Essential Utilities, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
WTRG$45.17+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Report of Independent Registered Public Accounting Firm
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Property, plant and equipment, at cost | $17,690,717 | $16,275,377 |
| Less: accumulated depreciation | 3,427,035 | 3,131,901 |
| Net property, plant and equipment | 14,263,682 | 13,143,476 |
| Current assets: | ||
| Cash and cash equivalents | 34,778 | 9,156 |
| Accounts receivable, net | 217,191 | 166,522 |
| Unbilled revenues | 167,085 | 142,310 |
| Inventory - materials and supplies | 51,767 | 48,619 |
| Inventory - gas stored | 60,686 | 45,311 |
| Prepayments and other current assets | 59,110 | 41,139 |
| Regulatory assets | 19,779 | 32,854 |
| Total current assets | 610,396 | 485,911 |
| Regulatory assets | 2,089,669 | 1,907,786 |
| Deferred charges and other assets, net | 122,217 | 112,712 |
| Funds restricted for construction activity | 1,445 | 1,420 |
| Goodwill | 2,348,559 | 2,340,713 |
| Operating lease right-of-use assets | 25,923 | 31,263 |
| Intangible assets | 2,954 | 3,273 |
| Total assets | $19,464,845 | $18,026,554 |
| See accompanying notes to consolidated financial statements. | ||
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Liabilities and Equity | ||
| Essential Utilities stockholders' equity: | ||
| Common stock at $0.50 par value, authorized 600,000,000 shares, issued 286,505,895 and 278,209,660 as of December 31, 2025 and December 31, 2024 | $143,253 | $139,105 |
| Capital in excess of par value | 4,524,517 | 4,199,836 |
| Retained earnings | 2,280,669 | 1,949,492 |
| Treasury stock, at cost, 3,423,086 and 3,386,069 shares as of December 31, 2025 and December 31, 2024 | (90,983) | (89,624) |
| Total stockholders' equity | 6,857,456 | 6,198,809 |
| Long-term debt, excluding current portion | 8,160,026 | 7,416,289 |
| Less: debt issuance costs | 49,859 | 47,908 |
| Long-term debt, excluding current portion, net of debt issuance costs and unamortized discount on debt | 8,110,167 | 7,368,381 |
| Commitments and contingencies (See Note 10) | ||
| Current liabilities: | ||
| Current portion of long-term debt | 21,822 | 142,807 |
| Loans payable | 150,139 | 186,542 |
| Accounts payable | 276,080 | 258,615 |
| Book overdraft | 25,494 | 47,714 |
| Accrued interest | 82,466 | 72,281 |
| Accrued taxes | 28,688 | 38,219 |
| Regulatory liabilities | 11,202 | 1,770 |
| Dividends payable | - | 89,441 |
| Other accrued liabilities | 168,592 | 137,279 |
| Total current liabilities | 764,483 | 974,668 |
| Deferred credits and other liabilities: | ||
| Deferred income taxes and investment tax credits | 2,090,120 | 1,831,868 |
| Customers' advances for construction | 115,465 | 113,323 |
| Regulatory liabilities | 703,285 | 764,745 |
| Operating lease liabilities | 21,608 | 27,447 |
| Pension and other postretirement benefit liabilities | 15,241 | 33,680 |
| Other | 60,814 | 24,788 |
| Total deferred credits and other liabilities | 3,006,533 | 2,795,851 |
| Contributions in aid of construction | 726,206 | 688,845 |
| Total liabilities and equity | $19,464,845 | $18,026,554 |
| See accompanying notes to consolidated financial statements. | ||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
| Years ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating revenues | $2,474,615 | $2,086,113 | $2,053,824 |
| Operating expenses: | |||
| Operations and maintenance | 639,604 | 587,250 | 575,518 |
| Purchased gas | 403,817 | 277,009 | 352,306 |
| Depreciation | 403,190 | 363,906 | 338,655 |
| Amortization | 14,281 | 5,646 | 5,040 |
| Taxes other than income taxes | 92,772 | 94,634 | 90,208 |
| Total operating expenses | 1,553,664 | 1,328,445 | 1,361,727 |
| Operating income | 920,951 | 757,668 | 692,097 |
| Other expense (income): | |||
| Interest expense | 329,081 | 302,467 | 283,362 |
| Interest income | (1,703) | (3,318) | (3,401) |
| Allowance for funds used during construction | (26,253) | (21,310) | (16,967) |
| Gain on sale of other assets | (1,325) | (92,224) | (65) |
| Other | 1,337 | (1,425) | (2,613) |
| Income before income taxes | 619,814 | 573,478 | 431,781 |
| Income tax expense (benefit) | 3,445 | (21,836) | (66,445) |
| Net income | $616,369 | $595,314 | $498,226 |
| Comprehensive income | $616,369 | $595,314 | $498,226 |
| Net income per common share: | |||
| Basic | $2.20 | $2.17 | $1.86 |
| Diluted | $2.20 | $2.17 | $1.86 |
| Average common shares outstanding during the period: | |||
| Basic | 280,054 | 273,914 | 267,171 |
| Diluted | 280,619 | 274,421 | 267,659 |
| See accompanying notes to consolidated financial statements. | |||
CONSOLIDATED STATEMENTS OF CAPITALIZATION
| December 31, | |||||
|---|---|---|---|---|---|
| 2025 · 2024 | |||||
| Stockholders' equity: | |||||
| Common stock, $0.50 par value | $143,253 | $139,105 | |||
| Capital in excess of par value | 4,524,517 | 4,199,836 | |||
| Retained earnings | 2,280,669 | 1,949,492 | |||
| Treasury stock, at cost | (90,983) | (89,624) | |||
| Total stockholders' equity | 6,857,456 | 6,198,809 | |||
| Long-term debt of subsidiaries (substantially collateralized by utility plant): | |||||
| Interest Rate Range | Maturity Date Range | ||||
| 0.00% to 0.99% | 2026 to 2052 | 7,328 | 2,637 | ||
| 1.00% to 1.99% | 2030 to 2049 | 23,977 | 11,732 | ||
| 2.00% to 2.99% | 2025 to 2058 | 204,870 | 206,297 | ||
| 3.00% to 3.99% | 2026 to 2056 | 1,252,397 | 1,258,003 | ||
| 4.00% to 4.99% | 2025 to 2059 | 1,120,564 | 1,239,032 | ||
| 5.00% to 5.99% | 2028 to 2061 | 412,260 | 312,260 | ||
| 6.00% to 6.99% | 2026 to 2036 | 31,000 | 31,000 | ||
| 7.00% to 7.99% | 2025 to 2027 | 4,652 | 27,888 | ||
| 8.00% to 8.99% | 2025 | - | 447 | ||
| 9.00% to 9.99% | 2026 | 11,800 | 11,800 | ||
| 3,068,848 | 3,101,096 | ||||
| Notes payable to bank under revolving credit agreement, variable rate, due 2027 | - | 413,000 | |||
| Unsecured notes payable: | |||||
| Commercial paper program (See Note 13) | 568,000 | - | |||
| Notes at 2.40% due 2031 | 400,000 | 400,000 | |||
| Notes at 2.704% due 2030 | 500,000 | 500,000 | |||
| Notes ranging from 3.01% to 3.59%, due 2029 through 2050 | 1,125,000 | 1,125,000 | |||
| Notes at 4.276%, due 2049 | 500,000 | 500,000 | |||
| Notes at 4.80%, due 2027 | 500,000 | 500,000 | |||
| Notes at 5.25%, due 2035 | 500,000 | - | |||
| Notes at 5.30%, due 2052 | 500,000 | 500,000 | |||
| Notes at 5.375%, due 2034 | 500,000 | 500,000 | |||
| Notes at 5.95%, due 2033 through 2034 | 20,000 | 20,000 | |||
| Total long-term debt | 8,181,848 | 7,559,096 | |||
| Current portion of long-term debt | 21,822 | 142,807 | |||
| Long-term debt, excluding current portion | 8,160,026 | 7,416,289 | |||
| Less: debt issuance costs and unamortized discount on debt | 49,859 | 47,908 | |||
| Long-term debt, excluding current portion, net of debt issuance costs and unamortized discount on debt | 8,110,167 | 7,368,381 | |||
| Total capitalization | $14,967,623 | $13,567,190 | |||
| See accompanying notes to consolidated financial statements. | |||||
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