0001628280-26-009114
SEC filingAmerican States Water Company (AWR) reported strong financial results for fiscal year 2025, with total operating revenues of $658.1 million and net income of $130.4 million. The company generated operating income of $203.3 million, representing a 30.9% operating margin. Key revenue drivers included water operations ($464.1 million), electric operations ($57.2 million), and contracted services ($136.7 million). The company maintained solid profitability with basic and diluted earnings per share of $3.00 and paid dividends of $2.00 per common share. AWR invested $236.8 million in capital expenditures while generating $229.7 million in operating cash flow. The balance sheet shows total assets of $2.72 billion, with common shareholder's equity of $1.05 billion and long-term debt of $782.7 million. The company's financial position remains strong with adequate liquidity and continued investment in utility infrastructure.
American States Water Company delivered solid financial performance for fiscal year 2025, reporting total operating revenues of $658.1 million and net income of $130.4 million. The company achieved operating income of $203.3 million, representing a healthy operating margin of 30.9%. Earnings per share were $3.00 on both basic and diluted bases, with weighted average shares outstanding of 38.5 million (basic) and 38.7 million (diluted). The company maintained its dividend payment of $2.00 per common share. Operating expenses totaled $454.8 million, with the largest components being administrative and general expenses ($102.8 million), water purchased ($98.2 million), ASUS construction ($60.6 million), and depreciation and amortization ($47.8 million).
The company's revenue streams are diversified across three main categories. Water operations generated $464.1 million in revenue, representing the largest segment of the business. Electric operations contributed $57.2 million in revenue, while contracted services provided $136.7 million. The total operating revenue of $658.1 million reflects the company's core utility operations and service contracts. No geographic breakdown or specific growth drivers beyond these segment revenues are provided in the available data. The revenue composition shows water operations as the dominant business line, followed by contracted services and electric operations.
American States Water Company demonstrated strong profitability metrics for FY 2025. The operating margin of 30.9% ($203.3 million operating income on $658.1 million revenue) indicates efficient operations. The net income margin was 19.8% ($130.4 million net income on $658.1 million revenue). The cost structure shows administrative and general expenses as the largest operating cost at $102.8 million, followed by water purchased at $98.2 million. Other significant costs included ASUS construction ($60.6 million), depreciation and amortization ($47.8 million), and other operation expenses ($47.0 million). The company benefited from supply cost balancing accounts of -$5.0 million, which reduced overall operating expenses.
The company generated strong operating cash flow of $229.7 million for FY 2025, starting from net income of $130.4 million and adding back non-cash items including depreciation and amortization of $48.9 million. Investing activities used $237.5 million, primarily for capital expenditures of $236.8 million. Financing activities resulted in a net cash outflow of $26,000, with significant items including proceeds from issuance of common shares ($67.1 million), proceeds from long-term debt issuance ($149.2 million), dividends paid ($74.7 million), and net changes in notes payable to banks (-$148.0 million). The balance sheet shows total assets of $2.72 billion, with net utility plant of $2.30 billion representing the largest asset category. Total capitalization was $1.83 billion, consisting of common shareholder's equity of $1.05 billion and long-term debt of $782.7 million. Current assets totaled $231.1 million against current liabilities of $174.6 million.
The filing does not provide specific forward-looking guidance, management projections, or explicit strategic priorities for future periods. No quantitative or qualitative outlook information is included in the provided financial data. The company's continued investment in utility infrastructure is evidenced by the $236.8 million in capital expenditures and $255.5 million in construction work in progress. The balance sheet indicates ongoing access to capital markets through debt and equity issuances. The dividend payment of $2.00 per common share suggests a commitment to shareholder returns. Risk factors and detailed strategic initiatives are not included in the provided financial statement data.