United Utilities earnings: next results and guidance
United Utilities' next results are expected on November 12, 2026. The key thing to watch is whether United Utilities' investment plan is developing as management expects.
What has United Utilities guided for FY27?
Management says investment is on track and expects the regulated asset base to grow strongly. Its return target is a regulatory return, not a guaranteed shareholder profit: it depends on the regulator’s allowance, inflation, service performance and the avoidance of penalties. Ofwat’s allowed return is 4.03% real CPIH for AMP8, before those further effects.
The base case gains support if FY27 revenue approaches management’s £2.7–2.8bn guidance and AMP8 investment continues near plan. It also requires gearing to remain within the 55–65% target and dividends to track inflation.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Revenue | Year to Mar 2027 | 2,700.0 | 2,800.0 | Sep 25, 2026 |
| Pass-through items | Year to Mar 2027 | 110.0 | 110.0 | Sep 25, 2026 |
| Underlying operating costs increase | Year to Mar 2027 | 100.0 | 100.0 | Sep 25, 2026 |
| Capital expenditure | Year to Mar 2027 | 2,000.0 | 2,000.0 | Sep 25, 2026 |
| Asset base growth (%) | Year to Mar 2027 | 10.0% | 10.0% | Sep 25, 2026 |
| Dividend per share (pence) | Year to Mar 2027 | 55.54 | 55.54 | Sep 25, 2026 |
What this means. The revenue figures are the company's forecast range for the year, not money it has already earned.
What has United Utilities reported in the last eight periods?
The latest interim comparison shows the same mixture of regulation, accounting and operating conditions. Revenue rose from £1,082.0 million in the six months to September 2024 to £1,309.2 million in the six months to September 2025. Operating income also rose sharply, while the period included the new price settlement, IRE capitalisation and unusually dry conditions that increased resilience costs.
| 6 months to Mar 2026 | 6 months to Sep 2025 | 6 months to Mar 2025 | 6 months to Sep 2024 | 6 months to Mar 2024 | 6 months to Sep 2023 | 6 months to Mar 2023 | 6 months to Sep 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,307.1 | 1,309.2 | 1,063.2 | 1,082.0 | 974.1 | 975.4 | ||
| Operating income | 537.9 | 561.5 | 298.1 | 333.4 | 239.6 | 240.6 | 182.3 | 258.5 |
| Net income | 346.8 | 240.0 | 161.6 | 103.1 | 10.1 | 116.8 | -148.1 | 353.0 |
| EPS, diluted | 50.70 | 35.10 | 23.60 | 15.10 | 1.50 | 17.10 | -21.60 | 51.60 |
What this means. The capital spending figures are shown as positive numbers even though they are cash the company spent, so they reduce free cash flow.
What should people watch in United Utilities' next results?
The first checkpoint is the half-year report due on 12 November 2026. It should show whether revenue, costs, depreciation and investment are developing as management expects. Ofwat’s consultation on the FY26 outcome-delivery adjustment closes on 5 November 2026. Its final determination is due on 15 December.
The separate cost-change decision, expected in December, will show how much of the expansion is allowed and whether conditions apply. Approved allowances, gated funding and directly funded assets should be kept distinct because they carry different levels of certainty.