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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.
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Q3 2025 earnings summary6 Nov, 2025

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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Frequently asked questions

American States Water Company provides water and electric utility services. Through its subsidiaries, it distributes water to residential, commercial, and industrial customers and also provides contracted services for military bases. The company is headquartered in San Dimas, California, and its shares are listed on the NYSE.

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