Unitil (UTL) Q2 2026 earnings summary

Executive summary

• Adjusted net income for Q2 2026 was $5.2 million ($0.29/share), and for the first half, $39.0 million ($2.17/share), up $5.9 million or $0.14 per share from 2025.

• GAAP return on equity for the trailing twelve months was 9.6%.

• Customer satisfaction remains high at 90%, ranking best among Northeast utilities and top quartile nationally.

• Successfully closed the acquisition of Aquarion Water Company of New Hampshire and Abenaki Water Company on June 30, 2026, expanding the regulated utility portfolio.

• Net income for Q2 2026 was $4.7 million ($0.26/share), up $0.7 million from Q2 2025.

Financial highlights

• Total operating revenues for Q2 2026 were $117.0 million, up 14% year-over-year; for the first six months, $333.9 million, up 22%.

• Electric adjusted gross margin for Q2 2026 was $31.6 million (up $5.8 million, 22.5%), and for six months, $61.2 million (up $7.9 million, 14.8%).

• Gas adjusted gross margin for Q2 2026 was $40.6 million (up $3.4 million, 9.1%), and for six months, $122.7 million (up $14.6 million, 13.5%).

• Operation and maintenance expenses increased $3.3 million for the first half, mainly due to higher utility operating costs and labor.

• Depreciation and amortization rose $2.4 million in Q2 and $4.0 million for six months, reflecting higher utility plant in service.

Outlook and guidance

• Reaffirmed 2026 adjusted EPS guidance of $3.20–$3.36, midpoint $3.28, representing a 6.1% increase over 2025.

• Long-term EPS growth projected at 5%-7%; long-term rate base growth at 6.5%-8.5%.

• Five-year capital plan totals $1.2 billion, up 24% from prior plan, supporting future growth.

• Anticipates the Aquarion New Hampshire acquisition will be earnings neutral in 2026 and accretive after new rates take effect.

• Management remains focused on disciplined execution of strategic priorities and delivering value to customers.