Unitil 2025 Net Income Rises to $50.2M, Raises Dividend and EPS Outlook
Unitil posted 2025 GAAP net income of $50.2M ($2.97/share), up $3.1M, and adjusted net income of $53.3M ($3.16/share), up $5.5M from 2024. The board raised the quarterly dividend to $0.475 (annualized $1.90) and reaffirmed a 5%-7% long-term EPS growth rate following gas utility acquisitions.
1. Year-End 2025 Financial Performance
Unitil’s GAAP net income for the year ended December 31, 2025, was $50.2 million, or $2.97 per share, up $3.1 million and $0.04 per share compared to 2024. Adjusted net income increased by $5.5 million to $53.3 million, or $3.16 per share, driven by higher rates and customer growth in both electric and gas operations.
2. Expense Trends
Operation and maintenance expenses rose by $14.9 million, reflecting increases in utility operating costs, labor and acquisition-related expenses, while depreciation and amortization climbed by $12.6 million due to higher plant-in-service levels and rate base increases. Interest expense rose by $7.4 million, primarily from increased debt to fund the Bangor and Maine Natural Gas acquisitions.
3. Dividend Increase and Outlook
The board declared a $0.475 quarterly dividend, up $0.025 per share, raising the annualized payout to $1.90 from $1.80 and maintaining an uninterrupted dividend history. Management reaffirmed its long-term EPS growth target of 5% to 7% off the 2025 midpoint of $3.09, citing investments in system modernization and reliability.
4. Strategic Acquisitions
During 2025, the company completed acquisitions of Bangor Natural Gas Company and Maine Natural Gas Corporation, contributing $36.2 million in gas operating revenue and boosting margins. Pending acquisitions of Aquarion Water Company subsidiaries aim to further diversify and expand its regulated utility footprint in 2026.