Annual Income Statement

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Detailed Income Statement
Account Item	Year Ending Dec 2025 (Update)	Year Ending Dec 2024 (Update)	Year Ending Dec 2023 (Update)	Year Ending Dec 2022 (Update)	Year Ending Dec 2021 (Update)	Year Ending Dec 2020 (Update)	Year Ending Dec 2019 (Update)	Year Ending Dec 2018 (Update)	Year Ending Dec 2017 (Reclassified)	Year Ending Dec 2016 (Reclassified)
Electric Operations	57.22	51.65	41.83	39.99	38.35	37.02	39.55	34.35	33.97	35.77
Water Operations	464.11	417.41	433.47	340.60	347.11	330.64	319.83	295.26	306.33	302.93
Revenue	521.33	469.06	475.31	380.59	385.46	367.66	359.38	329.61	340.30	338.70
Other Non-Utility Revenue	136.74	126.40	120.39	110.94	113.40	120.58	114.49	107.21	100.30	97.39
Other Revenue, Total	136.74	126.40	120.39	110.94	113.40	120.58	114.49	107.21	100.30	97.39
Total Revenue	658.07	595.46	595.70	491.53	498.85	488.24	473.87	436.82	440.60	436.09
Purchased Power	32.19	26.66	26.10	26.90	22.34	20.56	20.46	20.56	19.24	19.05
Cost of Revenue	98.22	74.27	72.86	75.94	77.91	74.55	72.29	68.90	68.30	64.44
Cost of Revenue, Total	130.41	100.93	98.97	102.84	100.26	95.11	92.75	89.47	87.54	83.49
Operations & Maintenance	145.79	138.37	145.37	111.73	112.42	119.94	115.83	105.03	95.71	101.23
Selling/General/Administrative Expense	99.25	97.20	84.98	83.62	80.98	81.15	83.03	82.60	81.64	81.52
Labor & Related Expense	3.56	3.74	3.30	2.57	2.57	2.46	--	--	--	--
Selling/General/Administrative Expenses, Total	102.81	100.94	88.27	86.19	83.55	83.62	83.03	82.60	81.64	81.52
Depreciation	47.78	43.65	42.40	41.32	39.60	36.85	35.40	40.43	39.03	38.85
Depreciation/Amortization	47.78	43.65	42.40	41.32	39.60	36.85	35.40	40.43	39.03	38.85
Other Unusual Expense (Income)	0.00	0.00	-0.10	-0.08	-0.47	0.03	-0.25	-0.09	-8.32	0.00
Unusual Expense (Income)	0.00	0.00	-0.10	-0.08	-0.47	0.03	-0.25	-0.09	-8.32	0.00
Property & Other Taxes	28.01	27.09	24.05	22.89	22.52	22.20	20.04	18.40	17.91	16.80
Other Operating Expenses, Total	28.01	27.09	24.05	22.89	22.52	22.20	20.04	18.40	17.91	16.80
Total Operating Expense	454.80	410.98	398.96	364.89	357.88	357.74	346.80	335.83	313.51	321.90
Operating Income	203.28	184.48	196.74	126.64	140.98	130.50	127.07	100.98	127.10	114.19
Interest Expense - Non-Operating	-46.78	-50.38	-42.76	-27.03	-22.83	-22.53	-24.59	-23.43	-22.58	-21.99
Interest Expense, Net Non-Operating	-46.78	-50.38	-42.76	-27.03	-22.83	-22.53	-24.59	-23.43	-22.58	-21.99
Interest Income, Non-Operating	5.65	7.87	7.42	2.33	1.49	1.80	3.25	3.58	1.79	0.76
Interest/Investment Income, Non-Operating	5.65	7.87	7.42	2.33	1.49	1.80	3.25	3.58	1.79	0.76
Interest Income (Expense), Net-Non-Operating, Total	-41.13	-42.51	-35.35	-24.70	-21.34	-20.73	-21.34	-19.86	-20.79	-21.24
Other Non-Operating Income (Expense)	7.65	7.47	5.13	0.13	5.13	4.85	3.28	0.76	2.04	1.52
Other, Net	7.65	7.47	5.13	0.13	5.13	4.85	3.28	0.76	2.04	1.52
Net Income Before Taxes	169.80	149.44	166.52	102.06	124.77	114.62	109.01	81.89	108.34	94.48
Income Tax – Total	39.36	30.17	41.60	23.66	30.42	28.20	24.67	18.03	39.06	34.74
Income After Tax	130.44	119.27	124.92	78.40	94.35	86.43	84.34	63.86	69.29	59.74
Net Income Before Extraordinary Items	130.44	119.27	124.92	78.40	94.35	86.43	84.34	63.86	69.29	59.74
Extraordinary Item	--	--	--	--	--	--	--	0.01	0.08	--
Total Extraordinary Items	--	--	--	--	--	--	--	0.01	0.08	--
Net Income	130.44	119.27	124.92	78.40	94.35	86.43	84.34	63.87	69.37	59.74
Miscellaneous Earnings Adjustment	-0.46	-0.42	-0.37	-0.20	-0.24	-0.29	-0.36	-0.33	-0.37	-0.33
Total Adjustments to Net Income	-0.46	-0.42	-0.37	-0.20	-0.24	-0.29	-0.36	-0.33	-0.37	-0.33
Income Available to Common Excluding Extraordinary Items	129.99	118.85	124.55	78.20	94.10	86.14	83.99	63.52	68.91	59.41
Income Available to Common Stocks Including Extraordinary Items	129.99	118.85	124.55	78.20	94.10	86.14	83.99	63.54	68.99	59.41
Basic Weighted Average Shares	38.55	37.46	36.98	36.96	36.92	36.88	36.81	36.73	36.64	36.55
Basic EPS Excluding Extraordinary Items	3.37	3.17	3.37	2.12	2.55	2.34	2.28	1.73	1.88	1.63
Basic EPS Including Extraordinary Items	3.37	3.17	3.37	2.12	2.55	2.34	2.28	1.73	1.88	1.63
Dilution Adjustment	0.19	0.18	--	--	--	--	--	--	--	--
Diluted Net Income	130.18	119.03	124.55	78.20	94.10	86.14	83.99	63.54	68.99	59.41
Diluted Weighted Average Shares	38.67	37.58	37.08	37.04	37.01	37.00	36.96	36.94	36.84	36.75
Diluted EPS Excluding Extraordinary Items	3.37	3.17	3.36	2.11	2.54	2.33	2.27	1.72	1.87	1.62
Diluted EPS Including Extraordinary Items	3.37	3.17	3.36	2.11	2.54	2.33	2.27	1.72	1.87	1.62
DPS - Common Stock Primary Issue	1.94	1.79	1.66	1.53	1.40	1.28	1.16	1.06	0.99	0.91
Gross Dividends - Common Stock	74.66	67.02	61.20	56.36	51.69	47.21	42.70	38.94	36.42	33.41
Total Special Items	0.00	0.00	-0.10	-0.08	-0.47	0.03	-0.25	-0.09	-8.32	0.00
Normalized Income Before Taxes	169.80	149.44	166.42	101.99	124.31	114.65	108.76	81.80	100.02	94.48
Effect of Special Items on Income Taxes	0.00	0.00	-0.02	-0.02	-0.11	0.01	-0.06	-0.02	-3.00	0.00
Income Taxes Excluding Impact of Special Items	39.36	30.17	41.57	23.65	30.31	28.20	24.61	18.01	36.06	34.74
Normalized Income After Taxes	130.44	119.27	124.85	78.34	94.00	86.45	84.15	63.79	63.97	59.74
Normalized Income Available to Common	129.99	118.85	124.47	78.14	93.75	86.16	83.79	63.46	63.59	59.41
Basic Normalized EPS	3.37	3.17	3.37	2.11	2.54	2.34	2.28	1.73	1.74	1.63
Diluted Normalized EPS	3.37	3.17	3.36	2.11	2.53	2.33	2.27	1.72	1.73	1.62
Amortization of Intangibles, Supplemental	1.50	1.00	1.10	0.64	0.70	0.65	1.30	1.10	1.50	1.90
Depreciation, Supplemental	47.37	43.23	42.15	41.06	39.27	36.55	34.41	39.56	37.77	37.21
Interest Expense, Supplemental	46.78	50.38	42.76	27.03	22.83	22.53	24.59	23.43	22.58	21.99
Rental Expense, Supplemental	2.59	2.54	2.49	2.61	2.63	5.47	6.13	2.50	2.40	2.30
Stock-Based Compensation, Supplemental	3.56	3.74	3.30	2.57	2.57	2.46	2.52	3.85	2.89	2.54
Audit-Related Fees, Supplemental	--	1.82	1.67	--	1.46	1.48	1.54	1.39	1.42	1.36
Tax Fees, Supplemental	--	0.04	0.04	--	0.04	0.04	0.04	0.04	0.03	0.03
All Other Fees Paid to Auditor, Supplemental	--	0.00	0.00	--	0.00	0.00	0.00	0.07	0.03	0.00
Operating Margin	30.89	30.98	33.03	25.76	28.26	26.73	26.82	23.12	28.85	26.19
Pretax Margin	25.80	25.10	27.95	20.76	25.01	23.48	23.00	18.75	24.59	21.66
Effective Tax Rate	23.18	20.19	24.98	23.19	24.38	24.60	22.63	22.02	36.05	36.77
Net Profit Margin	19.75	19.96	20.91	15.91	18.86	17.64	17.72	14.54	15.64	13.62
Normalized EBIT	203.28	184.48	196.64	126.56	140.51	130.53	126.82	100.90	118.78	114.19
Normalized EBITDA	252.15	228.71	239.89	168.26	180.49	167.73	162.53	141.56	158.05	153.30
Current Tax - Domestic	25.18	19.68	26.33	14.85	19.59	19.24	12.51	17.25	20.98	2.30
Current Tax - Local	10.58	8.45	10.49	6.02	7.27	6.71	5.54	6.54	5.84	4.80
Current Tax - Total	35.76	28.13	36.82	20.86	26.86	25.95	18.05	23.79	26.82	7.10
Deferred Tax - Domestic	4.70	1.66	4.16	2.99	2.80	1.81	6.41	-4.32	11.63	26.72
Deferred Tax - Local	-1.10	0.39	0.63	-0.19	0.76	0.43	0.22	-1.44	0.61	0.93
Deferred Tax - Total	3.60	2.04	4.78	2.80	3.56	2.24	6.62	-5.76	12.23	27.64
Income Tax - Total	39.36	30.17	41.60	23.66	30.42	28.20	24.67	18.03	39.06	34.74
Interest Cost - Domestic	10.77	10.24	10.14	7.40	6.83	7.88	8.53	7.65	7.90	7.91
Service Cost - Domestic	2.89	3.32	3.20	5.64	6.32	5.56	4.44	5.34	5.00	5.09
Prior Service Cost - Domestic	0.43	0.43	0.43	0.43	0.43	0.44	0.43	0.00	0.00	0.05
Expected Return on Assets - Domestic	-12.73	-12.03	-10.48	-13.17	-12.54	-11.80	-10.37	-11.17	-9.71	-9.84
Actuarial Gains and Losses - Domestic	--	--	--	0.00	3.82	1.94	1.42	1.05	0.78	2.11
Transition Costs - Domestic	--	--	--	--	--	--	--	--	--	0.00
Other Pension, Net - Domestic	--	0.00	-0.28	0.00	-1.28	-0.48	-0.59	0.00	0.47	0.86
Domestic Pension Plan Expense	1.36	1.97	3.01	0.31	3.58	3.53	3.85	2.86	4.44	6.19
Interest Cost - Post-Retirement	2.03	1.80	1.75	1.08	1.03	1.20	1.35	1.18	1.22	1.11
Service Cost - Post-Retirement	0.83	1.56	1.38	1.32	1.54	1.20	1.38	1.31	1.16	1.05
Prior Service Cost - Post-Retirement	0.00	0.00	0.00	0.00	--	--	0.00	0.00	0.01	-0.01
Expected Return on Assets - Post-Retirement	-0.64	-0.57	-0.48	-0.59	-0.54	-0.51	-0.45	-0.49	-0.47	-0.49
Actuarial Gains and Losses - Post-Retirement	-1.17	-1.13	-1.00	-1.15	0.26	-0.13	-0.33	-0.77	-0.78	-0.70
Transition Costs - Post-Retirement	--	--	--	--	--	--	--	--	--	0.00
Post-Retirement Plan Expense	1.05	1.67	1.65	0.66	2.29	1.75	1.95	1.23	1.15	0.96
Defined Contribution Expense - Domestic	2.80	2.50	2.20	2.00	1.90	1.90	1.60	--	--	--
Total Pension Expense	5.21	6.14	6.86	2.97	7.77	7.18	7.41	4.10	5.59	7.15
Discount Rate - Post-Retirement	5.40	5.04	5.34	2.46	2.20	3.12	--	3.52	3.97	4.25
Expected Rate of Return - Domestic	6.00	6.00	5.75	5.75	6.00	6.25	--	6.50	6.50	7.00
Compensation Rate - Domestic	--	--	--	--	--	4.00	--	4.00	4.00	4.00
Total Plan Interest Cost	12.80	12.05	11.89	8.48	7.86	9.08	9.88	8.83	9.12	9.02
Total Plan Service Cost	3.72	4.88	4.57	6.96	7.86	6.76	5.82	6.66	6.16	6.14
Total Plan Expected Return	-13.37	-12.60	-10.96	-13.75	-13.08	-12.31	-10.82	-11.67	-10.17	-10.33
Total Plan Other Expense	--	0.00	-0.28	0.00	-1.28	-0.48	-0.59	0.00	0.47	0.86

For a more complete picture of our financial results, please review our SEC Filings

Source: LSEG

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