Essential Utilities (WTRG) FY2023 results: revenue $2.1 billion, down 10.2% on the year

Essential Utilities, Inc. (WTRG) reported revenue of $2.1 billion for fiscal 2023, the year ended 31 December 2023, down 10.2% on the year before. Net income was $944 million, up 102.9%, and diluted earnings per share $4.90. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$2.1 billion

-10.2% on the year

FY2016FY2023

Operating margin

73.2%

28.9% a year earlier

FY2016FY2023

Net income

$944 million

+102.9% on the year

FY2016FY2023

Diluted EPS

$4.90

+176.8% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,054	2,288	1,878	-10.2%
Operating income	1,504	661	603	+127.5%
Operating margin	73.2%	28.9%	32.1%
Interest expense	283	238	208	+19.0%
Pre-tax income	1,196	451	422	+165.2%
Income tax	252	-14.3	-9.6
Effective tax rate	21.1%	-3.2%	-2.3%
Net income	944	465	432	+102.9%
Net margin	46.0%	20.3%	23.0%
Diluted EPS	$4.90	$1.77	$1.67	+176.8%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,874	600	645	+212.2%
Capital expenditure	2,575	n/a	n/a
Free cash flow	-701	n/a	n/a
Free cash flow margin	-34.1%	n/a	n/a
Cash from investing	-2,815	-1,178	-1,056
Cash from financing	1,188	579	417	+105.2%
Depreciation and amortisation	704	321	298	+119.2%
Share-based compensation	11.3	12.2	10.1	-7.2%
Buybacks	4.0	1.2	3.3	+234.0%
Dividends paid	532	289	259	+84.3%
Dividend per share	$0.31	$1.11	$1.04	-72.3%
Diluted shares, weighted	193m	263m	258m	-26.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	9,797	7,693	5,184	+27.3%
Debt	6,894	6,799	5,977	+1.4%
Operating lease liabilities	34.4	37.7	48.2	-8.6%
Other liabilities	13,573	1,190	3,449	+1,041.0%
Total liabilities and equity	30,298	15,719	14,658	+92.7%
Fixed assets	12,097	11,131	10,252	+8.7%
Goodwill	1,143	2,341	2,341	-51.2%
Intangible assets	3.6	4.6	5.8	-22.0%
Securities held for sale or to maturity	n/a	25.0	28.6
Cash and equivalents	4.6	11.4	10.6	-59.5%
Receivables	144	206	141	-30.1%
Other assets	16,905	2,000	1,880	+745.2%
Total assets	30,298	15,719	14,658	+92.7%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.