American States Water Company (AWR) Q3 2026 earnings summary

Executive summary

• Q3 diluted EPS was $1.06, flat YoY; adjusted EPS excluding retirement-plan investment gains and losses rose $0.05 to $1.06 from $1.01.

• 9M revenue rose 10.0% to $543.0M; diluted EPS increased 11.0% to $2.92 and adjusted EPS rose 12.6% to $2.86.

• Q3 revenue increased 5.4% to $192.5M; operating income rose 9.0% to $67.3M and net income increased to $42.3M.

Financial highlights

• Q3 operating expenses rose 3.5% to $125.2M; net interest expense was $11.1M versus $10.6M.

• 9M operating income increased 15.4% to $182.6M; net income was $115.5M versus $101.7M.

• 9M operating cash flow was $201.7M versus $202.0M; investing cash outflow was $154.2M versus $172.7M.

• Retirement-plan investment results were a $17K Q3 loss versus a $2.5M gain; 9M gains were $3.0M versus $4.6M.

Outlook and guidance

• Regulated utilities target $185M–$220M of 2026 infrastructure investment; $149.3M was invested in company-funded capital work through September.

• Contracted services is projected to contribute $0.63–$0.67 per share in 2026 and $0.67–$0.71 in 2027.

• The 2028–2030 water rate case seeks ~$1B in capital budgets; a decision is scheduled for Q4 2027, with rates effective Jan. 1, 2028.

• The 2027–2030 electric rate case seeks $133M in capital budgets plus $17M and AFUDC for advice-letter projects; a decision is scheduled for Q1 2027.