Artesian Resources Q3 2026 net income falls 3%
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.
Form Type
8-K
Rhea-AI Filing Summary
Artesian Resources Corporation (ARTNA) reported that third-quarter 2026 revenue was $31.9 million, up 4.8%, while net income was $6.8 million, down 3.0%; diluted earnings per share were $0.65, compared with $0.68 a year earlier. For the first nine months, revenue was $90.4 million, up 6.4%, and net income was $19.3 million, up 3.1%; diluted earnings per share increased 3.3% to $1.87.
Nine-month operating expenses, excluding depreciation and income taxes, increased 7.4%. Water sales revenue included revenue from temporary rate increases permitted under Delaware law until permanent rates are determined by the DEPSC. Artesian invested $40.8 million in water and wastewater infrastructure projects during the first nine months, including PFAS treatment upgrades.
1 point · 0 major0 major · 0 points
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 revenue rose 6.4% to $90.4 million.
Negative
- None.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Third-quarter revenue: $31.9 million
Third-quarter net income: $6.8 million
Third-quarter diluted earnings per share: $0.65 per share
+4 more
7 metrics
Third-quarter revenue
$31.9 million
Three months ended September 30, 2026; increased 4.8% from the same period in 2025.
Third-quarter net income
$6.8 million
Three months ended September 30, 2026; decreased $0.2 million, or 3.0%, year over year.
Third-quarter diluted earnings per share
$0.65 per share
Three months ended September 30, 2026; compared with $0.68 in 2025.
Nine-month revenue
$90.4 million
Nine months ended September 30, 2026; increased 6.4% year over year.
Nine-month net income
$19.3 million
Nine months ended September 30, 2026; increased 3.1% year over year.
Nine-month diluted earnings per share
$1.87 per share
Nine months ended September 30, 2026; increased 3.3% from $1.81 in 2025.
Infrastructure investment
$40.8 million
Invested in water and wastewater infrastructure projects in the first nine months of 2026.
Key Terms
Distribution System Improvement Charge, DEPSC, AFUDC, Service Line Protection Plan, +1 more
5 terms
Distribution System Improvement Charge regulatory
"Distribution System Improvement Charge, or DSIC, revenue"
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.
DEPSC regulatory
"until permanent rates are determined by the DEPSC"
AFUDC financial
"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.
Service Line Protection Plan financial
"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.
PFAS technical
"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.
Earnings Snapshot
Third-quarter revenue: $31.9 million
Quarter and nine months ended September 30, 2026
Third-quarter revenue
$31.9 million
Up $1.5 million, or 4.8%, from 2025.
Third-quarter net income
$6.8 million
Down $0.2 million, or 3.0%, from 2025.
Third-quarter diluted earnings per share
$0.65 per share
Compared with $0.68 in 2025.
Nine-month revenue
$90.4 million
Up $5.5 million, or 6.4%, from 2025.
Nine-month net income
$19.3 million
Up $0.6 million, or 3.1%, from 2025.
Nine-month diluted earnings per share
$1.87 per share
Up 3.3% from $1.81 in 2025.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were ARTNA's third-quarter 2026 revenue and net income?
Artesian reported third-quarter revenue of $31.9 million and net income of $6.8 million for the three months ended September 30, 2026. Revenue increased 4.8% from the same period in 2025, while net income decreased 3.0%.
How did ARTNA perform in the first nine months of 2026?
For the nine months ended September 30, 2026, Artesian reported revenue of $90.4 million, up 6.4%, and net income of $19.3 million, up 3.1%, compared with the same period in 2025. Diluted earnings per share increased 3.3% to $1.87.
What infrastructure work did ARTNA fund in the first nine months of 2026?
Artesian invested $40.8 million in water and wastewater infrastructure projects. Projects included new mains, services and hydrants; upgrades to pumping and treatment stations, including PFAS treatment upgrades; new wastewater treatment plants; aging-infrastructure rehabilitation; and meter-reading equipment upgrades.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 10, 2026
(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
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| | (Address of principal executive offices) | | (Zip Code) | |
| Registrant's telephone number, including area code: | | | |
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Securities registered pursuant to Section 12(b) of the Act: | ||
| Title of each class | Trading Symbols (s) | Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On November 10, 2026, Artesian Resources Corporation (the “Company”) issued a press release announcing its earnings for the quarter and nine months ended September 30, 2026. The press release is attached as Exhibit 99.1 and is incorporated herein by reference. The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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Exhibit Number:
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Title:
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99.1*
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Press release regarding earnings for the quarter and nine months ended Septemer 30, 2026, issued on November 10, 2026, by Artesian Resources Corporation.
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104
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Cover Page Interactive Data File (formatted as Inline XBRL).
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Exhibit 99.1 is intended to be deemed furnished rather than filed pursuant to General Instruction B.2. of Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ARTESIAN RESOURCES CORPORATION
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November 12, 2026
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By:
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/s/ David B. Spacht
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David B. Spacht
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Chief Financial Officer
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Artesian Resources Corporation Reports Third Quarter and
Year-To-Date 2026 Results
Newark, Delaware, November 10, 2026 – Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider on the Delmarva Peninsula of water and wastewater services, and other related business services, today announced third quarter and year-to-date results for 2026.
Third Quarter Results
Diluted net income per share decreased to $0.65, compared to $0.68 for the same period in 2025. Net income for the three months ended September 30, 2026 was $6.8 million, a $0.2 million, or 3.0%, decrease compared to net income recorded during the three months ended September 30, 2025.
Revenues totaled $31.9 million for the three months ended September 30, 2026, $1.5 million, or 4.8%, more than revenues for the three months ended September 30, 2025.
Water sales revenue increased $0.8 million, or 3.4%, primarily the result of an increase in overall water consumption, an increase in the number of customers served, and an increase in Distribution System Improvement Charge, or DSIC, revenue. The DSIC rate effective July 1, 2026 was 0.62%. In addition, water sales revenue increased related to two temporary rate increases as permitted under Delaware law, until permanent rates are determined by the DEPSC.
Other utility operating revenue increased approximately $0.5 million, or 12.6%, primarily due to an increase in wastewater 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 $0.1 million, or 7.5%, 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.
Operating expenses, excluding depreciation and income taxes, increased $1.4 million, or 8.7%. Utility operating expenses increased $1.1 million, or 8.0%, primarily the result of a $0.4 million increase in supply and treatment costs, a $0.2 million increase in payroll and employee benefit costs, a $0.2 million increase in purchased power costs, and a $0.2 million increase in administrative costs.
Federal and state income tax expense decreased $0.2 million, or 9.0%, primarily due to lower pre-tax book income and the reversal of accrued penalty and interest related to uncertain tax positions taken on the 2022 tax return for which the statute of limitations lapsed during the third quarter of 2026.
Property and other taxes increased $0.4 million, primarily due to an increase in New Castle County, Delaware tax rates on utility plant and an increase in utility plant subject to taxation. Property taxes are assessed on land, buildings and certain utility plant, which include the footage and size of pipe, hydrants and wells.
Other income decreased $0.2 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 and reserve for customer refund interest associated with the temporary rate increase revenue.
Year-to-Date Results
Diluted net income per share increased 3.3% to $1.87, compared to $1.81 for the same period in 2025. Net income for the nine months ended September 30, 2026 was $19.3 million, a $0.6 million, or 3.1%, increase compared to net income recorded during the nine months ended September 30, 2025.
Revenues totaled $90.4 million for the nine months ended September 30, 2026, $5.5 million, or 6.4%, more than revenues for the nine months ended September 30, 2025.
Water sales revenue increased $3.7 million, or 5.4%, primarily the result of temporary rate increases as permitted under Delaware law, until permanent rates are determined by the DEPSC, as well as increases in overall water consumption and an increase in the number of customers served.
Other utility operating revenue increased approximately $1.3 million, or 11.8%, 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 $0.5 million, or 9.1%, 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 $3.4 million, or 7.4%. Utility operating expenses increased $2.8 million, or 7.4%, primarily the result of a $1.3 million increase in payroll and employee benefit costs, a $0.8 million increase in supply and treatment costs, a $0.3 million increase in purchased power costs, a $0.3 million increase in administrative costs, and a $0.2 million increase in transmission, distribution and collection costs. Non-utility operating expenses increased $0.3 million, or 10.0%, primarily due to an increase in plumbing repair costs associated with the SLP Plans.
Depreciation and amortization expense increased $0.3 million, or 2.7%, 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.
Property and other taxes increased $0.2 million, primarily due to an increase in New Castle County, Delaware tax rates on utility plant and an increase in utility plant subject to taxation.
Other income decreased $0.7 million, primarily due to a decrease in AFUDC, as a result of lower long-term construction activity subject to AFUDC.
Interest charges increased $0.4 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 as well as reserve for customer refund interest associated with the temporary rate increase revenue.
Capital Expenditures
As part of Artesian’s ongoing effort to ensure high-quality reliable service and compliance with emerging water quality regulations, $40.8 million was invested in the first nine months of 2026 in water and wastewater infrastructure projects. To better serve our
customers, these investments include installation of new mains, services and
hydrants, upgrading existing pumping and treatment stations, including PFAS
treatment upgrades, construction of new wastewater treatment plants, renewals
associated with the rehabilitation of aging infrastructure, upgrading and
replacing our meter reading equipment, transportation equipment purchases, and
computer hardware and software upgrades.
“As an essential drinking water provider, investment in treatment and infrastructure is paramount in ensuring our ability to provide safe drinking water, fire protection and reliable service,” said Nicki Taylor, Chair, President and CEO. “We continue to make thoughtful, prudent investments that protect water quality, address aging infrastructure and help ensure quality service 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.
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.
Contact:
Virginia Eisenbrey
(302) 453-6900
VEisenbrey@artesianwater.com
