WTRGNYSEWater SupplyUS GAAP · USD

Essential Utilities, Inc.

Essential Utilities, Inc. is a Pennsylvania-based regulated utility holding company serving water, wastewater, and natural gas customers under the Aqua and Peoples brands. Its core business is operating local utility systems, investing in infrastructure, and recovering those costs through regulated rates, while also running smaller non-regulated service-line protection and gas marketing businesses.

Kysy yhtiöstä
Liikevaihto2 475milj. USD
+18,6 %v/v
Liikevoitto (EBIT)921milj. USD
+21,6 %v/v
EBIT-marginaali37,2%
+0,9 %-yks.v/v
Nettotulos616milj. USD
+3,5 %v/v
Vapaa kassavirta−2 116milj. USD
−1,4 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

05001 0001 5002 0002 500milj. USD2020: 1 463 milj. USD2020: EBIT 435 milj. USD20202021: 1 878 milj. USD2021: EBIT 603 milj. USD20212022: 2 288 milj. USD2022: EBIT 661 milj. USD20222023: 2 054 milj. USD2023: EBIT 692 milj. USD20232024: 2 086 milj. USD2024: EBIT 758 milj. USD20242025: 2 475 milj. USD2025: EBIT 921 milj. USD20252 475921
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Regulated Water60 %

Water and wastewater utility services provided to residential and other customers across multiple states.

Regulated Natural Gas35 %

Natural gas distribution services primarily in western Pennsylvania and Kentucky.

Market-Based Services5 %

Non-regulated service-line protection, repair, gas marketing, and production activities.

Asiakkaat

The company serves households, municipalities, and other end users that need essential utility infrastructure and reliable service. Its regulated water business is heavily residential, while the natural gas business serves customers concentrated in western Pennsylvania and Kentucky. Non-regulated offerings are sold mainly to households as add-on protection and repair products.

Residential water and wastewater customers

Households served by Aqua subsidiaries that buy essential water and sewer utility service and depend on regulated reliability.

Natural gas distribution customers

Homes and other end users in western Pennsylvania and Kentucky that buy delivered natural gas for heating and energy use.

Service-line protection households

Homeowners purchasing protection plans and repair services for water, sewer, and related service lines.

Municipal and local service territories

Communities and acquired utility systems that are integrated into the regulated platform to expand rate base and scale.

Strategia

Essential Utilities is focused on acquiring regulated water and wastewater utilities, especially in areas adjacent to existing systems where it can build scale and operational density. It also seeks rate relief and infrastructure investment recovery through state utility commissions, while selectively expanding complementary market-based businesses. The announced merger with American Water is a major strategic event that could reshape the company’s portfolio and execution priorities.

Acquire adjacent and new regulated utility systemsKeskipitkä aikaväli

Acquisitions add customers, rate base, and operating density that improve efficiency and future earnings growth.

Recover infrastructure spending through rate casesLyhyt aikaväli

The business is capital intensive, so timely rate recovery is essential to fund plant upgrades and earn regulated returns.

Expand complementary non-regulated activitiesKeskipitkä aikaväli

These businesses can add growth without relying entirely on regulated rate base expansion.

Maantiede

The company operates across nine states, with its largest footprint in Pennsylvania and additional regulated water and gas operations in Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, and Kentucky. Aqua Pennsylvania is the largest operating subsidiary and serves customers in the Philadelphia suburban region and 28 other counties in Pennsylvania, while Peoples serves most gas customers in western Pennsylvania. Geography matters because regulation, rate cases, and capital investment opportunities are state-specific and drive returns.

Riskit

The company faces regulatory risk because rates, acquisitions, and merger approvals depend on state commissions and other authorities. It is also exposed to capital-intensive utility execution risk, cybersecurity and physical security threats, weather-driven demand swings, and lower per-customer usage from conservation and efficient appliances. The proposed merger with American Water adds integration, approval, and transaction risk on top of the normal utility operating profile.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Regulatory rate-setting risk1Merger completion and integration risk2Cybersecurity and infrastructure attack risk3Demand and usage decline risk4Acquisition and capital allocation risk5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Regulatory rate-setting riskVaikutus: KorkeaTodennäköisyys: Korkea

    Utility earnings depend on timely approval of rate increases and allowed returns on capital investment.

    Kohdistuu: State utility commissions in multiple jurisdictions

  2. Merger completion and integration riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The proposed merger with American Water may face approvals, conditions, or integration issues that affect value creation.

    Kohdistuu: American Water merger

  3. Cybersecurity and infrastructure attack riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Operations rely on continuous utility and IT systems, which could be disrupted by cyber or physical attacks.

    Kohdistuu: Water and gas utility networks

  4. Demand and usage decline riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Conservation awareness and efficient fixtures can reduce water and gas usage per customer.

    Kohdistuu: Residential utility demand

  5. Acquisition and capital allocation riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Growth depends on buying utilities at acceptable returns and integrating them efficiently.

    KohdistuuWaterWastewaterComplementary businesses

Kirjanpito

Harkinnanvaraiset erät
Unbilled revenue and estimated usage

Revenue includes estimates for usage not yet billed, so changes in consumption or estimates can shift reported revenue between periods.

Vaikutus: Can affect quarterly comparability and revenue timing

Interim rates subject to refund

In some states, revenue is recognized before final commission approval and may later require refunds.

Vaikutus: Creates revenue reversal risk if final orders are unfavorable

Regulatory assets and liabilities

Recovery of certain costs depends on future rate decisions, making classification and timing important.

Vaikutus: Affects balance sheet size and earnings timing

Goodwill impairment

Acquisition-driven growth creates goodwill that must be tested for impairment using management assumptions.

Vaikutus: Could lead to non-cash charges if valuations weaken

Pension and post-retirement assumptions

Discount rates, asset returns, mortality, and medical cost assumptions influence expense and obligations.

Vaikutus: Can move operating expense and liabilities materially

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Päivitetty: 24.9.2026