Global Water Resources, Inc.
gwresources.comGlobal Water Resources Inc (NASDAQ: GWRS) is a water utility company that provides water, wastewater, and recycled water services to communities in the arid western United States. Revenue comes from regulated utility rates set by the Arizona Corporation Commission, which allows recovery of service costs plus an approved return on equity, ranging from 9.20% to 9.60% across subsidiaries as of rate cases decided between 2020 and 2024. GWRS operates multiple regulated subsidiaries across Pinal, Maricopa, and Pima counties in Arizona, including GW-Santa Cruz, GW-Palo Verde, GW-Belmont, GW-Saguaro, GW-Farmers, GW-Ocotillo, GW-Hassayampa, and GW-Turner. The company pursues a Total Water Management model, integrating potable water delivery, wastewater treatment, and recycled water reuse through dedicated purple-pipe distribution infrastructure. Capital spending is high by design, with net cash used in investing activities totaling $75.4 million for the year ended December 31, 2025, up from $32.5 million in 2024, partly reflecting seven water system acquisitions completed in July 2025.
Products & Services
Potable water service sourced from groundwater aquifers at depths of approximately 75 to 700 feet below land surface, treated and distributed to customers. Wastewater collection and treatment. Recycled water produced via advanced tertiary treatment to Class A+ standards as classified by the Arizona Department of Environmental Quality, distributed via separate purple-pipe infrastructure for irrigation, industrial cooling, and residential non-potable uses.
Revenue Model
Regulated utility rates approved by the Arizona Corporation Commission. Rates are cost-based and designed to recover the cost of service plus a return on invested capital. Approved return on equity ranges from 9.20% to 9.60% depending on the subsidiary and rate case. Incremental annual revenue approvals per rate case range from approximately $0.1 million to $1.2 million per subsidiary, based on filings through June 2024.
Customers & Markets
Residential, commercial, and industrial customers in regulated service areas across Pinal, Maricopa, and Pima counties in Arizona. End demand is driven by population growth in arid communities where water scarcity constrains long-term development. Customers are billed at rates approved by the Arizona Corporation Commission.
Geographic Exposure
Exclusively Arizona, United States. Service areas span Pinal County, Maricopa County, and Pima County. Corporate office located in Maricopa County.
Financial Snapshot
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