YORW earnings analysis
What we found in YORW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
In Q1 2026, York Water Company reported a revenue increase of 8.8% YoY to $20.1 million, contributing to a 32.3% rise in net income to $4.8 million. The improved financial performance is attributed to a recent rate increase and growth in customer base, although operating expenses also rose substantially by 12.7%.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue increased by $1.6 million, or 8.8%, from $18.5 million in Q1 2025 to $20.1 million in Q1 2026.
- Significant EPS Improvement
- Diluted EPS jumped 32.3% from $0.25 in Q1 2025 to $0.33 in Q1 2026.
- Customer Base Expansion
- Customer base increased by 998 water customers to 74,184 and by 620 wastewater customers to 7,332.
- Reduced Effective Tax Rate
- The effective tax rate fell from 11.5% in Q1 2025 to -21.3% in Q1 2026 due to higher deductions.
- Capital Investment Growth
- Invested $9.8 million in construction expenditures during Q1 2026, supporting future growth.
- Debt Repayment Plan
- Proceeds from the April capital raise of $47.7 million will substantially repay existing debts.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Higher Operating Costs
- Operating expenses surged by $1.5 million, or 12.7%, attributed to increased maintenance and payroll costs.
- Interest Expense Increase
- Interest on debt grew by $296, or 12.2%, to $2.7 million due to increased borrowings.
- Potential Revenue Impact from Drought
- Drought conditions may lead to reduced water usage, impacting future revenues.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.33
- Gross margin
- 100.0%
- Operating margin
- 31.3%
What they said about what is next.
Management expects revenue growth to benefit from summer demand and rate increases.
The filing reads better than the one before it.
What came before.
- 10-K · March 3, 2026
- York Water reports 2025 revenue of $77,488,000, up $2,529,000 or 3.4% versus $74,959,000 in 2024, driven by customer additions and rate activity. The company added customers (79,771 -> 81,292) and continued heavy…
- 10-Q · November 6, 2025
- York Water reported Q3 operating revenue of $20.361M (up $0.646M vs Q3 2024) and diluted EPS of $0.43 (beat the $0.38 consensus by $0.05). Operating income was $7.914M and operating margin was ~38.9%; operating income…
- 10-Q · May 6, 2025
- Q1 2025 results showed modest top-line growth but lower profitability and negative free cash flow. Revenue rose to $18,456,000 (Q1 2024: $17,628,000) while diluted EPS fell to $0.25 (Q1 2024: $0.30) and net income…
- 10-K · March 7, 2023
- York Water Company is a small, purely regulated water and wastewater utility reporting 2022 operating revenue of $60,061,000, up $4,942,000 or 9.0% versus 2021 ($55,119,000). Growth was driven by customer additions…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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