York Water Co 10-Q for FY2026 Q3

York Water Co (YORW)

10-Q 2026-11-06 For: 2026-09-30

Added on November 06, 2026

About this 10-Q

York Water Co filed this 10-Q on November 6, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

York Water Co reported nine-month net income of $20,238, up 35.9% from $14,891, as operating revenues rose 17.1% following a March 1, 2026 rate increase. Operating expenses increased 12.2% to $41,226, partly offsetting gains. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $24.33M; up 19.5% from $20.36M a year earlier
Net income: $7.81M; up 25.9% from net income of $6.2M a year earlier
Diluted EPS: $0.48; up 11.6% from $0.43 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


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)


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


Large accelerated filer ☐	Accelerated filer ☐		Non-accelerated filer ☒

Smaller reporting company ☒		Emerging growth company ☐


PART I	Financial Information

Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	27

PART II	Other Information

Item 5.	Other Information	28
Item 6.	Exhibits	29

Signatures		30


		Sep. 30, 2026			Dec. 31, 2025

ASSETS
UTILITY PLANT, at original cost	$	750,180		$	711,121
Plant acquisition adjustments		(9,965	)		(9,761	)
Accumulated depreciation		(141,982	)		(132,934	)
Net utility plant		598,233			568,426

OTHER PHYSICAL PROPERTY, net of accumulated depreciation of $599 in 2026 and $573 in 2025		1,482			1,500

CURRENT ASSETS:
Cash and cash equivalents		1			1
Accounts receivable, net of reserves of $2,000 in 2026 and $1,710 in 2025		9,235			8,572
Unbilled revenues		4,558			3,833
Recoverable income taxes		626			1,054
Materials and supplies inventories, at cost		3,153			3,361
Prepaid expenses		2,287			1,621
Total current assets		19,860			18,442

OTHER LONG-TERM ASSETS:
Prepaid pension cost		28,543			27,969
Note receivable		213			255
Deferred regulatory assets		62,830			59,297
Other assets		5,191			4,999
Total other long-term assets		96,777			92,520

Total Assets	$	716,352		$	680,888


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended September 30, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from __________to____________


Common stock, No par value	16,241,275 Shares outstanding as of November 6, 2026


		Sep. 30, 2026		Dec. 31, 2025

STOCKHOLDERS' EQUITY AND LIABILITIES
COMMON STOCKHOLDERS' EQUITY:
Common stock, no par value, authorized 46,500,000 shares, issued and outstanding 16,239,135 shares in 2026 and 14,446,581 shares in 2025	$	188,829	$	139,952
Retained earnings		109,940		100,395
Total common stockholders' equity		298,769		240,347

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

LONG-TERM DEBT		194,260		221,900

COMMITMENTS		-		-

CURRENT LIABILITIES:
Short-term borrowings		-		10,000
Current portion of long-term debt		340		330
Accounts payable		9,515		8,423
Dividends payable		3,475		3,032
Accrued compensation and benefits		2,138		1,879
Accrued interest		1,317		2,490
Deferred regulatory liabilities		985		889
Other accrued expenses		522		584
Total current liabilities		18,292		27,627

DEFERRED CREDITS:
Customers' advances for construction		29,315		22,357
Deferred income taxes		73,476		67,276
Deferred employee benefits		3,610		3,546
Deferred regulatory liabilities		46,422		46,298
Other deferred credits		119		479
Total deferred credits		152,942		139,956

Contributions in aid of construction		52,089		51,058

Total Stockholders' Equity and Liabilities	$	716,352	$	680,888


	Three Months						Nine Months
	Ended September 30						Ended September 30
		2026			2025			2026			2025

OPERATING REVENUES:	$	24,333		$	20,361		$	67,922		$	58,016

OPERATING EXPENSES:
Operation and maintenance		6,073			5,364			18,019			15,398
Administrative and general		3,607			3,070			10,767			9,331
Depreciation and amortization		3,677			3,568			10,990			10,638
Taxes other than income taxes		441			445			1,450			1,366
		13,798			12,447			41,226			36,733

Operating income		10,535			7,914			26,696			21,283

OTHER INCOME (EXPENSES):
Interest on debt		(2,199	)		(2,615	)		(7,196	)		(7,555	)
Allowance for funds used during construction		443			218			1,049			594
Other pension costs		130			133			390			398
Other income (expenses), net		(95	)		(32	)		(375	)		(307	)
		(1,721	)		(2,296	)		(6,132	)		(6,870	)

Income before income taxes		8,814			5,618			20,564			14,413

Income tax expense (benefit)		1,005			(583	)		326			(478	)

Net Income	$	7,809		$	6,201		$	20,238		$	14,891

Basic Earnings Per Share	$	0.48		$	0.43		$	1.30		$	1.03

Diluted Earnings Per Share	$	0.48		$	0.43		$	1.30		$	1.03


	Common		Common
	Stock		Stock		Retained
	Shares		Amount		Earnings			Total

Balance, June 30, 2026	16,227,737	$	188,444	$	105,832		$	294,276
Net income	-		-		7,809			7,809
Cash dividends declared, $0.2280 per share	-		-		(3,701	)		(3,701	)
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans	11,398		342		-			342
Stock-based compensation	-		43		-			43
Balance, September 30, 2026	16,239,135	$	188,829	$	109,940		$	298,769

Balance, December 31, 2025	14,446,581	$	139,952	$	100,395		$	240,347
Net income	-		-		20,238			20,238
Cash dividends declared, $0.6840 per share	-		-		(10,693	)		(10,693	)
Issuance of common stock	1,750,000		47,634		-			47,634
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans	35,919		1,084		-			1,084
Stock-based compensation	6,635		159		-			159
Balance, September 30, 2026	16,239,135	$	188,829	$	109,940		$	298,769


		As of			As of
		Sep. 30, 2026			Dec. 31, 2025			Change

Accounts receivable – customers	$	10,973		$	8,761		$	2,212
Life insurance receivable		-			1,299			(1,299	)
Other receivables		262			222			40
		11,235			10,282			953
Less allowance for doubtful accounts		(2,000	)		(1,710	)		(290	)
Accounts receivable, net	$	9,235		$	8,572		$	663

Unbilled revenue	$	4,558		$	3,833		$	725



		As of			As of
		September 30, 2026			December 31, 2025

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		9,670			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 2028		4,850			32,290
Total long-term debt		196,890			224,660
Less discount on issuance of long-term debt		(116	)		(124	)
Less unamortized debt issuance costs		(2,174	)		(2,306	)
Less current maturities		(340	)		(330	)
Long-term portion	$	194,260		$	221,900



		Fair Value Measurements
		at Reporting Date Using
Description	September 30, 2026	Significant Other Observable Inputs (Level 2)
Interest Rate Swap	$119	$119


				Grant Date Weighted
	Number of Shares			Average Fair Value
Nonvested at beginning of the period	9,653		$	36.11
Granted	6,804		$	29.14
Vested	(5,568	)	$	35.55
Forfeited	(169	)	$	34.58
Nonvested at end of the period	10,720		$	32.00


	Three Months			Nine Months
	Ended September 30			Ended September 30
		2026	2025		2026	2025

Weighted average common shares, basic		16,218,199	14,412,114		15,519,845	14,396,599
Effect of dilutive securities:
Employee stock-based compensation		1,153	38		525	55
Weighted average common shares, diluted		16,219,352	14,412,152		15,520,370	14,396,654


	Three Months				Nine Months
	Ended September 30				Ended September 30
		2026		2025		2026		2025
Water utility service:
Residential	$	12,870	$	11,343	$	36,547	$	32,219
Commercial and industrial		7,021		5,592		18,884		15,742
Fire protection		1,400		1,240		4,064		3,644
Wastewater utility service:
Residential		2,295		1,695		6,400		4,891
Commercial and industrial		565		334		1,498		1,028
Billing and revenue collection services		20		18		59		61
Collection services		17		9		42		42
Other revenue		34		15		110		44
Total Revenue from Contracts with Customers		24,222		20,246		67,604		57,671
Rents from regulated property		111		115		318		345
Total Operating Revenue	$	24,333	$	20,361	$	67,922	$	58,016


	Three Months						Nine Months
	Ended September 30						Ended September 30
		2026			2025			2026			2025

Service cost	$	130		$	133		$	390		$	398
Interest cost		494			495			1,481			1,486
Expected return on plan assets		(815	)		(767	)		(2,445	)		(2,301	)
Amortization of prior service credit		-			(4	)		-			(10	)
Rate-regulated adjustment		191			143			574			427
Net periodic pension cost	$	-		$	-		$	-		$	-


●	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 our common stock and the rate of those dividends.


Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations. (In thousands of dollars, except per share amounts)


●	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 response;
●	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.


Exhibit No.	Description
3	Amended and Restated Articles of Incorporation. Incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 4, 2010.
3.1	Amended and Restated By-Laws. Incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 26, 2012.
31.1	Certification of Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934.
31.2	Certification of Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934.
32.1	Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH	Inline XBRL Taxonomy Extension Schema
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


	THE YORK WATER COMPAN


	/s/ Joseph T. Hand
Date: November 6, 2026	Joseph T. Hand Principal Executive Officer



	/s/ Matthew E. Poff
Date: November 6, 2026	Matthew E. Poff Principal Financial and Accounting Officer


I, Joseph T. Hand, certify that:
1.	I have reviewed this quarterly report on Form 10-Q of The York Water Company;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 6, 2026	/s/ Joseph T. Hand
	Joseph T. Hand
	President and CEO


I, Matthew E. Poff, certify that:
1.	I have reviewed this quarterly report on Form 10-Q of The York Water Company;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 6, 2026	/s/ Matthew E. Poff
	Matthew E. Poff
	Chief Financial Officer


	(1)	The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a)); and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


	THE YORK WATER COMPANY




Date: November 6, 2026	/s/ Joseph T. Hand
	Joseph T. Hand
	Chief Executive Officer