Short answer
AMERICAN STATES WATER CO (AWR) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $658M (+10.5% year over year) and net income of $130M.
- Top risk flagged: Regulatory risk: CPUC rejection of full WRAM and MCBA for GSWC replaced by M-WRAM and ICBA effective 2025, increasing earnings volatility from water consumption fluctuations
FY2025 key financial metrics · XBRL
- Revenue
- $658M
- +10.5% YoY
- Net income
- $130M
- +9.4% YoY
- Operating margin
- 30.9%
- −0.1 pp YoY
- EPS (diluted)
- $3.37
- +6.3% YoY
- ROE
- 12.5%
- −0.5 pp YoY
- Operating cash flow
- $230M
- +15.6% YoY
Source: XBRL data from the AMERICAN STATES WATER CO (AWR) FY2025 10-K on SEC EDGAR. USD.
AMERICAN STATES WATER CO FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Regulated water, electric, and contracted utility services via subsidiaries GSWC, BVES, and ASUS
- New emphasis on contracted services segment through multiple new subsidiaries including FBWS, ODUS, TUS, PSUS, ONUS, ECUS, FRUS, BSUS, PRUS
- Strategic shift highlighting growth in contracted services alongside traditional regulated water and electric utilities
- Operating footprint expanded to 11 California counties for water and multiple mountain communities for electric distribution
- Combined filing by AWR and GSWC, with GSWC disclaiming responsibility for AWR information
Management Discussion & Analysis
- No segmented financial performance data with actual numbers included
- No cash flow, capital allocation, buybacks, dividends, or capex details mentioned
- No forward-looking guidance, management outlook, or risks discussed
- Text focuses on describing reporting methodology and non-GAAP measures only
Risk Factors
- Regulatory risk: CPUC rejection of full WRAM and MCBA for GSWC replaced by M-WRAM and ICBA effective 2025, increasing earnings volatility from water consumption fluctuations
- Macroeconomic threat: U.S. tariffs increasing costs of construction materials and goods, with uncertain timing, scope, and exemptions impacting results
- Operational vulnerability: ASUS dependent on U.S. government contracts, exposed to risks from government shutdowns affecting contract funding timing and construction permits
- Competitive risk: BVES electric rates and cost of capital pressured by CPUC decisions; upcoming 2027–2030 GRC requests higher capital budget $133M and ROE 11.3% for competitive positioning
- Financial risk: AWR ATM equity offering dilutes EPS by approx. $0.10 per share in 2025 due to issuance of 2,048,988 shares with $40.7M still available for sale
Generated from the filing text; verify against the original. How to read a 10-K
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