Revenue: As of FY2025, the actual value is USD 112.94 M.EPS: As of FY2025, the actual value is USD 2.21.EBIT: As of FY2025, the actual value is USD 31.51 M.<h4>Segment Revenue</h4><ul><li>Regulated Utility Revenues: $105,506 thousand for the year ended December 31, 2025, compared to $101,210 thousand for the year ended December 31, 2024. This segment comprised 93.2% of total operating revenues for 2025 and 93.5% for 2024.</li><li>Other Revenues (Non-Utility Businesses): $7,698 thousand for the year ended December 31, 2025, compared to $7,014 thousand for the year ended December 31, 2024.</li><li>Water Sales Revenue: Increased by $2.8 million, or 3.2%, for the year ended December 31, 2025, from 2024, primarily due to two temporary rate increases, customer growth, and Distribution System Improvement Charge (DSIC) revenue. Artesian Resources Corporation (自流资源) realized 80.5% and 81.6% of total operating revenue from water sales in 2025 and 2024, respectively.</li><li>Other Utility Operating Revenue: Increased approximately $1.5 million, or 11.2%, for the year ended December 31, 2025, compared to 2024, mainly due to an increase in wastewater revenue associated with customer growth.</li><li>Non-Utility Operating Revenue: Increased approximately $0.7 million, or 10.2%, for the year ended December 31, 2025, compared to 2024, primarily due to increased Service Line Protection Plan (SLP Plan) revenue from rate increases and customer participation.</li></ul><h4>Operational Metrics</h4><ul><li>Regulated Utility Operating Income: $25,959 thousand for 2025, compared to $24,757 thousand for 2024.</li><li>Other Profit (Non-Utility Businesses): $1,823 thousand for 2025, compared to $1,394 thousand for 2024.</li><li>Consolidated Operating Income: $27,782 thousand for 2025, compared to $26,151 thousand for 2024.</li><li>Net Income Applicable to Common Stock: Increased $2.4 million, or 11.9%, to $22,822 thousand for 2025, from $20,394 thousand for 2024.</li><li>Operating Expenses (excluding depreciation and amortization and income taxes): Increased $2.7 million, or 4.4%, for 2025 compared to 2024.<ul><li>Utility Operating Expenses: Increased $2.6 million, or 5.3%, including increases in payroll and employee benefits ($0.9 million), administrative costs ($0.8 million), purchased power costs ($0.4 million), supply and treatment costs ($0.4 million), and transmission, distribution, and collection system costs ($0.3 million). This was partially offset by a $0.1 million decrease in purchased water costs.</li><li>Property and Other Taxes: Increased $0.1 million, or 1.2%, primarily due to reassessment and tax rate changes in New Castle County, Delaware.</li></ul></li><li>Ratio of Operating Expense to Total Revenue: 56.2% for 2025, compared to 56.4% for 2024.</li><li>Depreciation and Amortization Expense: Increased $0.2 million, or 1.3%, due to continued investment in utility plant, partially offset by a decrease related to utility plant funded by Contributions in Aid of Construction (CIAC).</li><li>Federal and State Income Tax Expense: Increased $0.5 million, or 7.1%, primarily due to higher pre-tax income, partially offset by higher regulatory deferred income tax amortization.</li><li>Other Income: Increased $0.7 million, primarily due to an increase in allowance for funds used during construction (AFUDC) from higher long-term construction activity.</li><li>Interest Charges: Decreased $0.1 million, primarily due to lower borrowing levels on long-term debt.</li></ul><h4>Cash Flow</h4><ul><li>Cash Provided by Operating Activities: $40.3 million for 2025, compared to $36.8 million for 2024, primarily due to changes in net income, accounts receivable, and accounts payable.</li><li>Cash Used in Investing Activities: - $58.7 million for 2025, compared to - $45.3 million for 2024.</li><li>Cash Provided by Financing Activities: $17.3 million for 2025, compared to $7.1 million for 2024, driven by higher contributions in aid of construction and borrowings on lines of credit.</li></ul><h4>Unique Metrics</h4><ul><li>Metered Water Customers (Delaware): Increased approximately 1.8% in 2025 compared to 2024.</li><li>Metered Water Customers (Maryland): Increased approximately 1.8% in 2025 compared to 2024.</li><li>Metered Water Customers (Pennsylvania): Remained consistent in 2025 compared to 2024.</li><li>Water Distributed (Delaware Systems): Approximately 9.4 billion gallons in 2025.</li><li>Water Distributed (Maryland Systems): Approximately 103.7 million gallons in 2025.</li><li>Delaware Wastewater Customers: Increased approximately 6.5% in 2025 compared to 2024.</li><li>SLP Plan Customer Growth: Eligible customers enrolled in the Water Service Line Protection Plan (WSLP Plan), Sewer Service Line Protection Plan (SSLP Plan), and Internal Service Line Protection Plan (ISLP Plan) increased 4.1%, 2.0%, and 5.7%, respectively, in 2025 compared to 2024. The ISLP Plan discontinued new customer enrollment effective January 2026.</li><li>Capital Expenditures: $58.8 million in 2025, compared to $45.9 million in 2024.</li><li>Net Contributions and Advances from Developers: $26.1 million in 2025.</li><li>Settlement Funds Received from 3M: $2.3 million in October 2025 and $5.2 million in November 2025.</li><li>DuPont Settlement Award Payment: Approximately $1.3 million received in December 2025.</li></ul><h4>Outlook / Guidance</h4>Artesian Resources Corporation (自流资源) projects net investments in utility plant of about $64.3 million in 2026, with total obligations for interest, principal, rental payments, and water service interconnection agreements estimated at approximately $17.9 million for the same year. The company anticipates continued growth in its non-utility subsidiaries through various SLP Plans and plans to fund activities for the next twelve months using projected cash from operations, bank credit lines, developer contributions, settlement funds, government grants, and capital market financing. Additionally, Artesian Wastewater secured a permit in February 2026 for the next phase of an additional 625,000 gallons per day regional wastewater treatment facility.

Artesian Resources | 10-K: FY2025 Revenue: USD 112.94 M