Global Water Resources Inc
gwresources.comWhat Do They Do?
Operates water, wastewater and recycled-water utility systems for households, businesses and communities, using an integrated approach to water reuse.
10-K for FY2025, filed Mar 4, 2026GWRI is a water resource management company that owns, operates, and manages thirty-nine water, wastewater, and recycled water public…View ↗
We are a water resource management company that provides water, wastewater, and recycled water utility service, leading in Total Water…View ↗
Years Ended December 31, (in thousands) 2025 2024 Regulated revenue Water Service Residential $ 19,948 $ 18,612 Irrigation 4,084 3,332…View ↗
How Do They Make Money?
Water customers pay approved monthly service fees and charges tied to metered use, generally within 15 days of billing; wastewater is billed monthly and recycled-water charges are based on volume. Developers and homebuilders pay infrastructure-agreement fees in installments tied to signing and project milestones.
10-K for FY2025, filed Mar 4, 2026Operating revenue is substantially derived from regulated water, wastewater, and recycled water service provided to customers based upon…View ↗
The Company satisfies its performance obligation to provide water, wastewater, and recycled water service over time as service is rendered.…View ↗
Water service revenue is recorded when service is rendered or water is delivered to customers. In addition to a monthly basic service…View ↗
Wastewater and recycled water service revenue is generally recognized when service is rendered. Wastewater service is billed at a fixed…View ↗
Fees for this service are typically a negotiated amount per equivalent dwelling unit for the land legally described in the agreement, or a…View ↗
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10-K for FY2025, filed Mar 4, 2026
FY2025 revenue by product or service ↗
$55.8M
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10-K for FY2025, filed Mar 4, 2026
$55.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Water service
Mix
10-K for FY2025, filed Mar 4, 2026 |
51%
FY2022: 47%
|
Water service, FY2025
$28.6M Sources
|
Mix |
|
Wastewater and recycled water service
|
49%
FY2022: 53%
|
Wastewater and recycled water service, FY2025
$27.1M Sources
|
Who Are Their Customers?
Residential, irrigation and commercial users receive water service, and residential and commercial customers also receive wastewater or recycled-water service. The company bills utility customers under approved rates; developers and homebuilders pay for infrastructure coordination and financing under agreements.
10-K for FY2025, filed Mar 4, 2026Operating revenue is substantially derived from regulated water, wastewater, and recycled water service provided to customers based upon…View ↗
ICFAs are agreements with developers and homebuilders where the Company, which owns the operating utilities, provides service to plan…View ↗
Years Ended December 31, (in thousands) 2025 2024 Regulated revenue Water Service Residential $ 19,948 $ 18,612 Irrigation 4,084 3,332…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 5 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$47.2M.
10-K for FY2025, filed Mar 4, 2026
$7.2MView ↗
10-K for FY2025, filed Mar 4, 2026
$3MView ↗
10-K for FY2025, filed Mar 4, 2026
−$47.2MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
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Apr 30, 2026
Proposed settlement would raise Santa Cruz rates and withdraw Palo Verde’s rate case
The settlement proposes a $2.3 million annual revenue-requirement increase for Santa Cruz; Palo Verde would refile its rate case in 2027, subject to ACC approval.
Sources
8-K, filed Apr 30, 2026
an increase in GW-Santa Cruz’s annual revenue requirement of approximately $2.3 million with a capital structure of 55% common equity/45%…View ↗
Growing. Revenue grew 33% in 4 years, from $41.9M in FY2021 to $55.8M in FY2025, about 7% a year.
Developer infrastructure agreements
The older report said the company did not perform unregulated services. The latest report describes revenue from developer and homebuilder agreements to plan, coordinate and finance water and wastewater infrastructure.
10-K for FY2022, filed Mar 9, 2023 10-K for FY2025, filed Mar 4, 2026Utility Services to Customers. This business includes water and wastewater utilities, which are owned and operated by governmental…View ↗
Who Do They Compete With?
Competes with EPCOR Water Arizona, Arizona Water, Central States Water Resources, NW Natural Water, Ullico, Liberty Utilities, Community Water of Arizona, and Voyager Water
10-K for FY2025, filed Mar 4, 2026As an owner and operator of regulated utilities, we do not face competition within our existing service areas because Arizona law provides…View ↗
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