The company's corporate parent name changed from SJW Group to H2O America in May 2025. Net income increased by 9% to $102.578 million in 2025 from $93.967 million in 2024. Operating revenue increased by 7% to $800.590 million in 2025 from $748.439 million in 2024. Water Utility Services revenue increased by $54.519 million, primarily due to $44.134 million from authorized rate increases and $23.281 million from pass-through water costs. The Quadvest acquisition is progressing, with TWC filing its Sale, Transfer & Merger (STM) application with the PUCT in January 2026, and the purchase price of $483.6 million serving as the ratemaking rate base. Budgeted capital expenditures for 2026 are approximately $458 million, excluding the Quadvest acquisition, and $2.568 billion over the next five years, including $400 million for PFAS treatment. Received $25.1 million in cash proceeds from PFAS litigation settlements in 2025. SJWC executed three-year bargaining agreements with unions (International Union of Operating Engineers and Utility Workers of America) covering 2026-2028, including wage increases of 3% (2026), 3% (2027), and 4% (2028). H2O America issued and sold 2,387,846 shares of common stock in 2025, generating $122.806 million in net proceeds through an at-the-market offering. Total outstanding borrowings under unsecured lines of credit decreased to $86.834 million in 2025 from $119.124 million in 2024. Long-term debt, less current portion, increased to $1.866 billion in 2025 from $1.706 billion in 2024.