Unitil (UTL) FY2025 results: revenue $536 million, up 8.3% on the year

Unitil Corp. (UTL) reported revenue of $536 million for fiscal 2025, the year ended 31 December 2025, up 8.3% on the year before. Net income was $50 million, up 6.6%, and diluted earnings per share $2.97. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2026.

Revenue

$536 million

+8.3% on the year

FY2018FY2025

Operating margin

18.9%

18.3% a year earlier

FY2018FY2025

Net income

$50 million

+6.6% on the year

FY2018FY2025

Diluted EPS

$2.97

+1.4% on the year

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	536	495	557	+8.3%
Operating income	101	90.6	87.1	+11.7%
Operating margin	18.9%	18.3%	15.6%
Interest expense	43.8	37.7	34.9	+16.2%
Pre-tax income	65.5	61.1	58.4	+7.2%
Income tax	15.3	14.0	13.2	+9.3%
Effective tax rate	23.4%	22.9%	22.6%
Net income	50.2	47.1	45.2	+6.6%
Net margin	9.4%	9.5%	8.1%
Diluted EPS	$2.97	$2.93	$2.82	+1.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2025	FY2024	FY2023	On the year
Operating cash flow	131	126	107	+4.3%
Capital expenditure	185	170	141	+8.9%
Free cash flow	-53.8	-44.0	-34.0
Free cash flow margin	-10.0%	-8.9%	-6.1%
Cash from investing	-346	-170	-141
Cash from financing	224	43.8	31.5	+410.3%
Dividends paid	30.1	27.5	26.2	+9.5%
Dividend per share	$1.80	$1.70	$1.62	+5.9%
Diluted shares, weighted	17m	16m	16m	+4.2%
Shares outstanding at period end	18m	16m	16m	+10.7%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	610	512	489	+18.9%
Debt	926	749	676	+23.6%
Operating lease liabilities	4.9	4.9	3.7	0.0%
Finance lease liabilities	0.4	0.4	0.4	0.0%
Other liabilities	593	528	501	+12.4%
Total liabilities and equity	2,134	1,794	1,670	+18.9%
Goodwill	4.3	0.0	n/a
Trading assets	6.7	6.3	6.0	+6.3%
Cash and equivalents	15.6	6.3	6.5	+147.6%
Receivables	98.6	75.0	75.0	+31.5%
Other assets	2,009	1,707	1,583	+17.7%
Total assets	2,134	1,794	1,670	+18.9%

10-K for the year ended 31 December 2025, filed 9 February 2026: the filing.