American States Water (AWR) FY2025 results: revenue $658 million, up 10.5% on the year
American States Water Co. (AWR) reported revenue of $658 million for fiscal 2025, the year ended 31 December 2025, up 10.5% on the year before. Net income was $130 million, up 9.4%, and diluted earnings per share $3.37. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.
Revenue
$658 million
+10.5% on the year
FY2018FY2025
Operating margin
30.9%
31.0% a year earlier
FY2018FY2025
Net income
$130 million
+9.4% on the year
FY2018FY2025
Diluted EPS
$3.37
+6.3% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 new, 2 kept.
Fourth-quarter reported EPS slipped $0.01: Fully diluted EPS was $0.74 for the fourth quarter 2025 against $0.75 a year earlier, a $0.01 decrease as reported.
Adjusted fourth-quarter EPS rose $0.18: Adjusted for the 2024 items, fourth-quarter EPS rose $0.18 from $0.56 to $0.74, mainly on new customer rates at the regulated utilities and higher contracted services earnings.
Full-year reported EPS up 6.3%: Full-year reported diluted EPS was $3.37 against $3.17, up $0.20. Adjusted for the 2024 water tax benefit, full-year EPS rose 10.9%, or $0.33.
Water adjusted EPS rose $0.11: Water reported $0.50 for the fourth quarter against $0.52 a year earlier. Adjusted for the 2024 tax benefit, water rose from $0.39 to $0.50.
Water supply costs rose $10.2 million: The rise came mainly from higher per-unit purchased water costs covered in customer rates. Supply costs now run through an incremental cost balancing account.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
230
199
67.7
+15.6%
Capital expenditure
237
232
189
+2.1%
Free cash flow
-7.1
-33.2
-121
Free cash flow margin
-1.1%
-5.6%
-20.3%
Cash from investing
-238
-233
-189
Cash from financing
-0.0
46.6
129
Depreciation and amortisation
47.8
43.6
42.4
+9.5%
Share-based compensation
3.6
3.7
3.3
-4.9%
Dividends paid
74.7
67.0
61.2
+11.4%
Dividend per share
$1.94
$1.79
$1.66
+8.3%
Diluted shares, weighted
39m
38m
37m
+2.9%
Shares outstanding at period end
39m
38m
37m
+2.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,046
920
776
+13.6%
Debt
932
930
909
+0.2%
Operating lease liabilities
4.4
6.4
6.6
-31.1%
Other liabilities
733
644
554
+13.9%
Total liabilities and equity
2,715
2,500
2,246
+8.6%
Fixed assets
2,296
2,100
1,892
+9.4%
Goodwill
n/a
n/a
1.1
Intangible assets
3.1
4.1
5.1
-23.7%
Cash and equivalents
18.8
26.7
14.1
-29.4%
Receivables
38.3
37.7
34.2
+1.6%
Other assets
359
332
299
+7.9%
Total assets
2,715
2,500
2,246
+8.6%
10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.