Consolidated Water (CWCO) Q4 2025 earnings summary

Executive summary

• Total revenue for 2025 decreased 1% to $132.1 million compared to 2024, with net income from continuing operations rising 4% to $18.6 million, or $1.16 per diluted share.

• Retail revenue grew 6% to $33.6 million, driven by an 8.3% increase in water volume sold in Grand Cayman due to more customer connections and lower rainfall.

• Services revenue declined 9% to $46.3 million, mainly from lower construction revenue due to project completions and permitting delays in Hawaii.

• Manufacturing revenue increased 6% to $18.7 million, with gross margin in this segment up 4.6 percentage points to 34.8%.

• Cash and cash equivalents rose to $123.8 million, and working capital reached $141.9 million at year-end.

Financial highlights

• Gross profit increased to $48.4 million (37% of revenue) from $45.6 million (34%) in 2024.

• Net income attributable to stockholders, including discontinued operations, was $18.3 million ($1.14 per diluted share), down from $28.2 million ($1.77) in 2024 due to prior-year one-time items.

• Dividends per share increased 27.3% to $0.14 per quarter starting Q3 2025; total dividends declared for the year were $0.53 per share.

• Stockholders’ equity rose to $221.7 million from $210.0 million a year earlier.

Outlook and guidance

• Construction revenue is expected to increase in future periods as the Hawaii desalination project moves into the construction phase.

• Anticipates continued growth in retail water business in Grand Cayman and stable recurring revenue from Caribbean bulk water operations.

• Strong balance sheet positions the company for strategic acquisitions and expansion in North America and the Caribbean.