Essential Utilities, Inc.

Essential Utilities, Inc. (AQUA) operates as a holding company for regulated utilities providing water, wastewater, and natural gas services across nine states. The company serves an estimated 5.5 million people through its Aqua and Peoples brands, making it one of the largest diversified utility providers in the United States. Essential Utilities maintains its principal operations through multiple regulated subsidiaries, with Aqua Pennsylvania representing the largest contributor at approximately 57% of operating revenues in the Regulated Water segment.

The company operates through two primary reportable segments: Regulated Water and Regulated Natural Gas. The Regulated Water segment generated 53.6% of consolidated operating revenues in 2025, comprising eight operating segments aligned with the states where water and wastewater services are provided. This segment includes operations in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, and Virginia. The Regulated Natural Gas segment contributed 45.2% of revenues, with approximately 95% of natural gas customers located in western Pennsylvania and the remainder in Kentucky, serving approximately 747,000 customers.

Essential Utilities operates approximately 37 rate divisions for water and wastewater operations and two rate divisions for natural gas operations. The company's customer base totaled 1.88 million utility customers as of December 31, 2025, with residential water and wastewater customers representing the largest component at approximately 68% of water and wastewater revenues. The company maintains 24 surface water treatment plants across five states and numerous well stations, supplemented by water purchased from other suppliers representing approximately 6.8% of total water supplies.

The company pursues growth through acquisitions of government-owned and regulated water and wastewater systems, completing 12 acquisitions during the three-year period ended December 31, 2025. Essential Utilities also engages in market-based activities through non-regulated subsidiaries providing utility service line protection solutions and natural gas marketing. The company plans capital investments of approximately $8.7 billion from 2026 through 2030 to meet compliance requirements and improve infrastructure systems. In October 2025, Essential Utilities entered into a merger agreement with American Water Works Company, with anticipated closing by the end of the first quarter of 2027.