Global Water Resources, Inc. (GWRS) Earnings
Global Water Resources, Inc. is expected to report next earnings on August 12, 2026 (in NaN days), with a consensus EPS estimate of $0.03. GWRS has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise -24.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | $-0.02 | $-0.01 | +50.0% | $13M | -5.7% |
| Mar 5, 2026 | $0.04 | $-0.01 | -125.0% | $14M | -0.9% |
| Nov 12, 2025 | $0.09 | $0.07 | -22.2% | $16M | +13.0% |
| Aug 13, 2025 | $0.06 | $0.06 | +0.0% | $14M | -7.5% |
| May 14, 2025 | $0.02 | $0.02 | +0.0% | $12M | +3.8% |
| Mar 5, 2025 | $0.06 | $0.04 | -33.3% | $13M | +4.3% |
| Mar 6, 2024 | $0.05 | $0.07 | +40.0% | $12M | +3.1% |
| Nov 8, 2023 | $0.08 | $0.11 | +37.5% | $15M | +21.1% |
| May 2, 2023 | $0.02 | $0.03 | +50.0% | $13M | +19.9% |
| Mar 8, 2023 | $0.03 | $0.04 | +60.0% | $11M | -0.0% |
| Aug 10, 2022 | $0.05 | $0.09 | +80.0% | $12M | +0.9% |
| May 4, 2022 | $0.01 | $0.04 | +499.7% | $10M | +0.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 14, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Core Strategic Focus - Management's top stated priority is achieving long-term earnings growth to enhance shareholder value - The company is focused on securing full rate recovery for completed capital investments across all utility operations, particularly the recommissioned Southwest plant water reclamation facility ### Capital and Operational Activity - 2025 saw near-record levels of critical capital investment, including the recommissioning of the Southwest plant water reclamation facility, which was mothballed after the Great Recession - These large capital investments expanded the company's rate base to drive future earnings growth, but also increased near-term operating and depreciation expenses that are negatively impacting 2026 net income - In response to near-term expense pressure, the company has reduced the pace of capital investments in 2026 and is prioritizing expense control - Total active service connections grew 5.7% year-over-year to 68.9 thousand as of March 31, 2026; organic annualized growth (excluding the Tucson acquisition) was 1.9% - $6.3 million was invested in infrastructure improvements across existing utilities in Q1 2026 to maintain safe, reliable service ### Market Growth Trends - New single-family home building permit activity declined in the Phoenix MSA (down 18.8% year-over-year to 5.2 thousand permits in Q1 2026) and the Maricopa market (down 16.5% year-over-year to 157 permits) - Management views the permit decline as temporary, and expects long-term growth in the Phoenix MSA driven by regional job growth, housing affordability, transportation improvements (including State Route 347 widening), and the company's large assured water supply - Organic active connections still grew 2.6% year-over-year despite slower permit issuance ### Regulatory Update - The company reached a unanimous settlement for pending rate reviews: the settlement approves a $2.3 million water rate increase for Santa Cruz (the company's largest water utility), and extends an existing temporary bill credit that reduces wastewater revenue by $400 thousand for Palo Verde - The settlement closes historical open issues related to Santa Cruz's Southwest Area water assets, clearing the way to focus on Palo Verde wastewater rate recovery - The new rate schedule for Santa Cruz has an estimated effective date of November 1, 2026, with hearings scheduled to begin in August 2026 - The Palo Verde rate review was withdrawn as part of the settlement; a new rate review request including the Southwest plant will be filed in 2027, with new rates expected to take effect in 2028 - Management is planning additional rate review filings for other utility divisions (Farmers, Saguaro, Ocotillo, and Santa Cruz) and will provide timing updates at the August 2026 quarterly call
Guidance
- Management maintained its long-term expectation of solid revenue and earnings growth once appropriate rate increases are secured, paired with continued strong organic growth in the Arizona market - The effective date for the new Santa Cruz rate increase is guided as November 1, 2026 - A new Palo Verde rate review filing is guided to occur in 2027, with new rates implemented in 2028 - Updates on the timing of additional rate filings for other utility divisions will be provided at the August 2026 quarterly earnings call - No specific numerical full-year 2026 earnings or revenue guidance was provided in the call
Segment performance
The transcript does not break out financial performance for individual product or business segments. Aggregate total company results for Q1 2026 are: total revenue of $13.3 million, a 6.7% increase ($800 thousand) from Q1 2025; total operating expenses of $12.9 million, a 15.1% increase ($1.7 million) from Q1 2025; other expense of $900 thousand, up from $500 thousand in Q1 2025; net loss of $400 thousand ($0.01 per diluted share), compared to a net income of $600 thousand ($0.02 per diluted share) in Q1 2025; adjusted EBITDA remained consistent at $5.6 million year-over-year. Revenue growth was driven by the July 2025 acquisition of 7 Tucson Water Systems, organic customer connection growth, and higher rates at the Farmers utility. Operating expense increases were driven by $900 thousand higher depreciation/amortization from 2025 capital projects, $500 thousand higher operating/maintenance costs, and $300 thousand higher G&A costs.
Risks & headwinds
- Forward-looking statements about future growth and rate recovery carry inherent uncertainty, and actual results may differ materially from current expectations due to unforeseen risks - Current Arizona regulatory rules require companies to complete capital investments and incur related expenses before pursuing rate recovery, creating a timing lag that negatively impacts near-term net income - Higher-than-expected inflation has increased operating expenses that are not yet recovered through updated rates - The recent slowdown in residential home building permit activity in the company's core Phoenix MSA and Maricopa market could temporarily slow organic customer growth if the decline persists longer than management expects - The outcome of pending and future rate cases is not guaranteed, and final approved rate increases may be lower than management's requested amounts, impacting earnings growth