York Water Co. Posts 8.8% Q1 Revenue Growth and $9.8M Infrastructure Capex
York Water Co. posted first-quarter revenue of $20.07 million, up $1.62 million year-over-year, and net income of $4.81 million with EPS of $0.33. The utility invested $9.8 million in infrastructure projects and acquired two wastewater systems, and plans an additional $38.1 million in 2026 capital spending.
1. First Quarter Financial Results
York Water Co. reported operating revenues of $20,074,000 for the three months ended March 31, 2026, representing an 8.8% increase from $18,456,000 in Q1 2025. Net income rose to $4,814,000, up 32.3%, while basic and diluted earnings per share increased to $0.33 from $0.25 a year earlier.
2. Revenue and Expense Drivers
The revenue uplift was driven by rate increases effective March 1, 2026, growth in the customer base and lower income taxes under IRS tangible property regulations, partially offset by a reset to zero of the Distribution System Improvement Charge and higher operation, maintenance, depreciation and interest expenses.
3. Capital Investments and Acquisitions
During Q1, the company invested $9.8 million in main extensions, enterprise software upgrades and infrastructure improvements, and spent $470,000 to acquire two wastewater systems including CMV Sewage Co. in York County and Pine Run Retirement Community in Adams County. Management projects an additional $38.1 million in 2026 capital expenditures excluding further acquisitions.
4. Outlook and Dividend Policy
The board declared a Q1 dividend of $0.2280 per share, up from $0.2192 a year ago, reflecting steady cash flow support. Planned infrastructure investments aim to maintain service reliability and support growth in the customer base throughout 2026.