York Water Co (YORW) · Nov 6, 2026 · Earnings
Beat — EPS $0.48 vs ~$0.47 consensus; revenue $24.33M vs ~$22.60M
York Water’s Q3 earnings slightly beat expectations, with rate increases driving revenue growth while higher shares and expenses temper EPS gains.
York Water is a regulated Pennsylvania water and wastewater utility in the middle of a rate-supported infrastructure and expansion cycle: its February 2026 settlement authorized about $18.85 million of annual combined revenue increases, while the company continues investing heavily in pipes, treatment plants, software, and acquired wastewater systems.
The quarter beat the available benchmark, led by revenue. Third-quarter EPS was $0.48 versus published consensus of roughly $0.47, while revenue reached $24.33 million versus about $22.60 million expected. That is a narrow earnings beat but a more meaningful revenue beat, with the March rate increase and customer growth doing the heavy lifting.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Operating revenues (Financial table) | $24.333M (+19.5%) | $20.361M | $22.60M |
| Net income (Financial table) | $7.809M (+25.9%) | $6.201M | |
| Diluted EPS (Financial table) | $0.48 (+11.6%) | $0.43 | $0.47 |
| Average shares outstanding (Financial table) | 16.219M (+12.5%) | 14.412M |
The underlying growth is real, but the rate tailwind was already part of the story. York Water had already disclosed that the approved rate package would fund system upgrades and support higher revenue, so the direction of the quarter was not a surprise. The new information is that revenue is tracking above the market’s near-term expectation, even after the distribution-system charge reset to zero. 〔0〕
Share issuance and cost growth limited the earnings conversion. Net income rose nearly 26%, but EPS increased only about 12% because the average share count jumped 12.5%; the release also cites higher operating and maintenance costs, depreciation, and income taxes. That keeps this from being a major earnings re-rating: the business is growing, but not all of the operating improvement is reaching each share. 〔1〕
Capital deployment continues to reinforce the long-term utility growth model. York Water invested $36.2 million in the first nine months and expects another $11.8 million during 2026, excluding acquisitions, while adding two wastewater systems for $470,000. That supports the company’s established strategy of expanding its regulated asset base, but it also means execution, financing, and future rate recovery remain central to the story.
Bottom line: This is a modestly better-than-expected quarter that validates the rate-increase growth story, especially on revenue. It matters as confirmation of healthy execution, but the large increase in shares and ongoing cost pressure keep it from changing York Water’s overall business narrative.
Q4 and full-year 2026 results, expected early March 2027
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