Unitil Corporation reported a total operating revenue of $536.0 million for the fiscal year ending December 31, 2025, marking a 8.3% increase from $494.8 million in 2024. The company's net income rose to $50.2 million, or $2.97 per share, compared to $47.1 million, or $2.93 per share, in the previous year. This growth in revenue and profitability was primarily driven by higher rates and customer growth across its electric and natural gas distribution segments. The electric segment generated $236.4 million in revenue, while the natural gas segment contributed $299.6 million, reflecting a significant increase in gas operating revenue due to the recent acquisitions of Bangor Natural Gas Company and Maine Natural Gas Corporation.
Unitil's financial performance in 2025 showed notable changes compared to the previous fiscal year. The electric gross margin increased to $82.7 million, up from $78.0 million in 2024, attributed to higher rates and customer growth. The gas gross margin also saw a substantial rise, reaching $142.3 million, an increase of $22.2 million from the prior year, driven by similar factors. The company’s operating expenses rose to $434.8 million, up from $404.2 million in 2024, largely due to increased operation and maintenance costs, depreciation, and amortization expenses associated with the new acquisitions.
Strategically, Unitil expanded its service territory through the acquisitions of Bangor Natural Gas Company for $71.4 million and Maine Natural Gas Corporation for $86.0 million, both completed in 2025. These acquisitions added approximately 15,000 customers to Unitil's existing base of 215,100 customers, enhancing its market presence in Maine. The company also launched a solar facility in Kingston, New Hampshire, which became operational in May 2025, further diversifying its energy portfolio.
Operationally, Unitil reported a total of 215,126 customers served as of December 31, 2025, with 110,064 electric customers and 105,062 natural gas customers. The company’s employee headcount stood at 595, reflecting a stable workforce as it continues to focus on attracting and retaining talent. The company’s regulatory environment remains robust, with its electric and gas sales largely decoupled, allowing for stable revenue recovery mechanisms that mitigate the impact of fluctuating energy prices.
Looking ahead, Unitil anticipates continued growth driven by its recent acquisitions and ongoing investments in infrastructure. The company plans to invest approximately $221 million in capital expenditures in 2026, focusing on enhancing its utility operations and expanding its service capabilities. The board of directors has also approved an increase in the annual dividend to $1.90 per share, reflecting confidence in the company’s financial health and commitment to returning value to shareholders.
About UNITIL CORP
Unitil Corporation is a public utility holding company providing regulated electric and natural gas distribution services in New Hampshire, Massachusetts, and Maine. Its core operations include serving approximately 198,500 customers through subsidiaries such as Unitil Energy, Fitchburg, and Northern Utilities. The company focuses on reliable energy delivery, regulatory compliance, and strategic acquisitions, emphasizing safety, infrastructure, and cybersecurity to maintain its competitive, community-oriented utility business.
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