NYSE$CWT
California Water Service Group · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
California Water Service Group reported Q4 2025 net income of $11.5 million on $220.0 million revenue, with diluted EPS of $0.19.
For the quarter ended December 31, 2025, CWT earned $11.5 million net income ($0.19 diluted EPS), down 42% year over year, on revenue of $220.0 million, down less than 1%. Wet December weather in California reduced consumption-related revenue by $14.6 million despite $12.1 million from rate changes. Full-year 2025 net income was $128.2 million ($2.15 EPS) on $1.0 billion revenue; management cited progress on the 2024 California general rate case and a 10.71% dividend increase to $1.24 per share including a $0.04 special dividend.
- Q4 2025 net income of $11.5M (-42% YoY) and revenue of $220.0M on unusually wet California weather reducing consumption.
- Rate changes added $12.1M of Q4 revenue; operating expenses rose 2.3% to $194.4M.
- Full-year 2025 net income $128.2M ($2.15 EPS) on $1.0B revenue; record $517.0M infrastructure investment.
- Management expects a Proposed Decision on the 2024 California GRC in weeks, with potential final CPUC action April 9.
Headline financials
Revenue & EPS history
Cal Water · Revenue · Quarterly
$220M
Forward guidance
The release does not provide quantitative EPS or revenue guidance; management is focused on receiving the 2024 California general rate case Proposed Decision and continuing infrastructure and acquisition investments.
Tailwinds
- 58th consecutive annual dividend with five-year dividend CAGR of 7.7%.
- Record $517.0M water system infrastructure investment in 2025 (+9.8% YoY).
- Hawaii and Washington rate cases added $5.1M authorized revenue; BVRT acquisition and San Bernardino wastewater agreement expand footprint.
Headwinds
- Q4 earnings pressured by extremely wet December weather cutting consumption revenue $14.6M.
- Full-year net income down 32.8% YoY on prior-year 2021 GRC interim rate relief recorded in 2024.
- Regulatory timing risk on 2024 California GRC final decision.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
-0.6%
Avg return
Earnings day
-0.0%
Avg return
5 days after
+0.9%
Avg return
30 days after
44%
30 / 68 earnings
Positive
+10.0%
Q3 2020
Best reaction
-10.3%
Q2 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -6.9% | -5.2% | -0.7% | |
| Q4 2025 | -4.4% | +0.7% | -3.5% | |
| Q3 2025 | -5.2% | -0.9% | -4.4% | |
| Q1 2025 | -0.8% | -1.6% | -6.7% | |
| Q4 2024 | -2.2% | +1.3% | +5.0% | |
| Q3 2024 | -2.2% | -0.4% | -0.2% | |
| Q2 2024 | +3.1% | -0.9% | +3.5% | |
| Q1 2024 | +2.9% | +5.5% | +8.0% | |
| Q4 2023 | -0.8% | -1.2% | +1.2% | |
| Q3 2023 | +4.5% | +5.0% | +10.4% | |
| Q2 2023 | -1.4% | -1.4% | -2.3% | |
| Q1 2023 | -1.6% | -2.1% | +0.2% | |
| Q4 2022 | -0.8% | -2.8% | +1.7% | |
| Q3 2022 | +7.3% | +5.3% | +15.3% | |
| Q2 2022 | +2.9% | +3.7% | +3.9% | |
| Q1 2022 | -0.7% | -1.4% | +2.9% | |
| Q4 2021 | -2.7% | -1.9% | +1.3% | |
| Q3 2021 | +2.4% | +4.7% | +5.9% | |
| Q2 2021 | +1.8% | +4.4% | +2.3% | |
| Q1 2021 | -1.0% | -0.7% | -4.2% | |
| Q4 2020 | -1.6% | -3.4% | +0.4% | |
| Q3 2020 | +10.0% | +15.6% | +7.5% | |
| Q2 2020 | -5.1% | -5.5% | -6.7% | |
| Q1 2020 | -8.4% | -8.2% | -7.0% | |
| Q4 2019 | -8.9% | -2.4% | -8.9% | |
| Q3 2019 | +2.5% | -2.1% | -6.1% | |
| Q2 2019 | +0.4% | -2.1% | +5.7% | |
| Q1 2019 | -0.3% | +0.9% | +1.5% | |
| Q4 2018 | +1.5% | +2.1% | +4.9% | |
| Q3 2018 | +0.1% | +4.5% | +8.9% | |
| Q2 2018 | +0.2% | +0.2% | +0.2% | |
| Q1 2018 | -1.7% | +1.0% | +3.8% | |
| Q4 2017 | -4.1% | -6.7% | -1.8% | |
| Q3 2017 | +3.4% | +0.8% | +5.6% | |
| Q2 2017 | +1.7% | +1.7% | -4.8% | |
| Q1 2017 | -6.8% | -6.5% | -10.1% | |
| Q4 2016 | +4.2% | +3.5% | -1.3% | |
| Q3 2016 | -6.3% | -4.4% | +9.2% | |
| Q2 2016 | +2.0% | +0.4% | -6.2% | |
| Q1 2016 | -0.5% | — | — | |
| Q4 2015 | +1.0% | — | — | |
| Q3 2015 | -4.7% | — | — | |
| Q2 2015 | -10.3% | — | — | |
| Q1 2015 | -4.2% | — | — | |
| Q4 2014 | +3.2% | — | — | |
| Q3 2014 | +1.8% | — | — | |
| Q2 2014 | -0.1% | — | — | |
| Q1 2014 | -1.2% | — | — | |
| Q4 2013 | +1.0% | — | — | |
| Q3 2013 | +4.4% | — | — | |
| Q2 2013 | -0.7% | — | — | |
| Q1 2013 | -4.0% | — | — | |
| Q4 2012 | +0.2% | — | — | |
| Q3 2012 | -3.8% | — | — | |
| Q2 2012 | -1.6% | — | — | |
| Q1 2012 | +0.2% | — | — | |
| Q4 2011 | -1.7% | — | — | |
| Q3 2011 | -0.3% | — | — | |
| Q2 2011 | -3.1% | — | — | |
| Q1 2010 | -2.1% | — | — | |
| Q1 2011 | +1.0% | — | — | |
| Q4 2010 | +2.9% | — | — | |
| Q4 2008 | +2.9% | — | — | |
| Q3 2009 | -0.9% | — | — | |
| Q3 2010 | -0.9% | — | — | |
| Q4 2009 | +0.2% | — | — | |
| Q2 2009 | +0.2% | — | — | |
| Q2 2010 | +0.2% | — | — |
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