Essential Utilities, Inc. (WTRG) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has been lumpy, swinging between 3.1% and 18.5% year over year, while operating margin held in a 32.5% to 43.2% band, suggesting regulatory timing rather than steady volume drives reported results.

Annual statement

WTRG Income Statement

Essential Utilities, Inc. (WTRG) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Revenue	2.6B	2.47B	2.09B	2.05B	2.29B	1.88B	1.46B	889.69M	838.09M	809.52M	819.88M	814.2M	779.9M	768.64M	757.76M	711.96M	726.07M	670.54M	626.97M	602.5M	533.49M	496.78M	442.04M	367.23M	322.03M	307.28M	275.54M	257.3M	151M	136.2M	122.5M
Revenue Growth %	9.25%	18.62%	1.57%	-10.24%	21.82%	28.4%	64.41%	6.16%	3.53%	-1.26%	0.7%	4.4%	1.46%	1.44%	6.43%	-1.94%	8.28%	6.95%	4.06%	12.94%	7.39%	12.38%	20.37%	14.04%	4.8%	11.52%	7.09%	70.4%	10.87%	11.18%	4.7%
Cost of Revenue	1.31B	1.46B	864.26M	927.82M	1.22B	890.84M	694.36M	333.1M	308.48M	282.25M	297.18M	309.31M	288.56M	283.56M	270.04M	256.74M	250.99M	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	1.29B	1.01B	1.22B	1.13B	1.07B	987.3M	768.34M	556.59M	529.61M	527.27M	522.69M	504.89M	491.35M	478.33M	480.64M	430.55M	409.2M	670.54M	626.97M	602.5M	533.49M	496.78M	442.04M	367.23M	322.03M	307.28M	275.54M	257.3M	250.8M	235.9M	122.5M
Gross Margin %	49.58%	40.96%	58.57%	54.82%	46.87%	52.57%	52.53%	62.56%	63.19%	65.13%	63.75%	62.01%	63%	62.23%	63.43%	60.47%	56.36%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	166.09%	173.2%	100%
Gross Profit Growth %	-	-17.03%	8.51%	5%	8.62%	28.5%	38.04%	5.09%	0.44%	0.88%	3.52%	2.76%	2.72%	-0.48%	11.64%	5.22%	-38.97%	6.95%	4.06%	12.94%	7.39%	12.38%	20.37%	14.04%	4.8%	11.52%	7.09%	2.59%	6.32%	92.57%	4.7%
Operating Expenses	365.55M	92.77M	464.19M	433.9M	411.2M	384.59M	333.66M	216.43M	206.44M	193.35M	189.39M	183.79M	176.99M	176.67M	163.04M	149.75M	151.86M	433.08M	401.17M	386.48M	327.94M	300.27M	264.81M	213.67M	175.85M	172.94M	154.32M	162.6M	151.5M	145.9M	73.2M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	1.37B	1.34B	1.13B	1.04B	982.36M	900.66M	691.75M	496.63M	469.85M	470.64M	466.31M	449.84M	440.89M	426.45M	434.6M	392.74M	378.4M	352.4M	320.1M	304.03M	280.59M	262M	236.1M	205.02M	190.5M	174.51M	153.79M	62.8M	81M	72.3M	34.8M
EBITDA Margin %	52.67%	54.09%	54.03%	50.43%	42.93%	47.95%	47.29%	55.82%	56.06%	58.14%	56.88%	55.25%	56.53%	55.48%	57.35%	55.16%	52.12%	52.55%	51.06%	50.46%	52.59%	52.74%	53.41%	55.83%	59.16%	56.79%	55.82%	24.41%	53.64%	53.08%	28.41%
EBITDA Growth %	3.2%	18.74%	8.83%	5.44%	9.07%	30.2%	39.29%	5.7%	-0.17%	0.93%	3.66%	2.03%	3.39%	-1.87%	10.66%	3.79%	7.38%	10.09%	5.29%	8.35%	7.1%	10.97%	15.16%	7.62%	9.17%	13.47%	144.89%	-22.47%	12.03%	107.76%	11.18%
Depreciation & Amortization	445.84M	417.47M	369.55M	343.69M	321.18M	297.95M	257.06M	156.48M	146.67M	136.72M	133.01M	128.74M	126.53M	124.79M	117M	111.94M	121.07M	114.94M	94.3M	88.01M	75.04M	65.49M	58.86M	51.46M	44.32M	40.17M	34.1M	-31.9M	-18.3M	-17.7M	-14.5M
D&A / Revenue %	17.15%	16.87%	17.71%	16.73%	14.04%	15.86%	17.57%	17.59%	17.5%	16.89%	16.22%	15.81%	16.22%	16.24%	15.44%	15.72%	16.67%	17.14%	15.04%	14.61%	14.07%	13.18%	13.32%	14.01%	13.76%	13.07%	12.38%	-12.4%	-12.12%	-13%	-11.84%
Operating Income (EBIT)	923.62M	920.95M	757.67M	692.1M	661.19M	602.71M	434.69M	340.16M	323.18M	333.92M	333.3M	321.1M	314.36M	301.66M	317.61M	280.8M	257.33M	237.46M	225.8M	216.02M	205.55M	196.51M	177.23M	153.56M	146.18M	134.34M	119.69M	94.7M	99.3M	90M	49.3M
Operating Margin %	35.52%	37.22%	36.32%	33.7%	28.9%	32.09%	29.72%	38.23%	38.56%	41.25%	40.65%	39.44%	40.31%	39.25%	41.91%	39.44%	35.44%	35.41%	36.01%	35.85%	38.53%	39.56%	40.09%	41.82%	45.39%	43.72%	43.44%	36.81%	65.76%	66.08%	40.24%
Operating Income Growth %	-	21.55%	9.47%	4.67%	9.7%	38.65%	27.79%	5.25%	-3.22%	0.19%	3.8%	2.14%	4.21%	-5.02%	13.11%	9.12%	8.37%	5.16%	4.53%	5.09%	4.6%	10.87%	15.42%	5.05%	8.81%	12.24%	26.39%	-4.63%	10.33%	82.56%	7.17%
Interest Expense	4M	329.08M	302.47M	283.36M	238.12M	207.71M	188.44M	125.38M	98.9M	88.34M	80.59M	76.54M	76.4M	77.32M	77.76M	77.8M	75.65M	68.61M	61.7M	56.98M	58.43M	52.06M	43.83M	44.66M	34.85M	31.87M	40.36M	31.9M	18.3M	17.7M	14.5M
Interest Coverage	-	2.88x	2.90x	2.52x	2.89x	3.03x	2.41x	2.69x	2.80x	3.91x	4.17x	3.83x	4.13x	3.90x	4.18x	3.71x	3.50x	3.51x	3.75x	3.90x	3.52x	3.77x	4.04x	3.44x	4.19x	9.64x	2.97x	2.97x	5.43x	5.08x	3.40x
Interest / Revenue %	0.15%	13.3%	14.5%	13.8%	10.41%	11.06%	12.88%	14.09%	11.8%	10.91%	9.83%	9.4%	9.8%	10.06%	10.26%	10.93%	10.42%	10.23%	9.84%	9.46%	10.95%	10.48%	9.92%	12.16%	10.82%	10.37%	14.65%	12.4%	12.12%	13%	11.84%
Non-Operating Income	-4M	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income	598.21M	619.81M	573.48M	431.78M	450.91M	422M	264.97M	211.53M	178.32M	256.65M	255.16M	216.75M	239.1M	227.68M	250.97M	215.85M	204.07M	172.19M	162.5M	155.54M	152.25M	148.07M	132.13M	116.72M	109.25M	99.09M	87M	62.8M	48.4M	39.1M	33.8M
Pretax Margin %	23.01%	25.05%	27.49%	21.02%	19.71%	22.47%	18.12%	23.78%	21.28%	31.7%	31.12%	26.62%	30.66%	29.62%	33.12%	30.32%	28.11%	25.68%	25.92%	25.82%	28.54%	29.81%	29.89%	31.78%	33.93%	32.25%	31.57%	24.41%	32.05%	28.71%	27.59%
Income Tax	31.58M	3.44M	-21.84M	-66.44M	-14.33M	-9.61M	-19.88M	-13.02M	-13.67M	16.91M	20.98M	14.96M	25.22M	22.69M	66.88M	71.09M	80.09M	67.84M	64.58M	60.53M	60.25M	56.91M	52.12M	45.92M	42.05M	38.98M	34.1M	26.5M	19.6M	15.9M	14M
Effective Tax Rate %	5.28%	0.56%	-3.81%	-15.39%	-3.18%	-2.28%	-7.5%	-6.15%	-7.67%	6.59%	8.22%	6.9%	10.55%	9.97%	26.65%	32.93%	39.25%	39.4%	39.74%	38.91%	39.57%	38.44%	39.45%	39.35%	38.49%	39.34%	39.2%	42.2%	40.5%	40.66%	41.42%
Net Income	566.63M	616.37M	595.31M	498.23M	465.24M	431.61M	284.85M	224.54M	191.99M	239.74M	234.18M	201.79M	233.24M	221.3M	196.56M	143.07M	123.97M	104.35M	97.92M	95.01M	92M	91.16M	80.01M	70.9M	67.21M	60.11M	52.89M	36.3M	28.8M	23.2M	20.8M
Net Margin %	21.79%	24.91%	28.54%	24.26%	20.33%	22.98%	19.47%	25.24%	22.91%	29.61%	28.56%	24.78%	29.91%	28.79%	25.94%	20.1%	17.07%	15.56%	15.62%	15.77%	17.25%	18.35%	18.1%	19.31%	20.87%	19.56%	19.2%	14.11%	19.07%	17.03%	16.98%
Net Income Growth %	-15.23%	3.54%	19.49%	7.09%	7.79%	51.52%	26.86%	16.96%	-19.92%	2.37%	16.05%	-13.48%	5.39%	12.58%	37.39%	15.4%	18.8%	6.57%	3.06%	3.27%	0.93%	13.94%	12.84%	5.5%	11.8%	13.65%	45.7%	26.04%	24.14%	11.54%	13.04%
EPS (Diluted)	1.99	2.20	2.17	1.86	1.77	1.67	1.12	1.04	1.08	1.35	1.32	1.14	1.31	1.25	1.12	0.83	0.72	0.62	0.58	0.57	0.56	0.57	0.51	0.47	0.47	0.42	0.39	0.27	0.34	0.25	0.25
EPS Growth %	-17.43%	1.38%	16.67%	5.08%	5.99%	49.11%	7.69%	-3.7%	-20%	2.27%	15.79%	-12.98%	4.8%	11.61%	34.94%	15.28%	16.13%	6.9%	1.75%	1.79%	-1.75%	11.76%	8.51%	0%	11.9%	7.69%	44.44%	-20.59%	36%	0%	4.17%
EPS (Basic)	-	2.20	2.17	1.86	1.77	1.68	1.14	1.04	1.08	1.35	1.32	1.14	1.32	1.26	1.13	0.83	0.73	0.62	0.58	0.58	0.56	0.58	0.51	0.48	0.47	0.42	0.39	0.27	0.34	0.26	0.25
Diluted Shares Outstanding	285.02M	280.62M	274.42M	267.66M	262.87M	258.18M	254.63M	215.93M	178.4M	178.18M	177.85M	177.52M	177.76M	176.81M	174.92M	173.36M	171.62M	170.16M	168.38M	167M	164.72M	161.51M	157.14M	148.74M	144.23M	143.24M	136.28M	134.45M	132.98M	84.88M	83.33M

Key Metrics

Growth RegimeMixed

ProfitabilityStable

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Earnings volatility from timing items

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Revenue Growth Tied to Rate Cycles

Based on the reported quarterly figures, WTRG's revenue grew 6.6% year over year in 2026Q3 to $508.3M after swinging between 3.1% and 18.5% in recent quarters, a pattern more consistent with discrete rate case outcomes than steady volumetric demand.

Water utility top-line growth is primarily driven by rate base expansion and periodic rate case approvals rather than organic volume or pricing power. The uneven quarterly progression suggests the trajectory depends on the timing of regulatory decisions, which warrants further investigation into the rate case calendar. Investors should monitor whether revenue growth stabilizes once current rate cases are fully reflected in results.

Margin Stability Masks Earnings Swings

As reported in financial statements, WTRG's operating margin held within a 32.5% to 43.2% band across ten quarters, yet net margin ranged from 15.9% to 36.2%, indicating that below-the-line items drive much of the earnings variability.

The stability of operating margin is consistent with regulated cost recovery, while the wider net margin range appears to reflect non-operating and tax-related effects rather than changes in core regulated profitability. This pattern may indicate that earned returns are being reshaped by timing items instead of a clear trend in regulatory relationships. Based on reported figures, the gap between operating and net margin warrants further investigation before inferring sustainable earned ROE.

EPS Volatility Obscures Core Trend

Based on WTRG's reported figures, diluted EPS moved from $1.03 in 2025Q1 to $0.33 in 2025Q3 and $0.79 in 2026Q1, with year-over-year EPS growth swinging between -29.9% and +35.7%, suggesting non-recurring items materially distort reported earnings.

The magnitude of EPS swings relative to the more stable operating income line suggests that reported earnings contain items beyond recurring regulated earnings power. Weather normalization, rate case settlement timing, and tax-related adjustments are plausible contributors, though the provided data does not isolate them. Investors should monitor normalized earnings rather than headline quarterly EPS to assess the underlying growth rate.

Stable Margins May Overstate Durability

According to the reported quarterly data, WTRG's operating margin of 37.9% in 2026Q3 sits above the 35.6% level in 2024Q3, but the stability of this margin could reflect favorable timing rather than a durable improvement in regulated economics.

Operating margin stability in a regulated utility is expected under cost-recovery frameworks, so a steady ratio does not by itself prove superior earnings power. Peer comparison shows WTRG's operating margin is below AWR and YORW, which may indicate less favorable regulatory outcomes or a different asset mix. The data alone cannot confirm whether current margins are sustainable as rate base growth and financing costs evolve.

WTRG — Frequently Asked Questions

Quick answers to the most common questions about buying WTRG stock.

What was Essential Utilities, Inc.'s (WTRG) revenue in 2025?

For fiscal year 2025, Essential Utilities, Inc. (WTRG) reported total revenue of $2.47B. This represents a 1920.1% increase compared to $122.5M in 1996.

Is Essential Utilities, Inc. (WTRG) profitable?

Essential Utilities, Inc. (WTRG) is profitable, generating $616.4M in net income for the fiscal year ending 2025 with a net profit margin of 24.9%.

What is Essential Utilities, Inc.'s operating profit margin?

Essential Utilities, Inc. (WTRG) reported an operating income of $921.0M, resulting in an operating profit margin of 37.2%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Essential Utilities, Inc.'s gross profit and gross margin?

Essential Utilities, Inc. (WTRG) generated $1.01B in gross profit for the year, representing a gross profit margin of 41.0%. This demonstrates the company's core pricing power and production efficiency.