California Water Service Group (CWT) financial statements: income statement, balance sheet and cash flow
California Water Service Group'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), California Water Service Group reported revenue of $1.0B (-3.5% year on year) and net income of $128.2M (-32.8% year on year).
Income statement
California Water Service Group income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Operating revenue
$1.0B
$1.0B
$794.6M
$846.4M
Purchased water
$252.9M
$241.2M
$223.8M
$224.5M
Purchased power
$45.1M
$47.7M
$45.7M
$44.6M
Pump taxes
$24.2M
$21.8M
$19.0M
$16.2M
Administrative and general
$141.6M
$139.5M
$142.2M
$132.7M
Other operations
$130.1M
$118.5M
$112.5M
$116.2M
Maintenance
$36.0M
$34.8M
$32.0M
$31.7M
Depreciation and amortization
$144.4M
$131.9M
$121.2M
$114.6M
Income tax expense (benefit)
$11.2M
$35.9M
($15.2M)
$3.3M
Property and other taxes
$44.3M
$40.5M
$36.3M
$35.1M
Total operating expenses
$829.8M
$811.8M
$717.5M
$718.8M
Net operating income
$170.4M
$225.1M
$77.1M
$127.7M
Non-regulated revenue
$20.8M
$20.6M
$18.5M
$21.3M
Non-regulated expenses
($14.6M)
($14.2M)
($11.8M)
($24.8M)
Other components of net periodic benefit credit
$18.2M
$15.8M
$20.2M
$14.5M
Allowance for equity funds used during construction
$7.7M
$6.9M
$5.6M
$4.1M
Income tax expense on other income and expenses
($7.9M)
($6.6M)
($8.4M)
($3.1M)
Net other income
$24.2M
$22.6M
$24.1M
$11.9M
Interest expense
$70.4M
$60.7M
$52.8M
$46.7M
Allowance for borrowed funds used during construction
($3.7M)
($3.1M)
($3.0M)
($2.3M)
Net interest expense
$66.7M
$57.5M
$49.8M
$44.3M
Net income
$127.8M
$190.1M
$51.4M
$95.3M
Net loss attributable to noncontrolling interest
($363.0K)
($722.0K)
($535.0K)
($748.0K)
Net income attributable to California Water Service Group
$128.2M
$190.8M
$51.9M
$96.0M
Basic (in dollars per share)
$2.15
$3.26
$0.91
$1.77
Diluted (in dollars per share)
$2.15
$3.25
$0.91
$1.77
Basic (in shares)
59.6M
58.6M
57.0M
54.3M
Diluted (in shares)
59.6M
58.6M
57.0M
54.4M
California Water Service Group income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Operating revenue
$308.6M
$214.6M
$311.2M
$265.0M
Water production costs
$91.8M
$71.3M
$102.7M
$85.5M
Administrative and general
$36.2M
$33.7M
$36.2M
$33.3M
Other operations
$45.1M
$31.2M
$33.5M
$31.7M
Maintenance
$9.2M
$8.4M
$9.8M
$9.0M
Depreciation and amortization
$29.5M
$40.0M
$36.1M
$36.0M
Income tax expense
$13.9M
$74.0K
$10.6M
$6.9M
Property and other taxes
$11.9M
$11.8M
$11.7M
$10.6M
Total operating expenses
$237.7M
$196.4M
$240.6M
$213.1M
Net operating income
$70.9M
$18.2M
$70.6M
$51.8M
Non-regulated revenue
$6.2M
$5.2M
$5.3M
$4.9M
Non-regulated expenses
($3.6M)
($5.5M)
($2.5M)
($2.9M)
Other components of net periodic benefit credit
$2.3M
$4.0M
$4.5M
$4.6M
Allowance for equity funds used during construction
$2.1M
$2.1M
$2.1M
$1.9M
Income tax expense on other income and expenses
($1.7M)
($1.4M)
($2.0M)
($1.8M)
Net other income
$5.3M
$4.4M
$7.6M
$6.8M
Interest expense
$20.8M
$19.6M
$18.1M
$17.5M
Allowance for borrowed funds used during construction
($1.0M)
($1.1M)
($988.0K)
($927.0K)
Net interest expense
$19.8M
$18.6M
$17.1M
$16.5M
Net income
$56.5M
$4.0M
$61.1M
$42.0M
Net loss attributable to noncontrolling interest
($12.0K)
$0
($114.0K)
($118.0K)
Net income attributable to California Water Service Group
$56.5M
$4.0M
$61.2M
$42.2M
Basic (in dollars per share)
$0.94
$0.07
$1.03
$0.71
Diluted (in dollars per share)
$0.93
$0.07
$1.03
$0.71
Basic (in shares)
60.4M
59.7M
59.6M
59.6M
Diluted (in shares)
60.4M
59.8M
59.7M
59.6M
Balance sheet
California Water Service Group balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Land
$64.4M
$56.6M
$47.0M
$45.9M
Depreciable plant and equipment
$5.5B
$5.0B
$4.6B
$4.2B
Construction work in progress
$333.8M
$329.4M
$287.6M
$247.0M
Intangible assets
$39.8M
$37.2M
$32.9M
$27.8M
Total utility plant
$5.9B
$5.4B
$4.9B
$4.5B
Less accumulated depreciation and amortization
($1.3B)
($1.2B)
($1.2B)
($1.5B)
Net utility plant
$4.6B
$4.2B
$3.8B
$3.1B
Cash and cash equivalents
$51.8M
$50.1M
$39.6M
$62.1M
Restricted cash
$45.6M
$45.6M
$45.4M
$22.9M
Customers, net
$56.3M
$58.6M
$59.3M
$55.1M
Regulatory balancing accounts
$72.5M
$55.9M
$64.2M
$66.8M
Other, net
$49.0M
$34.0M
$16.4M
$20.9M
Accrued and unbilled revenue, net
$39.7M
$39.7M
$37.0M
$33.1M
Materials and supplies
$19.8M
$20.5M
$16.2M
$12.6M
Taxes, prepaid expenses, and other assets
$19.8M
$19.7M
$18.1M
$22.0M
Total current assets
$354.4M
$324.1M
$296.3M
$295.5M
Regulatory assets
$339.9M
$357.4M
$257.6M
$283.6M
Goodwill
$37.1M
$37.1M
$37.0M
$36.8M
Other
$360.2M
$303.0M
$231.3M
$175.9M
Total other assets
$737.1M
$697.4M
$526.0M
$496.3M
TOTAL ASSETS
$5.7B
$5.2B
$4.6B
$3.9B
Common stock, $0.01 par value; 136,000 shares authorized, 59,638 and 59,484 outstanding in 2025 and 2024, respectively
596.0K
595.0K
577.0K
556.0K
Additional paid-in capital
$973.5M
$967.0M
$876.6M
$760.3M
Retained earnings
$729.3M
$674.9M
$549.6M
$556.7M
Accumulated other comprehensive loss
($13.9M)
($7.2M)
—
—
Noncontrolling interest
$2.6M
$3.0M
$3.6M
$4.8M
Total equity
$1.7B
$1.6B
$1.4B
$1.3B
Long-term debt, net
$1.5B
$1.1B
$1.1B
$1.1B
Total capitalization
$3.2B
$2.7B
$2.5B
$2.4B
Current maturities of long-term debt, net
$2.3M
$72.4M
$672.0K
$3.3M
Short-term borrowings
$130.0M
$205.0M
$180.0M
$70.0M
Accounts payable
$175.7M
$167.5M
$157.3M
$141.0M
Regulatory balancing accounts
$25.5M
$22.6M
$21.5M
$12.2M
Accrued other taxes
$6.0M
$6.1M
$4.6M
$8.6M
Accrued interest
$13.0M
$8.4M
$6.6M
$6.5M
Other accrued liabilities
$65.7M
$56.3M
$59.6M
$53.0M
Total current liabilities
$418.2M
$538.4M
$430.3M
$294.6M
Deferred income taxes
$450.9M
$411.1M
$352.8M
$330.3M
Regulatory liabilities
$929.8M
$814.6M
$683.7M
$213.7M
Pension
$94.2M
$81.7M
$82.9M
$78.4M
Advances for construction
$210.6M
$202.6M
$199.4M
$199.8M
Contributions in aid of construction
$297.0M
$295.0M
$286.5M
$285.4M
Other long-term liabilities
$106.4M
$94.2M
$76.8M
$73.6M
TOTAL CAPITALIZATION AND LIABILITIES
$5.7B
$5.2B
$4.6B
$3.9B
California Water Service Group balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Utility plant
$6.2B
$6.0B
$5.8B
$5.6B
Less accumulated depreciation and amortization
($1.4B)
($1.3B)
($1.3B)
($1.3B)
Net utility plant
$4.8B
$4.7B
$4.4B
$4.3B
Cash and cash equivalents
$43.4M
$58.1M
$76.0M
$50.5M
Restricted cash
$45.7M
$45.6M
$45.6M
$45.6M
Customers, net
$72.3M
$52.6M
$80.0M
$75.4M
Short-term regulatory assets
$91.1M
$78.3M
$74.0M
$63.2M
Other, net
$48.3M
$47.5M
$19.4M
$28.1M
Accrued and unbilled revenue, net
$56.7M
$39.9M
$61.7M
$52.8M
Materials and supplies
$18.3M
$19.6M
$20.1M
$19.9M
Taxes, prepaid expenses, and other assets
$31.3M
$33.5M
$22.5M
$26.0M
Total current assets
$407.2M
$375.2M
$399.3M
$361.6M
Regulatory assets
$334.7M
$341.7M
$326.5M
$359.9M
Goodwill
$37.1M
$37.1M
$37.1M
$37.1M
Other
$364.8M
$360.5M
$312.5M
$306.8M
Total other assets
$736.6M
$739.2M
$676.1M
$703.7M
TOTAL ASSETS
$6.0B
$5.8B
$5.5B
$5.4B
Common stock, $0.01 par value; 136,000 shares authorized, 61,839 and 59,638 outstanding on June 30, 2026 and December 31, 2025, respectively
618.0K
599.0K
596.0K
596.0K
Additional paid-in capital
$1.1B
$980.1M
$971.0M
$968.8M
Retained earnings
$749.7M
$713.3M
$735.7M
$692.3M
Accumulated other comprehensive loss
($13.2M)
($13.5M)
($6.8M)
($6.9M)
Noncontrolling interest
$2.6M
$2.6M
$2.4M
$2.4M
Total equity
$1.8B
$1.7B
$1.7B
$1.7B
Long-term debt, net
$1.5B
$1.5B
$1.1B
$1.1B
Total capitalization
$3.3B
$3.2B
$2.8B
$2.8B
Current maturities of long-term debt, net
$590.0K
$821.0K
$72.5M
$72.5M
Short-term borrowings
$205.0M
$230.0M
$345.0M
$360.0M
Accounts payable
$201.4M
$164.8M
$188.2M
$167.0M
Short-term regulatory liabilities
$94.2M
$51.6M
$23.4M
$17.6M
Accrued other taxes
$3.7M
$7.5M
$17.9M
$3.1M
Accrued interest
$13.1M
$23.5M
$19.5M
$9.0M
Other accrued liabilities
$62.5M
$66.8M
$63.4M
$57.0M
Total current liabilities
$580.7M
$545.0M
$729.9M
$686.1M
Deferred income taxes
$466.6M
$452.6M
$407.6M
$422.8M
Regulatory liabilities
$903.9M
$915.7M
$870.6M
$845.7M
Pension
$95.2M
$94.7M
$82.4M
$82.2M
Advances for construction
$211.2M
$212.2M
$210.4M
$207.7M
Contributions in aid of construction
$305.1M
$297.7M
$295.6M
$294.9M
Other long-term liabilities
$110.2M
$106.7M
$116.1M
$99.3M
TOTAL CAPITALIZATION AND LIABILITIES
$6.0B
$5.8B
$5.5B
$5.4B
Cash flow statement
California Water Service Group 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 (loss)
$127.8M
$190.1M
$51.4M
$95.3M
Depreciation and amortization
$146.5M
$134.1M
$123.1M
$117.4M
Amortization of debt premium and expenses
$274.0K
$246.0K
$262.0K
$369.0K
Changes in normalized deferred income taxes
$38.2M
$40.4M
$35.6M
$26.9M
Change in value of life insurance contracts
($3.9M)
($3.6M)
($4.9M)
$7.2M
Allowance for equity funds used during construction
($7.7M)
($6.9M)
($5.6M)
($4.1M)
Stock-based compensation
$5.0M
$3.7M
$3.0M
$5.2M
Receivables
($20.8M)
($42.3M)
$42.7M
($40.7M)
Water Arrearages Payment Program cash received
$0
$83.0M
$0
$20.8M
Water Arrearages Payment Program cash returned
($78.0K)
($25.2M)
$0
($3.6M)
Accrued and unbilled revenue
$44.0K
($2.7M)
($3.9M)
($381.0K)
Taxes, prepaid expenses, and other assets
$672.0K
($5.4M)
$654.0K
($5.1M)
Accounts payable
($19.8M)
$1.7M
$9.9M
($7.6M)
Other current liabilities
$11.1M
$2.8M
($346.0K)
$7.9M
Other changes in noncurrent assets and liabilities
$25.2M
($80.6M)
($33.6M)
$23.6M
Net cash provided by operating activities
$302.6M
$290.9M
$217.8M
$243.8M
Utility plant expenditures
($517.0M)
($470.8M)
($383.7M)
($327.8M)
Business acquisitions, net of cash acquired
$0
($1.6M)
($175.0K)
$0
Asset acquisitions
$0
$0
($2.8M)
($7.8M)
Purchase of life insurance
($3.4M)
($3.9M)
($2.7M)
($6.7M)
Life insurance proceeds
$215.0K
$1.4M
$0
$6.7M
Net cash used in investing activities
($520.1M)
($474.9M)
($389.4M)
($335.5M)
Short-term borrowings
$550.0M
$505.0M
$227.8M
$150.0M
Repayment of short-term borrowings
($625.0M)
($480.0M)
($120.0M)
($115.0M)
Issuance of long-term debt, net of debt issuance costs of $1,777, $184, and $0, respectively
$368.2M
$124.8M
$0
$0
Advances and contributions in aid of construction
$37.5M
$30.4M
$21.2M
$25.8M
Refunds of advances for construction
($9.5M)
($9.4M)
($9.4M)
($9.5M)
Per- and polyfluoroalkyl substances (PFAS) settlement proceeds
$40.9M
—
—
—
Retirement of long-term debt
($70.9M)
($889.0K)
($1.8M)
($5.4M)
Repurchase of common stock
($1.4M)
($1.4M)
($1.8M)
($2.0M)
Issuance of common stock
$4.0M
$89.0M
$115.1M
$106.7M
Dividends paid
($73.9M)
($65.5M)
($59.0M)
($54.2M)
Distribution to noncontrolling interest
($790.0K)
($489.0K)
($465.0K)
($348.0K)
Other
$0
$48.0K
—
—
Net cash provided by financing activities
$219.3M
$194.7M
$171.5M
$96.1M
Change in cash, cash equivalents, and restricted cash
$1.7M
$10.7M
($59.0K)
$4.4M
Cash, cash equivalents, and restricted cash at beginning of year
$95.7M
$85.0M
$85.0M
$80.7M
Cash, cash equivalents, and restricted cash at end of year
$97.4M
$95.7M
$85.0M
$85.0M
Interest (net of amounts capitalized)
$61.1M
$55.7M
$49.1M
$43.8M
Accrued payables for investments in utility plant
$67.8M
$56.8M
$54.4M
$51.5M
Utility plant contributed by developers
$29.2M
$30.4M
$24.2M
$20.4M
California Water Service Group cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$60.5M
$4.0M
$116.4M
$55.3M
Depreciation and amortization
$70.3M
$40.3M
$109.7M
$73.1M
Change in value of life insurance contracts
($2.1M)
$315.0K
($3.1M)
($1.3M)
Allowance for equity funds used during construction
($4.2M)
($2.1M)
($5.8M)
($3.7M)
Receivables and accrued and unbilled revenue
($44.6M)
($10.0M)
($33.5M)
($40.5M)
Accounts payable
$16.1M
($148.0K)
$7.2M
($9.0M)
Other current assets
($6.1M)
($6.7M)
($2.1M)
($5.5M)
Other current liabilities
($5.7M)
$12.6M
$27.9M
($3.7M)
Other changes in noncurrent assets and liabilities
$28.7M
$11.0M
$38.0M
$22.8M
Net cash provided by operating activities
$113.0M
$49.4M
$254.7M
$87.4M
Utility plant expenditures
($276.4M)
($129.5M)
($364.7M)
($229.5M)
Other
$1.0K
$1.0K
$207.0K
$207.0K
Net cash used in investing activities
($276.4M)
($129.5M)
($367.9M)
($229.3M)
Short-term borrowings
$555.0M
$160.0M
$420.0M
$410.0M
Repayment of short-term borrowings
($480.0M)
($60.0M)
($280.0M)
($255.0M)
Repayment of long-term debt
($459.0K)
($230.0K)
($679.0K)
($430.0K)
Advances and contributions in aid of construction
$19.7M
$10.1M
$28.3M
$20.5M
Refunds of advances for construction
($5.2M)
($2.6M)
($7.1M)
($4.5M)
Per- and polyfluoroalkyl substances (PFAS) settlement proceeds
$18.5M
—
$34.8M
$10.6M
Repurchase of common stock
($951.0K)
($823.0K)
($1.3M)
($1.2M)
Issuance of common stock
$95.6M
$6.9M
$1.9M
$1.3M
Dividends paid
($40.0M)
($20.0M)
($56.0M)
($38.1M)
Payment for purchase of noncontrolling interest
($7.0M)
($7.0M)
($790.0K)
($790.0K)
Distribution to noncontrolling interest
$0
$0
—
—
Net cash provided by financing activities
$155.2M
$86.4M
$139.1M
$142.4M
Change in cash, cash equivalents, and restricted cash
($8.2M)
$6.4M
$25.9M
$469.0K
Cash, cash equivalents, and restricted cash at beginning of period
$97.4M
$97.4M
$95.7M
$95.7M
Cash, cash equivalents, and restricted cash at end of period
$89.1M
$103.7M
$121.6M
$96.2M
Cash paid for interest (net of amounts capitalized)