The York Water Company (NASDAQ:YORW) reported 2025 operating revenues of $77,488,000, up $2,529,000, and net income of $20,058,000, down $267,000 versus 2024. 2025 basic and diluted EPS were $1.39, a $0.03 decline.
The company invested $48.7 million in 2025 capital projects, replaced 54,100 feet of water main and 1,800 feet of wastewater main, and cited DSIC revenues, lower income taxes, and a nonrecurring life insurance gain. Offsets included higher O&M, depreciation, interest expense, and lower AFUDC. Anticipated 2026–2027 investments are approximately $48 million per year, excluding acquisitions.
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Positive
Operating revenues of $77.488M, up $2.529M
Capital investment of $48.7M in 2025
Replaced 54,100 ft of water main and 1,800 ft wastewater main
DSIC revenues contributed to revenue growth
Negative
Net income declined by $267,000 to $20.058M
Basic and diluted EPS fell $0.03 to $1.39
Higher operation & maintenance, depreciation, and interest expenses reduced earnings
Peers showed mixed moves, suggesting company-specific focus. Momentum names included ARIS down 6.99% and ARTNA up 2.46%, while broader peer price changes ranged from -1.36% to 5.42%.
Q3 and nine‑month 2025 results with modest revenue growth and stable EPS.
Pattern Detected
Limited history provided: the last earnings update saw a very small positive price reaction to mixed but generally stable results.
Recent Company History
The most recent prior event on Nov 06, 2025 covered Q3 and nine‑month 2025 results. York Water reported higher quarterly revenues and EPS, but nine‑month EPS was slightly lower year over year. Revenue growth was attributed to customer base expansion and Pennsylvania DSIC, offset by higher expenses and interest. The stock moved about 0.03% after that release, indicating a muted reaction to incremental fundamentals, similar in tone to the current full‑year report.
Regulatory & Risk Context
Active S-3 Shelf
Shelf Active
Active S-3 Shelf Registration
2025-11-10
An effective S-3 shelf dated Nov 10, 2025 registers 366,689 shares for a Dividend Reinvestment and Direct Stock Purchase and Sale Plan. It includes 125,000 newly registered shares and 241,689 previously registered shares, with a discount of up to 5% on reinvested dividends. Usage is indicated by at least one 424B3 filing.
Market Pulse Summary
This announcement highlights modest revenue growth for 2025, with operating revenues rising while ne...
Analysis
This announcement highlights modest revenue growth for 2025, with operating revenues rising while net income and EPS slipped slightly versus 2024 as expenses and interest increased. Management underscored significant 2025 capital spending of $48.7 million and plans for about $48 million in each of 2026 and 2027 to upgrade mains, software, and treatment facilities. Investors may watch how DSIC revenues, cost controls, and future rate decisions balance these ongoing infrastructure demands.
Key Terms
distribution system improvement charge, afudc
2 terms
distribution system improvement chargeregulatory
"Increased revenues were primarily due to growth in the customer base and revenues from the Distribution System Improvement Charge (DSIC)."
A distribution system improvement charge is a regulated surcharge utilities add to customer bills to recover costs for upgrading local power lines, poles, transformers and other delivery equipment. It matters to investors because it speeds up cost recovery and stabilizes a utility’s cash flow and earnings between full rate reviews—like allowing a homeowner to add a small, ongoing fee to pay for immediate repairs instead of waiting to save up for a big bill.
afudcfinancial
"AFUDC is the cost of debt and equity funds used to finance plant construction."
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.
AI-generated analysis. Not financial advice.
YORK, Pa., March 03, 2026 (GLOBE NEWSWIRE) -- The York Water Company's (NASDAQ:YORW) President and CEO, JT Hand, announced the Company's 2025 financial results.
President Hand reported that 2025 operating revenues of $77,488,000 increased $2,529,000, but net income of $20,058,000 decreased $267,000 compared to 2024. Basic and Diluted Earnings per share of $1.39 for 2025 decreased $0.03 compared to 2024. Increased revenues were primarily due to growth in the customer base and revenues from the Distribution System Improvement Charge (DSIC). The DSIC is a Pennsylvania Public Utility Commission allowed charge that water utilities collect from customers for the replacement of aging infrastructure. Income taxes decreased due to higher deductions from the IRS tangible property regulations. The Company also recognized a non-recurring gain on life insurance. The increased revenue, lower income taxes, and gain on life insurance were more than offset by higher operation and maintenance expenses and depreciation, higher interest on debt, and lower allowance for funds used during construction (AFUDC). AFUDC is the cost of debt and equity funds used to finance plant construction.
During the year, the Company invested $48.7 million in capital projects for main extensions and an upgrade to the enterprise software system, as well as various replacements and improvements to infrastructure and routine items. During 2025, the Company replaced approximately 54,100 feet of water main and 1,800 feet of wastewater main to improve its distribution and collection systems, reduce ongoing expenses, and improve customer service.
President Hand also reported that for the fourth quarter of 2025 operating revenues increased $606,000 and net income increased $25,000 compared to the fourth quarter of 2024. Basic and Diluted Earnings per share were $0.36 for the fourth quarter of 2025, the same as the fourth quarter last year. Increased revenues were primarily due to revenues from growth in the customer base and DSIC. The Company also recognized a non-recurring gain on life insurance. The increased revenue was partially offset by higher operation and maintenance expenses, depreciation, and higher interest on debt.
President Hand reported that York Water anticipates investments for 2026 and 2027 of approximately $48 million in each year, excluding acquisitions, for additional main extensions, an upgrade to the enterprise software system, water treatment plant construction, water tank replacement, wastewater treatment plant construction, and routine improvements to its pipes, service lines, and other facilities to ensure a safe, adequate, and reliable supply of drinking water and to maintain proper handling and disposal of wastewater for the Company’s growing customer base.
Period Ended December 31
In 000's (except per share)
Quarter
Twelve Months
2025
2024
2025
2024
Operating Revenues
$
19,472
$
18,866
$
77,488
$
74,959
Net Income
$
5,167
$
5,142
$
20,058
$
20,325
Average Number of Common Shares Outstanding
14,426
14,366
14,404
14,347
Basic and Diluted Earnings Per Common Share
$
0.36
$
0.36
$
1.39
$
1.42
Dividends Declared Per Common Share
$
0.2280
$
0.2192
$
0.8856
$
0.8516
This news release may contain forward-looking statements regarding the Company’s operational and financial expectations. These statements are based on currently available information and are subject to risks, uncertainties, and other events which could cause the Company’s actual results to be materially different from the results described in this statement. The Company undertakes no duty to update any forward-looking statement.
Contact Information:
JT Hand, President & CEO
jth@yorkwater.com
-OR-
Matthew E. Poff, Chief Financial Officer
matthewp@yorkwater.com
717-845-3601
FAQ
What were York Water (YORW) full-year 2025 revenues and net income?
York Water reported $77,488,000 in operating revenues and $20,058,000 net income for 2025. According to the company, revenues rose by $2,529,000 while net income decreased by $267,000 versus 2024.
How did York Water's 2025 EPS (YORW) compare to 2024?
Basic and diluted EPS for 2025 were $1.39, down $0.03 from 2024. According to the company, lower AFUDC and higher expenses offset revenue and tax benefits.
How much did York Water (YORW) invest in capital projects in 2025?
The company invested approximately $48.7 million in 2025 capital projects. According to the company, funds went to main extensions, an enterprise software upgrade, and various infrastructure replacements.
What infrastructure work did York Water complete in 2025 (YORW)?
York Water replaced about 54,100 feet of water main and 1,800 feet of wastewater main in 2025. According to the company, the work aims to reduce expenses and improve service reliability.
What drove revenue growth for York Water (YORW) in 2025?
Revenue growth was driven primarily by customer base growth and the Distribution System Improvement Charge (DSIC). According to the company, DSIC is a Pennsylvania PUC‑allowed charge for infrastructure replacement.
What investment plans did York Water (YORW) announce for 2026–2027?
York Water anticipates about $48 million in investments each year for 2026 and 2027, excluding acquisitions. According to the company, spending targets include treatment plants, tanks, mains, and software upgrades.
