Revenue growth accelerated sharply to 22.5% year-over-year in Q2 2026, with operating margin expanding to 41.7%, suggesting the company is effectively converting its capital investments into higher allowed earnings.
The York Water Company (YORW) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 5.93M | 77.49M | 74.96M | 71.03M | 60.06M | 55.12M | 53.85M | 51.58M | 48.44M | 48.59M | 47.58M | 47.09M | 45.9M | 42.38M | 41.45M | 40.63M | 39.01M | 37.04M | 32.84M | 31.43M | 28.66M | 26.8M | 22.5M | 20.89M | 19.55M | 19.4M | 18.48M | 17.51M | 17.14M | 17M | 15.72M |
| Revenue Growth % | -92.22% | 3.37% | 5.53% | 18.26% | 8.97% | 2.35% | 4.41% | 6.48% | -0.31% | 2.11% | 1.05% | 2.59% | 8.3% | 2.26% | 2.01% | 4.16% | 5.3% | 12.81% | 4.47% | 9.68% | 6.91% | 19.11% | 7.73% | 6.83% | 0.78% | 4.99% | 5.54% | 2.18% | 0.83% | 8.11% | 1.76% |
| Cost of Revenue | 22.72M | 35.05M | 19.67M | 17.36M | 14.13M | 11.82M | 10.78M | 10.39M | 9.67M | 8.89M | 8.03M | 8.07M | 7.97M | 7.35M | 7.22M | 7.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -16.79M | 42.44M | 55.29M | 53.67M | 45.93M | 43.3M | 43.07M | 41.19M | 38.77M | 39.7M | 39.55M | 39.02M | 37.93M | 35.03M | 34.23M | 33.3M | 39.01M | 37.04M | 32.84M | 31.43M | 28.66M | 26.8M | 22.5M | 20.89M | 19.55M | 19.4M | 18.48M | 17.51M | 17.14M | 17M | 15.72M |
| Gross Margin % | -282.95% | 54.76% | 73.76% | 75.56% | 76.47% | 78.55% | 79.98% | 79.86% | 80.04% | 81.7% | 83.12% | 82.87% | 82.64% | 82.66% | 82.58% | 81.95% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -23.25% | 3.02% | 16.85% | 6.08% | 0.52% | 4.56% | 6.25% | -2.35% | 0.37% | 1.36% | 2.88% | 8.28% | 2.36% | 2.79% | -14.64% | 5.3% | 12.81% | 4.47% | 9.68% | 6.91% | 19.11% | 7.73% | 6.83% | 0.78% | 4.99% | 5.54% | 2.18% | 0.83% | 8.11% | 1.76% |
| Operating Expenses | -47.29M | 14.73M | 27.25M | 24.14M | 21.45M | 19.9M | 18.64M | 17.41M | 16.25M | 17.23M | 16.66M | 16.36M | 15.86M | 14.27M | 13.65M | 20.75M | 19.24M | 19.66M | 18.09M | 17.27M | 15.75M | 14.02M | 11.85M | 11.55M | 11.22M | 10.47M | 10.01M | 10.26M | 11.49M | 11.32M | 10.48M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 44.98M | 41.95M | 41M | 41.28M | 34.62M | 32.26M | 32.61M | 31.47M | 29.53M | 29.24M | 29.31M | 28.81M | 28.01M | 26.5M | 25.74M | 24.78M | 24.36M | 21.8M | 18.37M | 17.39M | 15.43M | 15.15M | 12.59M | 11.11M | 10M | 10.51M | 10.15M | 8.87M | 7.29M | 7.23M | 6.61M |
| EBITDA Margin % | 758.02% | 54.13% | 54.7% | 58.11% | 57.64% | 58.52% | 60.55% | 61.02% | 60.96% | 60.18% | 61.6% | 61.19% | 61.02% | 62.54% | 62.11% | 60.99% | 62.45% | 58.85% | 55.93% | 55.33% | 53.83% | 56.53% | 55.96% | 53.2% | 51.13% | 54.15% | 54.9% | 50.68% | 42.52% | 42.53% | 42.04% |
| EBITDA Growth % | 7.57% | 2.3% | -0.66% | 19.22% | 7.34% | -1.08% | 3.6% | 6.59% | 0.97% | -0.23% | 1.73% | 2.87% | 5.67% | 2.96% | 3.89% | 1.73% | 11.74% | 18.7% | 5.61% | 12.74% | 1.81% | 20.31% | 13.33% | 11.16% | -4.85% | 3.55% | 14.34% | 21.78% | 0.8% | 9.37% | 2.97% |
| Depreciation & Amortization | 14.48M | 14.24M | 12.96M | 11.75M | 10.14M | 8.86M | 8.18M | 7.69M | 7.01M | 6.77M | 6.42M | 6.15M | 5.93M | 5.74M | 5.17M | 4.91M | 4.59M | 4.41M | 3.62M | 3.23M | 2.52M | 2.36M | 1.94M | 1.78M | 1.66M | 1.57M | 1.67M | 1.62M | 1.64M | 1.55M | 1.37M |
| D&A / Revenue % | 244.08% | 18.38% | 17.29% | 16.54% | 16.88% | 16.07% | 15.18% | 14.91% | 14.47% | 13.93% | 13.5% | 13.06% | 12.92% | 13.55% | 12.47% | 12.07% | 11.77% | 11.91% | 11.03% | 10.27% | 8.8% | 8.82% | 8.63% | 8.52% | 8.51% | 8.1% | 9.06% | 9.24% | 9.55% | 9.13% | 8.72% |
| Operating Income (EBIT) | 30.5M | 27.7M | 28.04M | 29.53M | 24.48M | 23.4M | 24.43M | 23.79M | 22.52M | 22.47M | 22.89M | 22.66M | 22.08M | 20.76M | 20.57M | 19.88M | 19.77M | 17.39M | 14.74M | 14.16M | 12.9M | 12.79M | 10.65M | 9.33M | 8.33M | 8.93M | 8.47M | 7.26M | 5.65M | 5.68M | 5.24M |
| Operating Margin % | 513.94% | 35.75% | 37.41% | 41.57% | 40.76% | 42.45% | 45.37% | 46.12% | 46.49% | 46.25% | 48.1% | 48.12% | 48.1% | 48.98% | 49.64% | 48.92% | 50.68% | 46.94% | 44.9% | 45.06% | 45.03% | 47.71% | 47.33% | 44.68% | 42.62% | 46.05% | 45.84% | 41.43% | 32.97% | 33.4% | 33.33% |
| Operating Income Growth % | - | -1.2% | -5.05% | 20.62% | 4.65% | -4.24% | 2.71% | 5.64% | 0.2% | -1.81% | 1% | 2.65% | 6.34% | 0.91% | 3.51% | 0.55% | 13.68% | 17.93% | 4.09% | 9.76% | 0.91% | 20.06% | 14.12% | 12% | -6.73% | 5.45% | 16.77% | 28.4% | -0.46% | 8.35% | 6.72% |
| Interest Expense | 2M | 10.03M | 8.9M | 7.05M | 5.11M | 4.93M | 4.71M | 5.12M | 5.51M | 5.35M | 5.26M | 5.18M | 5.21M | 5.24M | 5.25M | 5.25M | 4.91M | 4.99M | 4.76M | 0 | 4.17M | 3.6M | 0 | 2.84M | 0 | 0 | 2.85M | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.92x | 3.46x | 4.55x | 5.00x | 4.60x | 4.90x | 4.25x | 3.88x | 4.28x | 4.28x | 4.37x | 4.14x | 3.95x | 3.84x | 3.67x | 3.96x | 3.42x | 3.11x | - | 3.10x | 3.55x | - | 3.28x | - | - | 2.97x | - | - | - | - |
| Interest / Revenue % | 33.7% | 12.95% | 11.88% | 9.92% | 8.51% | 8.94% | 8.74% | 9.93% | 11.37% | 11.01% | 11.06% | 11% | 11.34% | 12.37% | 12.66% | 12.93% | 12.58% | 13.47% | 14.49% | 0% | 14.53% | 13.45% | 0% | 13.61% | 0% | 0% | 15.44% | 0% | 0% | 0% | 0% |
| 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 | -750.36K | -915.49K | -1000K |
| Pretax Income | 22.2M | 19.24M | 21.68M | 25.03M | 19.59M | 18.1M | 18.62M | 16.64M | 15.87M | 17.52M | 17.25M | 17.23M | 16.36M | 15.47M | 14.91M | 14.04M | 14.51M | 12.09M | 10.06M | 10.11M | 9.29M | 9.22M | 8.35M | 6.82M | 5.82M | 6.24M | 5.84M | 4.86M | 4.9M | 4.76M | 4.02M |
| Pretax Margin % | 374.06% | 24.83% | 28.92% | 35.24% | 32.63% | 32.85% | 34.57% | 32.27% | 32.76% | 36.05% | 36.26% | 36.59% | 35.64% | 36.49% | 35.97% | 34.56% | 37.19% | 32.64% | 30.63% | 32.15% | 32.41% | 34.38% | 37.11% | 32.66% | 29.79% | 32.15% | 31.6% | 27.78% | 28.59% | 28.01% | 25.56% |
| Income Tax | -1.6M | -816K | 1.35M | 1.28M | 15K | 1.12M | 2.02M | 2.24M | 2.49M | 4.54M | 5.41M | 4.74M | 4.88M | 5.81M | 5.61M | 4.96M | 5.58M | 4.58M | 3.63M | 3.69M | 3.2M | 3.38M | 3.05M | 2.37M | 2.03M | 2.23M | 2.08M | 1.71M | 1.76M | 1.64M | 1.26M |
| Effective Tax Rate % | -7.21% | -4.24% | 6.23% | 5.1% | 0.08% | 6.19% | 10.84% | 13.46% | 15.7% | 25.93% | 31.35% | 27.51% | 29.81% | 37.58% | 37.6% | 35.31% | 38.45% | 37.87% | 36.07% | 36.53% | 34.41% | 36.71% | 36.53% | 34.8% | 34.92% | 35.79% | 35.66% | 35.16% | 36.02% | 34.47% | 31.32% |
| Net Income | 23.8M | 20.06M | 20.32M | 23.76M | 19.58M | 16.98M | 16.6M | 14.4M | 13.38M | 12.97M | 11.85M | 12.49M | 11.48M | 9.65M | 9.3M | 9.08M | 8.93M | 7.51M | 6.43M | 6.41M | 6.09M | 5.83M | 5.3M | 4.45M | 3.79M | 4.01M | 3.76M | 3.15M | 3.14M | 3.12M | 2.76M |
| Net Margin % | 401.03% | 25.89% | 27.11% | 33.45% | 32.6% | 30.81% | 30.82% | 27.92% | 27.62% | 26.7% | 24.89% | 26.52% | 25.02% | 22.78% | 22.45% | 22.36% | 22.89% | 20.28% | 19.58% | 20.41% | 21.25% | 21.76% | 23.55% | 21.3% | 19.38% | 20.65% | 20.33% | 18.01% | 18.3% | 18.36% | 17.55% |
| Net Income Growth % | 20.83% | -1.31% | -14.45% | 21.33% | 15.29% | 2.33% | 15.25% | 7.67% | 3.1% | 9.52% | -5.15% | 8.75% | 18.96% | 3.77% | 2.41% | 1.74% | 18.86% | 16.81% | 0.27% | 5.3% | 4.42% | 10.05% | 19.16% | 17.36% | -5.38% | 6.61% | 19.14% | 0.6% | 0.49% | 13.06% | 19.35% |
| EPS (Diluted) | 1.50 | 1.39 | 1.42 | 1.66 | 1.40 | 1.30 | 1.27 | 1.11 | 1.04 | 1.01 | 0.92 | 0.97 | 0.89 | 0.75 | 0.72 | 0.71 | 0.71 | 0.64 | 0.57 | 0.57 | 0.58 | 0.37 | 0.53 | 0.47 | 0.40 | 0.22 | 0.42 | 0.35 | 0.35 | 0.36 | 0.35 |
| EPS Growth % | 17.52% | -2.11% | -14.46% | 18.57% | 7.69% | 2.36% | 14.41% | 6.73% | 2.97% | 9.78% | -5.15% | 8.99% | 18.67% | 4.17% | 1.41% | 0% | 10.94% | 12.28% | 0% | -1.72% | 56.76% | -30.19% | 12.77% | 17.5% | 81.82% | -47.62% | 20% | 0% | -2.78% | 2.86% | 12.9% |
| EPS (Basic) | - | 1.39 | 1.42 | 1.66 | 1.40 | 1.30 | 1.27 | 1.11 | 1.04 | 1.01 | 0.92 | 0.97 | 0.89 | 0.75 | 0.72 | 0.71 | 0.71 | 0.64 | 0.57 | 0.57 | 0.58 | 0.37 | 0.53 | 0.47 | 0.40 | 0.22 | 0.42 | 0.35 | 0.35 | 0.36 | 0.35 |
| Diluted Shares Outstanding | 15.88M | 14.41M | 14.35M | 14.3M | 13.96M | 13.08M | 13.03M | 12.97M | 12.9M | 12.85M | 12.85M | 12.83M | 12.88M | 12.93M | 12.85M | 12.73M | 12.63M | 11.7M | 11.3M | 11.23M | 10.5M | 10.41M | 9.94M | 9.53M | 9.48M | 9.16M | 9.02M | 9.01M | 8.87M | 8.75M | 7.89M |
Quick answers to the most common questions about buying YORW stock.
For fiscal year 2025, The York Water Company (YORW) reported total revenue of $77.5M. This represents a 392.9% increase compared to $15.7M in 1996.
The York Water Company (YORW) is profitable, generating $20.1M in net income for the fiscal year ending 2025 with a net profit margin of 25.9%.
The York Water Company (YORW) reported an operating income of $27.7M, resulting in an operating profit margin of 35.8%. This margin reflects the operational efficiency of the business before interest and taxes.
The York Water Company (YORW) generated $42.4M in gross profit for the year, representing a gross profit margin of 54.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory lag on capital recovery
Metrics are mathematically derived from official filings.
Revenue Acceleration Driven by Rate Base Growth
York Water's revenue growth accelerated sharply to 22.5% year-over-year in Q2 2026, reaching $23.5 million, suggesting the company is successfully translating its sustained capital investment program into higher allowed revenues through regulatory rate adjustments.
The acceleration from low-single-digit growth in 2025 to 22.5% in the latest quarter indicates a material rate case outcome or formula rate adjustment has taken effect. For a regulated water utility, this revenue trajectory implies the Pennsylvania PUC has approved a significant rate base increase, likely driven by the company's ongoing infrastructure investment program. The durability of this growth depends on the regulatory mechanism—whether it is a fixed rate case cycle or a formula-based approach that provides more frequent adjustments.
Operating Margins Expanding Toward Peer Levels
Operating margin expanded to 41.7% in Q2 2026 from 36.9% a year earlier, approaching the 44.9% gross margin of peer Global Water Resources, suggesting York Water is earning closer to its authorized return as rate recovery mechanisms take hold.
The margin expansion from the mid-30s to above 40% indicates the utility is recovering not just revenue growth but also maintaining cost discipline, which is critical for earning the authorized ROE. The gap between York Water's 41.7% operating margin and Middlesex Water's 27.9% suggests different regulatory constructs or cost structures, with York Water appearing to benefit from a more favorable recovery mechanism. Investors should monitor whether this margin level is sustainable or represents a one-time benefit from a rate case settlement.
Cost Structure Reflects Regulated Water Economics
York Water's operating expenses appear well-managed relative to revenue growth, with operating income rising 38% year-over-year to $9.8 million in Q2 2026, suggesting effective cost recovery mechanisms are in place for this regulated water utility.
Unlike electric utilities with volatile fuel costs, water utilities have more predictable operating cost structures, and York Water's margin expansion indicates that incremental revenue is flowing through to earnings rather than being absorbed by cost inflation. The interest coverage ratio of 4.41 in Q2 2026, up from 2.90 a year earlier, suggests the company is generating sufficient operating income to service its debt load comfortably. This cost recovery profile appears stable, though the negative interest coverage in Q4 2025 (-0.35) warrants investigation as a potential anomaly.
EPS Growth Reflects Sustainable Regulated Earnings Power
Diluted EPS grew 40% year-over-year to $0.49 in Q2 2026, with the growth trajectory suggesting this reflects genuine regulated earnings power rather than non-recurring items, based on the consistent operating margin improvement across quarters.
The EPS growth from $0.35 to $0.49 represents a meaningful acceleration that appears sustainable given the regulatory nature of the business. The fact that operating margin expanded alongside revenue growth suggests the earnings improvement is driven by rate base growth rather than one-time items like weather normalization or tax adjustments. For a regulated water utility, this earnings quality is generally high because revenues are determined by regulatory proceedings rather than market dynamics.
Capital Investment Translating to Earnings Growth
The relationship between York Water's capital expenditure program and its 40% EPS growth suggests the company is successfully converting infrastructure investments into rate base growth, with the current CAPEX cycle appearing to generate attractive returns on invested capital.
For regulated water utilities, the key metric is whether incremental CAPEX translates to incremental EPS at the authorized rate of return. York Water's margin expansion and EPS acceleration suggest this translation is occurring effectively. The company's sustained investment in water infrastructure appears to be generating returns that exceed its cost of capital, though the exact ROE versus authorized ROE comparison would require additional regulatory data to confirm.
Regulatory Risk in Rising Cost Environment
The strongest challenge to York Water's positive trajectory is that the current margin expansion may prove temporary if the Pennsylvania PUC becomes more restrictive in future rate cases, particularly if inflationary pressures increase the company's cost of capital requirements.
While the current financial performance is strong, regulated utilities face inherent regulatory risk where authorized returns may not keep pace with rising interest rates and inflation. York Water's interest coverage improvement to 4.41 could reverse if the company needs to issue debt at higher rates to fund its capital program, potentially compressing future earnings. Additionally, the negative Q4 2025 revenue figure (-$58.0M) suggests potential accounting anomalies or one-time adjustments that warrant further investigation into the sustainability of the reported growth trajectory.