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FINANCIAL STATEMENT SCHEDULE
 12 Months Ended
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,
 20252024
Assets
Investments in subsidiaries$2,037,519 1,877,922 
Current assets:
Cash and cash equivalents175 1,306 
Intercompany receivables6,680 1,473 
Intercompany notes receivable102,780 74,119 
Other current assets4,372 1,177 
Total current assets
114,007 78,075 
Other assets
Other287 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 capital958,188 827,796 
Retained earnings581,080 537,184 
Accumulated other comprehensive income
1,467 1,960 
Total stockholders’ equity1,540,771 1,366,974 
Long-term debt, less current portion557,832 557,430 
Total capitalization
2,098,603 1,924,404 
Current liabilities:
Line of credit
11,000 3,000 
Intercompany payables— 2,210 
Intercompany notes payable966 — 
Accounts payable3,274 1,588 
Accrued interest3,258 3,224 
Income tax payable31,661 16,871 
Other current liabilities408 765 
Total current liabilities
50,567 27,658 
Deferred income taxes815 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)

202520242023
Operating revenue$— — — 
Operating expense:
Administrative and general4,664 5,568 2,239 
Property taxes and other non-income taxes118 388 80 
Total operating expense4,782 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 taxes117,528 108,918 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)
202520242023
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 liabilities1,329 1,724 281 
Intercompany receivables(18,387)(652)(6,018)
Tax payable and other accrued taxes
14,761 452 1,550 
Accrued interest34 (31)47 
Return on capital from investments in subsidiaries59,400 90,600 50,550 
Proceeds from litigation settlement, net— — — 
Other changes, net(2,677)532 607 
Net cash provided by operating activities38,570 77,743 37,610 
Investing activities:
Proceeds to subsidiaries for notes receivable (237,246)(173,374)(148,392)
Repayments from subsidiaries for notes receivable208,585 169,001 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 payable1,121 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 costs122,808 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 year1,306 868 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— 
2029310,000 
203050,000 
Thereafter200,000 
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.