H2O America (HTO) Income Statement
HTO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHTO revenue and net income
Where HTO's revenue goes
2025Each bar shows an amount and its share of revenue. HTO kept 12.8% of revenue as net income.
HTO profit margins
HTO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.0% | +8.9% | +7.2% | +10.1% |
| Gross profit | −12.0% | +1.6% | +3.4% | +7.6% |
| Operating income | +6.2% | +11.4% | +9.0% | +8.5% |
| Net income | +9.2% | +11.6% | +10.8% | +10.5% |
| EPS (diluted) | +3.5% | +7.6% | +6.4% | +4.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HTO quarterly EPS vs estimates
H2O America beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 26, 2026 (estimate $1.21).
HTO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $800.6M | $748.4M | $670.4M | $620.7M | $573.7M | $564.5M | $420.5M | $397.7M | $389.2M | $339.7M |
| Cost of revenue | $426.5M | $323.3M | $281.9M | $263.5M | $255.1M | $247.9M | $196.3M | $187.1M | $176.5M | $144.0M |
| Gross profit | $374.1M | $425.1M | $388.4M | $357.2M | $318.6M | $316.6M | $224.2M | $210.6M | $212.7M | $195.7M |
| Sales, general & admin | $151.2M | $105.8M | $98.7M | $95.4M | $87.3M | $79.7M | $66.3M | $48.9M | $48.9M | $41.5M |
| Total operating expenses | $193.1M | $254.6M | $239.0M | $226.2M | $207.4M | $198.9M | $166.7M | $137.1M | $110.9M | $98.3M |
| Operating income | $181.0M | $170.5M | $149.4M | $131.0M | $111.2M | $117.7M | $57.5M | $73.4M | $101.9M | $97.4M |
| Interest income | — | — | — | — | $0 | — | — | — | — | — |
| Interest expense | $91.1M | $71.4M | $66.1M | $58.1M | $54.3M | $54.3M | $31.8M | $24.3M | $22.9M | $21.8M |
| Income before taxes | $114.9M | $102.9M | $90.9M | $82.3M | $68.8M | $69.9M | $32.1M | $48.8M | $96.5M | $86.4M |
| Income taxes | $12.4M | $9.0M | $6.0M | $8.5M | $8.4M | $8.4M | $8.5M | $10.1M | $35.4M | $33.5M |
| Net income | $102.6M | $94.0M | $85.0M | $73.8M | $60.5M | $61.5M | $23.4M | $38.8M | $59.2M | $52.8M |
| EBITDA | $326.5M | $289.4M | $265.2M | $246.8M | $219.7M | $215.8M | $132.4M | $130.1M | $169.9M | $154.5M |
| EPS (diluted) | $2.98 | $2.88 | $2.67 | $2.39 | $1.93 | $2.19 | $1.34 | $1.82 | $2.86 | $2.47 |
| Gross margin | 46.7% | 56.8% | 57.9% | 57.5% | 55.5% | 56.1% | 53.3% | 52.9% | 54.7% | 57.6% |
| Operating margin | 22.6% | 22.8% | 22.3% | 21.1% | 19.4% | 20.8% | 13.7% | 18.5% | 26.2% | 28.7% |
| Net margin | 12.8% | 12.6% | 12.7% | 11.9% | 10.5% | 10.9% | 5.6% | 9.7% | 15.2% | 15.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $210.5M | $183.3M | $194.2M | $240.6M | $198.3M | $167.6M | $197.8M | $225.1M | $176.2M | $149.4M | $171.3M | $204.8M |
| Cost of revenue | $85.5M | $66.4M | $102.5M | $106.3M | $88.3M | $66.5M | $82.3M | $104.2M | $78.4M | $58.5M | $71.6M | $89.1M |
| Gross profit | $125.0M | $116.9M | $91.7M | $134.2M | $109.9M | $101.1M | $115.5M | $120.8M | $97.8M | $90.9M | $99.8M | $115.7M |
| Sales, general & admin | $33.6M | $47.1M | $38.1M | $31.3M | $28.8M | $27.8M | $33.9M | $25.7M | $20.5M | $25.8M | $26.9M | $23.9M |
| Total operating expenses | $82.2M | $79.4M | $58.1M | $69.6M | $66.1M | $65.2M | $71.9M | $62.5M | $57.3M | $63.0M | $63.3M | $59.1M |
| Operating income | $42.8M | $37.4M | $33.6M | $64.6M | $43.9M | $35.9M | $43.7M | $58.4M | $40.6M | $27.9M | $36.5M | $56.6M |
| Interest expense | $18.0M | $18.8M | $18.3M | $17.9M | $18.1M | $18.3M | $18.0M | $17.5M | $18.3M | $17.6M | $17.2M | $16.7M |
| Income before taxes | $30.6M | $22.4M | $14.6M | $50.9M | $29.3M | $20.0M | $24.0M | $40.6M | $24.4M | $13.9M | $20.8M | $40.8M |
| Income taxes | $4.0M | $3.4M | −$1.6M | $5.8M | $4.7M | $3.5M | $1.1M | $1.9M | $3.7M | $2.2M | $1.8M | $4.6M |
| Net income | $26.6M | $19.0M | $16.2M | $45.1M | $24.7M | $16.6M | $22.9M | $38.7M | $20.7M | $11.7M | $18.9M | $36.2M |
| EBITDA | $82.1M | $75.0M | $63.8M | $98.9M | $77.4M | $67.9M | $71.2M | $86.1M | $71.6M | $60.4M | $65.6M | $84.6M |
| EPS (diluted) | $0.72 | $0.50 | $0.46 | $1.27 | $0.75 | $0.50 | $0.68 | $1.18 | $0.66 | $0.36 | $0.59 | $1.13 |
| Gross margin | 59.4% | 63.8% | 47.2% | 55.8% | 55.4% | 60.3% | 58.4% | 53.7% | 55.5% | 60.9% | 58.2% | 56.5% |
| Operating margin | 20.3% | 20.4% | 17.3% | 26.9% | 22.1% | 21.4% | 22.1% | 25.9% | 23.0% | 18.7% | 21.3% | 27.6% |
| Net margin | 12.6% | 10.4% | 8.4% | 18.8% | 12.4% | 9.9% | 11.6% | 17.2% | 11.7% | 7.8% | 11.1% | 17.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HTO's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HTO financial results
In fiscal year 2025 (ended December 31, 2025), H2O America reported revenue of $800.6 million, up 7.0% from the year before. It had net income of $102.6 million (up 9.2%), a net profit margin of 12.8%. Diluted earnings per share came to $2.98. Over five years revenue grew at an average rate of 7.2% a year.
See the HTO stock overview for the latest quote and news, or the HTO chart for price history and technical indicators.
HTO income statement FAQ
What is H2O America's annual revenue?
H2O America reported total revenue of $800.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 7.0% from $748.4 million the previous year.
Is H2O America profitable?
Yes. H2O America reported net income of $102.6 million in fiscal 2025, a net profit margin of 12.8%; its operating margin was 22.6%.
What is H2O America's gross margin?
H2O America's gross margin was 46.7% in fiscal 2025: for every $100 of revenue, H2O America kept $47 after the direct cost of its products and services.
How fast is H2O America growing?
Revenue grew 7.2% a year on average over the last five fiscal years, from $564.5 million to $800.6 million.
What are H2O America's earnings per share?
H2O America earned $2.98 per diluted share in fiscal 2025, compared with $2.88 a year earlier.
When will H2O America report its next earnings?
H2O America is expected to report results for the quarter ending September 30, 2026 on October 26, 2026 after the market closes.
When does H2O America's fiscal year end?
H2O America's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.