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H2O America (SJW) investor relations material
H2O America Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Q3 2025 delivered strong results with adjusted EPS of $1.27, up 8% year-over-year, and net income of $45.1M, up 17%; year-to-date adjusted EPS reached $2.53, a 14% increase.
Revenue grew 7% in Q3 and 10% year-to-date, driven by rate increases, higher usage, and customer growth.
Advanced Texas expansion with Quadvest and Cibolo Valley acquisitions, both expected to close by mid-to-late 2026, pending regulatory approvals.
Recognized as one of America's Greenest Companies for the second year, achieving a 43% reduction in Scope 1 and 2 emissions since 2019.
Significant infrastructure investment and regulatory engagement continued, supporting long-term growth.
Financial highlights
Q3 2025 adjusted diluted EPS: $1.27 (up 8%); year-to-date adjusted EPS: $2.53 (up 14%).
Q3 2025 revenue: $240.6M, up from $225.1M in Q3 2024; year-to-date revenue: $606.4M, up from $550.6M.
Water production expenses rose 3% in Q3 and 9% YTD; other operating expenses increased 9% in both periods.
Operating income for Q3 was $64.6M; year-to-date operating income was $144.4M.
Raised $108M in equity YTD; $126M drawn on $370M credit lines; new long-term notes issued at 6.08%-6.68% rates.
Outlook and guidance
2025 adjusted EPS guidance narrowed to $2.95–$3.00, targeting the upper half of the original range.
Reaffirmed 5%-7% EPS CAGR through 2029, expecting to deliver at the top half of the range, excluding Quadvest impact.
CapEx plan for 2025 increased to $486M, with $1.9B planned over five years, including $300M for PFAS treatment.
Management expects to meet customer demand for water supply in all service areas for the remainder of 2025.
Quadvest backlog: timeline for active connections?
Total annualized revenue impact from rate activity?
Quantify Quadvest's accretion to long-term EPS growth.
Does FMV capture Quadvest connection growth?
Aquarion: What financing options remain?
What factors weigh on Q4 2025 earnings outlook?
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Next H2O America earnings date
Q4 202523 Feb, 2026
Next H2O America earnings date
Q4 202523 Feb, 2026
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Frequently asked questions
SJW Group is a water utility company engaged in the production, purchase, storage, and distribution of water. It operates regulated water systems in California, Texas, Connecticut, and Maine, serving residential, commercial, and industrial customers. The company also manages wastewater systems and invests in infrastructure to support water quality and service reliability. It is headquartered in San Jose, California, and its shares are listed on the NYSE.
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