AMERICAN STATES WATER CO

Listed Company

AWRCIK 0001056903NYSELarge AcceleratedWater SupplyCaliforniaFY ends Dec 31

Period

FY 2025

Revenue

$658.07M

Net Income

$130.44M

Total Assets

$2.72B

Equity

$1.05B

Shares Out

39.08M

Op. Cash Flow

$229.73M

Business

AMERICAN STATES WATER CO operates as a utility holding company providing regulated water and electric utility services and contracted operations. It offers water purchase, production, distribution and sale services, electric distribution services, and contracted water and wastewater operations and construction for U.S. military installations. Its key business segments are water, electric and contracted services, with principal units comprising public utilities GSWC and BVES and contracted-services subsidiary ASUS and its subsidiaries. The company serves customers primarily across multiple counties in California and various U.S. military bases through regulated retail distribution and government contracts.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Water	464	417	433	341	347
Electric	57	52	42	40	38
Contracted services	137	126	120	111	113
Total operating revenues	658	595	596	492	499
Water purchased	98	74	73	76	78
Power purchased for pumping	14	15	13	12	11
Groundwater production assessment	21	24	21	19	19
Power purchased for resale	18	12	13	15	11
Supply cost balancing accounts	−5	−2	12	−12	−11
Other operation	47	41	40	38	35
Administrative and general	103	101	88	86	84
Depreciation and amortization	48	44	42	41	40
Maintenance	22	20	14	13	13
Property and other taxes	28	27	24	23	23
ASUS construction	61	55	58	53	57
Gain on sale of assets	0	0	−100,000	−75,000	−465,000
Total operating expenses	455	411	399	365	358
Operating Income	203	184	197	127	141
Interest Expense	47	50	43	27	—
Interest income	6	8	7	2	1
Other, net	8	7	5	125,000	5
Total other income and expenses	−33	−35	−30	−25	−16
Income before income taxes	170	149	167	102	125
Income tax expense	39	30	42	24	30
Net Income	130	119	125	78	94
Weighted Average Number of Shares Outstanding (in shares)	39	37	37	37	37
Basic earnings per Common Share (in USD per share)	3.37	3.17	3.37	2.12	2.55
Weighted Average Number of Diluted Shares (in shares)	39	38	37	37	37
Diluted earnings per common share (in USD per share)	3.37	3.17	3.36	2.11	2.55
Dividends Paid Per Common Share (in USD per share)	1.94	1.79	1.66	1.53	1.4

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Water	2,414	2,227	2,083	2,006	1,899
Electric	230	171	156	134	116
Total	2,644	2,398	2,239	2,140	2,015
Non-regulated utility property, at cost	50	44	40	38	37
Total utility plant, at cost	2,695	2,443	2,280	2,178	2,052
Less accumulated depreciation	−654	−648	−624	−606	−594
Utility plant before construction work in progress	2,041	1,795	1,655	1,572	1,458
Construction work in progress	255	305	237	182	168
Net utility plant	2,296	2,100	1,892	1,754	1,626
Other Property and Investments	59	50	43	37	41
Property Plant and Equipment and Investments Other and Goodwill Net	59	50	43	—	—
Cash and cash equivalents	19	27	14	6	5
Accounts receivable customers, less allowance for doubtful accounts	38	38	34	26	34
Unbilled receivable (Note 2)	27	28	24	21	27
Receivable from U.S. government, less allowance for doubtful accounts (Note 2)	46	41	49	35	28
Other accounts receivable, less allowance for doubtful accounts	6	6	6	4	7
Income taxes receivable	0	65,000	52,000	4	236,000
Materials and supplies	16	15	18	15	12
Regulatory assets current	39	51	45	14	9
Prepayments and other current assets	8	7	6	5	5
Contract assets (Note 2)	31	20	10	9	6
Total current assets	231	233	206	151	138
Unbilled revenue, receivable from U.S government	1	3	5	6	10
Receivable from U.S. government (Note 2)	28	35	42	50	52
Contract assets (Note 2)	79,000	2	4	6	3
Operating lease right-of-use assets	6	8	8	10	10
Regulatory Asset, Noncurrent	30	27	26	6	3
Other	64	41	20	14	16
Total other assets	129	117	105	91	95
Total Assets	2,715	2,500	2,246	2,034	1,901
Common shareholders equity	1,046	920	776	710	686
Long-term debt	783	640	576	447	412
Total capitalization	1,828	1,560	1,352	1,156	1,098
Notes payable to banks	0	124	42	256	31
Long-term debt current	8	385,000	353,000	399,000	377,000
Accounts payable	86	89	69	85	66
Income taxes payable	1	481,000	492,000	2	5
Accrued other taxes	13	17	15	16	17
Accrued employee expenses	16	16	15	14	16
Accrued interest	10	8	9	5	5
Contract liabilities (Note 2)	12	6	1	903,000	257,000
Operating lease liabilities	2	2	2	2	2
Purchase power contract derivative at fair value (Note 5)	16	9	2	0	—
Other	11	15	12	11	11
Total current liabilities	175	286	167	397	156
Note payable to bank, noncurrent	141	165	292	22	175
Advances for construction	78	70	67	64	67
Contributions in aid of construction net	179	160	151	148	147
Deferred income taxes	194	180	162	150	140
Regulatory liabilities	60	23	1	41	33
Unamortized investment tax credits	873,000	942,000	1	1	1
Accrued pension and other post-retirement benefits	37	34	33	34	61
Operating lease liabilities	4	6	7	8	9
Other	18	15	14	14	14
Total other credits	712	654	728	482	647
Commitments and Contingencies	—	—	—	—	—
Total liabilities and capitalization	2,715	2,500	2,246	2,034	1,901

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	49	44	43	42	40
Provision for doubtful accounts	2	2	932,000	1	1
Deferred income taxes and investment tax credits	4	2	5	3	4
Stock-based compensation expense	4	4	3	3	3
(Gain) loss on investments held in a trust	−6	−5	−5	5	−4
Other net	−414,000	187,000	289,000	38,000	−381,000
Accounts receivable customers	−3	−5	−7	5	−5
Unbilled receivable	4	−3	−1	10	−1
Other receivables	312,000	−369,000	−2	2	−1
Unbilled receivable	2	15	−6	−6	−5
Materials and supplies	−1	2	−3	−2	−4
Prepayments and other assets	1	32,000	2	3	1
Contract assets	−10	−7	604,000	−5	235,000
Regulatory assets/liabilities	46	18	−81	−19	−6
Accounts payable	8	5	−11	12	−3
Income taxes receivable/payable	753,000	−24,000	2	−6	−2
Contract liabilities	6	4	449,000	646,000	−2
Accrued pension and other post-retirement benefits	−2	−208,000	1	−3	3
Other liabilities	−6	4	416,000	−5	2
Net cash provided (used)	230	199	68	118	116
Capital expenditures	−237	−232	−189	−166	−145
Other investing activities	−719,000	−820,000	−224,000	−862,000	−577,000
Net cash provided (used)	−238	−233	−189	−167	−145
Proceeds from Issuance of Common Shares, net of issuance costs	67	89	0	0	—
Receipt of advances for and contributions in aid of construction	14	11	12	7	12
Refunds on advances for construction	−6	−5	−5	−5	−5
Repayments of long-term debt	−454,000	−370,000	−334,000	−377,000	−28
Proceeds from the issuance of long-term debt, net of issuance costs	149	65	130	35	—
Net changes in notes payable to banks	−148	−45	55	72	71
Dividends paid	−75	−67	−61	−56	−52
Other financing activities	−1	−1	−918,000	−1	−1
Net cash provided (used)	−26,000	47	129	50	−2
Net change in cash and cash equivalents	−8	13	8	1	−32

Filings

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