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Global Water Resources (GWRS) investor relations material
Global Water Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue increased 8.4% year-over-year to $15.5 million, driven by organic growth and the acquisition of seven water systems from Tucson, adding 2,200 connections and $1.5 million in expected annual revenue.
Net income for Q3 2025 was $1.7 million ($0.06/share), down 41.3% from $2.9 million in Q3 2024, mainly due to higher operating, depreciation, and interest expenses.
Active service connections grew 6.6% year-over-year to 68,130 as of September 30, 2025, with 87.2% serviced by the two largest utilities.
Continued execution of capital investment and rate case strategies to support near- and long-term earnings growth.
Declared three monthly cash dividends totaling $0.02533 per share each, or $0.30396 annualized.
Financial highlights
Q3 2025 total revenue: $15.5 million (+8.4% YoY); nine months: $42.2 million (+7.0% YoY).
Q3 2025 net income: $1.7 million ($0.06/share), down from $2.9 million ($0.12/share) in Q3 2024; nine-month net income: $3.9 million ($0.15/share), down 26.7% YoY.
Adjusted EBITDA for Q3 2025 was $7.8 million, a 5% decrease year-over-year; year-to-date adjusted EBITDA was stable at $20.4 million.
Operating expenses increased 21.9% in Q3 2025, mainly due to higher personnel, O&M, G&A, and storm-related costs.
Operating margin for Q3 2025 was approximately 18.8%.
Outlook and guidance
Management expects continued growth from organic connections, acquisitions, and rate increases, supported by Arizona's economic outlook and the Ag-to-Urban water program.
Pending rate cases for the two largest utilities could materially affect future revenue, with outcomes expected by mid-2026 and a proposed $4.3 million annual rate increase.
Management remains optimistic despite temporary macroeconomic headwinds and expects to benefit from Phoenix MSA's long-term growth.
Rate case: Why the large difference in proposed revenue?
Ag-to-Urban: How does it create new supply at no cost?
Tucson acquisition: How to realize full rate base value?
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Next Global Water Resources earnings date
Q4 20255 Mar, 2026
Next Global Water Resources earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
Global Water Resources, Inc. is a water resource management company that owns and operates regulated water, wastewater, and recycled water utilities. The company provides water distribution, wastewater treatment, and water recycling services to residential, commercial, and industrial customers, primarily in the southwestern United States. Global Water Resources focuses on implementing its Total Water Management approach, which aims to maximize the use of recycled water and promote sustainable water practices in the communities it serves. The company is headquartered in Phoenix, United States, and its shares are listed on the NASDAQ.
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