Revenue Growth Driven by Rate and Volume Gains
Total revenue increased 5.0% year-over-year to $1.44B in Q1 2026 (vs. $1.37B in Q1 2025), reflecting higher utility rates and improved customer demand, consistent with regulated utility pricing mechanisms.
Net Income and EPS Outperformance
Net income rose 21.2% to $151.5M and diluted EPS grew 18.5% to $0.64, significantly outpacing revenue growth, suggesting improved cost management and operating leverage within the regulated utility structure.
Operating Margin Expansion
Operating margin improved approximately 84 basis points to 22.1% from 21.2% in the prior-year period, indicating that operating expenses grew more slowly than revenues and that efficiency initiatives are bearing fruit.