Sjw Group Common Stock Stock Earnings Reports

H2O America reported solid second quarter 2026 results: GAAP diluted EPS of $0.62 and adjusted diluted EPS of $0.72 (YTD adjusted EPS $1.23). Results are consistent with management's standalone 2026 adjusted EPS guidance of $3.08–$3.18 and support the company's 2026–2030 plan targeting a 6%–8% organic EPS CAGR driven by a $2.7 billion five-year capital program and the pending Quadvest acquisition. Key operational and regulatory highlights include active rate-recovery efforts (infrastructure mechanisms in CT, ME, TX and a PFAS remediation recovery filing in CA), general rate case (GRC) filings in Connecticut and Maine, continued progress toward PUCT approval of the Quadvest acquisition (expected close late Q3/early Q4 2026), and a planned Texas combined GRC filing in early 2027 to recognize significant recent investments and acquisitions into rate base (targeting 2028 rates). Management invested $207 million of CapEx in H1 (43% of 2026 budget to date) and reported underlying adjusted net income growth of 17% y/y in H1; dilution from share issuances (ATM and a $700M equity raise in March) increased diluted share count ~19% y/y and reduced EPS (net ~$0.06 impact YTD). California supply costs set by Valley Water are a major customer-affordability concern (nearly half of SJWC customer bills are Valley Water supply charges); management is actively exploring alternatives including direct potable reuse (pilot & potential regional plant) and desalination. Liquidity and financing: $700M equity raise (including a $400M forward component) provided flexibility, bank lines largely available, and management expects $100M–$200M of additional debt issuance related to Quadvest timing. Management reiterated commitment to affordability, regulatory engagement, disciplined capital deployment, and the dividend track record.