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Aqua America (WTR) Financials

Annual Income Statements for Aqua America

This table shows Aqua America's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	202	234	240	192	225	285	432	465	498	595	616
Consolidated Net Income / (Loss)	202	234	240	192	225	285	432	465	498	595	616
Net Income / (Loss) Continuing Operations	202	234	240	192	225	285	432	465	498	595	616
Total Pre-Tax Income	217	255	257	178	212	265	422	451	432	573	620
Total Operating Income	321	333	334	323	340	435	603	661	692	758	921
Total Gross Profit	505	523	527	530	557	768	987	1,072	1,126	1,222	1,431
Total Revenue	814	820	810	838	890	1,463	1,878	2,288	2,054	2,086	2,475
Operating Revenue	814	820	810	838	890	1,463	1,878	2,288	2,054	2,086	2,475
Total Cost of Revenue	309	297	282	308	333	694	891	1,216	928	864	1,043
Operating Cost of Revenue	309	297	282	308	333	694	891	1,216	928	864	1,043
Total Operating Expenses	184	189	193	206	216	334	385	411	434	464	510
Depreciation Expense	125	131	136	146	158	251	292	316	339	364	403
Amortization Expense	3.45	2.02	0.42	0.64	-1.70	5.62	5.76	5.37	5.04	5.65	14
Other Operating Expenses / (Income)	55	56	57	60	60	77	87	90	90	95	93
Total Other Income / (Expense), net	-104	-78	-77	-145	-129	-170	-181	-210	-260	-184	-301
Interest Expense	76	81	89	99	144	188	208	238	283	302	329
Interest & Investment Income	-35	0.98	0.53	2.23	28	1.99	2.38	3.68	3.40	3.32	1.70
Other Income / (Expense), net	6.69	1.48	11	-48	-12	17	25	24	20	115	26
Income Tax Expense	15	21	17	-14	-13	-20	-9.61	-14	-66	-22	3.45
Basic Earnings per Share	$1.14	$1.32	$1.35	$1.08	$1.04	$1.14	$1.68	$1.77	$1.86	$2.17	$2.20
Weighted Average Basic Shares Outstanding	176.79M	177.27M	177.61M	177.90M	215.55M	249.77M	257.49M	262.25M	267.17M	273.91M	280.05M
Diluted Earnings per Share	$1.14	$1.32	$1.35	$1.08	$1.04	$1.12	$1.67	$1.77	$1.86	$2.17	$2.20
Weighted Average Diluted Shares Outstanding	177.52M	177.85M	178.18M	178.40M	215.93M	254.63M	258.18M	262.87M	267.66M	274.42M	280.62M
Weighted Average Basic & Diluted Shares Outstanding	177M	177.40M	177.60M	177.80M	222.78M	245.39M	252.88M	264.14M	273.30M	274.92M	283.12M
Cash Dividends to Common per Share	$0.69	$0.74	$0.79	$0.85	$0.91	$0.97	$1.04	$1.11	$1.19	$1.27	$1.34

This table shows Aqua America's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	80	135	266	75	69	185	284	108	92	133	224
Consolidated Net Income / (Loss)	80	135	266	75	69	185	284	108	92	133	224
Net Income / (Loss) Continuing Operations	80	135	266	75	69	185	284	108	92	133	224
Total Pre-Tax Income	76	105	255	77	85	156	263	112	96	148	231
Total Operating Income	137	174	231	145	155	227	339	185	170	227	311
Total Gross Profit	248	285	345	258	272	346	461	310	301	359	447
Total Revenue	411	479	612	434	435	604	784	515	477	699	862
Operating Revenue	411	479	612	434	435	604	784	515	477	699	862
Total Cost of Revenue	164	194	267	176	163	258	322	205	176	340	414
Operating Cost of Revenue	164	194	267	176	163	258	322	205	176	340	414
Total Operating Expenses	110	111	115	113	117	120	122	124	132	132	137
Depreciation Expense	84	86	89	90	91	94	97	100	103	104	107
Amortization Expense	1.69	1.76	1.09	1.07	1.15	2.34	2.61	3.98	3.74	3.95	3.62
Other Operating Expenses / (Income)	24	23	25	22	24	23	23	21	25	24	26
Total Other Income / (Expense), net	-61	-69	24	-68	-70	-71	-76	-73	-73	-79	-80
Interest Expense	69	73	73	73	77	79	82	80	82	85	87
Interest & Investment Income	0.94	0.67	0.99	0.28	1.39	0.66	0.23	0.30	1.08	0.09	1.61
Other Income / (Expense), net	6.61	2.89	97	4.73	5.61	7.88	6.13	6.64	7.80	5.69	5.84
Income Tax Expense	-3.71	-31	-11	1.86	16	-29	-21	4.57	4.30	15	6.39
Basic Earnings per Share	$0.30	$0.49	$0.97	$0.28	$0.25	$0.67	$1.03	$0.38	$0.33	$0.46	$0.79
Weighted Average Basic Shares Outstanding	266.77M	267.17M	273.38M	273.57M	274.02M	273.91M	275.19M	280.28M	281.78M	280.05M	283.18M
Diluted Earnings per Share	$0.30	$0.50	$0.97	$0.28	$0.25	$0.67	$1.03	$0.38	$0.33	$0.46	$0.79
Weighted Average Diluted Shares Outstanding	267.18M	267.66M	273.74M	273.95M	274.54M	274.42M	275.69M	280.73M	282.30M	280.62M	283.64M
Weighted Average Basic & Diluted Shares Outstanding	273.17M	273.30M	273.52M	273.67M	274.61M	274.92M	280.34M	280.47M	282.98M	283.12M	283.63M
Cash Dividends to Common per Share	$0.31	-	$0.31	$0.31	$0.33	-	$0.33	$0.33	$0.34	-	$0.34

This table details how cash moves in and out of Aqua America's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.91	0.53	0.44	-0.58	1,865	-1,864	5.74	0.83	-6.79	4.54	26
Net Cash From Operating Activities	371	396	381	369	339	508	645	600	934	770	1,010
Net Cash From Continuing Operating Activities	371	396	381	369	339	508	645	600	934	770	1,010
Net Income / (Loss) Continuing Operations	202	234	240	192	225	285	432	465	498	595	616
Consolidated Net Income / (Loss)	202	234	240	192	225	285	432	465	498	595	616
Depreciation Expense	129	133	137	147	156	257	298	321	344	370	417
Non-Cash Adjustments To Reconcile Net Income	46	9.77	5.16	54	-30	40	36	39	34	-61	34
Changes in Operating Assets and Liabilities, net	-5.39	19	-0.30	-24	-13	-74	-121	-225	57	-134	-57
Net Cash From Investing Activities	-394	-383	-480	-640	-605	-4,334	-1,056	-1,178	-1,222	-1,163	-1,511
Net Cash From Continuing Investing Activities	-394	-383	-480	-640	-605	-4,334	-1,056	-1,178	-1,222	-1,163	-1,511
Purchase of Property, Plant & Equipment	-394	-392	-484	-641	-610	-4,337	-1,057	-1,180	-1,244	-1,330	-1,487
Sale of Property, Plant & Equipment	0.65	7.75	1.34	0.72	2.89	2.12	1.82	1.08	42	167	1.55
Other Investing Activities, net	-1.03	1.46	2.22	0.90	2.46	1.70	-1.03	0.27	-19	-0.34	-25
Net Cash From Financing Activities	22	-12	100	271	2,131	1,962	417	579	281	397	526
Net Cash From Continuing Financing Activities	22	-12	100	271	2,131	1,962	417	579	281	397	526
Repayment of Debt	-404	-393	-363	-915	-1,065	-1,950	-769	-814	-945	-1,001	-1,299
Repurchase of Common Equity	-25	-3.03	-2.17	-2.56	-1.87	-4.37	-3.29	-1.19	-3.98	-4.05	-2.28
Payment of Dividends	-121	-131	-141	-151	-189	-233	-259	-289	-317	-346	-374
Issuance of Debt	561	504	591	1,344	1,435	3,367	1,082	1,647	1,208	1,650	1,886
Issuance of Common Equity	0.68	1.39	1.45	5.16	1,946	746	317	80	339	52	315
Other Financing Activities, net	11	9.09	13	-9.98	6.16	36	49	-44	0.46	48	-1.08
Cash Interest Paid	75	73	82	94	89	169	202	226	273	276	311
Cash Income Taxes Paid	6.90	2.74	3.18	2.10	0.97	4.85	5.69	11	7.84	6.70	9.08

This table details how cash moves in and out of Aqua America's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-3.14	-3.89	31	-16	-10	0.72	12	4.29	-19	28	41
Net Cash From Operating Activities	183	129	241	186	196	148	300	272	233	206	265
Net Cash From Continuing Operating Activities	183	129	241	186	196	148	300	272	233	206	265
Net Income / (Loss) Continuing Operations	80	135	266	75	69	185	284	108	92	133	224
Consolidated Net Income / (Loss)	80	135	266	75	69	185	284	108	92	133	224
Depreciation Expense	86	88	90	91	93	97	99	104	107	108	111
Non-Cash Adjustments To Reconcile Net Income	7.69	8.70	-83	8.65	3.27	10	2.72	12	11	7.78	7.08
Changes in Operating Assets and Liabilities, net	9.35	-103	-32	11	31	-144	-86	49	22	-42	-77
Net Cash From Investing Activities	-346	-303	-86	-296	-384	-397	-288	-345	-429	-449	-267
Net Cash From Continuing Investing Activities	-346	-303	-86	-296	-384	-397	-288	-345	-429	-449	-267
Purchase of Property, Plant & Equipment	-346	-325	-253	-296	-384	-397	-288	-345	-407	-447	-287
Sale of Property, Plant & Equipment	0.02	41	167	0.42	0.29	0.20	0.24	0.30	0.27	0.74	0.04
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	-	-	20
Other Investing Activities, net	0.07	-20	-0.05	-0.11	-0.06	-0.12	-0.03	-0.17	-22	-2.67	-0.05
Net Cash From Financing Activities	160	170	-124	94	177	250	-0.01	77	178	271	43
Net Cash From Continuing Financing Activities	160	170	-124	94	177	250	-0.01	77	178	271	43
Repayment of Debt	-351	-209	-659	-5.43	-377	41	-648	-827	239	-62	-115
Repurchase of Common Equity	-0.00	-0.03	-2.23	-0.00	-0.00	-1.81	-2.23	-0.00	-0.04	-0.01	-2.93
Payment of Dividends	-81	-84	-84	-84	-89	-89	-89	-91	-96	-97	-97
Issuance of Debt	296	458	618	172	604	255	708	845	-88	421	257
Issuance of Common Equity	308	3.94	3.88	3.79	36	7.92	67	149	95	3.83	5.59
Other Financing Activities, net	-12	1.31	-0.32	7.24	3.18	38	-35	1.23	28	5.21	-4.16

This table presents Aqua America's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	5,718	6,159	6,332	6,964	9,362	13,705	14,658	15,719	16,841	18,027	19,465
Total Current Assets	128	129	131	147	2,015	380	438	658	492	486	610
Cash & Equivalents	3.23	3.76	4.20	3.63	1,869	4.83	11	11	4.61	9.16	35
Accounts Receivable	99	97	99	101	108	273	261	377	246	309	384
Inventories, net	12	13	14	16	18	58	110	200	113	94	112
Prepaid Expenses	12	13	13	23	16	39	37	40	100	41	59
Other Current Assets	-	-	-	-	2.39	5.09	20	19	29	33	20
Plant, Property, & Equipment, net	4,689	5,002	5,400	5,930	6,346	9,513	10,252	11,131	12,097	13,143	14,264
Plant, Property & Equipment, gross	6,088	6,509	7,004	7,648	8,202	11,620	12,610	13,737	14,977	16,275	17,691
Accumulated Depreciation	1,399	1,508	1,604	1,718	1,856	2,107	2,359	2,606	2,880	3,132	3,427
Total Noncurrent Assets	901	1,029	801	887	1,001	3,812	4,004	3,977	4,252	4,397	4,591
Goodwill	34	42	42	53	64	2,325	2,341	2,341	2,341	2,341	2,349
Intangible Assets	-	-	-	-	0.00	7.24	5.76	4.60	3.59	3.27	2.95
Other Noncurrent Operating Assets	859	979	752	827	931	1,479	1,621	1,551	1,907	2,052	2,238
Other Noncurrent Nonoperating Assets	-	-	-	-	0.00	1.27	37	80	1.38	1.42	1.45
Total Liabilities & Shareholders' Equity	5,718	6,159	6,332	6,964	9,362	13,705	14,658	15,719	16,841	18,027	19,465
Total Liabilities	3,992	4,309	4,375	4,955	5,481	9,021	9,510	10,389	10,945	11,828	12,607
Total Current Liabilities	193	302	284	399	323	604	675	1,022	798	975	764
Short-Term Debt	52	157	117	160	131	163	132	199	228	329	172
Accounts Payable	56	47	59	77	75	177	193	239	221	259	276
Accrued Expenses	50	40	41	47	50	123	124	131	127	137	169
Dividends Payable	-	-	-	-	-	-	0.00	76	84	89	0.00
Current Deferred & Payable Income Tax Liabilities	22	26	24	22	23	37	38	34	41	38	29
Other Current Liabilities	-	13	22	69	16	64	147	292	45	49	37
Other Current Nonoperating Liabilities	13	18	21	23	30	39	41	50	53	72	82
Total Noncurrent Liabilities	3,799	4,007	4,090	4,556	5,158	8,418	8,834	9,367	10,147	10,853	11,843
Long-Term Debt	1,720	1,738	2,008	2,398	2,943	5,508	5,815	6,418	6,826	7,368	8,110
Capital Lease Obligations	-	-	-	0.00	12	56	48	38	34	27	22
Asset Retirement Reserve & Litigation Obligation	260	251	542	531	513	775	771	780	822	765	703
Noncurrent Deferred Revenue	87	92	93	93	96	99	104	115	129	113	115
Noncurrent Deferred & Payable Income Tax Liabilities	1,119	1,269	769	845	936	1,258	1,407	1,346	1,628	1,832	2,090
Noncurrent Employee Benefit Liabilities	-	-	-	-	69	92	50	31	39	34	15
Other Noncurrent Operating Liabilities	613	658	678	688	589	630	640	639	669	714	787
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,726	1,850	1,958	2,009	3,881	4,684	5,184	5,377	5,896	6,199	6,857
Total Preferred & Common Equity	1,726	1,850	1,958	2,009	3,881	4,684	5,184	5,377	5,896	6,199	6,857
Total Common Equity	1,726	1,850	1,958	2,009	3,881	4,684	5,184	5,377	5,896	6,199	6,857
Common Stock	863	888	897	911	2,748	3,503	3,834	3,927	4,276	4,339	4,668
Retained Earnings	930	1,033	1,133	1,174	1,210	1,262	1,434	1,534	1,707	1,949	2,281
Treasury Stock	-68	-71	-73	-76	-78	-81	-84	-84	-86	-90	-91

This table presents Aqua America's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	15,280	15,818	16,102	16,433	17,054	17,252	17,565	18,327	18,554	18,893	19,780
Total Current Assets	541	510	407	409	420	363	374	494	439	434	623
Cash & Equivalents	23	20	12	8.51	35	19	8.44	21	25	6.40	76
Accounts Receivable	202	331	226	209	267	215	204	360	281	243	419
Inventories, net	230	96	109	127	67	85	105	61	90	124	72
Prepaid Expenses	39	37	37	31	35	29	26	35	29	28	36
Other Current Assets	47	16	17	26	15	16	31	17	14	32	20
Plant, Property, & Equipment, net	10,876	11,295	11,591	11,847	12,256	12,519	12,816	13,320	13,579	13,900	14,441
Plant, Property & Equipment, gross	13,468	13,961	14,344	14,681	15,208	15,519	15,891	16,538	16,857	17,268	17,943
Accumulated Depreciation	2,592	2,667	2,754	2,835	2,952	3,000	3,076	3,218	3,278	3,368	3,502
Total Noncurrent Assets	3,863	4,014	4,104	4,177	4,379	4,370	4,375	4,512	4,535	4,560	4,716
Goodwill	2,341	2,341	2,341	2,341	2,341	2,341	2,341	2,341	2,341	2,349	2,349
Intangible Assets	4.80	4.41	4.22	3.67	3.51	3.43	3.35	3.19	3.11	3.04	2.87
Other Noncurrent Operating Assets	1,516	1,634	1,724	1,794	2,034	2,025	2,029	2,167	2,190	2,207	2,363
Other Noncurrent Nonoperating Assets	1.34	34	36	39	1.39	1.40	1.41	1.43	1.43	1.44	1.45
Total Liabilities & Shareholders' Equity	15,280	15,818	16,102	16,433	17,054	17,252	17,565	18,327	18,554	18,893	19,780
Total Liabilities	9,937	10,302	10,487	10,510	10,973	11,089	11,384	11,867	11,834	12,077	12,887
Total Current Liabilities	848	803	765	897	679	629	683	757	599	728	654
Short-Term Debt	363	221	247	350	155	165	172	232	150	232	62
Accounts Payable	218	156	179	192	161	205	231	183	198	197	172
Accrued Expenses	140	114	130	141	130	144	141	120	147	149	167
Dividends Payable	-	76	0.00	0.00	84	0.00	0.00	90	0.00	0.00	97
Current Deferred & Payable Income Tax Liabilities	33	30	26	29	37	29	33	35	24	27	30
Other Current Liabilities	19	123	129	100	25	22	17	8.88	7.16	30	34
Other Current Nonoperating Liabilities	75	83	54	84	87	64	88	88	72	93	92
Total Noncurrent Liabilities	9,089	9,499	9,722	9,614	10,295	10,460	10,701	11,110	11,235	11,349	12,232
Long-Term Debt	6,174	6,485	6,616	6,456	6,856	7,011	7,230	7,525	7,623	7,692	8,362
Capital Lease Obligations	40	39	36	35	32	31	29	26	24	23	20
Asset Retirement Reserve & Litigation Obligation	773	767	808	827	839	810	805	729	721	721	710
Noncurrent Deferred Revenue	121	118	125	129	125	118	120	114	113	117	118
Noncurrent Deferred & Payable Income Tax Liabilities	1,305	1,414	1,459	1,487	1,734	1,764	1,788	1,965	2,002	2,011	2,220
Noncurrent Employee Benefit Liabilities	54	31	31	32	37	38	28	36	37	36	15
Other Noncurrent Operating Liabilities	622	645	646	647	671	687	699	716	714	748	788
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,343	5,516	5,615	5,923	6,081	6,163	6,181	6,460	6,720	6,816	6,893
Total Preferred & Common Equity	5,343	5,516	5,615	5,923	6,081	6,163	6,181	6,460	6,720	6,816	6,893
Total Common Equity	5,343	5,516	5,615	5,923	6,081	6,163	6,181	6,460	6,720	6,816	6,893
Common Stock	3,856	3,954	3,961	4,270	4,281	4,288	4,325	4,409	4,562	4,662	4,676
Retained Earnings	1,571	1,650	1,741	1,739	1,889	1,964	1,944	2,143	2,249	2,245	2,311
Treasury Stock	-84	-87	-87	-87	-88	-88	-88	-92	-91	-91	-94

This table displays calculated financial ratios and metrics derived from Aqua America's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.40%	0.70%	-1.26%	3.53%	6.16%	64.41%	28.40%	21.82%	-10.24%	1.57%	18.62%
EBITDA Growth	-49.64%	2.47%	2.91%	-12.38%	14.81%	46.29%	30.60%	8.78%	4.86%	17.69%	9.86%
EBIT Growth	-57.97%	2.13%	2.95%	-20.17%	19.15%	37.70%	38.97%	9.25%	3.85%	22.60%	8.54%
NOPAT Growth	-57.15%	2.33%	1.97%	11.55%	3.78%	29.41%	31.92%	10.67%	17.06%	-1.51%	16.44%
Net Income Growth	-13.48%	16.05%	2.37%	-19.92%	16.96%	26.86%	51.52%	7.79%	7.09%	19.49%	3.54%
EPS Growth	-12.98%	15.79%	2.27%	-20.00%	-3.70%	7.69%	49.11%	5.99%	5.08%	16.67%	1.38%
Operating Cash Flow Growth	1.93%	6.84%	-3.75%	-3.36%	-8.14%	50.07%	26.90%	-6.88%	55.52%	-17.49%	31.17%
Free Cash Flow Firm Growth	-88.90%	-7.72%	-154.09%	-373.38%	-31.78%	-2,575.82%	97.66%	-76.85%	-29.36%	33.35%	-24.87%
Invested Capital Growth	7.39%	7.21%	9.09%	11.87%	11.85%	103.97%	6.99%	7.91%	8.78%	7.32%	8.04%
Revenue Q/Q Growth	0.70%	-0.03%	0.81%	0.29%	2.33%	20.41%	3.40%	8.01%	-9.91%	6.37%	3.98%
EBITDA Q/Q Growth	-49.99%	-0.29%	1.76%	-14.83%	21.47%	13.30%	1.39%	3.00%	1.07%	5.61%	0.68%
EBIT Q/Q Growth	-58.22%	-0.80%	2.21%	-21.37%	32.95%	13.21%	1.18%	3.74%	0.55%	7.07%	-0.19%
NOPAT Q/Q Growth	-57.72%	-1.21%	-0.71%	5.42%	-5.92%	18.86%	1.72%	2.53%	4.98%	6.70%	-6.56%
Net Income Q/Q Growth	-15.98%	9.96%	1.62%	-22.93%	43.33%	15.62%	3.30%	-0.34%	4.29%	9.03%	-7.79%
EPS Q/Q Growth	-73.55%	10.00%	0.75%	-22.86%	48.57%	8.74%	1.83%	0.00%	3.33%	8.50%	-8.71%
Operating Cash Flow Q/Q Growth	-0.25%	5.07%	-2.12%	-5.50%	10.69%	-4.35%	-0.70%	-0.28%	5.40%	2.50%	6.12%
Free Cash Flow Firm Q/Q Growth	-87.98%	-27.92%	-1,451.56%	-14.60%	-51.27%	-3.44%	41.27%	55.84%	-309.50%	-9.25%	-21.50%
Invested Capital Q/Q Growth	1.08%	1.48%	2.09%	2.67%	3.18%	3.91%	2.98%	0.72%	2.51%	2.81%	2.42%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	62.01%	63.75%	65.13%	63.19%	62.56%	52.53%	52.57%	46.87%	54.82%	58.57%	57.84%
EBITDA Margin	56.07%	57.06%	59.47%	50.33%	54.43%	48.44%	49.27%	43.99%	51.39%	59.55%	55.15%
Operating Margin	39.44%	40.65%	41.25%	38.56%	38.23%	29.72%	32.09%	28.90%	33.70%	36.32%	37.22%
EBIT Margin	40.26%	40.83%	42.58%	32.83%	36.85%	30.86%	33.40%	29.95%	34.65%	41.83%	38.28%
Profit (Net Income) Margin	24.78%	28.56%	29.61%	22.91%	25.24%	19.47%	22.98%	20.33%	24.26%	28.54%	24.91%
Tax Burden Percent	93.10%	91.78%	93.41%	107.67%	106.15%	107.50%	102.28%	103.18%	115.39%	103.81%	99.44%
Interest Burden Percent	66.13%	76.22%	74.46%	64.81%	64.52%	58.70%	67.27%	65.79%	60.67%	65.72%	65.44%
Effective Tax Rate	6.90%	8.22%	6.59%	-7.67%	-6.15%	-7.50%	-2.28%	-3.18%	-15.39%	-3.81%	0.56%
Return on Invested Capital (ROIC)	8.85%	8.44%	7.95%	8.03%	7.45%	6.01%	5.70%	5.87%	6.35%	5.79%	6.26%
ROIC Less NNEP Spread (ROIC-NNEP)	3.09%	4.53%	4.38%	1.39%	0.27%	0.79%	2.56%	2.45%	2.02%	3.25%	2.56%
Return on Net Nonoperating Assets (RNNOA)	3.09%	4.66%	4.64%	1.65%	0.18%	0.65%	3.04%	2.94%	2.49%	4.06%	3.19%
Return on Equity (ROE)	11.94%	13.10%	12.59%	9.68%	7.62%	6.65%	8.75%	8.81%	8.84%	9.84%	9.44%
Cash Return on Invested Capital (CROIC)	1.73%	1.48%	-0.74%	-3.18%	-3.74%	-62.40%	-1.05%	-1.73%	-2.07%	-1.28%	-1.48%
Operating Return on Assets (OROA)	5.89%	5.64%	5.52%	4.14%	4.02%	3.91%	4.42%	4.51%	4.37%	5.01%	5.05%
Return on Assets (ROA)	3.63%	3.94%	3.84%	2.89%	2.75%	2.47%	3.04%	3.06%	3.06%	3.41%	3.29%
Return on Common Equity (ROCE)	11.94%	13.10%	12.59%	9.68%	7.62%	6.65%	8.75%	8.81%	8.84%	9.84%	9.44%
Return on Equity Simple (ROE_SIMPLE)	11.69%	12.66%	12.25%	9.55%	5.79%	6.08%	8.33%	8.65%	8.45%	9.60%	0.00%
Net Operating Profit after Tax (NOPAT)	299	306	312	348	361	467	616	682	799	787	916
NOPAT Margin	36.72%	37.31%	38.53%	41.52%	40.59%	31.95%	32.82%	29.82%	38.88%	37.70%	37.01%
Net Nonoperating Expense Percent (NNEP)	5.76%	3.90%	3.58%	6.63%	7.17%	5.21%	3.15%	3.43%	4.32%	2.53%	3.69%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.67%	6.15%	5.65%	6.04%
Cost of Revenue to Revenue	37.99%	36.25%	34.87%	36.81%	37.44%	47.47%	47.43%	53.13%	45.18%	41.43%	42.17%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.57%	23.10%	23.88%	24.63%	24.33%	22.81%	20.48%	17.97%	21.13%	22.25%	20.62%
Earnings before Interest and Taxes (EBIT)	328	335	345	275	328	451	627	685	712	873	947
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	457	468	481	422	484	708	925	1,007	1,055	1,242	1,365
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.44	2.36	2.99	2.60	2.30	2.23	2.40	2.17	1.66	1.59	1.57
Price to Tangible Book Value (P/TBV)	2.49	2.41	3.05	2.67	2.33	4.43	4.39	3.84	2.75	2.56	2.39
Price to Revenue (P/Rev)	5.17	5.32	7.22	6.24	10.02	7.13	6.64	5.09	4.76	4.74	4.35
Price to Earnings (P/E)	20.84	18.63	24.39	27.25	39.69	36.59	28.88	25.04	19.63	16.60	17.45
Dividend Yield	2.88%	3.00%	2.41%	2.88%	2.20%	2.28%	2.10%	3.15%	3.32%	3.52%	3.52%
Earnings Yield	4.80%	5.37%	4.10%	3.67%	2.52%	2.73%	3.46%	3.99%	5.09%	6.02%	5.73%
Enterprise Value to Invested Capital (EV/IC)	1.71	1.67	1.95	1.70	1.98	1.55	1.65	1.52	1.29	1.25	1.25
Enterprise Value to Revenue (EV/Rev)	7.33	7.62	9.84	9.28	11.38	11.04	9.82	8.00	8.21	8.44	7.69
Enterprise Value to EBITDA (EV/EBITDA)	13.07	13.35	16.54	18.44	20.90	22.79	19.94	18.17	15.98	14.17	13.94
Enterprise Value to EBIT (EV/EBIT)	18.20	18.66	23.10	28.27	30.88	35.76	29.41	26.69	23.69	20.17	20.09
Enterprise Value to NOPAT (EV/NOPAT)	19.96	20.42	25.53	22.36	28.03	34.55	29.93	26.81	21.11	22.37	20.77
Enterprise Value to Operating Cash Flow (EV/OCF)	16.09	15.77	20.88	21.11	29.90	31.78	28.62	30.47	18.06	22.84	18.83
Enterprise Value to Free Cash Flow (EV/FCFF)	102.38	116.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.03	1.02	1.09	1.27	0.80	1.22	1.16	1.24	1.20	1.25	1.21
Long-Term Debt to Equity	1.00	0.94	1.03	1.19	0.76	1.19	1.13	1.20	1.16	1.19	1.19
Financial Leverage	1.00	1.03	1.06	1.19	0.65	0.82	1.19	1.20	1.23	1.25	1.24
Leverage Ratio	3.29	3.32	3.28	3.35	2.77	2.69	2.87	2.88	2.89	2.88	2.87
Compound Leverage Factor	2.18	2.53	2.44	2.17	1.79	1.58	1.93	1.89	1.75	1.89	1.88
Debt to Total Capital	50.67%	50.60%	52.05%	56.01%	44.29%	55.01%	53.63%	55.31%	54.59%	55.48%	54.77%
Short-Term Debt to Total Capital	1.50%	4.20%	2.88%	3.50%	1.88%	1.56%	1.18%	1.66%	1.75%	2.37%	1.13%
Long-Term Debt to Total Capital	49.17%	46.40%	49.18%	52.51%	42.42%	53.44%	52.45%	53.65%	52.84%	53.12%	53.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	49.33%	49.40%	47.95%	43.99%	55.71%	44.99%	46.37%	44.69%	45.41%	44.52%	45.23%
Debt to EBITDA	3.88	4.05	4.41	6.07	6.37	8.08	6.48	6.61	6.72	6.22	6.08
Net Debt to EBITDA	3.86	4.03	4.39	6.04	2.50	8.08	6.47	6.60	6.71	6.21	6.06
Long-Term Debt to EBITDA	3.77	3.71	4.17	5.69	6.10	7.85	6.34	6.41	6.50	5.95	5.96
Debt to NOPAT	5.93	6.19	6.81	7.35	8.55	12.25	9.73	9.76	8.88	9.82	9.07
Net Debt to NOPAT	5.89	6.16	6.78	7.32	3.35	12.24	9.71	9.74	8.87	9.81	9.03
Long-Term Debt to NOPAT	5.76	5.68	6.44	6.89	8.18	11.91	9.51	9.46	8.59	9.40	8.88
Altman Z-Score	1.18	1.12	1.33	1.08	1.58	1.02	1.17	1.07	0.92	0.90	0.95
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.66	0.43	0.46	0.37	6.23	0.63	0.65	0.64	0.62	0.50	0.80
Quick Ratio	0.53	0.34	0.36	0.26	6.11	0.46	0.40	0.38	0.31	0.33	0.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	58	54	-29	-138	-181	-4,856	-114	-201	-260	-173	-216
Operating Cash Flow to CapEx	94.34%	102.99%	79.01%	57.52%	55.76%	11.72%	61.11%	50.94%	77.63%	66.24%	68.02%
Free Cash Flow to Firm to Interest Expense	0.77	0.67	-0.33	-1.39	-1.26	-25.77	-0.55	-0.84	-0.92	-0.57	-0.66
Operating Cash Flow to Interest Expense	4.89	4.92	4.31	3.72	2.35	2.70	3.10	2.52	3.29	2.55	3.07
Operating Cash Flow Less CapEx to Interest Expense	-0.29	0.14	-1.14	-2.75	-1.87	-20.31	-1.98	-2.43	-0.95	-1.30	-1.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.14	0.13	0.13	0.11	0.13	0.13	0.15	0.13	0.12	0.13
Accounts Receivable Turnover	8.30	8.34	8.26	8.39	8.52	7.68	7.03	7.18	6.60	7.52	7.14
Inventory Turnover	24.55	23.42	20.66	20.43	19.47	18.09	10.61	7.86	5.94	8.37	10.11
Fixed Asset Turnover	0.18	0.17	0.16	0.15	0.14	0.18	0.19	0.21	0.18	0.17	0.18
Accounts Payable Turnover	5.18	5.73	5.30	4.52	4.38	5.50	4.81	5.63	4.03	3.60	3.90
Days Sales Outstanding (DSO)	43.97	43.75	44.18	43.51	42.84	47.53	51.91	50.87	55.32	48.52	51.12
Days Inventory Outstanding (DIO)	14.87	15.58	17.67	17.87	18.75	20.18	34.41	46.43	61.45	43.63	36.10
Days Payable Outstanding (DPO)	70.50	63.69	68.81	80.75	83.41	66.34	75.89	64.82	90.49	101.32	93.52
Cash Conversion Cycle (CCC)	-11.67	-4.36	-6.96	-19.37	-21.82	1.37	10.44	32.48	26.28	-9.18	-6.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,499	3,751	4,092	4,577	5,120	10,443	11,173	12,057	13,115	14,075	15,207
Invested Capital Turnover	0.24	0.23	0.21	0.19	0.18	0.19	0.17	0.20	0.16	0.15	0.17
Increase / (Decrease) in Invested Capital	241	252	341	486	543	5,323	730	883	1,059	960	1,132
Enterprise Value (EV)	5,967	6,247	7,962	7,779	10,122	16,143	18,448	18,293	16,862	17,598	19,025
Market Capitalization	4,205	4,363	5,848	5,232	8,911	10,422	12,463	11,649	9,779	9,882	10,756
Book Value per Share	$9.78	$10.43	$11.02	$11.29	$17.98	$19.10	$20.13	$20.50	$21.58	$22.57	$24.23
Tangible Book Value per Share	$9.59	$10.19	$10.78	$11.00	$17.68	$9.59	$11.02	$11.56	$13.00	$14.04	$15.92
Total Capital	3,499	3,745	4,083	4,568	6,967	10,410	11,180	12,032	12,984	13,924	15,161
Total Debt	1,773	1,895	2,125	2,558	3,086	5,726	5,996	6,655	7,088	7,725	8,304
Total Long-Term Debt	1,720	1,738	2,008	2,398	2,955	5,563	5,863	6,456	6,861	7,396	8,132
Net Debt	1,762	1,884	2,114	2,548	1,211	5,721	5,985	6,644	7,083	7,716	8,269
Capital Expenditures (CapEx)	393	385	483	641	607	4,335	1,055	1,179	1,203	1,163	1,485
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-16	-19	-40	-95	-46	-66	-116	-176	-83	-169	-17
Debt-free Net Working Capital (DFNWC)	-13	-16	-36	-92	1,822	-61	-105	-164	-78	-159	18
Net Working Capital (NWC)	-65	-173	-153	-252	1,692	-224	-237	-364	-306	-489	-154
Net Nonoperating Expense (NNE)	97	72	72	156	137	182	185	217	300	191	299
Net Nonoperating Obligations (NNO)	1,773	1,901	2,134	2,568	1,239	5,759	5,989	6,679	7,219	7,876	8,350
Total Depreciation and Amortization (D&A)	129	133	137	147	156	257	298	321	344	370	417
Debt-free, Cash-free Net Working Capital to Revenue	-1.93%	-2.37%	-4.94%	-11.39%	-5.22%	-4.51%	-6.16%	-7.68%	-4.04%	-8.08%	-0.68%
Debt-free Net Working Capital to Revenue	-1.54%	-1.91%	-4.43%	-10.95%	204.84%	-4.18%	-5.60%	-7.18%	-3.82%	-7.64%	0.72%
Net Working Capital to Revenue	-7.96%	-21.09%	-18.93%	-30.05%	190.14%	-15.29%	-12.63%	-15.90%	-14.90%	-23.43%	-6.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.14	$1.32	$1.35	$1.08	$1.04	$1.14	$1.68	$1.77	$1.86	$2.17	$2.20
Adjusted Weighted Average Basic Shares Outstanding	176.79M	177.27M	177.61M	177.90M	215.55M	249.77M	257.49M	262.25M	267.17M	273.91M	280.05M
Adjusted Diluted Earnings per Share	$1.14	$1.32	$1.35	$1.08	$1.04	$1.12	$1.67	$1.77	$1.86	$2.17	$2.20
Adjusted Weighted Average Diluted Shares Outstanding	177.52M	177.85M	178.18M	178.40M	215.93M	254.63M	258.18M	262.87M	267.66M	274.42M	280.62M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	177.04M	177.45M	177.75M	178.15M	222.78M	245.39M	252.88M	264.14M	273.30M	274.92M	283.12M
Normalized Net Operating Profit after Tax (NOPAT)	299	306	312	226	238	304	422	463	484	530	916
Normalized NOPAT Margin	36.72%	37.31%	38.53%	26.99%	26.76%	20.80%	22.46%	20.23%	23.59%	25.42%	37.01%
Pre Tax Income Margin	26.62%	31.12%	31.70%	21.28%	23.78%	18.12%	22.47%	19.71%	21.02%	27.49%	25.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.32	4.15	3.89	2.78	2.28	2.40	3.02	2.88	2.51	2.89	2.88
NOPAT to Interest Expense	3.94	3.80	3.52	3.51	2.51	2.48	2.97	2.87	2.82	2.60	2.78
EBIT Less CapEx to Interest Expense	-0.86	-0.62	-1.56	-3.69	-1.94	-20.61	-2.06	-2.07	-1.73	-0.96	-1.64
NOPAT Less CapEx to Interest Expense	-1.24	-0.98	-1.93	-2.96	-1.71	-20.53	-2.11	-2.08	-1.43	-1.24	-1.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	60.09%	55.91%	58.67%	78.51%	83.95%	81.65%	59.93%	62.04%	63.59%	58.19%	60.65%
Augmented Payout Ratio	72.60%	57.20%	59.58%	79.84%	84.79%	83.18%	60.69%	62.30%	64.39%	58.87%	61.02%

This table displays calculated financial ratios and metrics derived from Aqua America's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	283,117,816.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	283,117,816.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.79
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.38%	-32.03%	-15.75%	-0.53%	5.84%	26.07%	28.03%	18.53%	9.58%	15.67%	9.97%
EBITDA Growth	6.93%	4.40%	32.27%	-1.72%	10.11%	24.87%	6.52%	22.75%	12.37%	2.78%	-3.87%
EBIT Growth	8.76%	2.25%	41.34%	-5.78%	11.58%	32.59%	5.38%	27.92%	10.50%	-0.77%	-8.28%
NOPAT Growth	22.48%	21.01%	-11.04%	-8.94%	-12.36%	19.27%	52.08%	25.36%	28.45%	-24.17%	-17.34%
Net Income Growth	16.66%	17.85%	38.83%	-17.40%	-13.33%	36.40%	6.78%	43.04%	32.67%	-28.19%	-20.93%
EPS Growth	15.38%	13.64%	34.72%	-17.65%	-16.67%	34.00%	6.19%	35.71%	32.00%	-31.34%	-23.30%
Operating Cash Flow Growth	78.06%	58.99%	-40.07%	-15.51%	7.06%	14.58%	24.43%	46.63%	18.58%	39.42%	-11.39%
Free Cash Flow Firm Growth	32.19%	-19.56%	-5.06%	-3.88%	-13.14%	17.06%	-17.19%	-27.88%	-29.45%	-34.34%	3.49%
Invested Capital Growth	6.89%	8.78%	7.30%	7.20%	7.00%	7.32%	8.60%	8.57%	8.46%	8.04%	7.29%
Revenue Q/Q Growth	-5.83%	16.57%	27.67%	-29.03%	0.20%	38.86%	29.66%	-34.29%	-7.37%	46.57%	23.27%
EBITDA Q/Q Growth	-6.06%	15.22%	57.40%	-42.32%	5.25%	30.68%	34.26%	-33.52%	-3.65%	19.52%	25.58%
EBIT Q/Q Growth	-9.55%	22.81%	85.12%	-54.18%	7.12%	45.93%	47.13%	-44.38%	-7.47%	31.04%	36.01%
NOPAT Q/Q Growth	-7.46%	56.33%	6.68%	-41.00%	-10.94%	112.76%	36.02%	-51.36%	-8.74%	25.60%	48.27%
Net Income Q/Q Growth	-12.26%	69.15%	96.22%	-71.64%	-7.94%	166.21%	53.60%	-62.00%	-14.61%	44.09%	69.13%
EPS Q/Q Growth	-11.76%	66.67%	94.00%	-71.13%	-10.71%	168.00%	53.73%	-63.11%	-13.16%	39.39%	71.74%
Operating Cash Flow Q/Q Growth	-16.67%	-29.55%	86.57%	-22.85%	5.58%	-24.61%	102.61%	-9.08%	-14.62%	-11.35%	28.77%
Free Cash Flow Firm Q/Q Growth	6.98%	-22.54%	20.64%	-14.83%	-1.31%	10.17%	-12.14%	-25.31%	-2.55%	6.78%	19.44%
Invested Capital Q/Q Growth	2.25%	2.51%	1.09%	1.18%	2.06%	2.81%	2.30%	1.14%	1.96%	2.42%	1.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.22%	59.44%	56.45%	59.43%	62.44%	57.32%	58.85%	60.14%	63.19%	51.35%	51.91%
EBITDA Margin	55.94%	55.29%	68.17%	55.40%	58.19%	54.77%	56.71%	57.37%	59.67%	48.66%	49.57%
Operating Margin	33.41%	36.29%	37.69%	33.45%	35.63%	37.50%	43.25%	35.98%	35.59%	32.47%	36.05%
EBIT Margin	35.02%	36.89%	53.49%	34.53%	36.92%	38.80%	44.03%	37.27%	37.23%	33.28%	36.72%
Profit (Net Income) Margin	19.47%	28.25%	43.42%	17.35%	15.95%	30.57%	36.21%	20.94%	19.30%	18.98%	26.04%
Tax Burden Percent	104.86%	129.47%	104.17%	97.59%	81.42%	118.54%	107.83%	95.93%	95.54%	89.74%	97.23%
Interest Burden Percent	53.03%	59.15%	77.92%	51.49%	53.05%	66.46%	76.28%	58.57%	54.28%	63.54%	72.92%
Effective Tax Rate	-4.86%	-29.47%	-4.17%	2.41%	18.58%	-18.54%	-7.83%	4.07%	4.46%	10.26%	2.77%
Return on Invested Capital (ROIC)	6.45%	7.67%	5.94%	4.88%	4.30%	6.82%	7.61%	5.77%	5.67%	4.92%	6.00%
ROIC Less NNEP Spread (ROIC-NNEP)	5.50%	6.37%	6.31%	3.94%	3.51%	5.71%	6.53%	4.84%	4.77%	4.05%	5.05%
Return on Net Nonoperating Assets (RNNOA)	6.59%	7.86%	7.63%	4.73%	4.17%	7.13%	7.87%	5.67%	5.70%	5.03%	6.24%
Return on Equity (ROE)	13.04%	15.53%	13.57%	9.61%	8.46%	13.95%	15.49%	11.44%	11.37%	9.96%	12.24%
Cash Return on Invested Capital (CROIC)	-0.51%	-2.07%	-1.13%	-1.20%	-1.20%	-1.28%	-1.64%	-1.43%	-1.25%	-1.48%	-1.36%
Operating Return on Assets (OROA)	5.03%	4.65%	6.31%	4.01%	4.26%	4.64%	5.62%	4.87%	4.86%	4.39%	4.92%
Return on Assets (ROA)	2.80%	3.56%	5.12%	2.02%	1.84%	3.66%	4.62%	2.73%	2.52%	2.51%	3.49%
Return on Common Equity (ROCE)	13.04%	15.53%	13.57%	9.61%	8.46%	13.95%	15.49%	11.44%	11.37%	9.96%	12.24%
Return on Equity Simple (ROE_SIMPLE)	8.07%	0.00%	9.42%	9.03%	8.83%	0.00%	9.49%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	144	225	240	142	126	269	365	178	162	204	302
NOPAT Margin	35.03%	46.98%	39.26%	32.64%	29.01%	44.45%	46.63%	34.52%	34.01%	29.14%	35.05%
Net Nonoperating Expense Percent (NNEP)	0.95%	1.29%	-0.36%	0.94%	0.79%	1.11%	1.08%	0.93%	0.90%	0.88%	0.94%
Return On Investment Capital (ROIC_SIMPLE)	-	1.73%	-	-	-	1.93%	2.57%	1.22%	1.10%	1.34%	1.97%
Cost of Revenue to Revenue	39.78%	40.56%	43.55%	40.57%	37.56%	42.69%	41.15%	39.86%	36.81%	48.65%	48.09%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.81%	23.15%	18.76%	25.98%	26.81%	19.82%	15.60%	24.16%	27.59%	18.88%	15.86%
Earnings before Interest and Taxes (EBIT)	144	177	327	150	161	235	345	192	178	233	316
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	230	265	417	241	253	331	444	295	285	340	427
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.48	1.66	1.64	1.64	1.71	1.59	1.68	1.55	1.64	1.57	1.65
Price to Tangible Book Value (P/TBV)	2.45	2.75	2.67	2.65	2.75	2.56	2.64	2.38	2.51	2.39	2.51
Price to Revenue (P/Rev)	3.85	4.76	5.14	5.23	5.38	4.74	4.81	4.45	4.70	4.35	4.47
Price to Earnings (P/E)	18.38	19.63	17.40	18.19	19.33	16.60	17.72	16.12	16.74	17.45	20.47
Dividend Yield	4.38%	3.32%	3.31%	3.32%	3.23%	3.52%	3.25%	3.51%	3.31%	3.52%	3.36%
Earnings Yield	5.44%	5.09%	5.75%	5.50%	5.17%	6.02%	5.64%	6.20%	5.97%	5.73%	4.89%
Enterprise Value to Invested Capital (EV/IC)	1.22	1.29	1.28	1.29	1.31	1.25	1.29	1.25	1.29	1.25	1.28
Enterprise Value to Revenue (EV/Rev)	6.85	8.21	8.75	8.94	9.17	8.44	8.25	7.78	8.04	7.69	7.74
Enterprise Value to EBITDA (EV/EBITDA)	14.95	15.98	14.67	15.02	15.28	14.17	14.68	13.73	14.11	13.94	14.67
Enterprise Value to EBIT (EV/EBIT)	22.05	23.69	21.02	21.69	22.06	20.17	20.93	19.51	20.16	20.09	21.52
Enterprise Value to NOPAT (EV/NOPAT)	20.52	21.11	22.41	23.23	24.39	22.37	20.40	19.17	19.52	20.77	23.36
Enterprise Value to Operating Cash Flow (EV/OCF)	17.63	18.06	21.96	23.44	23.92	22.84	22.47	19.86	20.09	18.83	20.25
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.16	1.20	1.16	1.17	1.20	1.25	1.20	1.16	1.17	1.21	1.22
Long-Term Debt to Equity	1.10	1.16	1.13	1.14	1.17	1.19	1.17	1.14	1.13	1.19	1.22
Financial Leverage	1.20	1.23	1.21	1.20	1.19	1.25	1.21	1.17	1.20	1.24	1.24
Leverage Ratio	2.82	2.89	2.83	2.83	2.81	2.88	2.82	2.78	2.81	2.87	2.85
Compound Leverage Factor	1.49	1.71	2.21	1.46	1.49	1.92	2.15	1.63	1.52	1.82	2.08
Debt to Total Capital	53.60%	54.59%	53.67%	53.90%	54.59%	55.48%	54.64%	53.71%	53.83%	54.77%	55.05%
Short-Term Debt to Total Capital	2.75%	1.75%	1.18%	1.23%	1.27%	2.37%	1.63%	1.03%	1.57%	1.13%	0.40%
Long-Term Debt to Total Capital	50.85%	52.84%	52.49%	52.67%	53.33%	53.12%	53.02%	52.68%	52.26%	53.64%	54.65%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	46.40%	45.41%	46.33%	46.10%	45.41%	44.52%	45.36%	46.29%	46.17%	45.23%	44.95%
Debt to EBITDA	6.55	6.72	6.09	6.25	6.32	6.22	6.13	5.89	5.86	6.08	6.27
Net Debt to EBITDA	6.54	6.71	6.06	6.23	6.31	6.21	6.11	5.87	5.86	6.06	6.21
Long-Term Debt to EBITDA	6.22	6.50	5.95	6.11	6.17	5.95	5.95	5.78	5.69	5.96	6.22
Debt to NOPAT	8.99	8.88	9.30	9.67	10.08	9.82	8.52	8.22	8.11	9.07	9.98
Net Debt to NOPAT	8.98	8.87	9.25	9.64	10.07	9.81	8.50	8.19	8.10	9.03	9.89
Long-Term Debt to NOPAT	8.53	8.59	9.09	9.45	9.85	9.40	8.27	8.06	7.87	8.88	9.90
Altman Z-Score	0.78	0.81	0.86	0.83	0.83	0.78	0.88	0.85	0.86	0.83	0.87
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.46	0.62	0.62	0.58	0.55	0.50	0.65	0.73	0.60	0.80	0.95
Quick Ratio	0.24	0.31	0.45	0.37	0.31	0.33	0.50	0.51	0.34	0.55	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-680	-833	-661	-760	-770	-691	-775	-971	-996	-929	-748
Operating Cash Flow to CapEx	52.87%	45.51%	278.49%	62.84%	51.08%	37.23%	104.05%	78.98%	57.18%	46.20%	92.34%
Free Cash Flow to Firm to Interest Expense	-9.92	-11.43	-9.03	-10.40	-10.01	-8.72	-9.45	-12.17	-12.11	-10.93	-8.57
Operating Cash Flow to Interest Expense	2.67	1.77	3.29	2.54	2.55	1.86	3.65	3.41	2.83	2.43	3.04
Operating Cash Flow Less CapEx to Interest Expense	-2.38	-2.12	2.11	-1.50	-2.44	-3.14	0.14	-0.91	-2.12	-2.83	-0.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.13	0.12	0.12	0.12	0.12	0.13	0.13	0.13	0.13	0.13
Accounts Receivable Turnover	11.09	6.60	6.48	8.80	9.50	7.52	7.19	9.44	10.65	7.14	6.55
Inventory Turnover	6.52	5.94	9.84	8.30	6.88	8.37	14.40	10.85	8.40	10.11	17.05
Fixed Asset Turnover	0.20	0.18	0.16	0.16	0.16	0.17	0.18	0.18	0.18	0.18	0.18
Accounts Payable Turnover	5.69	4.03	5.05	4.17	3.78	3.60	5.35	4.71	4.48	3.90	6.40
Days Sales Outstanding (DSO)	32.92	55.32	56.33	41.49	38.40	48.52	50.75	38.68	34.27	51.12	55.69
Days Inventory Outstanding (DIO)	55.94	61.45	37.11	43.99	53.03	43.63	25.35	33.65	43.45	36.10	21.41
Days Payable Outstanding (DPO)	64.14	90.49	72.29	87.43	96.49	101.32	68.25	77.47	81.39	93.52	57.04
Cash Conversion Cycle (CCC)	24.72	26.28	21.15	-1.95	-5.06	-9.18	7.84	-5.14	-3.67	-6.31	20.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,794	13,115	13,258	13,414	13,690	14,075	14,399	14,564	14,848	15,207	15,449
Invested Capital Turnover	0.18	0.16	0.15	0.15	0.15	0.15	0.16	0.17	0.17	0.17	0.17
Increase / (Decrease) in Invested Capital	824	1,059	902	901	896	960	1,141	1,149	1,158	1,132	1,050
Enterprise Value (EV)	15,612	16,862	16,971	17,315	17,979	17,598	18,630	18,184	19,132	19,025	19,769
Market Capitalization	8,778	9,779	9,963	10,127	10,556	9,882	10,868	10,412	11,191	10,756	11,401
Book Value per Share	$22.39	$21.58	$22.25	$22.53	$22.59	$22.57	$23.50	$23.97	$24.30	$24.23	$24.35
Tangible Book Value per Share	$13.53	$13.00	$13.67	$13.96	$14.02	$14.04	$14.97	$15.61	$15.92	$15.92	$16.04
Total Capital	12,764	12,984	13,124	13,370	13,612	13,924	14,243	14,518	14,764	15,161	15,337
Total Debt	6,842	7,088	7,043	7,207	7,432	7,725	7,783	7,798	7,947	8,304	8,444
Total Long-Term Debt	6,491	6,861	6,889	7,042	7,259	7,396	7,551	7,647	7,715	8,132	8,382
Net Debt	6,833	7,083	7,008	7,188	7,423	7,716	7,762	7,773	7,941	8,269	8,368
Capital Expenditures (CapEx)	346	283	86	296	384	397	288	345	407	446	287
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-145	-83	-140	-120	-145	-169	-51	-34	-69	-17	-46
Debt-free Net Working Capital (DFNWC)	-137	-78	-104	-101	-137	-159	-30	-9.21	-62	18	30
Net Working Capital (NWC)	-487	-306	-259	-266	-309	-489	-262	-159	-295	-154	-32
Net Nonoperating Expense (NNE)	64	90	-25	66	57	84	82	70	70	71	78
Net Nonoperating Obligations (NNO)	6,872	7,219	7,177	7,251	7,509	7,876	7,939	7,843	8,032	8,350	8,556
Total Depreciation and Amortization (D&A)	86	88	90	91	93	97	99	104	107	108	111
Debt-free, Cash-free Net Working Capital to Revenue	-6.37%	-4.04%	-7.19%	-6.20%	-7.41%	-8.08%	-2.26%	-1.47%	-2.89%	-0.68%	-1.79%
Debt-free Net Working Capital to Revenue	-6.00%	-3.82%	-5.38%	-5.23%	-6.98%	-7.64%	-1.34%	-0.39%	-2.62%	0.72%	1.18%
Net Working Capital to Revenue	-21.37%	-14.90%	-13.36%	-13.75%	-15.77%	-23.43%	-11.61%	-6.82%	-12.38%	-6.23%	-1.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.30	$0.49	$0.97	$0.28	$0.25	$0.67	$1.03	$0.38	$0.33	$0.46	$0.79
Adjusted Weighted Average Basic Shares Outstanding	266.77M	267.17M	273.38M	273.57M	274.02M	273.91M	275.19M	280.28M	281.78M	280.05M	283.18M
Adjusted Diluted Earnings per Share	$0.30	$0.50	$0.97	$0.28	$0.25	$0.67	$1.03	$0.38	$0.33	$0.46	$0.79
Adjusted Weighted Average Diluted Shares Outstanding	267.18M	267.66M	273.74M	273.95M	274.54M	274.42M	275.69M	280.73M	282.30M	280.62M	283.64M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	273.17M	273.30M	273.52M	273.67M	274.61M	274.92M	280.34M	280.47M	282.98M	283.12M	283.63M
Normalized Net Operating Profit after Tax (NOPAT)	96	122	161	142	126	159	237	178	162	204	302
Normalized NOPAT Margin	23.39%	25.40%	26.38%	32.64%	29.01%	26.25%	30.27%	34.52%	34.01%	29.14%	35.05%
Pre Tax Income Margin	18.57%	21.82%	41.68%	17.78%	19.58%	25.79%	33.59%	21.83%	20.21%	21.15%	26.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.10	2.43	4.47	2.05	2.09	2.96	4.20	2.40	2.16	2.74	3.62
NOPAT to Interest Expense	2.10	3.09	3.28	1.94	1.64	3.39	4.45	2.23	1.97	2.40	3.46
EBIT Less CapEx to Interest Expense	-2.95	-1.46	3.29	-1.99	-2.90	-2.05	0.70	-1.92	-2.78	-2.51	0.33
NOPAT Less CapEx to Interest Expense	-2.95	-0.80	2.10	-2.10	-3.35	-1.62	0.95	-2.09	-2.97	-2.85	0.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	64.51%	63.59%	56.75%	59.83%	62.44%	58.19%	57.38%	55.62%	54.79%	60.65%	68.47%
Augmented Payout Ratio	65.37%	64.39%	57.15%	60.23%	62.85%	58.87%	58.04%	56.25%	55.40%	61.02%	69.00%

Financials Breakdown Chart

Key Financial Trends

Essential Utilities (NYSE: WTRG) has shown notable top-line growth and solid operating cash flow over the past four years, supported by ongoing capital investments and a debt-financed liquidity profile typical of regulated utilities. Below are the key takeaways from the quarterly statements across 2022–2025, focusing on cash flow, income statement stability, and balance sheet leverage.

Revenue growth in late 2025: In Q4 2025, Operating Revenue reached 699,111,000 USD, up from 604,383,000 USD in Q4 2024, signaling ongoing top-line expansion over the four-year period.
Robust operating cash flow: Q4 2025 Net Cash From Continuing Operating Activities was 206,112,000 USD, indicating strong cash generation from core operations. This aligns with solid quarterly operating performance in 2025.
Liquidity from financing activities: Q4 2025 included a notable debt issuance of 421,364,000 USD, contributing to a Net Cash From Continuing Financing Activities of 271,089,000 USD and supporting liquidity needs.
Positive quarterly cash position: Q4 2025 ended with a net increase in cash and equivalents of 28,381,000 USD, reflecting a modest cash build for the quarter despite large investing outlays.
Ongoing capex activity: Purchases of Property, Plant & Equipment were 446,891,000 USD in Q4 2025, consistent with high, recurring capital expenditures observed across recent years (indicative of continued asset investment typical for utilities).
High leverage level remains a constant: Long-Term Debt was around 7.69B USD in mid-2025, with Total Liabilities near 12.08B USD, highlighting the substantial capital structure typical of a regulated utility with ongoing capex and financing needs.
Shareholder returns and modest equity funding: In 2025, the company paid dividends (e.g., 96.95M USD in Q4 2025) and executed a small issuance of common equity (about 3.83M USD in Q4 2025), indicating ongoing shareholder return policy alongside light equity funding.
Gross margin compression in late 2025: Q4 2025 gross profit was 358,994,000 USD on 699,111,000 USD revenue, implying a gross margin of roughly 51%, down from Q4 2024’s margin (about 57%), signaling margin pressure.
Significant investing outflows: Net cash from continuing investing activities in Q4 2025 was -448,820,000 USD, driven by large capital expenditures and other investing activities, contributing to sizable negative free cash flow for the quarter.
Rising leverage risk from debt financing: The late-2025 debt issuance of 421,364,000 USD, combined with a large existing debt base (long-term debt around 7.69B USD by mid-2025), underscores elevated leverage and sensitivity to interest-rate movements.

05/18/26 10:45 PM ETAI Generated. May Contain Errors.

Aqua America Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Aqua America's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Aqua America's net income appears to be on an upward trend, with a most recent value of $616.37 million in 2025, rising from $201.79 million in 2015. The previous period was $595.31 million in 2024.

Aqua America's total operating income in 2025 was $920.95 million, based on the following breakdown:

Total Gross Profit: $1.43 billion
Total Operating Expenses: $510.24 million

Over the last 10 years, Aqua America's total revenue changed from $814.20 million in 2015 to $2.47 billion in 2025, a change of 203.9%.

Aqua America's total liabilities were at $12.61 billion at the end of 2025, a 6.6% increase from 2024, and a 215.8% increase since 2015.

In the past 10 years, Aqua America's cash and equivalents has ranged from $3.23 million in 2015 to $1.87 billion in 2019, and is currently $34.78 million as of their latest financial filing in 2025.

Over the last 10 years, Aqua America's book value per share changed from 9.78 in 2015 to 24.23 in 2025, a change of 147.7%.

Related Companies

Financial statements for NYSE:WTR last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Aqua America (WTR) Financials

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Aqua America (WTR) Financials

Annual Income Statements for Aqua America

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Quarterly Cash Flow Statements for Aqua America

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Key Financial Trends

Aqua America Financials - Frequently Asked Questions

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