$UTL

UNITIL CORP

CIK:0000755001|SEC Filings

CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues
Total Operating Revenues	$ 117.0	$ 102.6	$ 333.9	$ 273.4
Operating Expenses
Operation and Maintenance	23.8	21.3	47.2	43.9
Depreciation and Amortization	24.2	21.8	47.5	43.5
Taxes Other Than Income Taxes	8.8	6.6	17.9	14.5
Total Operating Expenses	101.6	89.3	262.6	213.9
Operating Income	15.4	13.3	71.3	59.5
Interest Expense, Net	10.4	9.3	21.2	18.4
Other Expense (Income), Net	(0.8)	(0.7)	(0.8)	(0.6)
Income Before Income Taxes	5.8	4.7	50.9	41.7
Provision for Income Taxes	1.1	0.7	13.0	10.2
Net Income Applicable to Common Shares	$ 4.7	$ 4.0	$ 37.9	$ 31.5
Earnings Per Common Share - Basic	$ 0.26	$ 0.25	$ 2.11	$ 1.94
Earnings Per Common Share - Diluted	$ 0.26	$ 0.25	$ 2.11	$ 1.94
Weighted Average Common Shares Outstanding - Basic	17,902,639	16,200,000	17,888,439	16,200,000
Weighted Average Common Shares Outstanding - Diluted	17,904,007	16,200,000	17,890,836	16,200,000
Electric
Operating Revenues
Total Operating Revenues	$ 61.7	$ 51.0	$ 127.2	$ 111.2
Operating Expenses
Cost of Sales	30.1	25.2	66.0	57.9
Gas
Operating Revenues
Total Operating Revenues	55.3	51.6	206.7	162.2
Operating Expenses
Cost of Sales	$ 14.7	$ 14.4	$ 84.0	$ 54.1

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net Income	$ 37.9	$ 31.5
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities:
Depreciation and Amortization	47.5	43.5
Deferred Tax Provision	(1.0)	(0.5)
Changes in Working Capital Items:
Accounts Receivable	24.0	12.8
Accrued Revenue	17.9	25.3
Regulatory Liabilities	7.4	3.8
Exchange Gas Receivable	1.2	(2.7)
Accounts Payable	(20.1)	(13.7)
Other Changes in Working Capital Items	5.8	(3.5)
Deferred Regulatory and Other Charges	(12.4)	(8.6)
Other, net	(2.4)	6.4
Cash Provided by Operating Activities	105.8	94.3
Investing Activities:
Property, Plant and Equipment Additions	(76.0)	(72.8)
Acquisition of Businesses, Net of Cash Acquired	(42.6)	(71.4)
Cash Used in Investing Activities	(118.6)	(144.2)
Financing Activities:
(Repayment of) Proceeds from Short-Term Debt, net	(20.9)	65.6
Issuance of Long-Term Debt	40.0	0.0
Repayment of Long-Term Debt	(2.8)	(2.8)
Long-Term Debt Issuance costs	(0.3)	0.0
Net (Decrease) Increase in Exchange Gas Financing	(1.0)	2.0
Decrease in Capital Lease Obligations	(0.1)	(0.1)
Dividends Paid	(17.1)	(14.6)
Proceeds from Issuance of Common Stock	11.3	2.0
Construction Advances	(2.7)	0.0
Cash Provided by Financing Activities	6.4	52.1
Net (Decrease) Increase in Cash and Cash Equivalents	(6.4)	2.2
Cash and Cash Equivalents at Beginning of Period	15.6	6.3
Cash and Cash Equivalents at End of Period	9.2	8.5
Supplemental Cash Flow Information:
Interest Paid	22.5	19.8
Income Taxes Paid	3.7	3.0
Payments on Capital Leases	0.1	0.1
Non-cash Investing Activity:
Capital Expenditures Included in Accounts Payable	12.1	10.5
Right-of-Use Assets Obtained in Exchange for Lease Obligations	$ 0.0	$ 0.0

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Current Assets:
Cash and Cash Equivalents	$ 9.2	$ 15.6	$ 8.5
Accounts Receivable, Net	75.1	98.6	66.0
Accrued Revenue	69.5	87.0	56.8
Exchange Gas Receivable	8.6	9.8	9.1
Gas Inventory	0.9	1.3	0.7
Materials and Supplies	16.3	15.4	15.9
Prepayments and Other	18.9	12.4	13.1
Total Current Assets	198.5	240.1	170.1
Utility Plant:
Electric	763.9	752.2	728.2
Gas	1,450.6	1,413.0	1,285.3
Water	58.8	0.0	0.0
Common	75.8	75.3	72.3
Construction Work in Progress	123.3	101.7	89.5
Utility Plant	2,472.4	2,342.2	2,175.3
Less: Accumulated Depreciation	567.6	543.7	530.9
Net Utility Plant	1,904.8	1,798.5	1,644.4
Other Noncurrent Assets:
Regulatory Assets	39.1	38.8	46.6
Operating Lease Right of Use Assets	6.4	7.0	5.7
Goodwill	6.8	4.3	1.6
Derivative Asset	21.9	14.9	0.0
Other Assets	43.4	30.6	24.3
Total Other Noncurrent Assets	117.6	95.6	78.2
TOTAL ASSETS	2,220.9	2,134.2	1,892.7
Current Liabilities:
Accounts Payable	43.5	62.9	41.1
Short-Term Debt	234.8	255.7	171.4
Long-Term Debt, Current Portion	40.8	37.9	4.9
Regulatory Liabilities	25.5	16.7	21.0
Energy Supply Obligations	10.6	11.6	11.1
Interest Payable	9.5	9.4	8.6
Environmental Obligations	0.8	0.8	0.7
Operating Lease Obligations	2.1	2.1	1.7
Taxes Payable	10.3	0.6	6.0
Other Current Liabilities	26.6	28.1	27.0
Total Current Liabilities	404.5	425.8	293.5
Noncurrent Liabilities:
Retirement Benefit Obligations	33.8	32.9	26.3
Deferred Income Taxes, Net	197.3	196.7	187.2
Cost of Removal Obligations	160.6	153.0	147.4
Regulatory Liabilities	74.0	64.1	52.5
Environmental Obligations	7.5	7.3	7.1
Operating Lease Obligations	4.3	4.9	4.0
Other Noncurrent Liabilities	14.8	7.3	6.1
Total Noncurrent Liabilities	492.3	466.2	430.6
Capitalization:
Long-Term Debt, Less Current Portion	680.4	632.6	635.8
Stockholders' Equity:
Common Equity (No par value, Authorized 25,000,000 shares; Outstanding 18,225,964, 16,291,395 and 17,919,191 Shares)	431.5	418.2	344.6
Retained Earnings	212.0	191.2	188.0
Total Common Stock Equity	643.5	609.4	532.6
Preferred Stock	0.2	0.2	0.2
Total Stockholders' Equity	643.7	609.6	532.8
Total Capitalization	1,324.1	1,242.2	1,168.6
Commitments and Contingencies (Notes 7 & 8)
TOTAL LIABILITIES AND CAPITALIZATION	$ 2,220.9	$ 2,134.2	$ 1,892.7