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American States Water Company (AWR) investor relations material
American States Water Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 diluted EPS rose 11.6% year-over-year to $1.06, with all business segments contributing to the increase, and year-to-date EPS reached $2.63, up 8.7% from last year, driven by new water and electric rates and higher contracted services earnings.
Consolidated operating revenues for the nine months ended September 30, 2025, increased 9.2% year-over-year to $493.8 million, with Q3 revenues up $21 million to $182.7 million.
Net income for the nine months rose 12.0% to $101.7 million, reflecting improved segment performance and new customer rates.
Regulated utilities are authorized for nearly $650 million in capital investments, with $180–$210 million targeted for 2025.
Recognized for sustainability and growth, including listings on TIME's and Barron's top company rankings.
Financial highlights
Q3 2025 consolidated diluted EPS: $1.06 vs. $0.95 in Q3 2024; YTD 2025: $2.63 vs. $2.42 YTD 2024.
Q3 2025 operating revenues: $182.7 million, up $21.0 million year-over-year; nine-month revenues reached $493.8 million.
Operating expenses (excluding supply costs) increased by $10.3 million, mainly due to wildfire mitigation and higher construction activity.
Net cash from operations was $202 million year-to-date, up from $134.2 million last year.
Operating income for Q3 2025 was $61.7 million, compared to $55.1 million in Q3 2024.
Outlook and guidance
Contracted services segment (ASUS) expected to contribute $0.59–$0.63 per share for full year 2025 and $0.63–$0.67 per share in 2026.
Regulated utilities on track for $180–$210 million in infrastructure investments for 2025.
Dividend policy targets a long-term CAGR of more than 7%.
Water and electric segments anticipate continued volatility in earnings due to changes in supply mix and absence of full cost balancing accounts.
ASUS has a strong backlog of capital upgrade projects supporting future growth.
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