Essential Utilities
WTRG · NYSEWater Supply · Fiscal year ends Dec 31
Essential Utilities reported revenue of $2.5B in the fiscal year ended Dec 2025, up 18.6% from the year before. Operating income was $921M, an operating margin of 37.2%, and net income was $616M. Net debt was $8.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9B | $2.3B | $2.1B | $2.1B | $2.5B |
| Operating income | $603M | $661M | $692M | $758M | $921M |
| Net interest incomeBanks | $2M | $4M | $3M | $3M | $2M |
| Interest expense | $208M | $238M | $283M | $302M | $329M |
| Pre-tax income | $422M | $451M | $432M | $573M | $620M |
| Income tax | −$10M | −$14M | −$66M | −$22M | $3M |
| Net income | $432M | $465M | $498M | $595M | $616M |
| Diluted EPS | 1.67 | 1.77 | 1.86 | 2.17 | 2.20 |
| Diluted shares | 258M | 263M | 268M | 274M | 281M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $11M | $11M | $5M | $9M | $35M |
| Receivables | $141M | $206M | $144M | $167M | $217M |
| Current assets | $438M | $658M | $492M | $486M | $610M |
| Net PP&E | $10.3B | $11.1B | $12.1B | $13.1B | $14.3B |
| Goodwill | $2.3B | $2.3B | $2.3B | $2.3B | $2.3B |
| Total assets | $14.7B | $15.7B | $16.8B | $18B | $19.5B |
| Payables | $193M | $239M | $221M | $259M | $276M |
| Current liabilities | $675M | $1B | $798M | $975M | $764M |
| Short-term debt | $132M | $199M | $67M | $143M | $22M |
| Long-term debt | $5.8B | $6.4B | $6.8B | $7.4B | $8.1B |
| Shareholders' equity | $5.2B | $5.4B | $5.9B | $6.2B | $6.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $645M | $600M | $934M | $770M | $1B |
| Depreciation & amortisation | $298M | $321M | $344M | $370M | $417M |
| Stock-based compensation | $10M | $12M | $11M | $10M | $13M |
| Share buybacks | $3M | $1M | $4M | $4M | $2M |
| Dividends paid | $259M | $289M | $317M | $346M | $374M |
| Dividend per share | 1.04 | 0.29 | 0.31 | 0.33 | 1.34 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.8% | −10.2% | 1.6% | 18.6% |
| Operating income growth (YoY) | – | 9.7% | 4.7% | 9.5% | 21.6% |
| EPS growth (YoY) | – | 6.0% | 5.1% | 16.7% | 1.4% |
| Operating margin | 32.1% | 28.9% | 33.7% | 36.3% | 37.2% |
| Net margin | 23.0% | 20.3% | 24.3% | 28.5% | 24.9% |
| Return on equityBlank when equity is negative | 8.3% | 8.7% | 8.4% | 9.6% | 9.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.3% | 4.5% | 4.3% | 4.4% | 4.9% |
| Cash conversion (CFO ÷ net income) | 1.49x | 1.29x | 1.87x | 1.29x | 1.64x |
| Receivable days | 27 | 33 | 26 | 29 | 32 |
| Interest cover | 2.90x | 2.78x | 2.44x | 2.50x | 2.80x |
| Debt ÷ equity | 1.14x | 1.22x | 1.17x | 1.21x | 1.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.9B | $6.6B | $6.9B | $7.5B | $8.1B |
| Current ratio | 0.65x | 0.64x | 0.62x | 0.50x | 0.80x |
Recent filings
More in Water Supply
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.