Table of Contents - IOU Market Share, 2026
Section 1 – IOU Market Overview
- Unsustainable Fragmentation Points to Opportunity for Consolidation
- 10 Forces Driving Consolidation
- Market Entry, Scale, and Exits: A Decade of Water M&A
- U.S. Water M&A Activity Concentrates in Five Key Markets
- Benchmarking States by IOU Activity
- FMV Legislation Accelerates IOU Consolidation
- Water IOU Capital Expenditures Surge While Public Utilities Stall
- For Several IOUs, CAPEX Growth Outpaces OPEX Growth
Section 2 – Competitive Landscape
- IOU Geographic Footprints Underscore Platform Building
- Greenfield M&A Is the Real Opportunity; Peer Acquisitions Reshuffle the IOU Rankings
- Defining IOUs Path to Growth
- How Leading IOUs Are Growing Their Customer Base
- Change in Customer Base, 2024–2025
- IOU Leadership Evidenced in Regional Markets
- High-Level Transactions in IOU Rankings Reshape Competitive Landscape
- American Scales Up with Essential, Nexus Acquisition
- Nexus Scales Down, Divesting Breadth of State Positions
- IOU Rankings and Market Share
- IOU Playbooks Highlighted in Competitive Positioning Landscape
- Pending Deals Will Fundamentally Redraw the IOU Connection Rankings
Section 3 – Company Profiles
- American States Water Company
- American Water Works Company
- Arizona Water Company
- Artesian Water Company
- California Water Service Group
- Central States Water Resources
- EPCOR
- Essential Utilities
- Global Water Resources
- H2O America
- JW Water Holdings
- Liberty Utilities
- Middlesex Water Company
- Nexus Water Group
- NW Natural
- Pennichuck Corporation
- San Gabriel Valley Water Company
- Utility Holdings
- Veolia North America
- The York Water Company