AMERICAN STATES WATER CO (AWR) FY2025 10-K Annual Report
AMERICAN STATES WATER CO (AWR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 18, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
AMERICAN STATES WATER CO FY2025 10-K Analysis
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 revenue or profitability figures disclosed in provided text
- • 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
AMERICAN STATES WATER CO FY2025 Key Financial MetricsXBRL
Revenue
$658M
▲ +10.5% YoY
Net Income
$130M
▲ +9.4% YoY
Operating Margin
30.9%
▼ -9bp YoY
Net Margin
19.8%
▼ -21bp YoY
ROE
12.5%
▼ -49bp YoY
Total Assets
$2.7B
▲ +8.6% YoY
EPS (Diluted)
$3.37
▲ +6.3% YoY
Operating Cash Flow
$230M
▲ +15.6% YoY
Source: XBRL data from AMERICAN STATES WATER CO FY2025 10-K filing on SEC EDGAR. All figures in USD.
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