York Water Co 10-K for FY2025

York Water Co (YORW)

10-K 2026-03-03 For: 2025-12-31

Added on April 12, 2026

About this 10-K

York Water Co filed this 10-K on March 3, 2026, covering the fiscal year ended December 31, 2025 (FY2025).

Headline figures

Fiscal year ended December 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $77.49M; up 3.4% from $74.96M a year earlier
Net income: $20.06M; down 1.3% from net income of $20.33M a year earlier
Diluted EPS: $1.39; down 2.1% from $1.42 a year earlier

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☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended December 31, 2025
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from __________ to __________

Commission file number 001-34245
THE YORK WATER COMPANY
(Exact name of registrant as specified in its charter)

Pennsylvania		23-1242500
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

130 East Market Street, York, Pennsylvania		17401
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (717) 845-3601

Common Stock, No par value	YORW	The NASDAQ Global Select Market
(Title of Class)	(Trading Symbol)	(Name of Each Exchange on Which Registered)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
				☐ Yes ⌧ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
				☐ Yes ⌧ No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
				⌧ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
				⌧ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act
Large accelerated filer ☐	Accelerated filer ☐		Non-accelerated filer ⌧

Smaller reporting company ☒		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark if the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
	☐ Yes ⌧ No

Forward-Looking Statements		3

PART I
Item 1.	Business	4
Item 1A.	Risk Factors	7
Item 1B.	Unresolved Staff Comments	7
Item 1C	Cybersecurity	8
Item 2.	Properties	10
Item 3.	Legal Proceedings	12
Item 4.	Mine Safety Disclosures	12

PART II
Item 5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	13
Item 6.	Reserved	13
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operation	13
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	21
Item 8.	Financial Statements	21
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	53
Item 9A.	Controls and Procedures	53
Item 9B.	Other Information	54
Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	54

PART III
Item 10.	Directors, Executive Officers and Corporate Governance	55
Item 11.	Executive Compensation	55
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	56
Item 13.	Certain Relationships and Related Transactions, and Director Independence	56
Item 14.	Principal Accounting Fees and Services	56

PART IV
Item 15.	Exhibits and Financial Statement Schedules	57
Item 16.	Form 10-K Summary	61

Signatures		63

Securities registered pursuant to Section 12(g) of the Act:		None
		(Title of Each Class)

•	the amount and timing of rate changes and other regulatory matters including the recovery of costs recorded as regulatory assets;
•	expected profitability and results of operations;
•	trends;
•	goals, priorities and plans for, and cost of, growth and expansion;
•	strategic initiatives;
•	availability of water supply;
•	water usage by customers; and
•	the ability to pay dividends on common stock and the rate of those dividends.

•	changes in weather or climate, including drought conditions or extended periods of heavy precipitation;
•	natural disasters, including pandemics and the effectiveness of the Company’s pandemic plans;
•	levels of rate relief granted;
•	the level of commercial and industrial business activity within the Company’s service territory;
•	construction of new housing within the Company’s service territory and increases in population;
•	changes in government policies or regulations, including the tax code, and the impact of government shutdowns;
•	the ability to obtain permits for expansion projects;
•	material changes in demand from customers, including the impact of conservation efforts which may impact the demand of customers for water;
•	changes in economic and business conditions, including interest rates;
•	loss of customers;
•	changes in, or unanticipated, capital requirements, including requirements relating to compliance with increasing environmental and safety regulations;
•	the impact of acquisitions;
•	changes in accounting pronouncements;
•	changes in the Company’s credit rating or the market price of its common stock; and
•	the ability to obtain financing.

Molly E. Houck	The York Water Company	(717) 718-2942
Human Resources &	130 East Market Street	(800) 750-5561
Investor Relations Coordinator	York, PA 17401	mollyh@yorkwater.com

Item 8.	Financial Statements.
		Page
Report of Independent Registered Public Accounting Firm (PCAOB ID 23)		22
Balance Sheets		23
Statements of Income		25
Statements of Common Stockholders’ Equity		26
Statements of Cash Flows		27
Notes to Financial Statements		28

	Dec. 31, 2025			Dec. 31, 2024
ASSETS
UTILITY PLANT, at original cost	$	711,121		$	664,927
Plant acquisition adjustments		(9,761	)		(9,838	)
Accumulated depreciation		(132,934	)		(124,082	)
Net utility plant		568,426			531,007

OTHER PHYSICAL PROPERTY, net of accumulated depreciation of $573 in 2025 and $536 in 2024		1,500			1,534

CURRENT ASSETS:
Cash and cash equivalents		1			1
Accounts receivable, net of reserves of $1,710 in 2025 and $1,610 in 2024		8,572			7,249
Unbilled revenues		3,833			3,604
Recoverable income taxes		1,054			587
Materials and supplies inventories, at cost		3,361			3,413
Prepaid expenses		1,621			1,597
Total current assets		18,442			16,451

OTHER LONG-TERM ASSETS:
Prepaid pension cost		27,969			25,009
Note receivable		255			255
Deferred regulatory assets		59,297			54,061
Other assets		4,999			5,156
Total other long-term assets		92,520			84,481

Total Assets	$	680,888		$	633,473

	Dec. 31, 2025		Dec. 31, 2024
STOCKHOLDERS’ EQUITY AND LIABILITIES
COMMON STOCKHOLDERS’ EQUITY:
Common stock, no par value, authorized 46,500,000 shares, issued and outstanding 14,446,581 shares in 2025 and 14,386,282 shares in 2024	$	139,952	$	138,089
Retained earnings		100,395		93,103
Total common stockholders’ equity		240,347		231,192

PREFERRED STOCK, authorized 500,000 shares, no shares issued		–		–

LONG-TERM DEBT		221,900		205,561

COMMITMENTS		–		–

CURRENT LIABILITIES:
Short-term borrowings		10,000		–
Current portion of long-term debt		330		–
Accounts payable		8,423		9,525
Dividends payable		3,032		2,892
Accrued compensation and benefits		1,879		1,806
Accrued interest		2,490		2,490
Deferred regulatory liabilities		889		864
Other accrued expenses		584		712
Total current liabilities		27,627		18,289

DEFERRED CREDITS:
Customers’ advances for construction		22,357		20,546
Deferred income taxes		67,276		61,157
Deferred employee benefits		3,546		3,526
Deferred regulatory liabilities		46,298		43,947
Other deferred credits		479		386
Total deferred credits		139,956		129,562

Contributions in aid of construction		51,058		48,869

Total Stockholders’ Equity and Liabilities	$	680,888	$	633,473

	Year Ended December 31
	2025			2024

OPERATING REVENUES:	$	77,488		$	74,959

OPERATING EXPENSES:
Operation and maintenance		20,812			19,670
Administrative and general		12,875			12,610
Depreciation and amortization		14,241			12,962
Taxes other than income taxes		1,855			1,676
		49,783			46,918

Operating income		27,705			28,041

OTHER INCOME (EXPENSES):
Interest on debt		(10,262	)		(8,904	)
Allowance for funds used during construction		820			2,052
Other pension costs		530			524
Gain on life insurance		831			–
Other income (expenses), net		(382	)		(38	)
		(8,463	)		(6,366	)

Income before income taxes		19,242			21,675

Income tax expense (benefit)		(816	)		1,350

Net Income	$	20,058		$	20,325

Basic Earnings Per Share	$	1.39		$	1.42

Diluted Earnings Per Share	$	1.39		$	1.42

	Common Stock Shares		Common Stock Amount		Retained Earnings			Total

Balance, December 31, 2023		14,332,245	$	136,174	$	85,004		$	221,178
Net income		–		–		20,325			20,325
Cash dividends declared, $0.8516 per share		–		–		(12,226	)		(12,226	)
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans		48,163		1,669		–			1,669
Stock-based compensation		5,874		246		–			246
Balance, December 31, 2024		14,386,282		138,089		93,103			231,192
Net income		–		–		20,058			20,058
Cash dividends declared, $0.8856 per share		–		–		(12,766	)		(12,766	)
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans		51,774		1,601		–			1,601
Stock-based compensation		8,525		262		–			262
Balance, December 31, 2025		14,446,581	$	139,952	$	100,395		$	240,347

	December 31				Approximate range
Utility Plant Asset Category	2025		2024		of remaining lives
Mains and accessories	$	336,517	$	308,020	13 – 86 years
Services, meters, and hydrants		114,894		106,200	15 – 47 years
Operations structures, reservoirs, and water tanks		145,645		143,821	8 – 70 years
Pumping and treatment equipment		53,704		51,906	7 – 35 years
Office, transportation, and operating equipment		21,578		20,519	3 – 21 years
Land and other non-depreciable assets		5,845		5,833		–
Utility plant in service		678,183		636,299
Construction work in progress		32,938		28,628		–
Total Utility Plant	$	711,121	$	664,927

	December 31				Remaining Recovery
	2025		2024		Periods
Assets
Income taxes	$	47,186	$	40,880	Various
Unrealized swap losses		470		382	1 – 4 years
Utility plant retirement costs		8,955		10,221	5 years
Customer-owned lead service line replacements		1,016		1,173	Various
Income taxes on customers’ advances for construction and contributions in aid of construction		1,119		1,176	Various
Service life study expenses		9		14	2 years
Rate case filing expenses		542		215	1 - 4 years
	$	59,297	$	54,061
Liabilities
Excess accumulated deferred income taxes on accelerated depreciation	$	12,907	$	13,090	Various
Postretirement benefits		25,785		22,825	Not yet known
Income taxes		6,379		6,520	Various
IRS TPR catch-up deduction		2,116		2,376	8 years
	$	47,187	$	44,811

	As of			As of
	Dec. 31, 2025			Dec. 31, 2024			Change

Accounts receivable – customers	$	8,761		$	8,392		$	369
Life insurance receivable		1,299			–			1,299
Other receivables		222			467			(245	)
		10,282			8,859			1,423
Less: allowance for doubtful accounts		(1,710	)		(1,610	)		(100	)
Accounts receivable, net	$	8,572		$	7,249		$	1,323

Unbilled revenue	$	3,833		$	3,604		$	229

	2025		2024
Note receivable, including interest	$	255	$	255
Customers’ advances for construction		165		172

	2025		2024
Weighted average common shares, basic		14,403,891		14,346,552
Effect of dilutive securities:
Employee stock-based compensation		416		209
Weighted average common shares, diluted		14,404,307		14,346,761

	2025			2024

Variable Rate Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series 2008A, due 2029	$	12,000		$	12,000
3.00% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series A of 2019, due 2036		10,500			10,500
3.10% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series B of 2019, due 2038		14,870			14,870
3.23% Senior Notes, due 2040		15,000			15,000
4.00% - 4.50% York County Industrial Development Authority Exempt Facilities Revenue Bonds, Series 2015, due 2029 - 2045		10,000			10,000
4.54% Senior Notes, due 2049		20,000			20,000
3.24% Senior Notes, due 2050		30,000			30,000
5.50% Senior Notes, due 2053		40,000			40,000
5.67% Senior Notes, due 2054		40,000			40,000
Committed Line of Credit, due September 2027		32,290			15,808
Total long-term debt		224,660			208,178
Less discount on issuance of long-term debt		(124	)		(136	)
Less unamortized debt issuance costs		(2,306	)		(2,481	)
Less current maturities		(330	)		–
Long-term portion	$	221,900		$	205,561

Description		December 31, 2025		Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2)
Interest Rate Swap		$479		$479

Description		December 31, 2024		Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2)
Interest Rate Swap		$386		$386

	2025		2024
Water utility service:
Residential	$	42,976	$	41,496
Commercial and industrial		20,970		20,484
Fire protection		4,915		4,559
Wastewater utility service:
Residential		6,579		6,113
Commercial and industrial		1,385		1,299
Billing and revenue collection services		79		494
Collection services		60		34
Other revenue		57		26
Total Revenue from Contracts with Customers		77,021		74,505
Rents from regulated property		467		454
Total Operating Revenue	$	77,488	$	74,959

Obligations and Funded Status At December 31	2025			2024

Change in Benefit Obligation
Pension benefit obligation at beginning of year	$	37,556		$	40,198
Service cost		530			635
Interest cost		1,981			1,855
Actuarial (gain) loss		623			(2,997	)
Benefit payments		(2,209	)		(2,135	)
Pension benefit obligation at end of year		38,481			37,556

Change in Plan Assets
Fair value of plan assets at beginning of year		62,565			63,578
Actual return on plan assets		6,094			1,011
Employer contributions		–			111
Benefits paid		(2,209	)		(2,135	)
Fair value of plan assets at end of year		66,450			62,565

Funded Status of Plans at End of Year	$	27,969		$	25,009

	2025			2024
Net gain arising during the year	$	(2,402	)	$	(844	)
Recognized prior service credit		11			13
Total changes in regulatory liability during the year	$	(2,391	)	$	(831	)

	2025			2024
Net loss	$	(3,772	)	$	(1,370	)
Prior service credit		–			(11	)
Regulatory liability	$	(3,772	)	$	(1,381	)

2026		2027		2028		2029		2030		2031–2035
$2,290		$2,312		$2,557		$2,539		$2,591		$14,403

	2025		2024
Projected benefit obligation	$	38,481	$	37,556
Fair value of plan assets		66,450		62,565

	2025		2024
Accumulated benefit obligation	$	37,093	$	36,195
Fair value of plan assets		66,450		62,565

	2025	2024
Discount rate	5.30%	5.45%
Rate of compensation increase	2.50% – 3.00%	2.50% – 3.00%

	Total Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)
Asset Category	2025		2024		2025		2024		2025		2024
Cash and Money Market Funds (a)	$	794	$	1,665	$	794	$	1,665	$	–	$	–
Equity Securities:
Equity Mutual Funds (b)		13,053		11,643		13,053		11,643		–		–
Fixed Income Securities:
U.S. Treasury Obligations		12,243		11,609		–		–		12,243		11,609
Corporate and Foreign Bonds (c)		40,360		37,648		–		–		40,360		37,648
Total Plan Assets	$	66,450	$	62,565	$	13,847	$	13,308	$	52,603	$	49,257

	Number of Shares			Grant Date Weighted Average Fair Value
Nonvested at beginning of the year 2024		8,944		$42.32
Granted		6,666		$36.82
Vested		(6,701	)	$41.35
Forfeited		(792	)	$42.20
Nonvested at end of the year 2024		8,117		$38.62
Granted		8,537		$34.22
Vested		(6,989	)	$36.70
Forfeited		(12	)	$42.22
Nonvested at the end of the year 2025		9,653		$36.11


	2025		2024
Regulatory Assessment	$	493	$	412
Property		544		502
Payroll, net of amounts capitalized		813		757
Other		5		5
Total taxes other than income taxes	$	1,855	$	1,676

	2025		2024
Domestic	$	19,242	$	21,675
Foreign		–		–
Total income before income taxes	$	19,242	$	21,675


	2025			2024
Federal current	$	3		$	728
State current		(105	)		147
Foreign current		–			–
Federal deferred		(381	)		409
State deferred		(295	)		102
Foreign deferred		–			–
Federal investment tax credit, net of current utilization		(38	)		(36	)
Total income tax expense (benefit)	$	(816	)	$	1,350