10-K · February 18, 2026
American States Water (AWR) reports annual results for the period ending December 31, 2025 showing revenue growth year-over-year and modest EPS improvement, but material margin and cash-flow volatility across quarters.…
Earnings analysis · 10-Q
AWR earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
AWR reported solid Q1 results with revenues increasing by 14.3% to $169.2 million, driven by rate hikes across segments. Gross margin improved to 75.0%, while diluted EPS rose 8.6% year-over-year to $0.76. Management…
Read full summary
AWR reported solid Q1 results with revenues increasing by 14.3% to $169.2 million, driven by rate hikes across segments. Gross margin improved to 75.0%, while diluted EPS rose 8.6% year-over-year to $0.76. Management highlighted strong performance in the water and electric segments amid ongoing regulatory adjustments, although there are potential risks from geopolitical and climate conditions.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.76
What stood out
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Strong Revenue Growth
Total revenue increased 14.3% year-over-year to $169.2 million, up from $148.0 million.
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Improved EPS
Diluted EPS rose 8.6% to $0.76, compared to $0.70 in the same period last year.
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Water Segment Recovery
Water revenue increased by $11.1 million (10.9%) to $113.1 million due to rate increases.
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Electric Segment Growth
Electric segment revenue rose 24.4% to $18.7 million, benefiting from rate hikes.
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Favorable Operating Margins
Gross margin improved to 75.0% from 67.2% while operating margin expanded to 30.4%.
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Positive Cash Flow Trends
Operating cash flow increased to $71.6 million from $45.1 million year-over-year.
What to watch
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Geopolitical Risks
Ongoing military operations abroad could indirectly affect costs and operations.
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Weather Patterns Disruptions
Unpredictable drought conditions may impact water supply and operational stability.
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Regulatory Challenges
Transition from full revenue decoupling to M-WRAM introduces volatility impacts.
Management's outlook
Management expects continued growth in segments but acknowledges potential volatility from regulatory and environmental factors.
Earlier filings 4
10-Q · August 6, 2024
Q2 2024 results: consolidated revenue of $155.33M (down $2.07M YoY, up vs Q1), EPS $0.85 (down $0.19 YoY, up vs Q1) and operating income of $51.75M. Contracted services was the main growth engine while water and…
10-K · February 21, 2024
AWR positions itself as a regulated utility (water and electric) plus a contracted services business that operates long-term, fixed-price military-base water/wastewater contracts. The company emphasizes capital…
10-K · March 1, 2023
AWR’s 2022 Form 10-K describes a regulated utility business (water and electric) plus contracted military utility services, emphasizing long-term regulated cash flows, infrastructure investment and climate/renewables…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.