American States Water Co (AWR) financial statements: income statement, balance sheet and cash flow

American States Water Co's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), American States Water Co reported revenue of $658.1M (+10.5% year on year) and net income of $130.4M (+9.4% year on year).

Income statement

American States Water Co income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Water	$464.1M	$417.4M	$433.5M	$340.6M
Electric	$57.2M	$51.6M	$41.8M	$40.0M
Contracted services	$136.7M	$126.4M	$120.4M	$110.9M
Total operating revenues	$658.1M	$595.5M	$595.7M	$491.5M
Water purchased	$98.2M	$74.3M	$72.9M	$75.9M
Power purchased for pumping	$14.1M	$15.0M	$12.8M	$11.9M
Groundwater production assessment	$21.5M	$24.1M	$20.9M	$19.1M
Power purchased for resale	$18.1M	$11.6M	$13.3M	$15.0M
Supply cost balancing accounts	($5.0M)	($1.9M)	$12.1M	($12.0M)
Other operation	$47.0M	$41.3M	$40.3M	$38.1M
Administrative and general	$102.8M	$100.9M	$88.3M	$86.2M
Depreciation and amortization	$47.8M	$43.6M	$42.4M	$41.3M
Maintenance	$21.7M	$20.3M	$14.2M	$13.4M
Property and other taxes	$28.0M	$27.1M	$24.0M	$22.9M
ASUS construction	$60.6M	$54.5M	$57.9M	$53.2M
Gain on sale of assets	$0	$0	($100.0K)	($75.0K)
Total operating expenses	$454.8M	$411.0M	$399.0M	$364.9M
Operating Income	$203.3M	$184.5M	$196.7M	$126.6M
Interest Expense	$46.8M	$50.4M	($42.8M)	($27.0M)
Interest income	$5.7M	$7.9M	$7.4M	$2.3M
Other, net	$7.6M	$7.5M	$5.1M	$125.0K
Total other income and expenses	($33.5M)	($35.0M)	($30.2M)	($24.6M)
Income before income taxes	$169.8M	$149.4M	$166.5M	—
Income tax expense	$39.4M	$30.2M	$41.6M	$23.7M
Net Income	$130.4M	$119.3M	$124.9M	$78.4M
Weighted Average Number of Shares Outstanding (in shares)	38.5M	37.5M	37.0M	37.0M
Basic earnings per Common Share (in USD per share)	$3.37	$3.17	$3.37	$2.12
Weighted Average Number of Diluted Shares (in shares)	38.7M	37.6M	37.1M	37.0M
Diluted earnings per common share (in USD per share)	$3.37	$3.17	$3.36	$2.11
Dividends Paid Per Common Share (in USD per share)	$1.94	$1.79	$1.66	$1.52

American States Water Co income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Water	$131.1M	$113.1M	$132.3M	$119.7M
Electric	$13.6M	$18.7M	$13.3M	$12.9M
Contracted services	$36.6M	$37.4M	$37.1M	$30.4M
Total operating revenues	$181.3M	$169.2M	$182.7M	$163.1M
Water purchased	$23.5M	$21.4M	$27.7M	$23.9M
Power purchased for pumping	$3.7M	$3.3M	$4.5M	$3.6M
Groundwater production assessment	$7.3M	$5.5M	$7.0M	$6.1M
Power purchased for resale	$2.8M	$4.8M	$3.3M	$3.5M
Supply cost balancing accounts	$247.0K	($318.0K)	($367.0K)	($136.0K)
Other operation	$12.0M	$11.3M	$11.8M	$12.3M
Administrative and general	$24.5M	$28.2M	$25.4M	$25.2M
Depreciation and amortization	$12.7M	$12.7M	$11.9M	$11.7M
Maintenance	$6.2M	$5.7M	$5.5M	$6.1M
Property and other taxes	$7.5M	$8.0M	$7.8M	$7.0M
ASUS construction	$16.7M	$17.3M	$16.5M	$12.9M
Utilities Operating Expense, Total	$117.3M	$117.8M	$121.0M	$112.1M
Operating Income	$64.0M	$51.4M	$61.7M	$51.0M
Interest expense	($12.2M)	($12.1M)	($11.7M)	($12.1M)
Interest income	$886.0K	$976.0K	$1.1M	$1.5M
Other, net	$5.1M	($420.0K)	$3.0M	$3.6M
Total other income and expenses, net	($6.2M)	($11.6M)	($7.6M)	($7.0M)
Income before income tax expense	$57.8M	$39.8M	$54.1M	$43.9M
Income tax expense	$14.5M	$9.9M	$12.9M	$10.2M
Net Income	$43.3M	$29.9M	$41.2M	$33.7M
Weighted Average Number of Common Shares Outstanding (in shares)	39.3M	39.1M	38.6M	38.5M
Basic Earnings Per Common Share (in dollars per share)	$1.10	$0.76	$1.06	$0.87
Weighted Average Number of Diluted Shares (in shares)	39.5M	39.2M	38.7M	38.6M
Fully Diluted Earnings Per Common Share (in dollars per share)	$1.09	$0.76	$1.06	$0.87
Dividends declared per common share (in dollars per share)	$0.50	$0.50	$0.50	$0.47

Balance sheet

American States Water Co balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Water	$2.4B	$2.2B	$2.1B	$2.0B
Electric	$229.8M	$171.1M	$156.5M	$133.8M
Total	$2.6B	$2.4B	$2.2B	$2.1B
Non-regulated utility property, at cost	$50.4M	$44.5M	$40.2M	$38.1M
Total utility plant, at cost	$2.7B	$2.4B	$2.3B	$2.2B
Less — accumulated depreciation	($653.7M)	($648.2M)	($624.5M)	($606.2M)
Utility plant before construction work in progress	$2.0B	$1.8B	$1.7B	$1.6B
Construction work in progress	$255.5M	$304.9M	$237.1M	$181.6M
Net utility plant	$2.3B	$2.1B	$1.9B	$1.8B
Other Property and Investments	$58.7M	$50.4M	$42.9M	$36.9M
Property Plant and Equipment and Investments Other and Goodwill Net	$58.7M	$50.4M	—	—
Cash and cash equivalents	$18.8M	$26.7M	$14.1M	$6.0M
Accounts receivable — customers, less allowance for doubtful accounts	$38.3M	$37.7M	$34.3M	$26.2M
Unbilled receivable (Note 2)	$26.6M	$28.4M	$23.5M	$20.7M
Receivable from U.S. government, less allowance for doubtful accounts (Note 2)	$46.4M	$41.0M	$49.3M	$35.0M
Other accounts receivable, less allowance for doubtful accounts	$6.1M	$6.4M	$6.3M	$4.2M
Income taxes receivable	$0	$65.0K	$52.0K	$3.9M
Materials and supplies	$16.4M	$15.1M	$17.6M	$14.6M
Regulatory assets — current	$39.4M	$50.5M	$45.1M	$14.0M
Prepayments and other current assets	$7.6M	$7.3M	$5.8M	$5.5M
Contract assets (Note 2)	$31.4M	$20.1M	$10.0M	$9.4M
Total current assets	$231.1M	$233.3M	$206.0M	$151.3M
Unbilled revenue, receivable from U.S government	$1.3M	$3.4M	$4.9M	$6.5M
Receivable from U.S. government (Note 2)	$27.7M	$35.5M	$42.2M	$50.5M
Contract assets (Note 2)	$79.0K	$1.5M	$4.4M	$5.6M
Operating lease right-of-use assets	$6.1M	$8.0M	$8.0M	$9.5M
Regulatory Asset, Noncurrent	$30.1M	$27.1M	$25.6M	$5.7M
Other	$63.9M	$41.3M	$18.8M	$13.5M
Total other assets	$129.0M	$116.8M	$103.8M	$91.3M
Total Assets	$2.7B	$2.5B	$2.2B	$2.0B
Common shareholder’s equity	$1.0B	$920.1M	$776.1M	$709.5M
Long-term debt	$782.7M	$640.4M	$575.6M	$446.5M
Total capitalization	$1.8B	$1.6B	$1.4B	$1.2B
Notes payable to banks	$0	$124.0M	$42.0M	$255.5M
Long-term debt — current	$8.2M	$385.0K	$353.0K	$399.0K
Accounts payable	$86.0M	$88.6M	$68.7M	$84.8M
Income taxes payable	$1.2M	$481.0K	$492.0K	$1.8M
Accrued other taxes	$12.9M	$16.7M	$14.7M	$16.3M
Accrued employee expenses	$16.2M	$15.5M	$14.7M	$14.0M
Accrued interest	$9.5M	$8.1M	$8.6M	$5.3M
Contract liabilities (Note 2)	$11.7M	$5.7M	$1.4M	$903.0K
Operating lease liabilities	$2.1M	$2.1M	$1.9M	$1.9M
Purchase power contract derivative at fair value (Note 5)	$15.5M	$8.8M	$2.4M	—
Other	$11.3M	$15.2M	$11.5M	$11.0M
Total current liabilities	$174.6M	$285.5M	$166.6M	$396.5M

American States Water Co balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Regulated utility plant, at cost	$3.0B	$2.9B	$2.8B	$2.8B
Non-utility property, at cost	$51.9M	$51.7M	$49.5M	$48.1M
Total	$3.0B	$3.0B	$2.9B	$2.9B
Less - accumulated depreciation	($672.9M)	($663.3M)	($658.3M)	($662.1M)
Net property, plant and equipment	$2.4B	$2.3B	$2.2B	$2.2B
Other property and investments	$61.6M	$57.3M	$55.7M	$52.5M
Cash and cash equivalents	$21.7M	$22.2M	$26.1M	$20.2M
Accounts receivable - customers, less allowance for doubtful accounts	$41.7M	$39.7M	$46.6M	$42.2M
Unbilled receivable	$30.1M	$32.2M	$28.1M	$27.8M
Receivable from the U.S. government (Note 2)	$38.6M	$31.9M	$37.1M	$40.5M
Other accounts receivable, less allowance for doubtful accounts	$7.4M	$4.2M	$12.3M	$18.7M
Income taxes receivable	$1.7M	$0	$0	$0
Materials and supplies	$18.6M	$16.6M	$17.0M	$15.9M
Regulatory assets — current	$24.9M	$27.6M	$49.4M	$53.5M
Prepayments and other current assets	$12.1M	$14.3M	$8.2M	$10.7M
Contract assets (Note 2)	$29.7M	$32.7M	$26.2M	$22.8M
Total current assets	$226.5M	$221.4M	$250.8M	$252.3M
Unbilled revenue — receivable from the U.S. government (Note 2)	$664.0K	$961.0K	$1.7M	$2.2M
Receivable from the U.S. government (Note 2)	$24.8M	$25.5M	$29.4M	$32.3M
Contract assets (Note 2)	$228.0K	$248.0K	$1.4M	$602.0K
Operating lease right-of-use assets	$7.2M	$7.2M	$6.6M	$7.2M
Regulatory assets	$23.0M	$28.0M	$27.1M	$28.0M
Other	$63.7M	$63.8M	$41.6M	$41.9M
Total other assets	$119.6M	$125.8M	$107.9M	$112.1M
Total Assets	$2.8B	$2.7B	$2.7B	$2.6B
Common shares, no par value	467.5M	433.2M	398.0M	382.9M
Retained earnings	$654.0M	$630.6M	$611.3M	$589.6M
Total common shareholders’ equity	$1.1B	$1.1B	$1.0B	$972.5M
Long-term debt	$717.7M	$782.7M	$790.3M	$789.5M
Total capitalization	$1.8B	$1.8B	$1.8B	$1.8B
Long-term debt — current	$73.2M	$8.2M	$479.0K	$398.0K
Accounts payable	$79.5M	$79.4M	$81.7M	$76.1M
Income taxes payable	$0	$11.7M	$27.3M	$14.0M
Accrued other taxes	$14.8M	$9.7M	$16.1M	$14.3M
Accrued employee expenses	$14.2M	$19.9M	$16.3M	$13.2M
Accrued interest	$9.5M	$11.5M	$11.4M	$9.5M
Contract liabilities (Note 2)	$10.7M	$11.6M	$10.4M	$9.8M
Operating lease liabilities	$2.3M	$2.3M	$2.1M	$2.1M
Purchase power contract derivative at fair value (Note 5)	$14.6M	$15.7M	$14.3M	$11.2M
Other	$12.3M	$11.6M	$12.3M	$11.5M
Total current liabilities	$231.1M	$181.6M	$197.5M	$162.1M
Notes payable to banks	$119.0M	$132.0M	$5.0M	$0
Advances for construction	$80.9M	$81.7M	$75.8M	$74.5M
Contributions in aid of construction – net	$182.4M	$180.6M	$170.8M	$168.6M
Deferred income taxes	$199.2M	$195.3M	$191.0M	$188.8M

Cash flow statement

American States Water Co cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net Income	$130.4M	$119.3M	$124.9M	$78.4M
Depreciation and amortization	$48.9M	$44.2M	$43.3M	$41.7M
Provision for doubtful accounts	$2.4M	$1.7M	$932.0K	$1.0M
Deferred income taxes and investment tax credits	$3.6M	$2.0M	$4.8M	$2.8M
Stock-based compensation expense	$3.6M	$3.7M	$3.3M	$2.6M
(Gain) loss on investments held in a trust	($5.5M)	($5.3M)	($5.0M)	$5.2M
Other — net	($414.0K)	$187.0K	$289.0K	$113.0K
Accounts receivable — customers	($3.0M)	($5.1M)	($6.6M)	$5.4M
Unbilled receivable	$4.0M	($3.5M)	($1.3M)	($9.7M)
Other receivables	$312.0K	($369.0K)	($2.2M)	$2.1M
Unbilled receivable	$2.4M	$15.0M	($6.0M)	$5.6M
Materials and supplies	($1.3M)	$2.4M	($3.0M)	($2.5M)
Prepayments and other assets	$1.4M	$32.0K	$1.6M	$3.1M
Contract assets	($9.9M)	($7.3M)	$604.0K	($5.4M)
Regulatory assets/liabilities	$46.1M	$18.5M	($81.4M)	($18.9M)
Accounts payable	$7.6M	$5.2M	($10.9M)	$11.8M
Income taxes receivable/payable	$753.0K	($24.0K)	$2.5M	($6.5M)
Receivable/payable from/to affiliate	($1.3M)	$260.0K	$248.0K	($805.0K)
Contract liabilities	$6.1M	$4.3M	$449.0K	$646.0K
Accrued pension and other post-retirement benefits	($2.0M)	($208.0K)	$1.0M	($3.1M)
Other liabilities	($5.8M)	$3.9M	$416.0K	($4.7M)
Net cash provided (used)	$229.7M	$198.7M	$67.7M	$117.8M
Capital expenditures	($236.8M)	($232.0M)	($188.5M)	($166.2M)
Other investing activities	($719.0K)	($820.0K)	($224.0K)	$921.0K
Net cash provided (used)	($237.5M)	($232.8M)	($188.8M)	($167.1M)
Proceeds from Issuance of Common Shares, net of issuance costs	67.1M	88.8M	10.0M	0
Receipt of advances for and contributions in aid of construction	$14.0M	$11.2M	$11.9M	$6.9M
Refunds on advances for construction	($5.8M)	($4.9M)	($4.5M)	$5.3M
Repayments of long-term debt	($454.0K)	($370.0K)	($334.0K)	($377.0K)
Proceeds from the issuance of long-term debt, net of issuance costs	$149.2M	$64.6M	$129.7M	—
Net changes in notes payable to banks	($148.0M)	($44.5M)	$54.6M	$72.0M
Net changes in affiliate borrowings	$0	$0	($129.0M)	$80.0M
Dividends paid	($74.7M)	($67.0M)	($61.2M)	($56.4M)
Other financing activities	($1.3M)	($1.1M)	($918.0K)	($1.3M)
Net cash provided (used)	($26.0K)	$46.6M	$129.2M	$50.3M
Net change in cash and cash equivalents	($7.8M)	$12.6M	$8.1M	$1.0M
Cash and cash equivalents, beginning of year	$26.7M	$14.1M	$6.0M	$5.0M
Cash and cash equivalents, end of year	$18.8M	$26.7M	$14.1M	$6.0M

American States Water Co cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$73.2M	$29.9M	$101.7M	$60.5M
Depreciation and amortization	$26.0M	$13.0M	$36.0M	$23.8M
Provision for doubtful accounts	$1.1M	$495.0K	$1.9M	$1.2M
Deferred income taxes and investment tax credits	$1.1M	($720.0K)	$3.8M	$4.4M
Stock-based compensation expense	$3.3M	$3.0M	$3.4M	$3.1M
(Gain) loss on investments held in a trust	($3.1M)	$1.3M	($4.6M)	($2.2M)
Other — net	$413.0K	$254.0K	$686.0K	$534.0K
Accounts receivable — customers	($4.5M)	($1.9M)	($10.8M)	($5.6M)
Unbilled receivable	($2.9M)	($5.2M)	$2.1M	$1.9M
Other receivables	$2.0M	$1.9M	$2.7M	$1.3M
Receivables from the U.S. government	$10.7M	$16.6M	$10.0M	$3.7M
Materials and supplies	($2.1M)	($241.0K)	($1.8M)	($752.0K)
Prepayments and other assets	($3.4M)	($6.1M)	$18.0K	($3.2M)
Contract assets	$1.5M	($1.4M)	($5.9M)	($1.8M)
Regulatory assets/liabilities	$24.2M	$11.8M	$30.3M	$11.4M
Accounts payable	($6.4M)	($3.3M)	$2.9M	$468.0K
Receivable/payable from/to affiliate	$915.0K	$74.0K	$557.0K	$104.0K
Income taxes receivable/payable	($2.9M)	$10.5M	$26.9M	$13.6M
Contract liabilities	($1.1M)	($117.0K)	$4.8M	$4.6M
Accrued pension and other postretirement benefits	($319.0K)	($193.0K)	($2.3M)	$734.0K
Other liabilities	($289.0K)	$2.1M	$345.0K	($8.2M)
Net cash provided (used)	$116.6M	$71.6M	$202.0M	$109.6M
Capital expenditures	($97.6M)	($49.1M)	($173.1M)	($118.5M)
Other investing activities	$869.0K	$195.0K	$429.0K	$147.0K
Net cash provided (used)	($96.7M)	($48.9M)	($172.7M)	($118.3M)
Proceeds from issuance of Common Shares, net of issuance costs	39.9M	6.2M	40.2M	25.6M
Receipt of advances for and contributions in aid of construction	$9.5M	$5.7M	$7.3M	$4.5M
Refunds on advances for construction	($3.3M)	($1.1M)	($4.8M)	($3.8M)
Repayments of long-term debt	($285.0K)	($124.0K)	($454.0K)	($272.0K)
Proceeds from the issuance of long-term debt, net of issuance costs	$0	$0	$149.2M	$149.2M
Net changes in notes payable to banks	($22.0M)	($9.0M)	($165.0M)	($136.0M)
Dividends paid	($39.5M)	($19.7M)	($55.1M)	($35.7M)
Other financing activities	($1.4M)	($1.4M)	($1.3M)	($1.3M)
Net cash provided (used)	($17.0M)	($19.5M)	($29.9M)	$2.3M
Net change in cash and cash equivalents	$2.8M	$3.3M	($588.0K)	($6.4M)
Cash and cash equivalents, beginning of period	$18.8M	$18.8M	$26.7M	$26.7M
Cash and cash equivalents, end of period	$21.7M	$22.2M	$26.1M	$20.2M
Accrued payables for investment in utility plant	$39.3M	$36.0M	$39.7M	$36.5M
Property installed by developers and conveyed	$2.4M	$1.8M	$17.5M	$14.7M

American States Water Co score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.