GWRS on Nasdaq

Global Water Resources, Inc.

GWRI is a water resource management company that owns, operates, and manages thirty-nine water, wastewater, and recycled water public utility systems in strategically located communities, principally.3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerGWRS on Nasdaq1
  • IndustryWater Supply1
  • HeadquartersPhoenix, Arizona1
  • Incorporated inDE2
  • Business address21410 N. 19Th Avenue, Suite 220, Phoenix, Az 850272
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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GWRI is a water resource management company that owns, operates, and manages thirty-nine water, wastewater, and recycled water public utility systems in strategically located communities, principally in metropolitan Phoenix and Tucson, Arizona. We seek to deploy an integrated approach, referred to as “Total Water Management.” Total Water Management is a comprehensive approach to water utility management that reduces demand on scarce non-renewable water sources and costly renewable water supplies, in a manner that ensures sustainability and greatly benefits communities both environmentally and economically. This approach employs a series of principles and practices that can be tailored to each community:3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

12.8%Operating margin4
5.3%Net margin4
5.8%Revenue growth, 20254
3.4%Return on equity4
1.50×Debt to equity4
-$47.2MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Water Services brought in 51% of the revenue Global Water Resources, Inc. broke down this way in fiscal 2025.

  1. Water Services$28.6M451%up 10% from 2024
  2. Wastewater And Recycled Water$27.1M449%up 2% from 2024
Products and services by year
Products and services20242025
Water Services$26.1M$28.6M
Wastewater And Recycled Water$26.6M$27.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs93¢$51.8M
  • Income tax2¢$1.0M
  • Profit5¢$3.0M

Out of $55.8M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending89¢$67.3M
  • Dividends paid11¢$8.2M

Out of $20.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4

Financial statements

Revenue567894$55.8M in 2025+57% since 2019
0$20.0M$40.0M$60.0M2019: $35.5M$35.5M20192020: $38.6M$38.6M2020+9%2021: $41.9M$41.9M2021+9%2022: $44.7M$44.7M2022+7%2023: $53.0M$53.0M2023+19%2024: $52.7M$52.7M2024−1%2025: $55.8M$55.8M2025+6%
Operating income567894$7.2M in 2025+3% since 2019
0$5.0M$10.0M$15.0M2019: $7.0M$7.0M20192020: $7.3M$7.3M2020+5%2021: $7.0M$7.0M2021−5%2022: $7.8M$7.8M2022+12%2023: $12.3M$12.3M2023+57%2024: $9.4M$9.4M2024−24%2025: $7.2M$7.2M2025−24%
Net income567894$3.0M in 2025+33% since 2019
0$2.0M$4.0M$6.0M$8.0M2019: $2.2M$2.2M20192020: $1.1M$1.1M2020−50%2021: $3.6M$3.6M2021+227%2022: $5.5M$5.5M2022+53%2023: $8.0M$8.0M2023+45%2024: $5.8M$5.8M2024−27%2025: $3.0M$3.0M2025−49%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Total revenue$55.8M$52.7M
Operations and maintenance$15.7M$13.7M
General and administrative$17.9M$16.9M
Depreciation, amortization and accretion$15.0M$12.7M
Total operating expenses$48.6M$43.3M
Operating Income$7.2M$9.4M
Interest income$446.0K$946.0K
Interest expense-$6.0M-$6.1M
Other, net$2.3M$3.6M
Total other expense-$3.2M-$1.5M
Income Before Income Taxes$4.0M$7.9M
Income Tax Expense-$1.0M-$2.1M
Net Income$3.0M$5.8M
Basic earnings per common share (in dollars per share)$0.11$0.24
Diluted earnings per common share (in dollars per share)$0.11$0.24
Dividends declared per common share (in dollars per share)$0.30$0.30
Basic (in shares)27.0M shares24.2M shares
Diluted (in shares)27.1M shares24.3M shares

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Leadership

Who has led Global Water Resources, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ronnie L. Fleming2016–now

President

  1. Ronnie L. Fleming2016–now

Chief financial officer

  1. Michael J. Liebman2016–now

Chief operating officer

  1. Christopher D. Krygier2023–now
20202025
Board members and other officers (27)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerSteven D. Brill named Oct 9, 2025 to Sep 3, 202643
  • DirectorJonathan L. Levine named Jun 12, 2023 to Sep 3, 202643

Timeline

  1. Jul 1, 2016New chief executive Ronnie L. Fleming becomes CEO13

Filings

973 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 52 major events, 860 insider forms, 13 large holders, 3 private raises, 25 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Oct 2, 20264 EDGAR
  3. Oct 2, 20264 EDGAR
  4. Oct 2, 20264 EDGAR
  5. Oct 2, 20264 EDGAR
  6. Oct 2, 20264 EDGAR
  7. Oct 2, 20264 EDGAR
  8. Oct 2, 20264 EDGAR
  9. Oct 2, 20264 EDGAR
  10. Sep 8, 20264 EDGAR
  11. Sep 3, 2026D EDGAR
  12. Sep 2, 20264 EDGAR
  13. Sep 2, 20264 EDGAR
  14. Sep 2, 20264 EDGAR
  15. Sep 2, 20264 EDGAR
  16. Sep 2, 20264 EDGAR
  17. Sep 2, 20264 EDGAR
  18. Sep 2, 20264 EDGAR
  19. Sep 2, 20264 EDGAR
  20. Sep 2, 20264 EDGAR

The 973 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

56 open-market trades by officers, directors and large owners since October 2021: 51 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 20, 2026Levine Jonathan LDirectorBuy651,618$8.85$5.8MForm 4
Aug 20, 2026Cohn Andrew M.DirectorBuy139,343$8.85$1.2MForm 4
May 20, 2026Liebman Michael JCFO and Corporate SecretaryBuy7,000$6.89$48.3KForm 4
May 20, 2026Krygier Christopher DChief Operating OfficerBuy5,389$6.87$37.0KForm 4
May 19, 2026Lenderking John CarrollSVP, Water ResourcesBuy700$6.85$4.8KForm 4
Mar 13, 2026Cohn Andrew M.DirectorBuy18,305$7.20$131.8KForm 4
Sep 30, 2025Cohn Andrew M.DirectorBuy154,026$10.30$1.6MForm 4
Sep 30, 2025Levine Jonathan LDirectorBuy728,197$10.30$7.5MForm 4
Mar 27, 2025Cohn Andrew M.DirectorBuy252,000$10.00$2.5MForm 4
Mar 27, 2025Levine Jonathan LDirectorBuy1,187,200$10.00$11.9MForm 4
Jan 31, 2025Brill Steven D.VP of IT OperationsBuy8$11.64$88Form 4
Dec 30, 2024Brill Steven D.VP of IT OperationsBuy8$11.44$88Form 4
Nov 27, 2024Brill Steven D.VP of IT OperationsBuy7$13.23$87Form 4
Sep 30, 2024Brill Steven D.VP of IT OperationsBuy7$12.57$88Form 4
Sep 11, 2024Brill Steven D.VP of IT OperationsBuy6$12.74$76Form 4
Aug 23, 2024Kitts Suzanne MichelleVice President and ControllerSale1,513$12.28$18.6KForm 4
Aug 19, 2024Krygier Christopher DChief Operating OfficerBuy1,258$11.92$15.0KForm 4
Aug 15, 2024Brill Steven D.VP of IT OperationsBuy13$11.60$151Form 4
Jul 8, 2024Cohn Andrew M.DirectorSale536$11.95$6.4KForm 4
Jul 2, 2024Cohn Andrew M.DirectorBuy536$12.00$6.4KForm 4

All 56 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 20, 2026Raised $10 million in a private offering of equity Form D: 3 investors so far Form D
  2. Sep 30, 2025Raised $13.1 million in a private offering of equity Form D: 3 investors so far Form D
  3. Jun 8, 2023Raised $2.8 million in a private offering of equity Form D: 2 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
TSP Capital Management Group, LLC1,340,305$9.7M2.3%New
BlackRock, Inc.661,528$4.8M0.0%+34,593
Vanguard Capital Management LLC601,601$4.4M0.0%+6,348
North Star Investment Management Corp.421,649$3.1M0.2%+6,201
Heartland Advisors Inc407,741$3.0M0.1%−423,359
Geode Capital Management, LLC372,786$2.7M0.0%+25,132
Wells Fargo & Company/mn335,286$2.4M0.0%+24,686
Redmond Asset Management, LLC329,186$2.4M0.6%−500
State Street Corp257,767$1.9M0.0%+19,917
Aqr Capital Management LLC211,758$1.5M0.0%+163,306
Morgan Stanley209,818$1.5M0.0%+99,764
Penn Capital Management Company, LLC177,236$1.3M0.1%−302
Renaissance Technologies LLC171,947$1.2M0.0%−18,600
Goldman Sachs Group Inc163,824$1.2M0.0%+94,137
Dimensional Fund Advisors LP159,179$1.2M0.0%+17,667
Bard Associates Inc129,332$936.4K0.2%+11,000
Northern Trust Corp110,151$797.5K0.0%+6,458
Vanguard Fiduciary Trust Co95,336$690.2K0.0%+3,045
Vanguard Portfolio Management LLC93,661$678.1K0.0%+8,311
Nuveen, LLC88,939$643.9K0.0%+62,211
Royal Bank Of Canada81,144$588.0K0.0%+78,812
Panagora Asset Management Inc75,608$547.4K0.0%+525
Commonwealth Equity Services, LLC66,750$483.3K0.0%+2,805
Dynamic Advisor Solutions LLC55,785$403.9K0.0%+2,133
Jane Street Group, LLC44,259$320.4K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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