Corporate governance, including board structure, transparency, audit committees, and shareholder rights, enhances organizational efficiency and accountability. However, its impact on profitability remains mixed in existing literature. In Zambia’s water sector, governance inefficiencies such as non-functional boards and financial losses have led to poor service delivery and underinvestment. This study assessed how governance structures influenced financial performance in 11 commercial water utilities from 2016 to 2020. Employing a positivist philosophy, descriptive retrospective design, and quantitative methods, it analysed secondary financial and governance data. Results revealed significant positive correlations between board characteristics (size, audit committee, composition) and profitability. Nonetheless, weak board structures and high non-revenue water continued to undermine performance. The study underscores the need for governance improvements to enhance financial sustainability and service delivery, contributing to Sustainable Development Goal 6. It fills a gap in research on governance in Zambia’s public utilities and offers actionable insights for policy and reform. Future studies should explore governance reforms, management practices, and technological innovations to further improve performance.