United Utilities Group PLC

Name: United Utilities Group PLC financial statements and ratios
Creator: Annalist

UU. · LSE · Utilities, water · United Kingdom · IFRS · Fiscal year ends March

Latest report: FY2026, the fiscal year ended 31 March 2026. Snapshot FY2026_a51c63e1.

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Overview

Revenue, fiscal year

+22.0% year on year

Operating profit, fiscal year

+74.1% year on year

Net income, fiscal year

n/a

Diluted EPS, fiscal year

+122% year on year

Operating margin, fiscal year

+12.6pp year on year

Return on invested capital, fiscal year

n/a

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 March 2026 was £2.6 billion, 22.0% higher than in the previous fiscal year.
Strengthenedin FY2026 · stated since FY2024
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 StrengthenedRevenue for the fiscal year ended 31 March 2026 was £2.6 billion, 22.0% higher than in the previous fiscal year.Recorded from FY2026_a51c63e1 · data update
2. FY2025 StrengthenedRevenue for the fiscal year ended 31 March 2025 was £2.1 billion, 10.0% higher than in the previous fiscal year.Reconstructed · data update
3. FY2024 NewRevenue for the fiscal year ended 31 March 2024 was £1.9 billion, 8.1% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2026 was 42.0%, 12.6 percentage points higher than a year earlier.
Strengthenedin FY2026 · stated since FY2024
Rule: Operating margin against a year earlier · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 StrengthenedThe operating margin for fiscal 2026 was 42.0%, 12.6 percentage points higher than a year earlier.Recorded from FY2026_a51c63e1 · data update
2. FY2025 StrengthenedThe operating margin for fiscal 2025 was 29.4%, 4.8 percentage points higher than a year earlier.Reconstructed · data update
3. FY2024 NewThe operating margin for fiscal 2024 was 24.6%, 0.2 percentage points higher than a year earlier.Reconstructed · initial
Purchases of property, plant and equipment exceeded operating cash flow by £110 million in fiscal 2026.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
Strengthenedin FY2026 · stated since FY2024
Rule: Free cash flow · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 StrengthenedPurchases of property, plant and equipment exceeded operating cash flow by £110 million in fiscal 2026.Recorded from FY2026_a51c63e1 · data update
2. FY2025 StrengthenedPurchases of property, plant and equipment exceeded operating cash flow by £70 million in fiscal 2025.Reconstructed · data update
3. FY2024 NewPurchases of property, plant and equipment exceeded operating cash flow by £4 million in fiscal 2024.Reconstructed · initial

Records before FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual financial report for the year to 31 March 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026_a51c63e1

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, pounds sterling

Operating Profit

By fiscal year, pounds sterling

Margins

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, pounds sterling

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2026

Annual financial report for the year to 31 March 2026. Changes are against the previous report, and each figure shows its period.

0changes1threshold crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 1

StrengthenedFree Cash Flow
Purchases of property, plant and equipment exceeded operating cash flow by £110 million in fiscal 2026.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added		n/a	n/a	n/a	n/a
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities		n/a	n/a	n/a	n/a
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities		n/a	n/a	n/a	n/a
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities		n/a	n/a	n/a	n/a
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / finance costs; empty where amortisation is not reported	n/a

Reconciliation of the Credit Figures

Item	FY202231 Mar 2022
EBIT	£610m
Depreciation and amortisation, with the impairment reported with them	£418m
Share-based payments	£0
Adjusted EBITDA	£1.0bn
Cash interest	−£122m
Cash taxes	−£8.9m
Funds from operations	£897m

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

These ratios have no value for the figures of this company.

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityAccruals and the cash backing of reported earnings.

Accruals and the cash backing of reported earnings.

By Fiscal Year

Ratio	FY202131 Mar 2021	FY202231 Mar 2022
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 1.30 · FY2026

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2026 was 1.30, between the distress threshold of 1.10 and the safe threshold of 2.60.
Interpretation. By this model, the company is between the 2 groups of its original study: below 1.10 the profile resembles companies that went bankrupt, above 2.60 companies that did not. Large share buybacks lower book equity and so lower the score.
Newin FY2026 · first stated
Rule: Altman Z'' zone · Sources Annual financial report 2026-03
History of this finding, 4 records
1. FY2026 NewThe Altman Z'' score for fiscal 2026 was 1.30, between the distress threshold of 1.10 and the safe threshold of 2.60.Recorded from FY2026_a51c63e1 · data update
2. FY2026 RetiredThe finding changed to the grey zone.Recorded from FY2026_a51c63e1 · data update
3. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 1.02, below the distress threshold of 1.10.Reconstructed · data update
4. FY2024 NewThe Altman Z'' score for fiscal 2024 was 0.90, below the distress threshold of 1.10.Reconstructed · initial

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	distress zone	distress zone	distress zone	distress zone	grey zone

Altman Z'' Score

fiscal 2026

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

1.30Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 1.30 is in the grey zone of the model, between 1.10 and 2.60. The largest part is working capital, at 0.49.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.075	6.560	0.489
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.077	3.260	0.251
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.061	6.720	0.408
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.141	1.050	0.148
Score			1.296

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 March 2026 Search page of the FCA National Storage Mechanism	7 Jul 2026, added to the index	AFR:2138002IEYQAOC88ZJ59-2026-03-31-0
Annual financial report for the year to 31 March 2025 Search page of the FCA National Storage Mechanism	15 Jul 2025, added to the index	AFR:2138002IEYQAOC88ZJ59-2025-03-31-0
Annual financial report for the year to 31 March 2024 Search page of the FCA National Storage Mechanism	18 Jun 2024, added to the index	AFR:2138002IEYQAOC88ZJ59-2024-03-31-0
Annual financial report for the year to 31 March 2023 Search page of the FCA National Storage Mechanism	20 Jun 2023, added to the index	AFR:2138002IEYQAOC88ZJ59-2023-03-31-0
Annual financial report for the year to 31 March 2022 Search page of the FCA National Storage Mechanism	22 Jun 2022, added to the index	AFR:2138002IEYQAOC88ZJ59-2022-03-31-0

Checks

1919 checks, all passed

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	197
Proven by a check	9.1%, 18 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	6
Changes compared on one basis	2
Company lines mapped	0 of 0 reviewed

Citation

Annalist, United Utilities Group PLC, snapshot united-utilities/FY2026_a51c63e1 (as of FY2026); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026_a51c63e1 · dataset SHA-256 a51c63e1d42c63d117c8ec7039e1b80f9cd31fa1d8f1e4e1d73b2399526117bc · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json