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California Water Service Group (CWT) investor relations material
California Water Service Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Delivered strong financial and operational performance in Q3 2025, with net income of $61.2 million ($1.03 per diluted share), and significant infrastructure investment and regulatory progress across multiple states.
Q3 2025 revenue rose 3.9% year-over-year to $311.2 million, while year-to-date net income was $116.7 million ($1.96 per diluted share), down from the prior year due to non-recurring regulatory revenue.
Received $34.8 million in PFAS settlement proceeds year-to-date, directly offsetting customer costs for new PFAS rules.
Advanced rate cases and regulatory proceedings in California, Texas, Hawaii, and Washington, with notable progress and settlements.
Continued expansion in Texas, with over 19,000 connected and committed customers in 2025 and significant additional potential.
Financial highlights
Q3 2025 operating revenue was $311.2 million, up 3.9% year-over-year; net income was $61.2 million, and diluted EPS was $1.03.
Year-to-date 2025 operating revenue was $780.2 million, down 4.2% from 2024 due to prior year interim rate relief; adjusted for this, revenue increased 7.3%.
Year-to-date net income was $116.7 million ($1.96 per diluted share), a 31.8% decrease year-over-year, but up 9.9% on a non-GAAP basis.
Dividend increased 10.71% for 2025, with a five-year compound growth rate of 7.7%; 323rd consecutive quarterly dividend declared.
Q3 2025 operating expenses increased 3.4% year-over-year to $240.6 million, mainly due to higher water production costs and depreciation.
Outlook and guidance
Confident in achieving most of the capital ask in the California rate case, with historical approval rates of 80–90%.
Rate base is projected to exceed $3.3 billion by 2027, with a CAGR of 11.7%.
2025 utility capital expenditures are estimated between $450 million and $550 million.
Management expects adequate water supply for 2025 and beyond, with ongoing investments in infrastructure and compliance with new water quality regulations.
Ongoing focus on operational excellence, responsible capital execution, and timely regulatory outcomes as the company approaches its centennial.
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Next California Water Service Group earnings date
Q4 202527 Feb, 2026
Next California Water Service Group earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
California Water Service Group is a utility holding company that provides water and wastewater services through its regulated and non-regulated subsidiaries. The company supplies water for residential, commercial, industrial, and public authority use, as well as for fire protection. Its operations include water production, treatment, storage, and distribution, along with wastewater collection and treatment services. The company is headquartered in San Jose, California, and its shares are listed on the NYSE.
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