Essential Utilities, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Essential Utilities, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	820	810	838	890	1,463	1,878	2,288	2,054	2,086	2,475
Operating income	333	334	323	340	435	603	661	692	758	921
Interest expense	80.6	88.5	99.1	125	188	208	238	283	302	329
Interest income		0.2	0.15	25.4	5.36	2.38	3.68
Other non-operating income	-7.71	-4.95	-2	-5.69	3.38	2.85	-0.49	2.61	1.43	-1.34
Pre-tax income	255	257	178	212	265	422	451	432	573	620
Income tax	21	16.9	-13.7	-13	-19.9	-9.61	-14.3	-66.4	-21.8	3.45
Net income	234	240	192	225	285	432	465	498	595	616
EBITDA	466	471	470	497	692	901	982	1,036	1,127	1,338
EPS, basic	1.32	1.35	1.08	1.04	1.14	1.68	1.77	1.86	2.17	2.20
EPS, diluted	1.32	1.35	1.08	1.04	1.12	1.67	1.77	1.86	2.17	2.20
Shares, basic (weighted)	177	178	178	216	250	257	262	267	274	280
Shares, diluted (weighted)	178	178	178	216	255	258	263	268	274	281
Dividend per share	0.74	0.79	0.85	0.91	0.97	1.04	0.29	0.31	0.33	1.34

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.76	4.2	3.63	1,869	4.83	10.6	11.4	4.61	9.16	34.8
Receivables	97.4	98.6	65.8	67.1	155	141	206	144	167	217
Inventory	13	14.4	15.8	18.4
Other current assets	12.8	12.5	23.3	16.3	38.6	36.6	39.8	99.9	41.1	59.1
Total current assets	129	131	147	2,015	380	438	658	492	486	610
Property, plant and equipment	5,002	5,400	5,930	6,346	9,513	10,252	11,131	12,097	13,143	14,264
Lease right-of-use assets				12.9	60.3	48.9	41.7	37.4	31.3	25.9
Goodwill	42.2	42.2	52.7	63.8	2,325	2,341	2,341	2,341	2,341	2,349
Intangible assets					7.24	5.76	4.6	3.59	3.27	2.95
Total assets	6,159	6,332	6,964	9,362	13,705	14,658	15,719	16,841	18,027	19,465
Accounts payable	47.3	59.2	77.3	74.9	177	193	239	221	259	276
Accrued liabilities	40.5	41.2	47.4	49.6	123	124	131	127	137	169
Short-term debt	151	114	145	105	84.4	132	199	67.4	143	21.8
Total current liabilities	302	284	399	323	604	675	1,022	798	975	764
Long-term debt	1,738	2,008	2,398	2,943	5,508	5,780	6,371	6,826	7,368	8,110
Lease liabilities				11.6	55.6	48.2	37.7	34.4	27.4	21.6
Other non-current liabilities	116	107	97.2	33.1	56.7	43.7	28.6	24.1	24.8	60.8
Total liabilities	4,309	4,375	4,955	5,481	9,021	9,474	10,342	10,945	11,828	12,607
Total debt	1,247	1,463	1,604	1,887	3,014	3,062	3,062	6,894	7,511	8,132
Paid-in capital	798	807	820	2,637	3,379	3,706	3,793	4,138	4,200	4,525
Retained earnings	1,033	1,133	1,174	1,210	1,262	1,434	1,534	1,707	1,949	2,281
Treasury stock	-71.1	-73.3	-75.8	-77.7	-81.3	-83.6	-83.7	-86.5	-89.6	-91
Other comprehensive income	0.67	0.86
Shareholders' equity	1,850	1,958	2,009	3,881	4,684	5,184	5,377	5,896	6,199	6,857
Total equity	1,850	1,958	2,009	3,881	4,684	5,184	5,377	5,896	6,199	6,857
Total liabilities and equity	6,159	6,332	6,964	9,362	13,705	14,658	15,719	16,841	18,027	19,465
Shares outstanding	177	178

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	234	240	192	225	285	432	465	498	595	616
Depreciation and amortization	133	137	147	156	257	298	321	344	370	417
Stock-based compensation	5.39	6.34	7.57	7.37	8.16	10.1	12.2	11.3	9.79	12.9
Deferred income tax	17.3	13.8	-15	-10.4	-17.8	-8.51	-23	-79.8	-27.8	-3.18
Change in payables	4.76	-0.76	0.57	5.11	-1.82	5.19	53.8	-14.6	27	14.3
Cash from operations	396	381	369	339	508	645	600	934	770	1,010
Capital expenditures	-383	-478	-496
Cash from investing	-383	-480	-640	-605	-4,334	-1,056	-1,178	-1,222	-1,163	-1,511
Debt issued	504	591	1,332	1,435	3,367	1,095	1,647	1,208	1,650
Debt repaid	-373	-359	-914	-1,048	-1,821	-770	-977	-876	-1,027
Stock issued	1.39	1.45	5.16	1.9	1.59	16.8	16.6	16	15.5	15.3
Share buybacks	-3.03	-2.17	-2.56	-1.87	-4.37	-3.29	-1.19	-3.98	-4.05	-2.28
Dividends paid	-131	-141	-151	-189	-233	-259	-289	-317	-346	-374
Cash from financing	-12.4	99.5	271	2,131	1,962	417	579	281	397	526
Net change in cash	0.53	0.44	-0.58	1,865	-1,864	5.74	0.83	-6.79	4.54	25.6
Free cash flow	13.2	-96.8	-127
Interest paid	72.7	81.8	93.6	89.2	169	202	226	273	276	311
Income taxes paid	2.74	3.18	2.1	0.97	4.85	5.69	11.3	7.84	6.7	9.08

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $39.53 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	35.1%	Operating income / revenue.
EBITDA margin	52.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.7%	Pre-tax income / revenue.
Net margin	21.6%	Net income / revenue.
Operating cash flow margin	40.0%	Cash from operations / revenue.
Effective tax rate	5.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.8%	Net income / average total assets.
Return on invested capital (ROIC)	5.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	17.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	21.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	16.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	18.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	3.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	9.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	16.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	7.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	31.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	19.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	310.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	67.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.78x	Current assets / current liabilities.
Quick ratio	0.36x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.21x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	42.4%	Total debt / total assets.
Liabilities / assets	64.8%	Total liabilities / total assets.
Net debt	$8.45B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.31x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.62x	Operating income / interest expense.
Working capital	-$133.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	11.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$4.67B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.
Fixed asset turnover	0.17x	Revenue / average property, plant and equipment.
Receivables turnover	12.4x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.95	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.04	Revenue / diluted weighted shares.
Operating cash flow per share	$3.62	Cash from operations / diluted weighted shares.
Book value per share	$24.70	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.43	Tangible book value / shares outstanding.
Cash per share	$0.03	(Cash + short-term investments) / shares outstanding.
Payout ratio	69.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.22B	Share price x shares outstanding.
Enterprise value	$19.67B	Market cap + total debt - cash - short-term investments.
P/E	20.2x	Market cap / net income. Only when net income is positive.
P/S	4.37x	Market cap / revenue.
P/B	1.60x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.40x	Market cap / tangible book value, when positive.
P/OCF	10.9x	Market cap / cash from operations, when positive.
EV/Sales	7.66x	Enterprise value / revenue.
EV/EBIT	21.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.7x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.9%	Net income / market cap (the inverse of P/E).
Dividend yield	3.5%	Dividends paid over the period / market cap.
Shareholder yield	3.5%	(Dividends paid + share buybacks) / market cap.
PEG	2.69x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Essential Utilities, Inc.'s revenue in fiscal 2025?

Essential Utilities, Inc. reported revenue of $2.47B for fiscal 2025, 18.6% higher than the year before.

Was Essential Utilities, Inc. profitable in fiscal 2025?

Yes. Net income was $616.4M, a net margin of 24.9%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Essential Utilities, Inc.