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Essential Utilities (WTRG) investor relations material
Essential Utilities Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Announced a transformational merger with American Water, creating the largest U.S. water and wastewater utility with a $34 billion rate base, over 5 million connections across 17 states and 18 military installations, and a $40 billion market cap, with closing expected by Q1 2027 pending regulatory and shareholder approvals.
Q3 2025 net income rose to $92.1 million ($0.33/share) from $69.4 million ($0.25/share) in Q3 2024, with revenues up 9.6% to $477.0 million, driven by rate increases and strong performance in both water and natural gas businesses.
Year-to-date 2025 operating revenues increased 19.8% to $1.78 billion, and net income rose 17.8% to $483.7 million, with EPS up 15.3% to $1.73.
Announced a $26 million investment in a 1,400-acre data center project in Pennsylvania, with an option to design, build, and operate an 18 million-gallon-per-day water treatment plant, and expected revenues starting FY 2029.
Invested $983 million in infrastructure in the first nine months of 2025, on track for $1.4–$1.5 billion for the year.
Financial highlights
Q3 2025 operating revenues rose 9.6% year-over-year to $477.0 million; net income was $92.1 million, up from $69.4 million; diluted EPS was $0.33, up from $0.25 in Q3 2024.
Year-to-date 2025 operating revenues up 19.8% to $1.78 billion; net income up 17.8% to $483.7 million; EPS up 15.3% to $1.73.
Operations and maintenance expense for Q3 2025 was $153.1 million, up 6% year-over-year; for the nine months, O&M was 24.7% of revenues, down from 28.6% year-over-year.
Operating cash flow for the nine months was $804.3 million, up from $622.5 million year-over-year.
2024 GAAP diluted EPS was $2.17; adjusted diluted EPS was $1.97.
Outlook and guidance
2025 normalized net income per diluted share guidance reaffirmed at $2.07–$2.11, with expectation to exceed due to non-recurring benefits; long-term EPS growth guidance of 5–7% CAGR through 2027.
Capital investment of $1.4–$1.5 billion planned for 2025 and $7.8 billion through 2029.
Combined utility rate base CAGR projected at 8% through 2029, with water segment at 6% and natural gas at 11%.
Dividend payout ratio targeted at 60–65%; debt to capital ratio at 50–55%; FFO to net debt ratio targeted at 12–14%.
Plans to raise $350 million in equity in 2025, mainly for acquisitions, capital investments, and the data center project.
Greene County data center project's return
American Water merger synergy details
Equity raise's impact on credit metrics
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Next Essential Utilities earnings date
Q4 202523 Feb, 2026
Next Essential Utilities earnings date
Q4 202523 Feb, 2026
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Frequently asked questions
Essential Utilities, Inc. is a public utility holding corporation. It engages in the acquisition, ownership, operation, and maintenance of regulated utilities that provide water services, wastewater disposals services, and natural gas distribution services to customers in various markets within the United States. The Company's utility subsidiaries provide drinking water, wastewater discharges, or natural gas distribution services to customers within their service regions. A subsidiary guarantees its parent company’s obligations under any debt instruments issued by its parent company.
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