Unitil Reports 2025 Year-End Earnings

Rhea-AI Summary

Unitil (NYSE: UTL) reported GAAP net income of $50.2 million ($2.97 EPS) for 2025 and Adjusted Net Income of $53.3 million ($3.16 EPS), reflecting acquisitions and higher rates and customer growth. Unitil completed the acquisitions of Bangor Natural Gas and Maine Natural Gas in 2025, reaffirmed long-term EPS growth of 5%–7% off a 2025 EPS midpoint of $3.09, and raised its annual dividend to $1.90 per share. The company noted seasonal earnings patterns and will host a webcast on February 10, 2026.

Positive

• Adjusted Net Income increased by $5.5M to $53.3M in 2025
• Gas Adjusted Gross Margin rose by $32.2M to $199.1M
• Completed acquisitions of Bangor Natural Gas and Maine Natural Gas in 2025
• Company reaffirmed long-term EPS growth guidance of 5%–7% off 2025 midpoint
• Annual dividend increased to $1.90 per share (from $1.80)

Negative

• Operation & Maintenance expenses increased by $14.9M (to $92.5M)
• Depreciation & Amortization rose by $12.6M (to $88.7M)
• Interest Expense, Net increased by $7.4M (to $36.7M) reflecting higher debt

News Market Reaction

+0.43%

2 alerts

+0.43% News Effect

+$4M Valuation Impact

$910M Market Cap

0.0x Rel. Volume

On the day this news was published, UTL gained 0.43%, reflecting a mild positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $4M to the company's valuation, bringing the market cap to $910M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

2025 GAAP Net Income: $50.2M 2025 Adjusted Net Income: $53.3M EPS Growth Target: 5%–7% +5 more

8 metrics

2025 GAAP Net Income $50.2M Year ended Dec 31, 2025; EPS $2.97 vs $2.93 in 2024

2025 Adjusted Net Income $53.3M Year ended Dec 31, 2025; EPS $3.16 vs $2.97 in 2024

EPS Growth Target 5%–7% Reaffirmed long-term EPS growth off 2025 EPS midpoint of $3.09

Annual Dividend Rate $1.90 per share Effective after increase from $1.80; quarterly dividend $0.475

Electric Adjusted Gross Margin 2025 $114.6M Up from $107.3M in 2024, driven by higher rates and customer growth

Gas Adjusted Gross Margin 2025 $199.1M Up from $166.9M in 2024; includes $16.6M from Bangor and Maine Natural

Operation & Maintenance 2025 $92.5M Up from $77.6M in 2024, reflecting higher utility and acquisition costs

Interest Expense, Net 2025 $36.7M Up from $29.3M in 2024 due to higher debt levels and lower interest income

Market Reality Check

Price: $51.04 Vol: Volume 106,975 is 1.3x th...

normal vol

$51.04 Last Close

Volume Volume 106,975 is 1.3x the 20-day average of 82,443, indicating elevated trading activity ahead of and around the earnings release. normal

Technical Shares trade at $50.78, slightly above the 200-day MA of $50.31 and about 15.35% below the 52-week high of $59.99.

Peers on Argus

UTL fell 1.86% while several peers were mixed: ALE -0.10%, AVA -1.06%, AQN -0.15...

UTL fell 1.86% while several peers were mixed: ALE -0.10%, AVA -1.06%, AQN -0.15%, but AES +0.50% and EDN +5.17%. This pattern points to a more company-specific reaction to earnings rather than a uniform utilities move.

Historical Context

5 past events · Latest: Jan 28 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 28	Dividend increase	Positive	+2.6%	Raised quarterly dividend to $0.475, lifting annualized payout to $1.90.
Jan 27	Earnings call notice	Neutral	+1.0%	Announced timing for Q4 2025 earnings release and investor conference call.
Nov 03	Sustainability report	Neutral	-0.7%	Released 2025 Corporate Sustainability and Responsibility Report highlighting ESG metrics.
Nov 03	Q3 2025 earnings	Positive	-0.7%	Reported slight adjusted net income growth and acquisition contributions amid higher costs.
Oct 31	Acquisition close	Positive	+0.7%	Completed purchase of Maine Natural Gas Company, expanding regulated gas footprint.

Pattern Detected

Recent news has generally aligned with price moves, with only the Q3 2025 earnings release showing a negative reaction to otherwise constructive fundamentals.

Recent Company History

Over the last several months, Unitil’s news flow has centered on earnings, acquisitions, dividends, and sustainability. The company completed the Maine Natural Gas acquisition on Oct 31, 2025, then reported Q3 2025 results with modest adjusted earnings growth but saw a -0.73% reaction. A sustainability report and an earnings call scheduling release in November and January had small price impacts. The January $0.475 quarterly dividend increase to $1.90 annualized drew a 2.6% gain, underscoring investor focus on income and steady execution as context for the 2025 year-end earnings.

Market Pulse Summary

This announcement highlights stronger 2025 results, with GAAP Net Income of $50.2M and Adjusted Net ...

Analysis

This announcement highlights stronger 2025 results, with GAAP Net Income of $50.2M and Adjusted Net Income of $53.3M, driven by higher electric and gas adjusted gross margins and contributions from Bangor and Maine Natural. It also underscores rising O&M and interest expenses and a higher annual dividend of $1.90 per share. Compared with recent earnings and acquisition updates, investors may watch integration progress, cost trends, and delivery on the reaffirmed 5%–7% long-term EPS growth target.

Key Terms

gaap, non-gaap financial measure, adjusted gross margin, operation and maintenance (o&m), +4 more

8 terms

gaap financial

"today announced GAAP Net Income of $50.2 million, or $2.97 in Earnings Per Share"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

non-gaap financial measure financial

"Adjusted Net Income (a non-GAAP financial measure1) was $53.3 million"

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

adjusted gross margin financial

"Electric Adjusted Gross Margin (a non-GAAP financial measure1) was $114.6 million in 2025"

Adjusted gross margin is a measure of how much profit a company makes from its sales after accounting for certain expenses or one-time costs, but before deducting other operating expenses. It helps investors see the company's core profitability more clearly by removing factors that might distort the usual profit picture, similar to a runner measuring their speed without considering obstacles or weather. This metric provides a clearer view of the company's ongoing financial health.

operation and maintenance (o&m) financial

"Operation and Maintenance (O&M) expenses increased $14.9 million in 2025 compared to 2024"

Operation and maintenance (O&M) are the everyday activities needed to keep an asset—such as a factory, power plant, infrastructure project, or equipment—running safely and efficiently, including routine servicing, repairs, staffing, spare parts and monitoring. For investors, O&M matters because those ongoing costs and the quality of upkeep determine how reliably an asset produces revenue, how long it lasts, and how predictable cash flow and future capital needs will be—think of it like the difference between a well‑kept car and one that breaks down frequently.

depreciation and amortization financial

"Depreciation and Amortization expense increased $12.6 million in 2025 compared to 2024"

Depreciation and amortization are accounting methods that spread the cost of long-term assets over the years they help generate revenue: depreciation applies to physical items like equipment, while amortization applies to intangible items like patents or software. Investors watch these charges because they reduce reported profit without using cash right away, so comparing them to cash flow helps reveal whether earnings come from real business performance or just accounting allocation — like spreading the price of a car or a license over many years.

regulation g regulatory

"information required by Regulation G regarding non-GAAP financial measures"

Regulation G is a U.S. securities rule that requires companies to show and explain how any highlighted financial numbers that differ from standard accounting figures were calculated, and to provide a clear bridge to the official results. For investors this acts like a recipe card: when a company presents a simplified or adjusted profit number, Regulation G forces them to show the original ingredients and steps so readers can judge whether the adjusted figure gives a clearer or misleading picture of financial health.

kwh technical

"Electric kWh Sales: Residential | | 686.7 | | 659.7 | | 4.1 | %"

A kWh (kilowatt-hour) is a measure of energy equal to running a 1,000-watt appliance for one hour; think of it like a gallon of gasoline but for electricity. Investors care because electricity prices and contracts are quoted in kWh, so it directly affects operating costs, utility revenues, project economics for power plants and batteries, and the value of efficiency or renewable energy investments.

therm technical

"Gas Therm Sales: Residential | | 56.7 | | 42.3 | | 34.0 | %"

A therm is a standard unit for measuring heat energy commonly used in the natural gas and utilities industry; one therm equals 100,000 British thermal units (BTU), roughly the energy needed to heat a typical home for a few days. Investors watch therm-based measures because gas contracts, utility bills, storage volumes and commodity prices are often quoted or settled by therms, so changes in therm demand or price affect company revenues, costs and profit margins much like tracking gallons for oil.

AI-generated analysis. Not financial advice.

HAMPTON, N.H., Feb. 09, 2026 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE: UTL) (unitil.com) today announced GAAP Net Income of $50.2 million, or $2.97 in Earnings Per Share (EPS), for the year ended December 31, 2025, an increase of $3.1 million in Net Income, or $0.04 in EPS, compared to 2024. The Company’s Adjusted Net Income (a non-GAAP financial measure¹) was $53.3 million, or $3.16 in EPS for the year ended December 31, 2025, an increase of $5.5 million, or $0.19 in EPS, compared to 2024. Adjusted Net Income (a non-GAAP financial measure¹) excludes costs associated with the Company’s completed acquisitions of Bangor Natural Gas Company (Bangor) and Maine Natural Gas Corporation (Maine Natural) and the pending acquisitions of Aquarion Water Company of Massachusetts, Inc., Aquarion Water Company of New Hampshire, Inc., and Abenaki Water Co., Inc. (the Aquarion Companies). The Company’s earnings in 2025 reflect higher rates and continued customer growth.

“I am very pleased to report that 2025 was another year of strong financial performance and strategic execution for our Company. As we completed the acquisitions of Bangor Natural Gas Company and Maine Natural Gas Corporation, we also delivered the solid financial results and exceptional service our investors and customers have come to expect. Looking forward, we are reaffirming our long-term EPS growth of 5% to 7% off our 2025 EPS midpoint of $3.09, driven by investments in system growth, modernization, and reliability”, said Thomas P. Meissner, Jr., Unitil’s Chairman and Chief Executive Officer. “As our investments grow, customer value and affordability remain core principles,” Meissner added. “Through our focus on operating excellence and cost management we strive to keep costs as low as possible and deliver the value our customers expect.”

Electric GAAP Gross Margin was $82.7 million in 2025, an increase of $4.7 million compared to 2024. The increase was driven by higher rates and customer growth of $7.3 million, partially offset by higher depreciation and amortization expense of $2.6 million.

________________________
_{¹The accompanying Supplemental Information more fully describes the non-GAAP financial measures used in this press release and includes a reconciliation of the non-GAAP financial measures to the financial measures that the Company’s management believes are the most comparable GAAP financial measures. A discussion of the changes in the most comparable GAAP financial measures for the periods presented is included in the main body of this press release.}
________________________

Electric Adjusted Gross Margin (a non-GAAP financial measure¹) was $114.6 million in 2025, an increase of $7.3 million compared with 2024. The increase was driven by higher rates and customer growth.

Gas GAAP Gross Margin was $142.3 million in 2025, an increase of $22.2 million compared to 2024. The increase was driven primarily by higher rates and customer growth of $32.2 million, partially offset by higher depreciation and amortization of $10.0 million. The increases attributable to Bangor and Maine Natural for gas operating revenue, cost of gas sales and depreciation and amortization for 2025 were $36.2 million, $19.6 million and $3.3 million, respectively.

Gas Adjusted Gross Margin (a non-GAAP financial measure¹) was $199.1 million in 2025, an increase of $32.2 million compared to 2024. The increase was driven primarily by higher rates, and customer growth. Gas Adjusted Gross Margin included $16.6 million related to Bangor and Maine Natural in 2025.

Operation and Maintenance (O&M) expenses increased $14.9 million in 2025 compared to 2024, reflecting higher utility operating costs of $6.1 million, higher labor and other costs of $5.5 million and higher acquisition costs of $3.3 million. O&M expenses included $4.2 million of utility operating costs for Bangor and Maine Natural in 2025.

Depreciation and Amortization expense increased $12.6 million in 2025 compared to 2024, reflecting higher depreciation rates from recent base rate cases, additional depreciation associated with higher levels of utility plant in service and higher amortization of other deferred costs. Depreciation and Amortization expense included $3.3 million related to Bangor and Maine Natural in 2025.

Taxes Other Than Income Taxes increased $1.4 million in 2025 compared to 2024, reflecting higher local property taxes on higher utility plant in service associated with the Company’s completed acquisitions of Bangor and Maine Natural.

Interest Expense, Net increased $7.4 million in 2025 compared to 2024 primarily reflecting higher interest on higher levels of debt from the acquisitions of Bangor and Maine Natural and lower interest income on regulatory assets and allowance for funds used during construction.

Other Expense (Income), Net decreased $1.2 million in 2025 compared to 2024, reflecting lower retirement benefit costs.

Federal and State Income Taxes increased $1.3 million in 2025 compared to 2024, reflecting higher pre-tax earnings in 2025.

In 2025, Unitil’s annual common dividend was $1.80 per share, representing an unbroken record of quarterly dividend payments since trading began in Unitil’s common stock. At its January 2026 meeting, the Unitil Corporation Board of Directors declared a quarterly dividend on the Company’s common stock of $0.475 per share, an increase of $0.025 per share on a quarterly basis, resulting in an increase in the effective annualized dividend rate to $1.90 per share from $1.80 per share.

The Company’s earnings are seasonal and are typically higher in the first and fourth quarters when customers use natural gas for heating purposes.

The Company will hold a quarterly conference call to discuss fourth quarter and full year 2025 results on Tuesday, February 10, 2026, at 2:00 p.m. Eastern Time. This call is being webcast and an archive of the webcast will be available for one year at investors.unitil.com. Financial and other statistical information contained in the Company’s presentation on this call, and information required by Regulation G regarding non-GAAP financial measures can be accessed in the Investor Relations section of Unitil’s website, unitil.com.

About Unitil Corporation

Unitil Corporation provides energy for life by safely and reliably delivering electricity and natural gas in New England. We are committed to the communities we serve and to developing people, business practices, and technologies that lead to the delivery of dependable, more efficient energy. Unitil Corporation is a public utility holding company with operations in Maine, New Hampshire and Massachusetts. Together, Unitil’s operating utilities serve approximately 110,100 electric customers and, including the Company’s recent acquisitions of Bangor and Maine Natural, 105,000 natural gas customers. For more information about our people, technologies, and community involvement please visit unitil.com.

Forward-Looking Statements

This press release may contain forward-looking statements. All statements, other than statements of historical fact, included in this press release are forward-looking statements. Forward-looking statements include declarations regarding Unitil’s beliefs and current expectations. These forward-looking statements are subject to the inherent risks and uncertainties in predicting future results and conditions that could cause the actual results to differ materially from those projected in these forward-looking statements. Some, but not all, of the risks and uncertainties include the following: hazards and operating risks relating to the Company’s electric and natural gas distribution activities; fluctuations in the supply of, the demand for, and the prices of, energy commodities and transmission and transportation capacity and Unitil’s ability to recover energy commodity costs in its rates; catastrophic events; cyber-attacks, acts of terrorism, acts of war, severe weather, a solar event, an electromagnetic event, a natural disaster, the age and condition of information technology assets, human error, or other factors could disrupt the Company’s operations; outsourcing of services to third parties could expose the Company to substandard quality of service delivery or substandard deliverables; unforeseen or changing circumstances, which could adversely affect the reduction of company-wide direct greenhouse gas emissions; Unitil’s regulatory environment (including regulations relating to climate change, greenhouse gas emissions and other environmental matters); general economic conditions; the Company’s ability to obtain debt or equity financing on acceptable terms; increases in interest rates; the Company's payment of dividends in the future; declines in capital market valuations; the Company's ability to consummate acquisitions or other strategic transactions; impairment of the Company's assets; restrictive covenants contained in the terms of the Company’s and its subsidiaries’ indebtedness; customers’ preferred energy sources; severe storms and Unitil’s ability to recover storm costs in its rates; variations in weather; long-term global climate change; macroeconomic events, including the imposition of tariffs; employee workforce factors, including the ability to attract and retain key personnel; Unitil’s ability to retain its existing customers and attract new customers; increased competition; and other presently unknown or unforeseen factors. Other risks are detailed in Unitil's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date they are made. Unitil undertakes no obligation, and does not intend, to update these forward-looking statements except as required by law.

For more information please contact:
Christopher Goulding – Investor Relations	Amanda Vicinanzo – External Affairs
Phone: 603-773-6466	Phone: 603-691-7784
Email: gouldingc@unitil.com	Email: vicinanzoa@unitil.com

Supplemental Information; Non-GAAP Financial Measures

The Company's earnings discussion includes Adjusted Net Income, a non-GAAP financial measure referencing the Company’s 2025 GAAP Net Income adjusted for certain transaction costs related to the Company's acquisitions of Bangor Natural Gas Company (purchase completed as of January 31, 2025), Maine Natural Gas Corporation (purchase completed as of October 31, 2025), Aquarion Water Company of Massachusetts, Inc., Aquarion Water Company of New Hampshire, Inc., and Abenaki Water Co., Inc. (the Aquarion Companies) (awaiting approval from the Connecticut Public Utilities Regulatory Authority). The Company's management believes that the transaction costs related to the acquisitions of Bangor, Maine Natural and the Aquarion Companies, which are included in Operation and Maintenance expense on the Consolidated Statements of Earnings, are not indicative of the Company's ongoing costs and not directly related to the ongoing operations of the business and therefore are not an indicator of baseline operating performance.

In the following tables the Company has reconciled Adjusted Net Income to GAAP Net Income, which we believe to be the most comparable GAAP financial measure.

(Millions, except per share data)
		Twelve Months Ended December 31, 2025
		Amount				Per Share
GAAP Net Income		$	50.2			$	2.97
Transaction Costs			3.1				0.19
Adjusted Net Income		$	53.3			$	3.16
		Twelve Months Ended December 31, 2024
		Amount				Per Share
GAAP Net Income		$	47.1			$	2.93
Transaction Costs			0.7				0.04
Adjusted Net Income		$	47.8			$	2.97

The Company analyzes operating results using Electric and Gas Adjusted Gross Margins, which are non-GAAP financial measures. Electric Adjusted Gross Margin is calculated as Total Electric Operating Revenue less Cost of Electric Sales. Gas Adjusted Gross Margin is calculated as Total Gas Operating Revenues less Cost of Gas Sales. The Company’s management believes Electric and Gas Adjusted Gross Margins provide useful information to investors regarding profitability. Also, the Company’s management believes Electric and Gas Adjusted Gross Margins are important financial measures to analyze revenue from the Company’s ongoing operations because the approved cost of electric and gas sales are tracked, reconciled and passed through directly to customers in electric and gas tariff rates, resulting in an equal and offsetting amount reflected in Total Electric and Gas Operating Revenue.

In the following tables the Company has reconciled Electric and Gas Adjusted Gross Margin to GAAP Gross Margin, which we believe to be the most comparable GAAP financial measure. GAAP Gross Margin is calculated as Revenue less Cost of Sales, and Depreciation and Amortization. The Company calculates Electric and Gas Adjusted Gross Margin as Revenue less Cost of Sales. The Company believes excluding Depreciation and Amortization, which are period costs and not related to volumetric sales, is a meaningful financial measure to inform investors of the Company’s profitability from electric and gas sales in the period.

Twelve Months Ended December 31, 2025 ($ millions)
	Electric				Gas				Other				Total
Total Operating Revenue	$	236.4			$	299.6			$	—			$	536.0
Less: Cost of Sales		(121.8	)			(100.5	)			—				(222.3	)
Less: Depreciation and Amortization		(31.9	)			(56.8	)			—				(88.7	)
GAAP Gross Margin		82.7				142.3				—				225.0
Depreciation and Amortization		31.9				56.8				—				88.7
Adjusted Gross Margin	$	114.6			$	199.1			$	—			$	313.7

Twelve Months Ended December 31, 2024 ($ millions)
	Electric				Gas				Other				Total
Total Operating Revenue	$	248.3			$	246.5			$	—			$	494.8
Less: Cost of Sales		(141.0	)			(79.6	)			—				(220.6	)
Less: Depreciation and Amortization		(29.3	)			(46.8	)			—				(76.1	)
GAAP Gross Margin		78.0				120.1				—				198.1
Depreciation and Amortization		29.3				46.8				—				76.1
Adjusted Gross Margin	$	107.3			$	166.9			$	—			$	274.2

Selected financial data for 2025 and 2024 is presented in the following table:

Unitil Corporation - Condensed Consolidated Financial Data
(Millions, except Per Share data) (Unaudited)
		For the Twelve Months Ended December 31,
		2025				2024				Change
Electric kWh Sales:
Residential			686.7				659.7				4.1	%
Commercial/Industrial			887.7				924.6				-4.0	%
Total Electric kWh Sales			1,574.4				1,584.3				-0.6	%
Gas Therm Sales:
Residential			56.7				42.3				34.0	%
Commercial/Industrial			221.8				177.7				24.8	%
Total Gas Therm Sales			278.5				220.0				26.6	%
Electric Revenues		$	236.4			$	248.3			$	(11.9	)
Cost of Electric Sales			121.8				141.0				(19.2	)
Electric Adjusted Gross Margin
(a non-GAAP financial measure1):			114.6				107.3				7.3
Gas Revenues			299.6				246.5				53.1
Cost of Gas Sales			100.5				79.6				20.9
Gas Adjusted Gross Margin
(a non-GAAP financial measure1):			199.1				166.9				32.2
Total Adjusted Gross Margin:
(a non-GAAP financial measure1):			313.7				274.2				39.5
Operation & Maintenance Expenses			92.5				77.6				14.9
Depreciation & Amortization			88.7				76.1				12.6
Taxes Other Than Income Taxes			31.3				29.9				1.4
Other Expense (Income), Net			(1.0	)			0.2				(1.2	)
Interest Expense, Net			36.7				29.3				7.4
Income Before Income Taxes			65.5				61.1				4.4
Provision for Income Taxes			15.3				14.0				1.3
Net Income		$	50.2			$	47.1			$	3.1
Earnings Per Share		$	2.97			$	2.93			$	0.04

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FAQ

What were Unitil's GAAP and Adjusted Net Income for 2025 (UTL)?

Unitil reported GAAP net income of $50.2 million and Adjusted Net Income of $53.3 million for 2025. According to Unitil, adjusted figures exclude certain acquisition transaction costs related to Bangor and Maine Natural.

How did Unitil's gas business perform in 2025 and what drove the change (UTL)?

Gas Adjusted Gross Margin increased to $199.1 million in 2025, up $32.2 million year-over-year. According to Unitil, the improvement was driven primarily by higher rates, customer growth, and the inclusion of Bangor and Maine Natural results.

Did Unitil raise its dividend and what is the new annual rate (UTL)?

Yes. Unitil's Board declared a quarterly dividend of $0.475, raising the effective annualized dividend to $1.90 per share. According to Unitil, this follows an unbroken record of quarterly dividends since listing.

What acquisitions did Unitil complete in 2025 and how do they affect results (UTL)?

Unitil completed purchases of Bangor Natural Gas (Jan 31, 2025) and Maine Natural Gas (Oct 31, 2025). According to Unitil, these acquisitions contributed material operating revenue, gross margin, and higher depreciation and interest expense in 2025.

What guidance did Unitil provide for long-term EPS growth (UTL)?

Unitil reaffirmed long-term EPS growth of 5% to 7% measured off a 2025 EPS midpoint of $3.09. According to Unitil, this growth is expected to be driven by system investment, modernization, and reliability improvements.

Why did Unitil's operating expenses and interest expense rise in 2025 (UTL)?

Operation & Maintenance rose and interest expense increased due to higher utility operating costs, acquisition-related costs, and higher debt levels. According to Unitil, these increases reflect integration and financing of the 2025 acquisitions.