Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information, by Segment

Certain allocated assets, such as goodwill, revenue and expenses have been included in the reportable segment amounts. Certain corporate costs and expenses are not allocated to Water Utility Services or Other Services and are shown separately to reconcile to the applicable consolidated amounts.


	For the year ended December 31, 2025
	Reportable Segment
	Water Utility Services		Other Services (1)	Unallocated Corporate (2)	Consolidated
Operating revenue	$	787,099	13,491	—	800,590

Less:
Production expenses	305,460		5,701	—	311,161
Administrative and general	119,665		1,306	5,027	125,998
Maintenance	30,124		2,771	—	32,895
Property taxes and other non-income taxes	37,521		47	118	37,686
Depreciation and amortization	114,286		121	916	115,323
Interest on long-term debt and other interest expense	51,463		—	21,112	72,575

Provision (benefit) for income taxes	19,928		1,371	(8,944)	12,355
Other (3)	(6,531)		(587)	(2,863)	(9,981)
Net income (loss)	$	115,183	2,761	(15,366)	102,578

Capital expenditures	$	519,753	—	—	519,753


	For the year ended December 31, 2024
	Reportable Segment
	Water Utility Services		Other Services (1)	Unallocated Corporate (2)	Consolidated
Operating revenue	$	732,580	15,859	—	748,439

Less:
Production expenses	286,763		5,259	—	292,022
Administrative and general	97,420		2,632	5,778	105,830
Maintenance	29,249		2,052	—	31,301
Property taxes and other non-income taxes	35,223		317	388	35,928
Depreciation and amortization	111,709		253	893	112,855
Interest on long-term debt and other interest expense	47,485		521	23,384	71,390

Provision (benefit) for income taxes	17,134		1,569	(9,733)	8,970
Other (3)	(920)		191	(3,095)	(3,824)
Net income (loss)	$	108,517	3,065	(17,615)	93,967

Capital expenditures	$	377,208	29	—	377,237


	For the year ended December 31, 2023
	Reportable Segment
	Water Utility Services		Other Services (1)	Unallocated Corporate (2)	Consolidated
Operating revenue	$	652,045	18,318	—	670,363

Less:
Production expenses	251,898		4,302	—	256,200
Administrative and general	93,255		2,777	2,624	98,656
Maintenance	23,972		1,757	—	25,729
Property taxes and other non-income taxes	33,469		926	80	34,475
Depreciation and amortization	104,329		646	893	105,868
Interest on long-term debt and other interest expense	42,743		329	23,072	66,144

Provision (benefit) for income taxes	11,293		2,213	(7,550)	5,956
Other (3)	(4,279)		(121)	(3,252)	(7,652)
Net income (loss)	$	95,365	5,489	(15,867)	84,987

Capital expenditures	$	288,627	24,244	—	312,871

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(1) The “Other Services” category includes the accounts of H2O America Land Co, Chester Reality, Inc., SJWC’s Cupertino service concession arrangement operations, TWOS, TWR, and NEWUS, on a stand-alone basis.

(2) The “Unallocated Corporate” category includes the accounts of H2O America, H2O America NE LLC, H2O America TX Holdings, Inc., CTWS, NWU on a stand-alone basis.

(3) Primarily comprised of pension non-service credit (cost) and items of miscellaneous non-operating income (expense).

H2O America’s assets for the Water Utility Services reportable segment and all other are as follows as of December 31:


	2025		2024
Water Utility Services (reportable segment)	$	5,054,235	4,567,182
Other Services	26,707		25,053
Unallocated Corporate	68,624		66,074
Total assets	$	5,149,566	4,658,309