California Water Service Group
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California Water Service Group (CWT) investor relations material

California Water Service Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Announced acquisitions of Nexus Water's Nevada and Oregon operations and full ownership of BVRT Holdings in Texas, expanding presence to eight states and diversifying regulatory exposure.

  • 2025 marked the 100th year of operations, with record $517 million infrastructure investment and continued focus on rate case progress and regulatory engagement.

  • Q4 and full-year 2025 results were negatively impacted by severe wet weather, reducing customer consumption and earnings.

  • Increased annual dividend by 10.71% in 2025 and announced a further 8% increase for 2026, marking the 59th consecutive annual increase.

  • Completed rate cases in Hawaii and Washington, supporting infrastructure upgrades and revenue growth.

Financial highlights

  • Q4 2025 revenue was $220 million, down from $222.2 million in Q4 2024; net income was $11.5 million ($0.19 per share) versus $19.7 million ($0.33 per share) year-over-year.

  • Full-year 2025 operating revenue was $1 billion, up 5.4% from non-GAAP 2024 revenue of $949.3 million; GAAP revenue declined 3.5% year-over-year.

  • Net income for 2025 was $128.2 million, up 1% from non-GAAP 2024 net income of $126.8 million; GAAP net income decreased 32.8% year-over-year.

  • Diluted EPS for 2025 was $2.15, essentially flat compared to non-GAAP 2024 EPS of $2.16; GAAP EPS declined from $3.25 in 2024.

  • Dividend per share was $1.24 in 2025, up from $1.12 in 2024, including a special dividend.

Outlook and guidance

  • Expecting timely completion and integration of Nexus and BVRT acquisitions.

  • Anticipate a decision soon on the 2024 California General Rate Case, with planning underway for the 2027 rate case.

  • Continued focus on infrastructure investment, regulatory engagement, and disciplined capital allocation.

  • PFAS treatment program to continue, with $50–$70 million in spending expected in 2026 and majority of treatment in place by end of 2027; $235.3 million in additional PFAS-related capital expenditures expected over multiple years.

  • Rate base projected to exceed $3.3 billion by 2027, with an 11.7% CAGR from 2018–2027.

Significance of March 15 for 2024 CA GRC
Compare 2025 vs 2024 non-GAAP financial performance
How do 2025 investments support future growth?
Impact of acquisitions on rate base growth targets
What drives confidence in timely CA GRC?
PFAS program: funding and spend schedule
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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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