Filing Flows › H2O America (HTO) › Q4 2025
H2O America (HTO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
H2O America (HTO) reported revenue of $194M for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and -19% from the quarter before. Operating margin was 17.1%, net earnings $16.2M (8.4% of revenue).
H2O America, Q4 2025: revenue $194M (-2% year over year), operating margin 17.1%, net earnings $16.2M, operating cash flow $63.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $194M | -19% | -2% |
| Operating profit | $33.1M | -49% | -24% |
| Net earnings | $16.2M | -64% | -29% |
| Operating cash flow | $63.5M | -18% | +53% |
What changed
Revenue was $194.2M in Q4 2025, down 2% year over year and down 19% from the previous quarter.
Operating profit was $33.1M, a 17.1% margin (down 5.0 points year over year). Total costs grew 4% against a revenue fall of 2%. The fastest-growing cost line was General & admin (+13%). Net earnings were $16.2M, down 29% year over year. The effective tax rate was -10.8%.
Operating cash flow was $63.5M (up 53% year over year), 392% of net earnings. Non-cash charges added back $30.9M of depreciation and amortization and $1.8M of share-based compensation. Working capital and other items added $14.7M. Capital expenditures of $150.1M exceeded it, leaving free cash flow of −$86.6M.
Questions
What was H2O America's revenue in the fourth quarter 2025?
H2O America (HTO) reported revenue of $194M for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and -19% from the quarter before.
Was H2O America profitable in the fourth quarter 2025?
Operating profit was $33.1M (17.1% of revenue) and net earnings $16.2M.
Source: H2O America 10-K on SEC EDGAR.