H2O AMERICA

Listed Company

HTOCIK 0000766829NasdaqLarge AcceleratedWater SupplyDelawareFY ends Dec 31

Period

FY 2025

Revenue

$800.59M

Net Income

$102.58M

Total Assets

$5.15B

Equity

$1.54B

Shares Out

41.84M

Op. Cash Flow

$244.80M

Business

H2O AMERICA is a holding company that produces, purchases, stores, purifies, distributes and sells water and wastewater services through wholly owned subsidiaries. It provides potable water and wastewater service, non-tariffed contract operations and maintenance, wholesale water supply, customer protection plans (Linebacker®), and real estate ownership and management. Its operations are organized into a single reportable Water Utility Services segment (San Jose Water Company, Connecticut Water Company, The Maine Water Company and The Texas Water Company) and other services including concession operations, non-tariff service companies, and land/realty subsidiaries. It serves regulated retail and wholesale customers under state public utility commissions across California, Connecticut, Maine and Texas through franchised service territories and municipal agreements.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating revenue	801	748	670	621	574
Purchased water	126	159	136	122	98
Power	22	11	10	9	14
Groundwater extraction charges	112	73	63	56	76
Other production expenses	51	49	48	45	41
Total production expenses	311	292	256	233	229
Administrative and general	126	106	99	95	87
Maintenance	33	31	26	31	26
Property taxes and other non-income taxes	38	36	34	33	31
Depreciation and amortization	115	113	106	104	94
Total operating expense	623	578	521	490	463
Operating income	178	171	149	131	111
Interest on long-term debt and other interest expense	−73	−71	−66	−58	−54
Pension non-service credit (cost)	6	4	−1	5	1
Other, net	4	55,000	9	4	11
Income before income taxes	115	103	91	82	69
Provision for income taxes	12	9	6	8	8
Net income	103	94	85	74	60
Unrealized (loss) gain on investment, net of taxes of $0 in 2025, $(163) in 2024 and $166 in 2023	0	−442,000	530,000	−511,000	185,000
Adjustment to pension benefit plans, net of taxes of $0 in 2025, $0 in 2024 and $80 in 2023	−493,000	611,000	−216,000	2	716,000
Comprehensive income	102	94	85	75	61
Basic (in dollars per share)	2.93	2.87	2.69	2.44	2.04
Diluted (in dollars per share)	2.92	2.87	2.68	2.43	2.03
Basic (shares)	35	33	32	30	30
Diluted (shares)	35	33	32	30	30

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	45	45	41	40	39
Depreciable plant and equipment	4,689	4,249	3,968	3,661	3,382
Construction work in progress	269	179	107	117	176
Intangible assets	52	52	36	36	36
Total utility plant	5,054	4,525	—	—	—
Less: accumulated depreciation and amortization	1,120	1,036	982	1,224	1,136
Net utility plant	3,934	3,489	3,171	2,630	2,497
Nonutility properties	2	1	4,152	3,854	3,634
Less: accumulated depreciation and amortization	103,000	98,000	—	—	—
Net nonutility properties	2	1	—	—	—
Cash and cash equivalents	21	11	10	12	11
Customers, net of allowances for uncollectible accounts of $722 and $1,172 in 2025 and 2024, respectively	62	69	68	59	54
Income tax	3	6	5	0	2
Other	8	7	4	6	5
Accrued unbilled revenue	69	61	50	46	44
Prepaid expenses	12	10	11	10	10
Current regulatory assets	8	18	4	20	3
Other current assets	8	9	6	6	5
Total current assets	191	191	198	158	134
Regulatory assets, less current portion	247	224	236	246	152
Investments	20	18	16	15	16
Postretirement benefit plans	81	66	34	17	—
Goodwill	640	640	640	640	640
Other	36	29	8	7	11
Total other assets	1,023	978	963	925	819
Total assets	5,150	4,658	4,345	3,755	3,492
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	36,000	34,000	32,000	31,000	30,000
Additional paid-in capital	958	828	736	651	606
Retained earnings	581	537	495	458	428
Accumulated other comprehensive income	1	2	2	1	−163,000
Total stockholders equity	1,541	1,367	1,233	1,111	1,035
Long-term debt, less current portion	1,867	1,707	1,527	1,492	1,493
Total capitalization	3,408	3,074	2,760	2,603	2,527
Lines of credit	87	119	172	160	63
Current portion of long-term debt	24	4	49	4	39
Accrued groundwater extraction charges, purchased water and power	29	25	24	20	—
Accounts payable	75	56	46	30	30
Accrued interest	18	17	16	14	14
Accrued payroll	19	15	12	12	12
Current regulatory liabilities	0	1	3	4	—
Other current liabilities	21	23	21	23	28
Total current liabilities	273	261	343	268	203
Deferred income taxes	308	276	239	218	200
Advances for construction	201	155	147	138	131
Contributions in aid of construction	343	341	326	324	316
Postretirement benefit plans	46	45	47	60	90
Regulatory liabilities, less current portion	547	484	461	119	—
Other noncurrent liabilities	24	22	22	26	24
Commitments and contingencies	—	—	—	—	—
Total capitalization and liabilities	5,150	4,658	4,345	3,755	3,492

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	120	115	108	106	96
Deferred income taxes	5	10	−9	−3	−3
Stock-based compensation	6	6	5	5	4
Allowance for equity funds used during construction	−6	−2	−2	−2	−2
Loss on sale of nonutility properties and other assets	0	572,000	0	−6	−11
Accounts receivable and accrued unbilled revenue	−3	−13	−11	−8	−6
Accounts payable and other current liabilities	9	4	492,000	−1	5
Accrued groundwater extraction charges, purchased water and power	4	639,000	5	3	−2
Tax receivable and payable, and other accrued taxes	−18	−18	−22	−12	−6
Postretirement benefits	−6	−4	−2	−7	−4
Regulatory assets and liabilities excluding income tax temporary differences and postretirement benefits	7	−2	12	2	−15
Up-front service concession payments	0	−24	0	0	0
Other noncurrent assets and liabilities	26	21	21	18	13
Proceeds from litigation settlement, net	8	0	0	—	—
Other changes, net	−11	8	218,000	−1	−2
Net cash provided by operating activities	245	196	191	166	130
Company-funded	−490	−353	−272	−219	−234
Contributions in aid of construction	−30	−24	−17	−23	−17
Additions to nonutility assets and real estate investments	0	−29,000	−24	−631,000	−826,000
Payments for business acquisitions	0	0	−8	−433,000	—
Cost to retire utility plant, net of salvage	−3	−3	−2	−3	−3
Proceeds from sale of real estate investments and release of escrow deposit	3	41	233,000	—	—
Net cash used in investing activities	−520	−340	−322	−244	−260
Borrowings from lines of credit	437	242	146	159	97
Repayments of lines of credit	−469	−295	−134	−62	−209
Long-term borrowings	185	185	70	55	247
Repayments of long-term borrowings	−4	−49	−4	−89	−76
Dividends paid	−59	−52	−48	−44	−40
Receipts of advances and contributions in aid of construction	60	33	22	24	26
Refunds of advances for construction	−4	−3	−3	−3	−3
Issuance of common stock, net of issuance costs	123	85	81	39	91
Proceeds from litigation settlement, net	17	0	0	—	—
Other changes, net	−755,000	−117,000	−1	−515,000	−462,000
Net cash provided by financing activities	285	146	129	78	133
Net change in cash and cash equivalents	10	1	−3	225,000	3
Interest	79	73	68	64	—
Interest, net of amounts capitalized	72	70	65	59	58
Income taxes	3	−598,000	23	7	8
Accrued payables for additions to utility plant	48	42	36	23	21
Utility property installed by developers	4	2	3	2	3
Proceeds receivable from sale of real estate investments	0	3	0	—	—
Accrued selling expenses on sale of real estate investments	0	2	0	—	—
Seller financing in asset acquisition, net of discount	0	0	15	0	0

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