $218.2M |
| Advances for construction | $201.4M | $155.4M | $146.6M | $137.7M |
| Contributions in aid of construction | $342.7M | $340.7M | $326.5M | $323.7M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Land | $44.5M | $44.5M | $44.7M | $44.7M |
| Depreciable plant and equipment | $4.9B | $4.8B | $4.5B | $4.4B |
| Construction work in progress | $307.9M | $257.2M | $277.9M | $241.8M |
| Intangible assets | $51.7M | $51.7M | $51.7M | $51.6M |
| Total utility plant | $5.3B | $5.1B | $4.9B | $4.7B |
| Less: accumulated depreciation and amortization | $1.2B | $1.1B | $1.1B | $1.1B |
| Net utility plant | $4.1B | $4.0B | $3.8B | $3.7B |
| Nonutility properties | $2.2M | $2.2M | $1.3M | $1.3M |
| Less: accumulated depreciation and amortization | $105.0K | $104.0K | $101.0K | $99.0K |
| Net nonutility properties | $2.1M | $2.1M | $1.2M | $1.2M |
| Cash and cash equivalents | $104.1M | $153.0M | $11.3M | $19.8M |
| Customers, net of allowances for credit losses of $760 and $722 on June 30, 2026 and December 31, 2025, respectively | $71.0M | $62.1M | $86.0M | $76.8M |
| Income tax | $0 | $1.5M | $0 | $0 |
| Other | $11.8M | $11.3M | $6.5M | $7.7M |
| Accrued unbilled revenue | $70.6M | $65.2M | $73.1M | $68.0M |
| Prepaid expenses | $11.6M | $14.7M | $16.0M | $8.4M |
| Current portion of regulatory assets | $19.6M | $7.8M | $7.0M | $12.6M |
| Other current assets | $7.6M | $7.8M | $7.2M | $7.2M |
| Total current assets | $296.4M | $323.4M | $207.2M | $200.4M |
| Regulatory assets, less current portion | $243.9M | $246.5M | $242.4M | $232.7M |
| Investments | $20.6M | $20.2M | $19.3M | $18.9M |
| Postretirement benefit plans | $84.0M | $82.5M | $70.1M | $68.7M |
| Goodwill | $640.3M | $640.3M | $640.3M | $640.3M |
| Other | $46.3M | $39.7M | $32.1M | $30.3M |
| Total other assets | $1.0B | $1.0B | $1.0B | $990.9M |
| Total assets | $5.4B | $5.4B | $5.0B | $4.8B |
| Common stock, $0.001 par value; authorized 70,000,000 shares; 41,852,853 issued and outstanding shares on June 30, 2026 and 36,118,242 on December 31, 2025 | 42.0K | 42.0K | 36.0K | 35.0K |
| Additional paid-in capital | $1.3B | $1.2B | $941.8M | $914.3M |
| Retained earnings | $592.3M | $584.2M | $579.9M | $549.6M |
| Accumulated other comprehensive income | $1.5M | $1.5M | $2.0M | $2.0M |
| Total stockholders’ equity | $1.8B | $1.8B | $1.5B | $1.5B |
| Long-term debt, less current portion | $1.9B | $1.9B | $1.8B | $1.7B |
| Total capitalization | $3.7B | $3.7B | $3.3B | $3.2B |
| Lines of credit | $1.4M | $5.0K | $126.4M | $160.8M |
| Current portion of long-term debt | $8.6M | $8.6M | $18.0M | $18.9M |
| Accrued groundwater extraction charges, purchased water and power | $40.2M | $27.9M | $42.5M | $38.3M |
| Accounts payable | $70.4M | $62.9M | $61.2M | $48.2M |
| Accrued interest | $19.1M | $22.9M | $18.3M | $16.1M |
| Accrued payroll | $12.3M | $11.6M | $13.6M | $11.6M |
| Current portion of regulatory liabilities | $1.0K | — | $3.0K | $2.0K |
| Other current liabilities | $25.9M | $26.1M | $24.2M | $20.2M |
| Total current liabilities | $177.8M | $160.0M | $304.2M | $314.2M |
| Deferred income taxes | $317.9M | $311.9M | $303.0M | $286.0M |
| Advances for construction | $206.8M | $210.8M | $183.9M | $172.6M |
| Contributions in aid of construction | $353.9M | $342.4M | $343.3M | $339.9M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $102.6M | $94.0M | $85.0M | $73.8M |
| Depreciation and amortization | $120.5M | $115.0M | $108.1M | $106.4M |
| Deferred income taxes | $5.2M | $10.4M | ($8.5M) | ($3.2M) |
| Stock-based compensation | $6.4M | $5.6M | $4.6M | $4.8M |
| Allowance for equity funds used during construction | ($6.2M) | ($2.4M) | ($2.1M) | ($1.6M) |
| Loss on sale of nonutility properties and other assets | $0 | — | — | — |
| Accounts receivable and accrued unbilled revenue | ($3.2M) | ($12.7M) | ($10.9M) | ($8.2M) |
| Accounts payable and other current liabilities | $9.3M | $4.2M | $492.0K | ($1.4M) |
| Accrued groundwater extraction charges, purchased water and power | $4.2M | $639.0K | $4.8M | $2.5M |
| Tax receivable and payable, and other accrued taxes | ($18.3M) | ($18.4M) | ($22.4M) | ($12.0M) |
| Postretirement benefits | ($5.7M) | ($4.4M) | ($1.5M) | ($7.1M) |
| Regulatory assets and liabilities excluding income tax temporary differences and postretirement benefits | $7.4M | ($1.8M) | $12.3M | — |
| Up-front service concession payments | $0 | ($23.9M) | — | — |
| Other noncurrent assets and liabilities | $26.1M | $21.0M | $20.8M | — |
| Proceeds from litigation settlement, net | $7.8M | — | — | — |
| Other changes, net | ($11.3M) | $7.5M | $218.0K | $261.0K |
| Net cash provided by operating activities | $244.8M | $195.5M | $190.8M | $166.2M |
| Company-funded | ($489.6M) | ($353.0M) | ($271.8M) | ($218.8M) |
| Contributions in aid of construction | ($30.1M) | ($24.2M) | ($16.9M) | ($22.9M) |
| Additions to nonutility assets and real estate investments | $0 | ($29.0K) | ($24.2M) | — |
| Payments for business acquisitions | $0 | $0 | ($7.5M) | — |
| Cost to retire utility plant, net of salvage | ($3.1M) | ($3.4M) | ($2.1M) | ($2.5M) |
| Proceeds from sale of real estate investments and release of escrow deposit | $2.8M | — | — | — |
| Net cash used in investing activities | ($520.1M) | ($340.1M) | ($322.3M) | ($244.3M) |
| Borrowings from lines of credit | $436.5M | $242.0M | $146.4M | $158.8M |
| Repayments of lines of credit | ($468.8M) | ($295.3M) | ($134.5M) | ($62.2M) |
| Long-term borrowings | $185.2M | $185.3M | $70.0M | $55.0M |
| Repayments of long-term borrowings | ($3.9M) | ($49.0M) | ($4.3M) | ($89.2M) |
| Dividends paid | ($58.6M) | ($52.1M) | ($47.9M) | ($43.6M) |
| Receipts of advances and contributions in aid of construction | $59.9M | $33.1M | $22.4M | $23.8M |
| Refunds of advances for construction | ($4.4M) | ($3.0M) | ($2.8M) | ($2.9M) |
| Issuance of common stock, net of issuance costs | $122.8M | $85.0M | $80.7M | $39.1M |
| Proceeds from litigation settlement, net | $16.9M | — | — | — |
| Other changes, net | ($755.0K) | ($117.0K) | $233.0K | ($515.0K) |
| Net cash provided by financing activities | $284.9M | $146.0M | $128.8M | $78.4M |
| Net change in cash and cash equivalents | $9.6M | $1.4M | ($2.6M) | $225.0K |
| Cash and cash equivalents, beginning of year | $11.1M | $9.7M | $12.3M | $12.1M |
| Cash and cash equivalents, end of year | $20.7M | $11.1M | $9.7M | $12.3M |
| Interest | $79.4M | $73.3M | — | — |
| Interest, net of amounts capitalized | $72.1M | $69.7M | $67.5M | $63.7M |
| Income taxes | $3.2M | ($598.0K) | $23.0M | $6.9M |
| Accrued payables for additions to utility plant | $48.1M | $41.7M | $35.9M | $22.6M |
| Utility property installed by developers | $3.7M | $2.5M | $3.3M | $2.4M |
| Proceeds receivable from sale of real estate investments | $0 | $2.8M | — | — |
| Accrued selling expenses on sale of real estate investments | $0 | $2.2M | — | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $45.6M | $19.0M | $86.4M | $41.2M |
| Depreciation and amortization | $67.4M | $33.8M | $89.6M | $59.6M |
| Deferred income taxes | $8.8M | $3.1M | $25.1M | $8.6M |
| Stock-based compensation | $2.9M | $1.2M | $4.7M | $2.7M |
| Allowance for equity funds used during construction | ($3.5M) | ($1.6M) | ($1.5M) | ($823.0K) |
| Accounts receivable and accrued unbilled utility revenue | ($12.6M) | ($742.0K) | ($30.7M) | ($15.3M) |
| Accounts payable and other current liabilities | ($13.9M) | ($10.0M) | ($5.7M) | ($9.4M) |
| Accrued groundwater extraction charges, purchased water and power | $10.9M | ($1.4M) | $17.3M | $13.2M |
| Tax receivable and payable, and other accrued taxes | ($2.0M) | $1.6M | ($5.6M) | $118.0K |
| Postretirement benefits | ($3.6M) | ($2.0M) | ($2.7M) | ($1.4M) |
| Regulatory assets and liabilities excluding cost of removal, income tax temporary differences and postretirement benefits | $4.7M | $4.3M | $7.1M | $4.9M |
| Other noncurrent assets and noncurrent liabilities | $6.7M | $2.7M | — | — |
| Proceeds from litigation settlement, net | $3.6M | — | $6.6M | — |
| Other changes, net | ($10.6M) | ($6.2M) | ($9.3M) | $546.0K |
| Net cash provided by operating activities | $104.4M | $43.7M | $181.3M | $104.0M |
| Company-funded | ($194.3M) | ($82.1M) | ($351.1M) | ($204.4M) |
| Contributions in aid of construction | ($20.2M) | ($10.4M) | ($18.5M) | ($12.0M) |
| Cost to retire utility plant, net of salvage | ($1.8M) | ($424.0K) | ($2.7M) | ($1.5M) |
| Net cash used in investing activities | ($216.2M) | ($92.9M) | ($369.5M) | ($217.9M) |
| Borrowings from lines of credit | $66.9M | $66.9M | $364.3M | $115.0M |
| Repayments of lines of credit | ($152.4M) | ($153.8M) | ($357.0M) | ($73.2M) |
| Long-term borrowings | $16.9M | $214.0K | $65.0M | $0 |
| Repayments of long-term borrowings | ($16.8M) | ($16.3M) | ($3.3M) | ($1.7M) |
| Issuance of common stock, net of issuance costs | $288.6M | $288.6M | $108.1M | $83.7M |
| Dividends paid | ($34.3M) | ($15.9M) | ($43.6M) | ($28.7M) |
| Proceeds from litigation settlement, net | $7.3M | — | $14.4M | — |
| Receipts of advances and contributions in aid of construction | $20.4M | $12.3M | $43.7M | $30.3M |
| Refunds of advances for construction | ($1.8M) | ($991.0K) | ($3.6M) | ($2.8M) |
| Other changes, net | $279.0K | $397.0K | $0 | $0 |
| Net cash provided by financing activities | $195.2M | $181.5M | $188.5M | $122.6M |
| Net change in cash and cash equivalents | $83.4M | $132.3M | $200.0K | $8.7M |
| Cash and cash equivalents, beginning of period | $20.7M | $20.7M | $11.1M | $11.1M |
| Cash and cash equivalents, end of period | $104.1M | $153.0M | $11.3M | $19.8M |
| Interest | $35.8M | $15.8M | $58.3M | $40.9M |
| Interest, net of amounts capitalized | $31.6M | $13.7M | $53.3M | $37.9M |
| Income taxes | $165.0K | $165.0K | ($2.3M) | ($2.4M) |
| Accrued payables for additions to utility plant | $59.6M | $46.7M | $49.5M | $36.9M |
| Utility property installed by developers | $1.2M | $629.0K | $2.6M | $1.5M |
H2O America score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.