Artesian Resources Corporation Reports First Quarter 2026 Results

Artesian Resources (Nasdaq: ARTNA) reported Q1 2026 results: EPS $0.57 (up 7.5% vs. Q1 2025) and net income $5.9M (up 9.2%).

Rhea-AI Summary

Artesian Resources (Nasdaq: ARTNA) reported Q1 2026 results: EPS $0.57 (up 7.5% vs. Q1 2025) and net income $5.9M (up 9.2%). Revenues were $27.8M (+7.3%). Operating expenses (ex-depr/taxes) rose 5.7%. Federal/state tax expense rose 11.2%. Capital expenditures totaled $13.1M, including PFAS treatment upgrades and mains, meter and treatment work.

Positive

• $13.1M capital investment in Q1 2026 for water and wastewater infrastructure
• Infrastructure upgrades include PFAS treatment, new mains, meter upgrades and wastewater plant work
• Service Line Protection Plan revenue rose due to increased participation and fees

Negative

• Federal and state income tax expense increased by 11.2%
• Other income declined due to lower patronage refunds and reduced AFUDC from less long-term construction activity

Argus May 6 session

+1.56% close to close Open Argus

Details

News Market Reaction – ARTNA

On May 6, the first trading day after this news, ARTNA closed 1.56% above the previous close.

Data tracked by StockTitan Argus for the May 6 session.

Key Figures

Diluted EPS: $0.57 Net income: $5.9 million Revenues: $27.8 million +5 more

Diluted EPS

$0.57

Q1 2026; up 7.5% from $0.53 in Q1 2025

Net income

$5.9 million

Q1 2026; up $0.5M or 9.2% year-over-year

Revenues

$27.8 million

Q1 2026; up $1.9M or 7.3% vs Q1 2025

Water sales revenue increase

$1.5 million

Q1 2026; 7.3% growth, aided by temporary rate increases

Other utility operating revenue increase

$0.2 million

Q1 2026; 6.2% growth from industrial and wastewater customers

Non-utility operating revenue increase

$0.2 million

Q1 2026; 9.5% growth from SLP Plan participation and fee increases

Operating expenses increase

$0.9 million

Q1 2026; 5.7% higher, mainly utility operating costs

Capital expenditures

$13.1 million

First three months of 2026; water and wastewater infrastructure projects

Previous Earnings Reports

5 past events · Latest: Oct 30

Same Type 5 events

1. Oct 30

   Q3 2025 earnings

   24h Move

   -0.3%

   Q3 2025 EPS and net income growth with higher infrastructure investment.

2. Aug 04

   Q2 2025 earnings

   24h Move

   +1.2%

   Strong Q2 2025 net income, EPS, and revenue growth with infrastructure spend.

3. May 05

   Q1 2025 earnings

   24h Move

   +2.1%

   Q1 2025 net income and EPS up over 20% with higher revenues.

4. Mar 25

   2024 full-year earnings

   24h Move

   +2.2%

   2024 net income and revenue growth plus substantial infrastructure investment.

5. May 06

   Q1 2024 earnings

   24h Move

   +3.2%

   Q1 2024 net income, EPS, and revenue increases despite higher expenses.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

service line protection plan, afudc, pfas

3 terms

service line protection plan financial

"Non-utility operating revenue increased approximately $0.2 million, or 9.5%, primarily 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.

afudc financial

"a decrease in allowance for funds used during construction, or AFUDC, as a result of lower long-term construction activity"

Allowance for Funds Used During Construction (AFUDC) is an accounting method that adds the cost of financing — typically interest and sometimes a return — to the value of a long-term project while it’s being built, rather than charging that cost immediately as an expense. Think of it like capitalizing the loan interest on a house while it’s under construction so the cost becomes part of the asset; this raises reported asset value and delays expense recognition, which can make current earnings look stronger and affect future regulated rates and investor returns.

pfas medical

"including PFAS treatment upgrades, and construction of new wastewater treatment plants, to better serve our customers"

PFAS are a group of human-made chemicals used in many everyday products, such as non-stick cookware, water-repellent clothing, and food packaging, because they resist heat, water, and grease. They are often called "forever chemicals" because they do not break down easily in the environment or the human body, potentially leading to health concerns. For investors, the presence of PFAS-related risks can impact companies’ reputations, legal liabilities, and future costs.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEWARK, Del., May 05, 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 first quarter of 2026.  

First Quarter Results

Diluted net income per share increased 7.5% to $0.57, compared to $0.53 for the same period in 2025. Net income for the three months ended March 31, 2026 was $5.9 million, a $0.5 million, or 9.2%, increase compared to net income recorded during the three months ended March 31, 2025.

Revenues totaled $27.8 million for the three months ended March 31, 2026, $1.9 million, or 7.3%, more than revenues for the three months ended March 31, 2025.

Water sales revenue increased $1.5 million, or 7.3%, primarily the result of temporary rate increases as permitted under Delaware law, until permanent rates are determined by the Delaware Public Service Commission, or DEPSC, and an increase in the number of customers served.

Other utility operating revenue increased approximately $0.2 million, or 6.2%, primarily due to an increase in revenue related to industrial wastewater services and an increase in wastewater revenue associated with additional residential and commercial customers.

Non-utility operating revenue increased approximately $0.2 million, or 9.5%, primarily due to an increase in Service Line Protection Plan, or SLP Plan, revenue, primarily the result of an increase in the number of customers participating in the SLP Plans and an increase in fees that were placed into effect on January 1, 2026.

Operating expenses, excluding depreciation and income taxes, increased $0.9 million, or 5.7%. Utility operating expenses increased $0.8 million, or 6.7%, primarily the result of increased costs associated with payroll and employee benefit costs, supply and treatment costs and transmission, distribution and collection systems cost, partially offset by a decrease in administrative costs.

Federal and state income tax expense increased $0.2 million, or 11.2%, primarily due to higher pre-tax book income.

Other income decreased $0.2 million, primarily due to a decrease in patronage refunds on the company’s lines of credit and loan volume and a decrease in allowance for funds used during construction, or AFUDC, as a result of lower long-term construction activity subject to AFUDC.

Capital Expenditures

As part of Artesian’s ongoing effort to ensure high-quality reliable service to customers, $13.1 million was invested in the first three months of 2026 in water and wastewater infrastructure projects. These investments include installation of new mains, services and hydrants, renewals associated with the rehabilitation of aging infrastructure, upgrading and replacing our meter reading equipment, installation of wastewater force mains, upgrading existing pumping and treatment stations, including PFAS treatment upgrades, and construction of new wastewater treatment plants, to better serve our customers.

“Investment in critical water and wastewater infrastructure is essential to providing safe, reliable service and meeting evolving regulatory standards” said Nicki Taylor, Chair, President and CEO. “These investments address aging infrastructure, support water quality and help maintain the long-term resilience of our operations while supporting responsible growth for the communities we serve.”

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 9.7 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, recovery of investments in water utility plant and increased operating costs in rates charged to customers as presented in our current filing before the Delaware Public Service Commission, our growth strategy, our expectations regarding infrastructure investments, and continued growth in our business and the number of customers served. 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 approval, 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
		March 31,
		2026			2025
Operating Revenues
Water sales	$	22,192		$	20,687
Other utility operating revenue		3,567			3,358
Non-utility operating revenue		2,015			1,841
		27,774			25,886
Operating Expenses
Utility operating expenses		13,153			12,324
Non-utility operating expenses		1,215			1,122
Depreciation and amortization		3,452			3,357
State and federal income taxes		2,059			1,851
Property and other taxes		1,619			1,686
		21,498			20,340
Operating Income		6,276			5,546
Allowance for funds used during construction		498			566
Miscellaneous		1,388			1,489
Income Before Interest Charges		8,162			7,601
Interest Charges		2,228			2,166
Net Income	$	5,934		$	5,435
Weighted Average Common Shares Outstanding - Basic		10,318			10,302
Net Income per Common Share - Basic	$	0.58		$	0.53
Weighted Average Common Shares Outstanding - Diluted		10,324			10,306
Net Income per Common Share - Diluted	$	0.57		$	0.53
Artesian Resources Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
	March 31,			December 31,
	2026			2025
Assets
Utility Plant, at original cost less
accumulated depreciation	$	812,275		$	801,694
Current Assets		26,471			21,417
Regulatory and Other Assets		28,192			28,118
	$	866,938		$	851,229
Capitalization and Liabilities
Stockholders' Equity	$	252,798		$	249,922
Long Term Debt, Net of Current Portion		183,447			174,276
Current Liabilities		26,165			33,722
Net Advances for Construction		369			374
Contributions in Aid of Construction		322,401			311,076
Other Liabilities		81,758			81,859
	$	866,938		$	851,229

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Artesian Resources (ARTNA) Q1 2026 earnings per share and net income?

ARTNA reported EPS of $0.57 and net income of $5.9 million for Q1 2026. According to the company, EPS rose 7.5% and net income rose 9.2% versus Q1 2025, driven by higher revenues and customer growth.

How much did Artesian (ARTNA) invest in capital expenditures in Q1 2026?

ARTNA invested $13.1 million in Q1 2026 on water and wastewater infrastructure. According to the company, spending covered mains, meter upgrades, treatment stations, PFAS treatment work, and new wastewater plant construction.

Why did Artesian (ARTNA) revenue increase in Q1 2026?

Revenue rose to $27.8 million mainly from higher water sales and more customers. According to the company, temporary Delaware rate increases and customer growth were primary contributors to the revenue gain.

What drove the increase in taxes for Artesian Resources (ARTNA) in Q1 2026?

Federal and state income tax expense rose by 11.2% in Q1 2026. According to the company, the increase resulted primarily from higher pre-tax book income compared with the prior year period.

Did Artesian (ARTNA) report changes in non-utility revenue or other income for Q1 2026?

Non-utility revenue rose modestly, led by Service Line Protection Plan fees and participation. According to the company, other income decreased due to lower patronage refunds and reduced AFUDC from less construction activity.