Artesian Resources Corporation Reports 2025 Year-End Earnings and Fourth Quarter Results

Rhea-AI Summary

Artesian Resources (Nasdaq: ARTNA) reported 2025 results: net income $22.8M (up $2.4M, +11.9%) and diluted EPS $2.21 (up 11.6%). Revenues were $112.9M (+4.6%). Capital spending totaled $58.8M for water and wastewater infrastructure, including a new Milton wastewater facility and PFAS upgrades.

Operating expenses rose modestly; interest charges fell slightly. Regulatory and customer-growth factors supported temporary rate increases and higher SLP Plan revenue.

Positive

• Net income increased by $2.4M (+11.9%) in 2025
• Diluted EPS rose to $2.21 (+11.6%) in 2025
• Capital expenditures of $58.8M for infrastructure upgrades
• Revenue growth of $5.0M (+4.6%) year-over-year

Negative

• Operating expenses (ex-depr & taxes) increased $2.7M
• Property and other taxes rose, including New Castle County reassessment
• Quarterly operating expenses up $1.0M (Q4)

Key Figures

2025 Net Income: $22.8 million 2025 Diluted EPS: $2.21 2025 Revenue: $112.9 million +5 more

8 metrics

2025 Net Income $22.8 million Year ended December 31, 2025; up $2.4M or 11.9% vs 2024

2025 Diluted EPS $2.21 Year ended December 31, 2025; up 11.6% from $1.98 in 2024

2025 Revenue $112.9 million Twelve months ended December 31, 2025; up $5.0M or 4.6%

2025 Capex $58.8 million Water and wastewater infrastructure investment during 2025

Q4 2025 Net Income $4.1 million Three months ended December 31, 2025; up $0.3M or 7.5%

Q4 2025 Diluted EPS $0.40 Three months ended December 31, 2025; up 8.1% from $0.37

Q4 2025 Revenue $28.0 million Three months ended December 31, 2025; up $1.2M or 4.3%

Water Sales Increase $2.8 million 2025 water sales revenue; 3.2% growth vs 2024

Market Reality Check

Price: $32.12 Vol: Volume 100,508 is 2.71x t...

high vol

$32.12 Last Close

Volume Volume 100,508 is 2.71x the 20-day average of 37,037, indicating elevated pre-news activity. high

Technical Shares at 32.39 are trading slightly below the 200-day MA of 32.92 and about 10.5% under the 52-week high.

Peers on Argus

ARTNA was down 1.04% pre-release with mixed peers: CDZI (+1.76%), CWCO (+1.6%) r...

1 Down

ARTNA was down 1.04% pre-release with mixed peers: CDZI (+1.76%), CWCO (+1.6%) rose while YORW (-1.8%), MSEX (-0.46%) and PCYO (-0.1%) fell, pointing to stock-specific rather than sector-wide drivers.

Historical Context

4 past events · Latest: Feb 02 (Positive)

Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Feb 02	Dividend declaration	Positive	-0.8%	Declared Q1 2026 dividend, extending 133-quarter payment streak.
Nov 19	PFAS settlement credit	Positive	+0.2%	Approved bill credits to Delaware customers from PFAS settlement funds.
Oct 30	Q3 2025 earnings	Positive	-0.3%	Reported higher Q3 EPS, net income, revenue and infrastructure spend.
Oct 30	Dividend increase	Positive	-0.5%	Announced second 2% quarterly dividend hike in 2025, 4% YTD.

Pattern Detected

Recent positive catalysts (earnings and dividend hikes) often saw flat-to-negative next-day moves, suggesting a pattern of muted or contrarian reactions to good news.

Recent Company History

Over the last several months, Artesian has focused on steady earnings growth, recurring dividends and infrastructure investment. An October 30, 2025 earnings release highlighted higher EPS and increased capital spending, while two dividend announcements underscored a long-running payout record. A PFAS-related customer credit in November 2025 followed settlement proceeds. Today’s full-year 2025 results extend that trajectory of incremental growth and system investment.

Market Pulse Summary

This announcement highlights steady 2025 growth in net income, EPS and revenue, alongside $58.8 mill...

Analysis

This announcement highlights steady 2025 growth in net income, EPS and revenue, alongside $58.8 million of infrastructure investment, including PFAS treatment and new wastewater capacity. It continues themes from prior quarters of customer-driven expansion and regulated rate adjustments. Investors may watch future filings for updates on permanent rate decisions, capital spending trends and returns on recently completed wastewater and treatment projects.

Key Terms

delaware public service commission, service line protection plan, allowance for funds used during construction, per- and polyfluoroalkyl substances

4 terms

delaware public service commission regulatory

"until permanent rates are determined by the Delaware Public Service Commission, or DEPSC"

The Delaware Public Service Commission is the state agency that sets rules and approves rates, service standards, and major projects for utilities like electricity, natural gas, water and telecommunications within Delaware. Its decisions act like a referee’s rulings for utility businesses, determining how much they can charge customers, what investments they can recover from rates and what safety or reliability measures are required—factors that directly affect utility revenues, costs and investment risk for investors.

service line protection plan financial

"due to an increase in Service Line Protection Plan, or SLP Plan, revenue"

A service line protection plan is a small-fee warranty program that covers the repair or replacement of buried utility lines on a homeowner’s property—such as water, sewer, gas or electric pipes—that typically fall outside the main public utility’s responsibility. For investors it matters because these plans create recurring, predictable revenue and can shift repair costs and liability away from utilities, but they also carry claims risk and regulatory scrutiny; think of it like a focused insurance add-on that smooths out unpredictable household infrastructure expenses.

allowance for funds used during construction financial

"due to an increase in allowance for funds used during construction, or AFUDC"

Allowance for funds used during construction (AFUDC) is the accounting practice of adding the cost of borrowing money and using company funds while building long-term assets to the value of that asset instead of treating it as an immediate expense. For investors, AFUDC matters because it boosts reported profits and increases the company’s asset base today while deferring financing costs to future periods, similar to adding construction loan interest to the price of a house under renovation.

per- and polyfluoroalkyl substances medical

"including per- and polyfluoroalkyl substances (PFAS) treatment upgrades, to better serve"

Per- and polyfluoroalkyl substances (PFAS) are a large group of man-made chemicals known for resisting water, grease and heat, used historically in products like nonstick cookware, firefighting foams and stain-resistant fabrics. They matter to investors because PFAS can persist in the environment and people, prompting strict regulations, cleanup costs, product liability and shifting consumer demand — like a hidden leak that can suddenly require expensive repairs and change a company’s future cash flow and reputation.

AI-generated analysis. Not financial advice.

NEWARK, Del., March 12, 2026 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider on the Delmarva Peninsula of water and wastewater services, and several other related business services, today announced earnings results for the fourth quarter and year ended December 31, 2025.

• Diluted net income per share increased 11.6% to $2.21 in 2025
• Net income increased $2.4 million in 2025
• Invested $58.8 million in 2025 in water and wastewater infrastructure
  

Year-End Results

Net income for the year ended December 31, 2025 was $22.8 million, a $2.4 million, or 11.9%, increase compared to net income recorded during the year ended December 31, 2024. Diluted net income per share increased 11.6% to $2.21, compared to $1.98 for the same period in 2024.

Revenues totaled $112.9 million for the twelve months ended December 31, 2025, $5.0 million, or 4.6%, more than revenues for the twelve months ended December 31, 2024.

Water sales revenue increased $2.8 million, or 3.2%, primarily as the result of two temporary rate increases as permitted under Delaware law until permanent rates are determined by the Delaware Public Service Commission, or DEPSC, as well as an increase in the number of customers served and DSIC revenue.

Other utility operating revenue increased approximately $1.5 million, or 11.2%, primarily due to an increase in wastewater revenue associated with customer growth.

Non-utility operating revenue increased approximately $0.7 million, or 10.2%, primarily due to an increase in Service Line Protection Plan, or SLP Plan, revenue, primarily as the result of an increase in fees that was placed into effect on December 1, 2024 and an increase in the number of customers participating in the plans.

Operating expenses, excluding depreciation and income taxes, increased $2.7 million, or 4.4%. Utility operating expenses increased $2.6 million, which increase consists of a $0.9 million increase in payroll and employee benefit costs, a $0.8 million increase in administrative costs, a $0.4 million increase in purchased power costs, a $0.4 million increase in supply and treatment costs, and a $0.3 million increase in transmission, distribution and collection system costs, partially offset by a $0.1 million decrease in purchased water costs.

Depreciation and amortization expense increased $0.2 million, or 1.3%, primarily due to additional depreciation from continued investment in utility plant related to providing supply, treatment, storage and distribution of water to customers and service to our wastewater customers.

Federal and state income tax expense increased $0.5 million, or 7.1%, primarily due to higher pre-tax income, partially offset by higher regulatory deferred income tax amortization in 2025 compared to 2024.

Property and other taxes increased $0.1 million, or 1.2%, primarily due to a reassessment and tax rate changes in New Castle County, Delaware, partially offset by an increase in utility plant subject to taxation.

Other income increased $0.7 million, primarily due to an increase in allowance for funds used during construction, or AFUDC, as a result of higher long-term construction activity subject to AFUDC.

Interest charges decreased $0.1 million, primarily due to a decrease in long-term debt interest related to lower borrowing levels.

Fourth Quarter Results

Net income for the three months ended December 31, 2025 was $4.1 million, a $0.3 million, or 7.5%, increase compared to net income for the three months ended December 31, 2024. Diluted net income per share increased 8.1% to $0.40, compared to $0.37 for the same period in 2024.

Revenues totaled $28.0 million for the three months ended December 31, 2025, $1.2 million, or 4.3%, more than revenues for the three months ended December 31, 2024.

Water sales revenue increased $0.6 million, or 2.9%, primarily the result of two temporary rate increases as permitted under Delaware law until permanent rates are determined by the DEPSC, as well as an increase in the number of customers served.

Other utility operating revenue increased approximately $0.4 million, or 10.2%, primarily due to an increase in wastewater revenue associated with customer growth.

Non-utility operating revenue increased approximately $0.2 million, or 10.0%, primarily due to an increase in SLP Plan revenue, primarily the result of an increase in fees that was placed into effect on December 1, 2024 and an increase in the number of customers participating in the plans.

Operating expenses, excluding depreciation and income taxes, increased $1.0 million, or 5.8%, for the three months ended December 31, 2025, compared to the same period in 2024. Utility operating expenses increased $0.6 million, which increase consists of a $0.4 million increase in payroll and employee benefit costs, a $0.2 million increase in supply and treatment costs, a $0.1 million increase in purchased power costs, and a $0.1 million increase in administrative costs, partially offset by a $0.1 million decrease in transmission, distribution and collection system costs.

Property and other taxes increased $0.3 million, or 17.7%, primarily due to a reassessment and tax rate changes in New Castle County, Delaware and an increase in payroll taxes.

Depreciation and amortization expense increased $0.1 million, or 2.5%, primarily due to additional depreciation from continued investment in utility plant related to providing supply, treatment, storage and distribution of water to customers and service to our wastewater customers.

Other income increased $0.1 million, primarily due to an increase in AFUDC, as a result of higher long-term construction activity subject to AFUDC.

Capital Expenditures

As part of Artesian’s ongoing effort to ensure high-quality, reliable service to customers, $58.8 million was invested in water and wastewater infrastructure projects during 2025. These investments included renewals associated with the rehabilitation of aging infrastructure, installation of new mains, construction of a new wastewater treatment plant, upgrading elevated storage tanks, upgrading and replacing our meter reading equipment, and upgrading existing pumping and treatment stations, including per- and polyfluoroalkyl substances (PFAS) treatment upgrades, to better serve our customers.

“Our continued investment in critical water and wastewater infrastructure supports sustainable growth and reliable, environmentally responsible service” said Nicki Taylor, Chair, President and CEO. “With the completion of our wastewater facility in Milton, Delaware, and recent regulatory approval from the Delaware Department of Natural Resources and Environmental Control to expand treatment capacity in Sussex County, we are enhancing system resilience, modernizing our infrastructure, and positioning our operations to meet growing demand while delivering long-term value to customers and shareholders.”

About Artesian Resources
Artesian Resources Corporation operates as a holding company of wholly-owned subsidiaries offering water and wastewater services, and several other related core business services, on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest regulated water utility on the Delmarva Peninsula and has been providing water service since 1905. Artesian Water Company supplies 9.4 billion gallons of water per year through 1,515 miles of main to over a third of Delawareans.

Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, our growth strategy, our expectations regarding infrastructure investments, our ability to comply with future regulatory standards, continued growth in our business and the number of customers served, and our continued provision of high-quality, reliable service to customers. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: changes in weather, changes in our contractual obligations, changes in government policies, the timing and results of our rate requests, failure to receive regulatory approvals, changes in economic and market conditions generally and other matters discussed in our filings with the Securities and Exchange Commission. While the Company may elect to update forward-looking statements, we specifically disclaim any obligation to do so and you should not rely on any forward-looking statement as representation of the Company’s views as of any date subsequent to the date of this release.

Contact:
Virginia Eisenbrey
(302) 453-6900
VEisenbrey@artesianwater.com

Artesian Resources Corporation
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts)
(Unaudited)
		Three months ended								Twelve months ended
		December 31,								December 31,
		2025				2024				2025			2024
Operating Revenues
Water sales	$	22,299			$	21,661			$	90,907		$	88,079
Other utility operating revenue		3,822				3,467				14,599			13,129
Non-utility operating revenue		1,894				1,722				7,435			6,744
		28,015				26,850				112,941			107,952
Operating Expenses
Utility operating expenses		14,150				13,535				52,411			49,796
Non-utility operating expenses		1,319				1,269				4,715			4,743
Depreciation and amortization		3,538				3,452				13,806			13,629
State and federal income taxes		1,343				1,334				7,831			7,315
Property and other taxes		1,901				1,615				6,396			6,318
		22,251				21,205				85,159			81,801
Operating Income		5,764				5,645				27,782			26,151
Allowance for funds used during construction		608				517				2,379			1,643
Miscellaneous		(65	)			(72	)			1,347			1,379
Income Before Interest Charges		6,307				6,090				31,508			29,173
Interest Charges		2,173				2,245				8,686			8,779
Net Income	$	4,134			$	3,845			$	22,822		$	20,394
Weighted Average Common Shares Outstanding - Basic		10,314				10,300				10,309			10,294
Net Income per Common Share - Basic	$	0.40			$	0.37			$	2.21		$	1.98
Weighted Average Common Shares Outstanding - Diluted		10,319				10,302				10,312			10,296
Net Income per Common Share - Diluted	$	0.40			$	0.37			$	2.21		$	1.98
Artesian Resources Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
	December 31,				December 31,
	2025				2024
Assets
Utility Plant, at original cost less
accumulated depreciation	$	801,694			$	747,186
Current Assets		21,417				24,528
Regulatory and Other Assets		28,118				26,909
	$	851,229			$	798,623
Capitalization and Liabilities
Stockholders' Equity	$	249,922			$	239,189
Long Term Debt, Net of Current Portion		174,276				176,509
Current Liabilities		33,722				25,593
Net Advances for Construction		374				1,582
Contributions in Aid of Construction		311,076				272,405
Other Liabilities		81,859				83,345
	$	851,229			$	798,623

FAQ

What were Artesian Resources (ARTNA) full-year 2025 earnings and EPS?

Artesian reported 2025 net income of $22.8M and diluted EPS of $2.21. According to the company, net income rose $2.4M and EPS increased 11.6% versus 2024.

How much did ARTNA invest in water and wastewater infrastructure in 2025?

Artesian invested $58.8M in 2025 in water and wastewater projects. According to the company, spending included a new Milton wastewater plant, PFAS upgrades, mains, tanks, and meter upgrades.

What drove revenue growth for Artesian Resources (ARTNA) in 2025?

Revenue increased to $112.9M, a 4.6% rise driven by temporary Delaware rate increases and customer growth. According to the company, SLP Plan and wastewater revenue also contributed.

Did ARTNA report higher operating costs in 2025 and Q4 2025?

Yes. Operating expenses excluding depreciation and taxes rose by $2.7M for 2025 and $1.0M in Q4. According to the company, increases were driven by payroll, administrative and supply costs.

What regulatory approvals did Artesian cite that affect operations and capacity?

Artesian noted Delaware Department of Natural Resources approval to expand Sussex County treatment capacity and completion of Milton facility. According to the company, these approvals support resilience and higher service capacity.