Global Water Resources, Inc.
For the period ended Dec 31, 2025. Filed Mar 4, 2026.
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FY2025 · Filed Mar 4, 2026
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14. Income Taxes
- Income Taxes
Income Tax Expense
The components of income tax expense were as follows:
| Years Ended December 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Current income tax expense | ||
| Federal | $820 | $460 |
| State | 148 | 140 |
| Total current | 968 | 600 |
| Deferred income tax expense | ||
| Federal | 45 | 1,294 |
| State | 13 | 179 |
| Total deferred | 58 | 1,473 |
| Income tax expense | $1,026 | $2,073 |
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Statutory Rate Reconciliation
The following table represents a reconciliation of income tax expense at the statutory federal income tax rate to the actual income tax expense from continuing operations:
| For the Years Ended December 31, | ||||
|---|---|---|---|---|
| (in thousands) · 2025 · 2024 | ||||
| Book income before taxes | $3,983 | $7,862 | ||
| Computed federal tax expense at statutory rate | 836 | 21.0% | 1,651 | 21.0% |
| State income taxes - net of federal tax benefit | 158 | 4.0% | 318 | 4.0% |
| Nontaxable or nondeductible items | ||||
| Tax regulatory asset amortization | 37 | 0.9% | 37 | 0.5% |
| Other | 18 | 0.5% | 10 | 0.1% |
| Other differences | (23) | (0.6)% | 57 | 0.8% |
| Income tax expense | $1,026 | 25.8% | $2,073 | 26.4% |
All of the Company’s income before income taxes and income tax expense for the years ended December 31, 2025 and 2024 were attributable to domestic operations. The Company hadno foreign income or income tax expense during these periods. Further, the Company operates solely in the state of Arizona, therefore all state income tax expense pertains to Arizona.
Components of Net Deferred Income Tax Liability
The following table summarizes the Company’s temporary differences between book and tax accounting that give rise to the deferred tax assets and deferred tax liabilities:
| (in thousands) | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Deferred tax assets | ||
| Deferred gain on ICFA funds received | $5,664 | $5,352 |
| AIAC | 4,248 | 4,248 |
| Balterra intangible asset acquisition | 224 | 224 |
| Other | 2,247 | 1,353 |
| Total deferred tax assets | 12,383 | 11,177 |
| Deferred tax liabilities | ||
| Utility plant | (18,720) | (17,983) |
| Regulatory liability | (199) | (214) |
| CP Water intangible asset acquisition | (381) | (381) |
| ICFA intangible asset | (452) | (452) |
| Gain on condemnation of Valencia | (140) | (184) |
| Other Liabilities | (2,190) | (1,661) |
| Total deferred tax liabilities | (22,082) | (20,875) |
| Net deferred tax liability | $(9,699) | $(9,698) |
As of December 31, 2025, the Company hasno net operating loss carry forwards andno uncertain tax positions.
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Cash Paid For Taxes
Income taxes paid, net of refunds received were as follows:
| (in thousands) | Years Ended December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Cash paid for income taxes | ||
| Federal | $1,542 | $107 |
| State | 190 | — |
| Total taxes paid, net of refunds | $1,732 | $107 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.