Artesian Resources (Nasdaq: ARTNA) reported second quarter 2026 diluted EPS of $0.64, up 4.9% from $0.61 in 2025, on net income of $6.6 million, a 4.5% increase. Q2 revenues rose 7.4% to $30.7 million, driven by temporary Delaware rate increases, more water customers, and higher industrial wastewater and Service Line Protection Plan revenue.
For the first six months of 2026, diluted EPS was $1.21, up 6.1%, with net income of $12.5 million, up 6.7%. Year-to-date revenue increased 7.4% to $58.4 million, while operating expenses excluding depreciation and income taxes rose 6.6%. The company invested $25.9 million in water and wastewater infrastructure in the first half of 2026, including PFAS treatment upgrades and new wastewater facilities.
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Positive
Q2 2026 revenue up 7.4% to $30.7 million
Q2 diluted EPS up 4.9% to $0.64
YTD 2026 revenue up 7.4% to $58.4 million
YTD diluted EPS up 6.1% to $1.21
Capital spending of $25.9 million in first half 2026
Utility plant balance increased to $825.8 million from $801.7 million
Negative
Other income down $0.3 million in Q2 from lower AFUDC
YTD other income down $0.5 million due to reduced AFUDC
Q2 interest charges up $0.2 million to $2.3 million
YTD interest charges up $0.3 million to $4.6 million
Operating expenses excluding depreciation and income taxes up 7.6% in Q2
News Explained
The new balance-sheet detail shows $182,551 thousand of long-term debt alongside $256,236 thousand of equity as of June 30, 2026.
Artesian Resources reported results for the second quarter and first six months of 2026, updating its reported capital structure at June 30, 2026 with $256,236 thousand of stockholders’ equity and $182,551 thousand of long-term debt.
At June 30, 2026, stockholders’ equity was $256,236 thousand, versus $249,922 thousand at December 31, 2025, while long-term debt was $182,551 thousand, versus $174,276 thousand; the company attributes higher interest charges to higher borrowing on promissory notes and lines of credit.
Water sales benefited from temporary Delaware rate increases while permanent rates remain to be determined by the Delaware Public Service Commission.
Market Context
ARTNA's recent earnings history included a 1.56% 24-hour reaction to Q1 2026 results and a 1.02% rea...
Analysis
ARTNA's recent earnings history included a 1.56% 24-hour reaction to Q1 2026 results and a 1.02% reaction to 2025 year-end results. Those comparators place this report alongside prior earnings disclosures; infrastructure spending remains a monitoring factor.
Key Figures
Q2 diluted EPS:$0.64 vs. $0.61Q2 net income:$6.6 million, +$0.3 million, +4.5%Q2 revenue:$30.7 million, +$2.1 million, +7.4%+5 more
8 metrics
Q2 diluted EPS$0.64 vs. $0.61Second quarter 2026 vs. second quarter 2025
Q2 net income$6.6 million, +$0.3 million, +4.5%Three months ended June 30, 2026 vs. 2025
Q2 revenue$30.7 million, +$2.1 million, +7.4%Three months ended June 30, 2026 vs. 2025
YTD diluted EPS$1.21 vs. $1.14Six months ended June 30, 2026 vs. 2025
YTD net income$12.5 million, +$0.8 million, +6.7%Six months ended June 30, 2026 vs. 2025
YTD revenue$58.4 million, +$4.0 million, +7.4%Six months ended June 30, 2026 vs. 2025
Operating expenses$2.0 million increase, +6.6%Year-to-date expenses excluding depreciation and income taxes
Capital expenditures$25.9 millionWater and wastewater infrastructure investments during the first six months of 2026
2025 net income, diluted EPS, and revenue increased year over year.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
ARTNA's prior earnings and dividend disclosures were followed by positive 24-hour reactions, while a routine annual-report availability notice diverged with a negative reaction.
Key Terms
afudc, pfas
2 terms
afudcfinancial
"decrease in allowance for funds used during construction, or AFUDC"
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.
pfastechnical
"including PFAS treatment upgrades"
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.
NEWARK, Del., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider on the Delmarva Peninsula of water and wastewater services, and other related business services, today announced second quarter and year-to-date results for 2026.
Second Quarter Results
Diluted net income per share increased 4.9% to $0.64, compared to $0.61 for the same period in 2025. Net income for the three months ended June 30, 2026 was $6.6 million, a $0.3 million, or 4.5%, increase compared to net income recorded during the three months ended June 30, 2025.
Revenues totaled $30.7 million for the three months ended June 30, 2026, $2.1 million, or 7.4%, more than revenues for the three months ended June 30, 2025.
Water sales revenue increased $1.3 million, or 5.8%, 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 $0.6 million, or 16.0%, primarily due to an increase in revenue related to industrial wastewater treatment services and an increase in wastewater revenue associated with additional residential and commercial customers.
Non-utility operating revenue increased approximately $0.2 million, or 10.2%, primarily due to an increase in Service Line Protection Plan, or SLP Plan, revenue, resulting from an increase in fees that were placed into effect on January 1, 2026 and an increase in the number of customers participating in the SLP Plans.
“Our solid financial results reflect continued growth across our service territories, including a 6.6% increase in wastewater customers over the past 12 months,” said Nicki Taylor, Chair, President and CEO.
Operating expenses, excluding depreciation and income taxes, increased $1.2 million, or 7.6%. Utility operating expenses increased $0.9 million, or 7.4%, primarily the result of a $0.5 million increase in payroll and employee benefit costs, a $0.2 million increase in supply and treatment costs, and a $0.2 million increase in administrative costs. Non-utility operating expenses increased $0.3 million, or 28.1%, primarily due to an increase in plumbing repair costs associated with the SLP Plans.
Depreciation and amortization expense increased $0.1 million, or 3.1%, 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 $0.1 million, or 4.6%, primarily due to higher pre-tax book income.
Other income decreased $0.3 million, primarily due to a decrease in allowance for funds used during construction, or AFUDC, as a result of lower long-term construction activity subject to AFUDC.
Interest charges increased $0.2 million, primarily due to an increase in long-term debt interest related to higher borrowing levels on the Company’s promissory notes.
Year-to-Date Results
Diluted net income per share increased 6.1% to $1.21, compared to $1.14 for the same period in 2025. Net income for the six months ended June 30, 2026 was $12.5 million, a $0.8 million, or 6.7%, increase compared to net income recorded during the six months ended June 30, 2025.
Revenues totaled $58.4 million for the six months ended June 30, 2026, $4.0 million, or 7.4%, more than revenues for the six months ended June 30, 2025.
Water sales revenue increased $2.9 million, or 6.5%, primarily the result of temporary rate increases as permitted under Delaware law, until permanent rates are determined by the DEPSC and an increase in the number of customers served.
Other utility operating revenue increased approximately $0.8 million, or 11.3%, primarily due to an increase in revenue related to industrial wastewater treatment services and an increase in wastewater revenue associated with additional residential and commercial customers.
Non-utility operating revenue increased approximately $0.4 million, or 9.9%, primarily due to an increase in SLP Plan revenue, resulting from an increase in fees that were placed into effect on January 1, 2026 and an increase in the number of customers participating in the SLP Plans.
Operating expenses, excluding depreciation and income taxes, increased $2.0 million, or 6.6%. Utility operating expenses increased $1.8 million, or 7.1%, primarily the result of increases in payroll, employee benefit and supply and treatment costs. Non-utility operating expenses increased $0.4 million, or 17.6%, primarily due to an increase in plumbing repair costs associated with the SLP Plans.
Depreciation and amortization expense increased $0.2 million, or 3.0%, 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 $0.3 million, or 7.6%, primarily due to higher pre-tax book income.
Other income decreased $0.5 million, primarily due to a decrease in AFUDC, as a result of lower long-term construction activity subject to AFUDC.
Interest charges increased $0.3 million, primarily due to an increase in long-term debt interest related to higher borrowing levels on the Company’s promissory notes and lines of credit.
Capital Expenditures
As part of Artesian’s ongoing effort to ensure high-quality reliable service to customers, $25.9 million was invested in the first six 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 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.
“Water and wastewater utilities face the unique and challenging responsibility of reliably delivering safe drinking water, protecting the environment, and complying with evolving federal and state regulations,” said Nicki Taylor, Chair, President and CEO. “Our capital program is focused on supporting the long-term needs of the communities we serve by addressing aging infrastructure, enhancing system resiliency, and meeting these obligations.”
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.
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, 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 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.
Weighted Average Common Shares Outstanding - Basic
10,325
10,308
10,321
10,305
Net Income per Common Share - Basic
$
0.64
$
0.61
$
1.21
$
1.14
Weighted Average Common Shares Outstanding - Diluted
10,330
10,310
10,327
10,308
Net Income per Common Share - Diluted
$
0.64
$
0.61
$
1.21
$
1.14
Artesian Resources Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
June 30,
December 31,
2026
2025
Assets
Utility Plant, at original cost less
accumulated depreciation
$
825,816
$
801,694
Current Assets
30,839
21,417
Regulatory and Other Assets
27,357
28,118
$
884,012
$
851,229
Capitalization and Liabilities
Stockholders' Equity
$
256,236
$
249,922
Long Term Debt, Net of Current Portion
182,551
174,276
Current Liabilities
30,388
33,722
Net Advances for Construction
344
374
Contributions in Aid of Construction
332,574
311,076
Other Liabilities
81,919
81,859
$
884,012
$
851,229
FAQ
How did Artesian Resources (ARTNA) perform in Q2 2026?
Artesian Resources reported higher Q2 2026 earnings and revenue. According to Artesian Resources, diluted EPS rose to $0.64 from $0.61, and revenue increased 7.4% to $30.7 million, mainly from rate increases and customer growth in water and wastewater services.
What were Artesian Resources’ year-to-date 2026 results for ARTNA shareholders?
Year-to-date 2026 results showed earnings and revenue growth. According to Artesian Resources, diluted EPS reached $1.21 versus $1.14 a year earlier, with revenue up 7.4% to $58.4 million, supported by higher water sales and wastewater-related revenues.
What drove revenue growth for Artesian Resources (ARTNA) in Q2 and year-to-date 2026?
Revenue growth came from multiple regulated and non-regulated sources. According to Artesian Resources, temporary Delaware rate increases, more water customers, expanded industrial wastewater treatment, added wastewater customers, and higher Service Line Protection Plan fees and participation all contributed to higher 2026 revenues.
How much did Artesian Resources invest in infrastructure in the first half of 2026?
Artesian Resources invested $25.9 million in infrastructure in the first half of 2026. According to Artesian Resources, spending targeted new mains and services, aging infrastructure renewal, PFAS treatment upgrades, and new or upgraded wastewater facilities to support reliable service and regulatory compliance.
How are expenses and interest costs trending for Artesian Resources in 2026?
Expenses and interest costs increased alongside revenue growth. According to Artesian Resources, operating expenses excluding depreciation and income taxes rose 7.6% in Q2, while interest charges increased due to higher long-term debt and line-of-credit borrowings compared with the prior-year periods.
What changes occurred in Artesian Resources’ balance sheet by June 30, 2026?
The balance sheet reflected higher utility plant and equity. According to Artesian Resources, net utility plant grew to $825.8 million from $801.7 million, stockholders’ equity increased to $256.2 million, and long-term debt rose to $182.6 million compared with December 31, 2025.
How do temporary rate increases affect Artesian Resources (ARTNA) 2026 results?
Temporary rate increases supported water revenue growth in 2026. According to Artesian Resources, Delaware law allows temporary rate hikes until the Public Service Commission sets permanent rates, contributing to higher water sales revenue alongside growth in the number of customers served.
