Revenue Growth
Total revenue increased $388.5 million, or 18.6% year-over-year, from about $2.1 billion to near $2.5 billion in 2025.
Earnings Per Share Outperformance
GAAP EPS for 2025 was $2.20, above the guidance range of $2.07–$2.11; management notes EPS would have exceeded guidance even excluding several nonrecurring favorable items.
Regulatory Recoveries Driving Revenue
Approximately $177.6 million of the revenue increase was attributable to regulatory recoveries; completed regulatory recoveries in 2025 totaled $101.5 million of incremental annualized revenue (about $92.6M water/wastewater).
Record Infrastructure Investment
Regulated infrastructure investment hit a record $1.4 billion in 2025, with planned investments of $1.7 billion in 2026 to improve reliability and resiliency.
Dividend Growth and Shareholder Returns
Quarterly dividend was increased by 5.25% in July 2025; represents 35 increases in 34 years and 80 consecutive years of paying dividends; company intends to keep a 60–65% payout ratio.
Operational Execution and Capital Work
Replaced or retired over 400 miles of main across water and natural gas segments in 2025; continued strong main replacement and additions of municipal wastewater systems in PA and NC.
Acquisitions and Customer Additions
Completed three water/wastewater system acquisitions for approximately $58 million, adding over 12,700 customers; three additional signed purchase agreements expected to close in 2026.
Merger Progress and Regulatory Filings
Shareholder approval for the merger achieved in record speed; seven state filings completed by year-end 2025 with initial procedural schedules received in most states and management continuing to target a 2027 close.
Sustainability and Reputation Recognition
Named to USA TODAY's America's Climate Leaders for the third consecutive year and to Newsweek's America's Most Responsible Companies for the fifth consecutive year, underscoring ESG progress.
Guidance Reaffirmation and Long-Term Targets
Company reaffirmed its 5%–7% multiyear EPS CAGR target for 2024–2027 (applied to 2024 non-GAAP EPS of $1.97) and signaled confidence in credit metrics (FFO to debt above ~12%).