10-Q · May 4, 2026
Unitil Corporation's Q1 2026 results reflect a strong performance, with actual revenue of $216.9 million significantly exceeding estimates of $178.49 million. The earnings per share (EPS) of $1.88 also surpassed the…
Earnings analysis · 10-Q
UTL earnings analysis
Filed August 3, 2026 · Our reading of the company's report
The latest report
Unitil delivered a modest Q2 earnings improvement, with revenue up 14.0% to $117.0 million and GAAP EPS up to $0.26 from $0.25; revenue and adjusted EPS of $0.29 also exceeded the supplied consensus figures of $111.38…
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Unitil delivered a modest Q2 earnings improvement, with revenue up 14.0% to $117.0 million and GAAP EPS up to $0.26 from $0.25; revenue and adjusted EPS of $0.29 also exceeded the supplied consensus figures of $111.38 million and $0.26. Electric rate/customer growth and Maine Natural contributions lifted segment margins, although higher O&M, depreciation, taxes and interest constrained bottom-line leverage. The June 30 water acquisition expands the regulated asset base, but it also introduces a new disclosed risk category and adds to near-term financing and integration demands.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.26
What stood out
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Revenue grew 14% year over year
Q2 operating revenue rose $14.4 million, or 14.0%, to $117.0 million from $102.6 million. Electric revenue increased $10.7 million (21.0%) and gas revenue increased $3.7 million (7.2%).
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Operating profit and gross margin expanded
GAAP operating income increased $2.1 million to $15.4 million, lifting operating margin to 13.2% from 13.0%. GAAP gross margin increased to $48.0 million from $41.2 million.
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EPS increased despite share dilution
GAAP EPS increased $0.01 to $0.26, while adjusted EPS was $0.29. Six-month GAAP EPS rose to $2.11 from $1.94, despite the weighted-average share count rising to 17.9 million from 16.2 million.
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Cash generation improved despite investment
Six-month operating cash flow increased $11.5 million to $105.8 million. Less $76.0 million of property additions, calculated free cash flow was $29.8 million, versus $21.5 million a year earlier; capex equaled 71.8% of operating cash flow.
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Water acquisition adds regulated growth platform
The June 30 acquisition of AWC-NH and Abenaki added approximately 10,700 water customers, $62.0 million of net utility plant and $1.2 million of goodwill; purchase consideration was $42.6 million.
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Approved and pending rate actions support growth
Rate-regulatory actions support future earnings: Unitil Energy received a $13.0 million permanent distribution-rate increase effective May 1, 2026, and filed for a further $3.2 million step adjustment effective September 1, 2026.
What to watch
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New water-business risk factor added
Item 1A newly adds water-sector exposure following the AWC-NH and Abenaki acquisition: the business serves approximately 10,700 customers and could face losses from water-supply limitations, contamination, network failures, and environmental or health-and-safety requirements.
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Higher debt and refinancing exposure
Financing needs remain elevated: short-term debt was $234.8 million at June 30, up from $171.4 million a year earlier, and interest expense, net increased $1.1 million (11.8%) to $10.4 million in Q2. The company also has $86.0 million of Tranche A borrowings maturing October 31, 2026.
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Operating-cost and plant-growth pressure
Cost inflation tempered gross-margin conversion: Q2 O&M expense rose $2.5 million (11.7%), depreciation and amortization rose $2.4 million (11.0%), and taxes other than income taxes increased $2.2 million (33.3%).
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Electric C&I volumes declined
Electric volume remains a headwind in commercial and industrial markets: Q2 C&I kWh sales declined 1.5%, and six-month C&I sales declined 4.8%, reflecting loss of a large Fitchburg industrial customer in 2025.
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Cash balance declined amid acquisitions
Working-capital liquidity is constrained by acquisition and investment spending: cash ended at $9.2 million, down from $15.6 million at December 31, while six-month investing cash outflow totaled $118.6 million, including $42.6 million for acquisitions.
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Environmental remediation obligations
Regulatory and environmental execution remains material: Northern Utilities accrued $5.9 million for Rochester remediation expected to commence in 2027, while Fitchburg's Sawyer Passway remediation range has a high-end estimate of $3.7 million.
Management's outlook
The 10-Q provides no explicit company-wide numeric earnings or revenue outlook. Management cites pending rate actions, including Northern Utilities' requested $10.4 million Maine rate increase and $9.8 million New Hampshire rate increase, but neither has been approved as permanent rates.
Earlier filings 4
10-K · February 9, 2026
Unitil reported revenue of $536.0M and GAAP EPS of $2.97 for 2025, recovering from a 2024 revenue trough of $494.8M. The company completed two acquisitions (Bangor and Maine Natural) in 2025, expanded its customer base…
10-Q · August 4, 2025
Unitil reported Q2 2025 total operating revenue of $102.6 million and GAAP net income of $4.0 million (GAAP EPS $0.25). Gas segment strength drove margin expansion (Gas Adjusted Gross Margin rose to $37.2 million from…
10-Q · May 6, 2025
Unitil reported total operating revenue of $170.8 million and GAAP net income of $27.5 million (GAAP EPS $1.69) for the quarter ended March 31, 2025. Gas performance drove the quarter: Gas Adjusted Gross Margin rose to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.