H2o America (HTO) · Oct 26, 2026 · Earnings

H2O America earnings miss as dilution clouds Quadvest growth

Miss — Adjusted EPS $1.04 vs ~$1.08 consensus

H2O America’s Q3 earnings missed consensus as higher share count cut EPS, while Quadvest expands Texas growth and lowers 2026 acquisition-inclusive guidance.

H2O America is in a capital-heavy expansion phase: it is using Texas acquisitions, infrastructure spending and pending rate cases to build a larger regulated water platform, with Quadvest now closed and Cibolo Valley next in line. The company had already telegraphed the acquisition strategy and expected near-term dilution; this filing supplies the first combined earnings-and-guidance read after Quadvest closed.

The quarter missed the published earnings bar. Adjusted diluted EPS was $1.04 versus a published consensus of roughly $1.08, while revenue of $250.2 million was broadly around the roughly $250.5 million consensus. The key weakness was per-share conversion, not demand: revenue rose 4%, but adjusted net income slipped 1% and the diluted share count expanded materially. The release says, “Adjusted diluted EPS (non-GAAP) for the quarter of $1.04 decreased versus $1.27 in the prior year quarter.”

Metric	Q3 2026	Comparison	Read-through
Operating revenue	$250.2M	$240.6M in Q3 2025	+4%; near consensus
GAAP diluted EPS	$0.99	$1.27 in Q3 2025	Down 22%
Adjusted diluted EPS	$1.04	$1.27 in Q3 2025; ~$1.08 consensus	Miss
Adjusted net income	$45.2M	$45.5M in Q3 2025	Down 1%
2026 standalone adjusted EPS guide	$3.10–$3.16	Prior midpoint $3.13	Narrowed; midpoint unchanged
2026 acquisition-inclusive adjusted EPS guide	$2.91–$2.97	New guidance	Initial dilution from Quadvest and Cibolo Valley
Dividend per share	$0.44	$0.42 in Q3 2025	Annualized dividend rises to $1.76

Rate increases are growing the top line, but costs and dilution are absorbing the benefit. Quarterly revenue increased by $9.6 million, driven mainly by $16.2 million of rate increases, but production expenses rose $5.0 million and other operating expenses rose $2.0 million. More importantly, the company explicitly attributes the larger EPS decline to its expanded equity base from the ATM program and March stock issuance. The release states, “the increase in net income was more than offset by the higher share count.” 〔0〕

The acquisition story is advancing, but the near-term earnings cost is now clearer. Quadvest closed October 1 for $542.7 million in cash, with active connections up 14% and more than 98,000 connections under contract or pending development. That supports the long-term Texas growth thesis, but management now guides to $2.91–$2.97 of 2026 adjusted EPS including Quadvest, Cibolo Valley and their financing, versus $3.10–$3.16 on a standalone basis. The release acknowledges that both acquisitions will be initially dilutive before new rates can be implemented.

The underlying investment program remains intact. H2O America has invested $325.1 million through nine months, reduced its 2026 company-funded capital plan to approximately $465 million from $483 million, and left its $2.7 billion 2026–30 capital plan unchanged. That is strategically supportive, but it also means the business remains dependent on financing and regulatory rate recovery; the quarter did not show those investments translating into stronger near-term per-share earnings.

Bottom line: The filing confirms that H2O America’s Texas expansion is progressing, but the immediate earnings profile is weaker than expected because equity dilution and integration costs are outrunning operating growth. The long-term platform is getting larger, while the near-term per-share payoff is being pushed out.

What to watch next

Cibolo Valley acquisition expected to close November 2

Original filing on SEC EDGAR

More H2o America news

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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H2O America earnings miss as dilution clouds Quadvest growth

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