v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
H2O America’s single reportable segment provides water utility and utility-related services to its customers through H2O America’s subsidiaries, SJWC, CWC, TWC, MWC, and Acequia, which are aggregated and referred to as “Water Utility Services.” Water Utility Services’ activities are water utility operations with both regulated and non-tariffed businesses. Other business activities that do not comprise separately reportable segments primarily include SJWC’s City of Cupertino service concession arrangement operations, property management and investment activity conducted by H2O America Land Company and Chester Realty, Inc., contract water and sewer operations and other water-related services provided by NEWUS and are referred to as “Other Services.”
H2O America’s operating segments have been determined based on information used by the chief operating decision maker. H2O America’s chief operating decision makers (“CODM”) include the Chief Executive Officer and Chair of the Board; the Chief Financial Officer and Treasurer; the President and Chief Operating Officer; and the Vice President and General Counsel. However, ultimate decision-making authority rests with the Chief Executive Officer. The CODM reviews financial information presented on a consolidated basis that is accompanied by certain disaggregated information about operating revenue, expenses, net income, and total assets. The CODM uses net income to assess the financial performance of the segments and allocate resources (including employees, financial, or capital resources) in the budgeting and forecasting process.
Previously, H2O America presented a separate reportable segment for Real Estate Services and also presented a disaggregation of regulated and non-tariffed activities within the Water Utility Services reportable segment. Under the current presentation, the activities of Water Utility Services previously presented as “non-tariffed” are generally presented as “Other Services” along with the real estate activity. Certain allocated assets, such as goodwill, revenue and expenses have been included in the
reportable segment amounts. Certain corporate costs and expenses are not allocated to Water Utility Services or Other Services and are shown separately to reconcile to the applicable consolidated amounts.

 
For the three months ended June 30, 2026
Reportable Segment
 Water Utility ServicesOther Services (1)
Unallocated Corporate (2)
Consolidated
(In thousands)
Operating revenue$206,715 3,759 — 210,474 
Less:
Production expenses83,981 1,500 — 85,481 
Administrative and general27,396 201 6,029 33,626 
Maintenance6,740 715 — 7,455 
Property taxes and other non-income taxes9,055 35 (66)9,024 
Depreciation and amortization31,872 30 232 32,134 
Interest on long-term debt and other interest expense13,496 69 4,387 17,952 
Provision (benefit) for income taxes5,971 370 (2,363)3,978 
Other (3)(4,457)(58)(1,250)(5,765)
Net income (loss)$32,661 897 (6,969)26,589 
Capital expenditures$121,936 — — 121,936 
 
For the three months ended June 30, 2025
Reportable Segment
 Water Utility ServicesOther Services (1)
Unallocated Corporate (2)
Consolidated
(In thousands)
Operating revenue$194,674 3,581 — 198,255 
Less:
Production expenses79,324 1,545 — 80,869 
Administrative and general24,967 252 3,576 28,795 
Maintenance6,745 725 — 7,470 
Property taxes and other non-income taxes8,506 9 (9)8,506 
Depreciation and amortization28,485 34 231 28,750 
Interest on long-term debt and other interest expense12,719 — 5,403 18,122 
Provision (benefit) for income taxes6,706 283 (2,319)4,670 
Other (3)(1,748)(38)(1,816)(3,602)
Net income (loss)$28,970 771 (5,066)24,675 
Capital expenditures$132,058 — — 132,058 
 
For the six months ended June 30, 2026
Reportable Segment
 Water Utility ServicesOther Services (1)
Unallocated Corporate (2)
Consolidated
(In thousands)
Operating revenue$386,104 7,663 — 393,767 
Less:
Production expenses149,407 2,498 — 151,905 
Administrative and general55,657 418 7,358 63,433 
Maintenance13,619 2,212 — 15,831 
Property taxes and other non-income taxes17,961 78 (61)17,978 
Depreciation and amortization63,916 60 464 64,440 
Interest on long-term debt and other interest expense27,997 69 8,724 36,790 
Provision (benefit) for income taxes11,871 731 (5,231)7,371 
Other (3)(8,022)(151)(1,410)(9,583)
Net income (loss)$53,698 1,748 (9,844)45,602 
Capital expenditures$214,444 00214,444 
 
For the six months ended June 30, 2025
Reportable Segment
 Water Utility ServicesOther Services (1)
Unallocated Corporate (2)
Consolidated
(In thousands)
Operating revenue$359,830 6,024 — 365,854 
Less:
Production expenses137,309 2,527 — 139,836 
Administrative and general51,718 812 4,025 56,555 
Maintenance13,748 1,221 — 14,969 
Property taxes and other non-income taxes17,715 (50)36 17,701 
Depreciation and amortization56,517 61 454 57,032 
Interest on long-term debt and other interest expense25,758 — 10,636 36,394 
Provision (benefit) for income taxes12,012 509 (4,380)8,141 
Other (3)(2,870)(137)(2,993)(6,000)
Net income (loss)$47,923 1,081 (7,778)41,226 
Capital expenditures$216,403 — — 216,403 
______________________________
(1)    The “Other Services” category includes the accounts of H2O America Land Company, Chester Realty, Inc., SJWC’s Cupertino service concession arrangement operations, TWOS, TWR, and NEWUS, on a stand-alone basis.
(2)    The “Unallocated Corporate” category includes the accounts of H2O America, H2O America NE LLC, H2O America TX Holdings, Inc., CTWS, NWU on a stand-alone basis.
(3)    Primarily comprised of pension non-service credit (cost) and items of miscellaneous non-operating income (expense).
H2O America’s assets for the Water Utility Services reportable segment and all other are as follows as of:
June 30, 2026December 31, 2025
(In thousands)
Water Utility Services (reportable segment)$5,270,343 5,054,235 
Other Services22,953 26,707 
Unallocated Corporate143,968 68,624 
Total assets$5,437,264 5,149,566