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FINANCIAL STATEMENT SCHEDULE | 12 Months Ended
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Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract] |
FINANCIAL STATEMENT SCHEDULE | FINANCIAL STATEMENT SCHEDULE Schedule I H2O America (Parent Only) CONDENSED BALANCE SHEETS (in thousands, except share and per share data)
| December 31,
| 2025 |  | 2024
Assets |  |  |
Investments in subsidiaries | $ | 2,037,519 |  |  | 1,877,922 |
Current assets: |  |  |
Cash and cash equivalents | 175 |  |  | 1,306 |
Intercompany receivables | 6,680 |  |  | 1,473 |
Intercompany notes receivable | 102,780 |  |  | 74,119 |
Other current assets | 4,372 |  |  | 1,177 |
Total current assets | 114,007 |  |  | 78,075 |
Other assets |  |  |
Other | 287 |  |  | 222 |
Total other assets | 287 |  |  | 222 |
Total assets | $ | 2,151,813 |  |  | 1,956,219 |
Capitalization and Liabilities |  |  |
Capitalization: |  |  |
Stockholders’ equity: |  |  |
Common stock, $0.001 par value; authorized 70,000,000 shares in 2025 and 2024; issued and outstanding 36,118,242 shares in 2025 and 33,629,169 shares in 2024 | $ | 36 |  |  | 34 |
Additional paid-in capital | 958,188 |  |  | 827,796 |
Retained earnings | 581,080 |  |  | 537,184 |
Accumulated other comprehensive income | 1,467 |  |  | 1,960 |
Total stockholders’ equity | 1,540,771 |  |  | 1,366,974 |
Long-term debt, less current portion | 557,832 |  |  | 557,430 |
Total capitalization | 2,098,603 |  |  | 1,924,404 |
Current liabilities: |  |  |
Line of credit | 11,000 |  |  | 3,000 |
Intercompany payables | — |  |  | 2,210 |
Intercompany notes payable | 966 |  |  | — |
Accounts payable | 3,274 |  |  | 1,588 |
Accrued interest | 3,258 |  |  | 3,224 |
Income tax payable | 31,661 |  |  | 16,871 |
Other current liabilities | 408 |  |  | 765 |
Total current liabilities | 50,567 |  |  | 27,658 |
Deferred income taxes | 815 |  |  | 2,488 |
Other noncurrent liabilities | 1,828 |  |  | 1,669 |
Total capitalization and liabilities | $ | 2,151,813 |  |  | 1,956,219 |
See Accompanying Notes to Schedule I FINANCIAL STATEMENT SCHEDULE Schedule I H2O America (Parent Only) CONDENSED STATEMENTS OF COMPREHENSIVE INCOME Years ended December 31 (in thousands)
| 2025 |  | 2024 |  | 2023
Operating revenue | $ | — |  |  | — |  |  | — |
Operating expense: |  |  |  |  |
Administrative and general | 4,664 |  |  | 5,568 |  |  | 2,239 |
Property taxes and other non-income taxes | 118 |  |  | 388 |  |  | 80 |
Total operating expense | 4,782 |  |  | 5,956 |  |  | 2,319 |
Operating loss | (4,782) |  |  | (5,956) |  |  | (2,319) |
Other (expense) income: |  |  |  |  |
Interest on long-term debt and other interest expense | (17,862) |  |  | (18,022) |  |  | (17,692) |
Interest income on intercompany notes receivable | 6,292 |  |  | 6,756 |  |  | 3,862 |
Other, net | (4,613) |  |  | (3,456) |  |  | 1,034 |
Loss before income taxes and equity earnings from subsidiaries | (20,965) |  |  | (20,678) |  |  | (15,115) |
Income tax benefit | (6,015) |  |  | (5,727) |  |  | (4,294) |
Equity earnings from subsidiaries, net of taxes | 117,528 |  |  | 108,918 |  |  | 95,808 |
H2O America net income | 102,578 |  |  | 93,967 |  |  | 84,987 |
Other comprehensive income, net | (493) |  |  | 169 |  |  | 314 |
H2O America comprehensive income | $ | 102,085 |  |  | 94,136 |  |  | 85,301 |
See Accompanying Notes to Schedule I FINANCIAL STATEMENT SCHEDULE Schedule I H2O America (Parent Only) CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31 (in thousands)
| 2025 |  | 2024 |  | 2023
Operating activities: |  |  |  |  |
Net income | $ | 102,578 |  |  | 93,967 |  |  | 84,987 |
Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |  |
Earnings from investment in subsidiaries | (117,666) |  |  | (108,918) |  |  | (95,808) |
Deferred income taxes | (1,644) |  |  | (618) |  |  | 718 |
Stock-based compensation | 842 |  |  | 687 |  |  | 696 |
Changes in operating assets and liabilities, net of acquired assets and liabilities: |  |  |  |  |
Accounts payable and other current liabilities | 1,329 |  |  | 1,724 |  |  | 281 |
Intercompany receivables | (18,387) |  |  | (652) |  |  | (6,018) |
Tax payable and other accrued taxes | 14,761 |  |  | 452 |  |  | 1,550 |
Accrued interest | 34 |  |  | (31) |  |  | 47 |
Return on capital from investments in subsidiaries | 59,400 |  |  | 90,600 |  |  | 50,550 |
Proceeds from litigation settlement, net | — |  |  | — |  |  | — |
Other changes, net | (2,677) |  |  | 532 |  |  | 607 |
Net cash provided by operating activities | 38,570 |  |  | 77,743 |  |  | 37,610 |
Investing activities: |  |  |  |  |
Proceeds to subsidiaries for notes receivable | (237,246) |  |  | (173,374) |  |  | (148,392) |
Repayments from subsidiaries for notes receivable | 208,585 |  |  | 169,001 |  |  | 91,740 |
Investments in subsidiaries | (84,037) |  |  | (97,000) |  |  | (25,500) |
Net cash used in investing activities | (112,698) |  |  | (101,373) |  |  | (82,152) |
Financing activities: |  |  |  |  |
Borrowings from subsidiaries for notes payable | 1,121 |  |  | 27,098 |  |  | 700 |
Repayments to subsidiaries for notes payable | (155) |  |  | (28,824) |  |  | (3,140) |
Borrowings from lines of credit | 133,000 |  |  | 35,000 |  |  | 10,000 |
Repayments of lines of credit | (125,000) |  |  | (42,000) |  |  | — |
Issuance of common stock, net of issuance costs | 122,808 |  |  | 85,008 |  |  | 80,659 |
Proceeds from litigation settlement, net | — |  |  | — |  |  | — |
Debt issuance costs | (132) |  |  | (82) |  |  | (46) |
Dividends paid | (58,645) |  |  | (52,132) |  |  | (47,905) |
Net cash provided (used in) by financing activities | 72,997 |  |  | 24,068 |  |  | 40,268 |
Net change in cash and cash equivalents | (1,131) |  |  | 438 |  |  | (4,274) |
Cash and cash equivalents, beginning of year | 1,306 |  |  | 868 |  |  | 5,142 |
Cash and cash equivalents, end of year | $ | 175 |  |  | 1,306 |  |  | 868 |
Cash paid (refunded) during the year for: |  |  |  |  |
Interest | $ | 17,713 |  |  | 17,919 |  |  | 17,465 |
Income taxes | $ | (9,676) |  |  | — |  |  | (4,870) |
Supplemental disclosure of non-cash activities: |  |  |  |  |
Share-based compensation from investment in subsidiaries | $ | 6,707 |  |  | 5,879 |  |  | 3,778 |
See Accompanying Notes to Schedule I FINANCIAL STATEMENT SCHEDULE Schedule I H2O America (Parent Only) NOTES TO CONDENSED FINANCIAL STATEMENTS Years ended December 31, 2025, 2024 and 2023 (Dollars in thousands, except share and per share data) Financing Activities See Note 5, “Lines of Credit” and Note 6, “Long-term Debt” for additional information on H2O America’s revolving credit facility and outstanding debt. The following is a table of the H2O America’s schedule of principal payments on long-term debt:
Year |
2026 | $ | — |
2027 | — |
2028 | — |
2029 | 310,000 |
2030 | 50,000 |
Thereafter | 200,000 |
Restrictions on Dividends and Other Distributions H2O America is a legal entity separate and distinct from its various subsidiaries. As a holding company with no significant operations of its own, H2O America’s principal sources of funds are dividends or other distributions from its operating subsidiaries, borrowings and the issuance of equity. The rights of H2O America and, consequently, its creditors and shareholders, to participate in any distribution of assets of any of its subsidiaries are subject to certain prior claims of creditors of such subsidiary. The abilities of certain of H2O America’s subsidiaries to transfer funds to H2O America in the form of cash dividends, loans or advances are subject to certain contractual and regulatory restrictions. H2O America and its subsidiaries are subject to debt covenants that could limit their respective abilities to pay dividends. For a discussion on these covenants, see Note 6, “Long-term Debt” to H2O America and Subsidiaries Notes to Consolidated Financial Statements. In addition, CTWS and its regulated subsidiaries are prohibited from paying dividends if not in compliance with minimum equity requirements under commitments made by H2O America as part of the approval granted by the PURA and the Maine Public Utilities Commission in connection with the acquisition of CTWS. As of December 31, 2025, the restricted net assets of H2O America’s subsidiaries were approximately $501,724 or 33% of consolidated net assets of H2O America.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 4: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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