Unitil Reports 2026 Third Quarter Earnings
Nine-month earnings improved, but higher operating and financing expenses accompanied a wider third-quarter loss.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Unitil (NYSE: UTL) reported a third-quarter 2026 net loss of $1.5 million, widening from the same quarter a year earlier. Loss per share was $0.08, versus $0.02 in 2025. For the nine months ended September 30, net income rose $5.2 million to $36.4 million, while earnings per share increased to $2.02 from $1.89.
Electric and gas GAAP gross margins increased in both periods, supported by higher rates and customer growth. The Aquarion acquisitions, completed June 30, 2026, added $3.1 million in water revenue. Operating and maintenance expenses rose $4.9 million in the quarter and $8.2 million year to date; net interest expense increased $2.1 million and $4.9 million, respectively. Excluding acquisition transaction costs, adjusted results were a quarterly loss of $0.7 million and nine-month net income of $38.3 million.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month GAAP net income rose $5.2 million to $36.4 million; EPS increased to $2.02 from $1.89.
- Moderate pointNine-month electric GAAP gross margin increased $7.7 million to $70.4 million versus 2025.
- Moderate pointNine-month gas GAAP gross margin increased $12.9 million to $105.6 million versus 2025.
- Minor pointNine-month adjusted net income, excluding acquisition transaction costs, rose $4.8 million to $38.3 million; EPS reached $2.12 versus $2.03.
- Minor pointElectric GAAP gross margin rose $1.0 million to $26.1 million in third-quarter 2026 versus 2025.
3 minor points
- Minor pointGas GAAP gross margin rose $1.1 million to $13.5 million in third-quarter 2026 versus 2025.
- Minor pointAquarion acquisitions completed June 30, 2026, adding $3.1 million in third-quarter water revenue versus none a year earlier.
- Minor pointOther expense, net decreased $0.7 million quarterly and $0.9 million year to date, primarily from lower retirement benefit costs.
Negative
- Moderate pointThird-quarter GAAP net loss widened to $1.5 million, or $0.08 per share, from $0.3 million, or $0.02.
- Moderate pointOperating and maintenance expenses increased $4.9 million quarterly and $8.2 million year to date versus 2025.
- Moderate pointDepreciation and amortization expense increased $2.6 million quarterly and $6.6 million year to date versus 2025.
- Moderate pointTaxes other than income taxes increased $0.1 million quarterly and $3.5 million year to date versus 2025.
- Moderate pointNet interest expense rose $2.1 million quarterly and $4.9 million year to date, primarily reflecting higher borrowings.
3 minor points
- Minor pointThird-quarter adjusted results fell to a $0.7 million loss from $0.4 million income; EPS fell to −$0.04 from $0.03.
- Minor pointNine-month electric results included a $0.7 million one-time reduction in FERC transmission revenue.
- Minor pointNine-month income tax provision increased $2.4 million versus 2025, reflecting higher pre-tax earnings.
Key Figures
- GAAP net income
- ($1.5) million
- 3Q26; decreased $1.2 million versus 3Q25
- GAAP EPS
- ($0.08) per share
- 3Q26; decreased $0.06 versus 3Q25
- GAAP net income
- $36.4 million
- Nine months ended September 30, 2026; increased $5.2 million year over year
- GAAP EPS
- $2.02 per share
- Nine months ended September 30, 2026; increased $0.13 year over year
- Adjusted net income (loss)
- ($0.7) million
- 3Q26; decreased $1.1 million versus 3Q25
- Adjusted EPS
- ($0.04) per share
- 3Q26; decreased $0.07 versus 3Q25
- Adjusted net income
- $38.3 million
- Nine months ended September 30, 2026; increased $4.8 million year over year
- Adjusted EPS
- $2.12 per share
- Nine months ended September 30, 2026; increased $0.09 year over year
Historical Context
-
First-half GAAP net income increased year over year, preceding the current nine-month results.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
gaap financial
non-gaap financial measure financial
eps financial
ferc regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Year-to-Date GAAP Earnings Per Share Improved by
HAMPTON, N.H., Nov. 02, 2026 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE: UTL) (unitil.com) (Unitil or the Company) today announced Net Income (Loss) of (
“We are pleased with the Company’s strong operational and financial performance through the first nine months of 2026,” said Thomas P. Meissner, Jr., Unitil’s Chairman and Chief Executive Officer. “Following the successful completion of the Aquarion transaction, the integration of our water utility operations is progressing as expected and we recently issued our 2026 Corporate Sustainability and Responsibility Report, which describes our accomplishments, initiatives, and commitments related to sustainable practices and creating long-term sustainable value for stakeholders.”
Electric GAAP Gross Margin was
________________________
1 The 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. The Supplemental Information also includes a discussion of the changes in the most comparable GAAP financial measures for the periods presented.
________________________
Electric Adjusted Gross Margin (a non-GAAP financial measure1) was
Gas GAAP Gross Margin was
Gas Adjusted Gross Margin (a non-GAAP financial measure1) was
Water Revenues were
Operation and Maintenance (O&M) expenses increased
Depreciation and Amortization expense increased
Taxes Other Than Income Taxes increased
Other Expense (Income), Net decreased
Interest Expense, Net increased
Provision for (Benefit from) Income Taxes increased
At its January 2026, April 2026, July 2026 and October 2026 meetings, the Unitil Corporation Board of Directors declared quarterly dividends on the Company’s common stock of
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 third quarter 2026 results on Tuesday, November 3, 2026, at 2:00 p.m. Eastern Time. This call is being webcast. This call, 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, natural gas, and water in New England. We are committed to the communities we serve and to developing people, business practices, and technologies that lead to the dependable, efficient delivery of energy and water. Unitil Corporation is a public utility holding company with operations in New Hampshire, Maine, and Massachusetts. Unitil’s operating utilities serve approximately 110,100 electric customers, 105,000 natural gas customers, and 10,700 water 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, natural gas and water 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, water quality, greenhouse gas emissions, environmental matters, and infrastructure requirements); 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; ability to integrate the Aquarion Companies and achieve expected synergies and cost savings; 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; water quality and contamination risks, including liability for contaminants such as PFAS and compliance with water quality standards; the availability and cost of water supply, including risks related to drought, aquifer conditions, and water rights; the age and condition of water infrastructure and the cost of necessary repairs, replacements, and capital improvements; customer rate sensitivity and regulatory limitations on rate recovery; 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 2026 and 2025 GAAP Net Income adjusted for certain transaction costs related to the Company's acquisitions of Bangor, Maine Natural and the Aquarion Companies. 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) | ||||||||||||||||
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | |||||||||||||||
| Amount | Per Share | Amount | Per Share | |||||||||||||
| GAAP Net Income (Loss) | $ | (1.5 | ) | $ | (0.08 | ) | $ | (0.3 | ) | $ | (0.02 | ) | ||||
| Transaction Costs | 0.8 | 0.04 | 0.7 | 0.05 | ||||||||||||
| Adjusted Net Income (Loss) | $ | (0.7 | ) | $ | (0.04 | ) | $ | 0.4 | $ | 0.03 | ||||||
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | |||||||||||||||
| Amount | Per Share | Amount | Per Share | |||||||||||||
| GAAP Net Income | $ | 36.4 | $ | 2.02 | $ | 31.2 | $ | 1.89 | ||||||||
| Transaction Costs | 1.9 | 0.10 | 2.3 | 0.14 | ||||||||||||
| Adjusted Net Income | $ | 38.3 | $ | 2.12 | $ | 33.5 | $ | 2.03 | ||||||||
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 measure to inform investors of the Company’s profitability from electric and gas sales in the period.
| Three Months Ended September 30, 2026 (millions) | ||||||||||||
| Electric | Gas | Total | ||||||||||
| Total Operating Revenue | $ | 68.6 | $ | 40.9 | $ | 109.5 | ||||||
| Less: Cost of Sales | (33.8 | ) | (11.7 | ) | (45.5 | ) | ||||||
| Less: Depreciation and Amortization | (8.7 | ) | (15.7 | ) | (24.4 | ) | ||||||
| GAAP Gross Margin | 26.1 | 13.5 | 39.6 | |||||||||
| Depreciation and Amortization | 8.7 | 15.7 | 24.4 | |||||||||
| Adjusted Gross Margin | $ | 34.8 | $ | 29.2 | $ | 64.0 | ||||||
| Three Months Ended September 30, 2025 (millions) | ||||||||||||
| Electric | Gas | Total | ||||||||||
| Total Operating Revenue | $ | 64.3 | $ | 36.8 | $ | 101.1 | ||||||
| Less: Cost of Sales | (31.2 | ) | (10.2 | ) | (41.4 | ) | ||||||
| Less: Depreciation and Amortization | (8.0 | ) | (14.2 | ) | (22.2 | ) | ||||||
| GAAP Gross Margin | 25.1 | 12.4 | 37.5 | |||||||||
| Depreciation and Amortization | 8.0 | 14.2 | 22.2 | |||||||||
| Adjusted Gross Margin | $ | 33.1 | $ | 26.6 | $ | 59.7 | ||||||
| Nine Months Ended September 30, 2026 (millions) | ||||||||||||
| Electric | Gas | Total | ||||||||||
| Total Operating Revenue | $ | 195.8 | $ | 247.6 | $ | 443.4 | ||||||
| Less: Cost of Sales | (99.8 | ) | (95.7 | ) | (195.5 | ) | ||||||
| Less: Depreciation and Amortization | (25.6 | ) | (46.3 | ) | (71.9 | ) | ||||||
| GAAP Gross Margin | 70.4 | 105.6 | 176.0 | |||||||||
| Depreciation and Amortization | 25.6 | 46.3 | 71.9 | |||||||||
| Adjusted Gross Margin | $ | 96.0 | $ | 151.9 | $ | 247.9 | ||||||
| Nine Months Ended September 30, 2025 (millions) | ||||||||||||
| Electric | Gas | Total | ||||||||||
| Total Operating Revenue | $ | 175.5 | $ | 199.0 | $ | 374.5 | ||||||
| Less: Cost of Sales | (89.1 | ) | (64.3 | ) | (153.4 | ) | ||||||
| Less: Depreciation and Amortization | (23.7 | ) | (42.0 | ) | (65.7 | ) | ||||||
| GAAP Gross Margin | 62.7 | 92.7 | 155.4 | |||||||||
| Depreciation and Amortization | 23.7 | 42.0 | 65.7 | |||||||||
| Adjusted Gross Margin | $ | 86.4 | $ | 134.7 | $ | 221.1 | ||||||
Selected financial data for 2026 and 2025 is presented in the following table:
| Unitil Corporation - Condensed Consolidated Financial Data | |||||||||||||||||||||||
| (Millions, except Per Share data) (Unaudited) | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||||||||||
| Electric kWh Sales: | |||||||||||||||||||||||
| Residential | 191.4 | 190.6 | 0.4 | % | 538.6 | 529.3 | 1.8 | % | |||||||||||||||
| Commercial/Industrial | 241.2 | 236.5 | 2.0 | % | 666.2 | 682.6 | (2.4 | )% | |||||||||||||||
| Total Electric kWh Sales | 432.6 | 427.1 | 1.3 | % | 1,204.8 | 1,211.9 | (0.6 | )% | |||||||||||||||
| Gas Therm Sales: | |||||||||||||||||||||||
| Residential | 3.1 | 2.9 | 6.9 | % | 47.1 | 41.6 | 13.2 | % | |||||||||||||||
| Commercial/Industrial | 31.6 | 28.5 | 10.9 | % | 176.5 | 158.3 | 11.5 | % | |||||||||||||||
| Total Gas Therm Sales | 34.7 | 31.4 | 10.5 | % | 223.6 | 199.9 | 11.9 | % | |||||||||||||||
| Water Gallon Sales: | |||||||||||||||||||||||
| Residential | 166.7 | — | — | 166.7 | — | — | |||||||||||||||||
| Commercial/Industrial | 59.7 | — | — | 59.7 | — | — | |||||||||||||||||
| Total Water Gallon Sales | 226.4 | — | — | 226.4 | — | — | |||||||||||||||||
| Electric Revenues | $ | 68.6 | $ | 64.3 | $ | 4.3 | $ | 195.8 | $ | 175.5 | $ | 20.3 | |||||||||||
| Cost of Electric Sales | 33.8 | 31.2 | 2.6 | 99.8 | 89.1 | 10.7 | |||||||||||||||||
| Electric Adjusted Gross Margin (a non-GAAP financial measure1): | 34.8 | 33.1 | 1.7 | 96.0 | 86.4 | 9.6 | |||||||||||||||||
| Gas Revenues | 40.9 | 36.8 | 4.1 | 247.6 | 199.0 | 48.6 | |||||||||||||||||
| Cost of Gas Sales | 11.7 | 10.2 | 1.5 | 95.7 | 64.3 | 31.4 | |||||||||||||||||
| Gas Adjusted Gross Margin (a non-GAAP financial measure1): | 29.2 | 26.6 | 2.6 | 151.9 | 134.7 | 17.2 | |||||||||||||||||
| Total Adjusted Gross Margin (a non-GAAP financial measure1): | 64.0 | 59.7 | 4.3 | 247.9 | 221.1 | 26.8 | |||||||||||||||||
| Water Revenues | 3.1 | — | 3.1 | 3.1 | — | 3.1 | |||||||||||||||||
| Operation & Maintenance Expenses | 26.8 | 21.9 | 4.9 | 74.0 | 65.8 | 8.2 | |||||||||||||||||
| Depreciation & Amortization | 24.8 | 22.2 | 2.6 | 72.3 | 65.7 | 6.6 | |||||||||||||||||
| Taxes Other Than Income Taxes | 8.7 | 8.6 | 0.1 | 26.6 | 23.1 | 3.5 | |||||||||||||||||
| Other Expense (Income), Net | (1.0 | ) | (0.3 | ) | (0.7 | ) | (1.8 | ) | (0.9 | ) | (0.9 | ) | |||||||||||
| Interest Expense, Net | 11.0 | 8.9 | 2.1 | 32.2 | 27.3 | 4.9 | |||||||||||||||||
| Income (Loss) Before Income Taxes | (3.2 | ) | (1.6 | ) | (1.6 | ) | 47.7 | 40.1 | 7.6 | ||||||||||||||
| Provision for Income Taxes | (1.7 | ) | (1.3 | ) | (0.4 | ) | 11.3 | 8.9 | 2.4 | ||||||||||||||
| Net Income (Loss) | $ | (1.5 | ) | $ | (0.3 | ) | $ | (1.2 | ) | $ | 36.4 | $ | 31.2 | $ | 5.2 | ||||||||
| Earnings Per Share | $ | (0.08 | ) | $ | (0.02 | ) | $ | (0.06 | ) | $ | 2.02 | $ | 1.89 | $ | 0.13 | ||||||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Unitil's third-quarter 2026 earnings?
Unitil reported a $1.5 million net loss, or $0.08 per share, compared with a $0.3 million loss, or $0.02 per share, in third-quarter 2025. Excluding acquisition transaction costs, the adjusted loss was $0.7 million, or $0.04 per share.
How much did Unitil earn in the first nine months of 2026?
Unitil earned $36.4 million, or $2.02 per share, for the nine months ended September 30, 2026. That compares with $31.2 million, or $1.89 per share, in the same period of 2025.
How does seasonality affect Unitil's earnings?
Unitil's earnings are typically higher in the first and fourth quarters, when customers use natural gas for heating. Its earnings therefore vary by season.
How much did Unitil's legacy operating and maintenance expenses increase in 2026?
Excluding Maine Natural, the Aquarion Companies and transaction costs, legacy operating and maintenance expenses would have increased $2.4 million in the third quarter and $3.8 million in the first nine months compared with the corresponding 2025 periods.
What does Unitil exclude from adjusted net income?
Unitil excludes transaction costs related to the Bangor, Maine Natural and Aquarion acquisitions from adjusted net income. The company considers these costs unrepresentative of ongoing operations. The after-tax adjustments were $0.8 million for third-quarter 2026 and $1.9 million for the first nine months.