UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 001-34245

THE YORK WATER COMPANY

(Exact name of registrant as specified in its charter)

Pennsylvania	23-1242500
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

130 East Market Street, York, Pennsylvania	17401
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (717) 845-3601

Securities registered pursuant to Section 12(b) of the Act:

Common Stock, No par value	YORW	The Nasdaq Global Select Market
(Title of Class)	(Trading Symbol)	(Name of Each Exchange on Which Registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

⌧ Yes

☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

⌧ Yes

☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐	Accelerated filer ☐		Non-accelerated filer ⌧

Smaller reporting company ☒		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes		⌧ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common stock, No par value	16,209,339 Shares outstanding as of May 5, 2026

TABLE OF CONTENTS

PART I	Financial Information

Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	25

PART II	Other Information

Item 5.	Other Information	26
Item 6.	Exhibits	27

Signatures		28

Page 2

THE YORK WATER COMPANY

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements.

Balance Sheets (Unaudited)

(In thousands of dollars, except per share amounts)

	Mar. 31, 2026			Dec. 31, 2025
ASSETS
UTILITY PLANT, at original cost	$	721,000		$	711,121
Plant acquisition adjustments		(9,742	)		(9,761	)
Accumulated depreciation		(135,574	)		(132,934	)
Net utility plant		575,684			568,426

OTHER PHYSICAL PROPERTY, net of accumulated depreciation of $582 in 2026 and $573 in 2025		1,491			1,500

CURRENT ASSETS:
Cash and cash equivalents		1			1
Accounts receivable, net of reserves of $1,760 in 2026 and $1,710 in 2025		7,317			8,572
Unbilled revenues		4,546			3,833
Recoverable income taxes		1,054			1,054
Materials and supplies inventories, at cost		3,168			3,361
Prepaid expenses		2,379			1,621
Total current assets		18,465			18,442

OTHER LONG-TERM ASSETS:
Prepaid pension cost		28,160			27,969
Note receivable		255			255
Deferred regulatory assets		60,671			59,297
Other assets		5,078			4,999
Total other long-term assets		94,164			92,520

Total Assets	$	689,804		$	680,888

The accompanying notes are an integral part of these statements.

	Mar. 31, 2026		Dec. 31, 2025
STOCKHOLDERS’ EQUITY AND LIABILITIES
COMMON STOCKHOLDERS’ EQUITY:
Common stock, no par value, authorized 46,500,000 shares, issued and outstanding 14,458,449 shares in 2026 and 14,446,581 shares in 2025	$	140,365	$	139,952
Retained earnings		101,915		100,395
Total common stockholders’ equity		242,280		240,347

PREFERRED STOCK, authorized 500,000 shares, no shares issued		–		–

LONG-TERM DEBT		227,058		221,900

COMMITMENTS		–		–

CURRENT LIABILITIES:
Short-term borrowings		10,000		10,000
Current portion of long-term debt		330		330
Accounts payable		7,529		8,423
Dividends payable		3,046		3,032
Accrued compensation and benefits		1,850		1,879
Accrued interest		1,316		2,490
Deferred regulatory liabilities		904		889
Other accrued expenses		664		584
Total current liabilities		25,639		27,627

DEFERRED CREDITS:
Customers’ advances for construction		24,300		22,357
Deferred income taxes		68,734		67,276
Deferred employee benefits		3,567		3,546
Deferred regulatory liabilities		46,337		46,298
Other deferred credits		404		479
Total deferred credits		143,342		139,956

Contributions in aid of construction		51,485		51,058

Total Stockholders’ Equity and Liabilities	$	689,804	$	680,888

	Three Months Ended March 31
	2026			2025

OPERATING REVENUES:	$	20,074		$	18,456

OPERATING EXPENSES:
Operation and maintenance		5,993			5,211
Administrative and general		3,543			2,923
Depreciation and amortization		3,659			3,564
Taxes other than income taxes		526			475
		13,721			12,173

Operating income		6,353			6,283

OTHER INCOME (EXPENSES):
Interest on debt		(2,715	)		(2,419	)
Allowance for funds used during construction		273			185
Other pension costs		130			133
Other income (expenses), net		(72	)		(72	)
		(2,384	)		(2,173	)

Income before income taxes		3,969			4,110

Income tax expense (benefit)		(845	)		472

Net Income	$	4,814		$	3,638

Basic Earnings Per Share	$	0.33		$	0.25

Diluted Earnings Per Share	$	0.33		$	0.25

	Common Stock Shares		Common Stock Amount		Retained Earnings			Total

Balance, December 31, 2025		14,446,581	$	139,952	$	100,395		$	240,347
Net income		–		–		4,814			4,814
Cash dividends declared, $0.2280 per share		–		–		(3,294	)		(3,294	)
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans		11,868		372		–			372
Stock-based compensation		–		41		–			41
Balance, March 31, 2026		14,458,449	$	140,365	$	101,915		$	242,280

	As of			As of
	Mar. 31, 2026			Dec. 31, 2025			Change

Accounts receivable – customers	$	8,908		$	8,761		$	147
Life insurance receivable		–			1,299			(1,299	)
Other receivables		169			222			(53	)
		9,077			10,282			(1,205	)
Less: allowance for doubtful accounts		(1,760	)		(1,710	)		(50	)
Accounts receivable, net	$	7,317		$	8,572		$	(1,255	)

Unbilled revenue	$	4,546		$	3,833		$	713

	As of Mar. 31, 2026			As of Dec. 31, 2025

Variable Rate Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series 2008A, due 2029	$	12,000		$	12,000
3.00% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series A of 2019, due 2036		10,500			10,500
3.10% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series B of 2019, due 2038		14,870			14,870
3.23% Senior Notes, due 2040		15,000			15,000
4.00% - 4.50% York County Industrial Development Authority Exempt Facilities Revenue Bonds, Series 2015, due 2029 – 2045		10,000			10,000
4.54% Senior Notes, due 2049		20,000			20,000
3.24% Senior Notes, due 2050		30,000			30,000
5.50% Senior Notes, due 2053		40,000			40,000
5.67% Senior Notes, due 2054		40,000			40,000
Committed Line of Credit, due September 2027		37,401			32,290
Total long-term debt		229,771			224,660
Less discount on issuance of long-term debt		(121	)		(124	)
Less unamortized debt issuance costs		(2,262	)		(2,306	)
Less current maturities		(330	)		(330	)
Long-term portion	$	227,058		$	221,900

Description		March 31, 2026		Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2)
Interest Rate Swap		$404		$404

Description		December 31, 2025		Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2)
Interest Rate Swap		$479		$479

•	the amount and timing of rate changes and other regulatory matters including the recovery of costs recorded as regulatory assets;
•	expected profitability and results of operations;
•	trends;
•	goals, priorities and plans for, and cost of, growth and expansion;
•	strategic initiatives;
•	availability of water supply;
•	water usage by customers; and
•	the ability to pay dividends on our common stock and the rate of those dividends.

•	changes in weather or climate, including drought conditions or extended periods of heavy precipitation;
•	natural disasters, including pandemics and the effectiveness of the Company’s pandemic response;
•	levels of rate relief granted;
•	the level of commercial and industrial business activity within the Company’s service territory;
•	construction of new housing within the Company’s service territory and increases in population;
•	changes in government policies or regulations, including the tax code, and the impact of government shutdowns;
•	the ability to obtain permits for expansion projects;
•	material changes in demand from customers, including the impact of conservation efforts which may impact the demand of customers for water;
•	changes in economic and business conditions, including interest rates;
•	loss of customers;
•	changes in, or unanticipated, capital requirements, including requirements relating to compliance with increasing environmental and safety regulations;
•	the impact of acquisitions;
•	changes in accounting pronouncements;
•	changes in the Company’s credit rating or the market price of its common stock; and
•	the ability to obtain financing.

Exhibit No.		Description

3		Amended and Restated Articles of Incorporation. Incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 4, 2010.

3.1		Amended and Restated By-Laws. Incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 26, 2012.

31.1		Certification of Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934.

31.2		Certification of Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934.

32.1		Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).

101.SCH		Inline XBRL Taxonomy Extension Schema.

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase.

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase.

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase.

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase.

104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

	Three Months Ended March 31
	2026		2025

Weighted average common shares, basic		14,438,289		14,380,689
Effect of dilutive securities:
Employee stock-based compensation		2,655		2,515
Weighted average common shares, diluted		14,440,944		14,383,204

	Three Months Ended March 31
	2026		2025
Water utility service:
Residential	$	10,950	$	10,250
Commercial and industrial		5,310		4,936
Fire protection		1,293		1,190
Wastewater utility service:
Residential		1,831		1,582
Commercial and industrial		548		345
Billing and revenue collection services		19		26
Collection services		4		3
Other revenue		19		10
Total Revenue from Contracts with Customers		19,974		18,342
Rents from regulated property		100		114
Total Operating Revenue	$	20,074	$	18,456

	THE YORK WATER COMPANY


	/s/ Joseph T. Hand
Date: May 5, 2026	Joseph T. Hand Principal Executive Officer



	/s/ Matthew E. Poff
Date: May 5, 2026	Matthew E. Poff Principal Financial and Accounting Officer

SEC Form 10-Q filed by York Water Company