Essential Utilities Reports Strong 2025 Earnings

Company highlights merger progress, record infrastructure spending, and PFAS treatment investments

Published on Mar. 3, 2026

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Essential Utilities (NYSE:WTRG) executives detailed the company's strong 2025 financial performance, including earnings per share that exceeded guidance, during the company's full-year earnings call. Management also discussed progress on the proposed merger with American Water, record infrastructure investments, and ongoing work related to PFAS treatment.

Why it matters

Essential Utilities is one of the largest publicly traded water and natural gas utility companies in the U.S. The company's financial results and operational updates provide insights into the broader utility industry, regulatory environment, and infrastructure investment trends.

The details

Essential Utilities reported 2025 earnings per share of $2.20, above the company's guidance range of $2.07 to $2.11. Revenues rose 18.6% year-over-year, driven by regulatory recoveries, higher gas volumes, and customer growth, partially offset by higher expenses. The company invested a record $1.4 billion in regulated infrastructure in 2025 and continued executing its $450 million PFAS capital plan. Essential also made progress on its proposed merger with American Water, receiving shareholder approval and completing seven state regulatory filings by year-end.

  • Essential Utilities shareholders approved the merger with American Water at a recent special meeting.
  • By year-end 2025, Essential completed seven required state regulatory filings for the merger.
  • Essential expects the merger transaction to close in the first quarter of 2027.

The players

Essential Utilities

A publicly traded water and natural gas utility holding company that provides essential water and natural gas services through its regulated subsidiaries.

American Water

A publicly traded water and wastewater utility company that Essential Utilities has proposed to merge with.

Chris Franklin

Chairman and CEO of Essential Utilities.

Dan Schuller

Chief Financial Officer of Essential Utilities.

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What they’re saying

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What’s next

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The takeaway

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