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H2O America (HTO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 26, 2026 · H2O America (HTO) Q3 2026 earnings results →
Q3 2026 Revenue up 4% year over year to $250M · 17¢ of every $1 of revenue kept as net profit · operating margin 24.2%
H2O America made $250M in Q3 2026 (+4% Y/Y). Operating margin 24.2%, net earnings $43.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 26, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $250.2M in Q3 2026, up 4% year over year and up 19% from the previous quarter.
Operating profit was $60.5M, a 24.2% margin (down 2.7 points year over year). Operating profit fell $4.1M even though revenue rose $9.7M versus Q3 2025, so costs grew faster than sales. Total costs grew 8% against revenue growth of 4%. The fastest-growing cost line was General & admin (+13%). Net earnings were $43.0M, down 5% year over year. The effective tax rate was 10.8%.
Operating cash flow was $80.2M (up 4% year over year), 186% of net earnings. Non-cash charges added back $33.9M of depreciation and amortization and $1.8M of share-based compensation.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 26, 2026 | $250M | +4% | 24.2% | $43.0M | $80.2M |
| Q2 2026 | 10-Q | Jul 28, 2026 | $210M | +6% | 20.3% | $26.6M | $60.7M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $183M | +9% | 20.4% | $19.0M | $43.7M |
| Q4 2025 | 10-K | Feb 26, 2026 | $194M | -2% | 17.1% | $16.2M | $63.5M |
| Q3 2025 | 10-Q | Oct 28, 2025 | $241M | +7% | 26.9% | $45.1M | $77.3M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $198M | +12% | 22.1% | $24.7M | $60.8M |
| Q1 2025 | 10-Q | Apr 29, 2025 | $168M | +12% | 21.4% | $16.6M | $43.2M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About H2O America
H2O America, a Delaware corporation, was initially incorporated as SJW Corp. in the state of California in 1985. In May 2025, the company changed its corporate name from SJW Group to H2O America. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report on Form 10-K. As such, unless expressly indicated or the context requires otherwise, the terms “H2O America,” “company,” “we,” “us,” and “our” in this document refer to H2O America, a Delaware corporation, and, where appropriate, its subsidiaries. H2O America is a holding company that conducts its business through the following wholly owned subsidiaries:
In its own words, from its 10-K, filed Feb 26, 2026.
H2O America against its Water Supply peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +5%. Operating margin: 24.2% against the peers' median 35.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HTO H2O America | Q3 2026 | $250M | +4% | 24.2% |
| AWK American Water Works Company | Q3 2026 | $1.5B | +4% | 42.5% |
| WTRG Essential Utilities | Q3 2026 | $508M | +7% | 37.9% |
| CWT California Water Service | Q3 2026 | $331M | +5% | 25.0% |
| AWR American States Water | Q3 2026 | $193M | +5% | 35.0% |
| MSEX Middlesex Water | Q3 2026 | $60.2M | +11% | 37.0% |
| CWCO Consolidated Water | Q2 2026 | $32.9M | -2% | 11.4% |
| ARTNA Artesian Resources | Q2 2026 | $30.7M | +7% | 28.1% |
| YORW York Water | Q3 2026 | $24.3M | +20% | 43.3% |
Source: H2O America 10-Q on SEC EDGAR · CIK 766829 · Water Supply
Guidance and outlook
13F: who owns HTO and who is buying
More on HTO
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results