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American States Water (AWR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · American States Water (AWR) Q3 2026 earnings results →

Q3 2026 Revenue up 5% year over year to $193M · 22¢ of every $1 of revenue kept as net profit · operating margin 35.0%

American States Water made $193M in Q3 2026 (+5% Y/Y). Operating margin 35.0%, net earnings $42.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$193M
Year over year+5%
Operating margin35.0%
Net earnings$42.3M
Operating cash flow$85.2M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $192.5M in Q3 2026, up 5% year over year and up 6% from the previous quarter.

Operating profit was $67.3M, a 35.0% margin (up 1.2 points year over year). Of the extra revenue versus Q3 2025, 57% reached operating profit, above the 34% margin then. Total costs grew 4% against revenue growth of 5%. Net earnings were $42.3M, up 3% year over year. The effective tax rate was 25.9%.

Operating cash flow was $85.2M (down 8% year over year), 201% of net earnings. Non-cash charges added back $13.5M of depreciation and amortization and $705K of share-based compensation. Working capital and other items added $28.7M. Capital expenditures of $58.0M left free cash flow of $27.2M.

Quarterly history

American States Water revenue by quarterAmerican States Water revenue by quarter$148MQ1 2025$163MQ2 2025$183MQ3 2025$164MQ4 2025$169MQ1 2026$181MQ2 2026$193MQ3 2026
American States Water net earnings by quarterAmerican States Water net earnings by quarter$26.8MQ1 2025$33.7MQ2 2025$41.2MQ3 2025$28.7MQ4 2025$29.9MQ1 2026$43.3MQ2 2026$42.3MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$193M+5%35.0%$42.3M$85.2M
Q2 202610-QAug 5, 2026$181M+11%35.3%$43.3M$44.9M
Q1 202610-QMay 6, 2026$169M+14%30.4%$29.9M$71.6M
Q4 202510-KFeb 18, 2026$164M+15%27.4%$28.7M$27.7M
Q3 202510-QNov 5, 2025$183M+13%33.8%$41.2M$92.4M
Q2 202510-QAug 6, 2025$163M+5%31.3%$33.7M$64.6M
Q1 202510-QMay 7, 2025$148M+9%30.8%$26.8M$45.1M

Charts

American States Water: revenue growth, year over year and quarter over quarterAmerican States Water: revenue growth, year over year and quarter over quarterY/YQ/Q+9%Q1 2025+5%+10%Q2 2025+13%+12%Q3 2025+15%-10%Q4 2025+14%+3%Q1 2026+11%+7%Q2 2026+5%+6%Q3 2026
Latest (Q3 2026): Y/Y +5%, Q/Q +6%.
American States Water: where the cash came from (+) and went (−), TTM to Q2 2026American States Water: where the cash came from (+) and went (−), TTM to Q2 2026Operating cash flow$237MCapital spending−$216MShares issued$81.3MDividends−$78.5MOther financing−$20.3MCash drawn (+) / kept (−)−$1.4MTaxes on employees’ shares−$1.4MNet borrowing (+) / repaid (−)−$502KOther investing$3K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
American States Water: profit against cash, quarter by quarterAmerican States Water: profit against cash, quarter by quarterNet incomeOperating cash flow$35.8M$63.7MQ3 2024$28.4M$64.5MQ4 2024$26.8M$45.1MQ1 2025$33.7M$64.6MQ2 2025$41.2M$92.4MQ3 2025$28.7M$27.7MQ4 2025$29.9M$71.6MQ1 2026$43.3M$44.9MQ2 2026
Latest (Q2 2026): Net income $43.3M, Operating cash flow $44.9M.
American States Water: diluted shares by fiscal yearAmerican States Water: diluted shares by fiscal year37MFY202037MFY202137MFY202237MFY202338MFY202439MFY2025
+4.5% since FY2020: more shares outstanding (issuance, stock pay).
American States Water in its industry: growth against margin (11 companies, SIC 4941)American States Water in its industry: growth against margin (11 companies, SIC 4941)revenue growth, year over year →↑ operating marginmedian +5%median 28%AWKWTRGCWTHTOMSEXCWCOARTNAYORWGWRSCDZIAWR (+5%, 35%)
Water Supply; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About American States Water

This annual report on Form 10-K is a combined report being filed by two separate Registrants, American States Water Company (“AWR”) and Golden State Water Company (“GSWC”). References in this report to “Registrant” are to AWR and GSWC, collectively, unless otherwise specified. GSWC makes no representations as to the information contained in this report relating to AWR and its subsidiaries, other than GSWC. AWR makes its annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to those reports, available free of charge through its website, www.aswater.com, as soon as those reports are electronically filed with or furnished to the Securities and Exchange Commission (“SEC”). Such reports are also available on the SEC’s website at www.sec.gov.

In its own words, from its 10-K, filed Feb 18, 2026.

American States Water against its Water Supply peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +5%. Operating margin: 35.0% against the peers' median 35.0%.

CompanyQuarterRevenueY/YOp. margin
AWR American States WaterQ3 2026$193M+5%35.0%
AWK American Water Works CompanyQ3 2026$1.5B+4%42.5%
WTRG Essential UtilitiesQ3 2026$508M+7%37.9%
CWT California Water ServiceQ3 2026$331M+5%25.0%
HTO H2O AmericaQ3 2026$250M+4%24.2%
MSEX Middlesex WaterQ3 2026$60.2M+11%37.0%
CWCO Consolidated WaterQ2 2026$32.9M-2%11.4%
ARTNA Artesian ResourcesQ2 2026$30.7M+7%28.1%
YORW York WaterQ3 2026$24.3M+20%43.3%

Source: American States Water 10-Q on SEC EDGAR · CIK 1056903 · Water Supply

Guidance and outlook

American States Water: what its forward-looking statements are about (10-Q filed 2026-11-04)American States Water: what its forward-looking statements are about (10-Q filed 2026-11-04)Legal & regulation2Margins1Other1
4 statements; tone +0.25 (−1 all cautious, +1 all confident); 1 hedged.
American States Water: outlook statements against the filing beforeAmerican States Water: outlook statements against the filing beforeConfident1

13F: who owns AWR and who is buying

Largest holders of AWR (13F)Largest holders of AWR (13F)BlackRock$603MVanguard Group$361MVanguard Portfolio Management LLC$291MNeuberger Berman Group LLC$211MState Street$185MVanguard Capital Management LLC$148MGeode Capital Management, LLC$82.7MAQR Capital Management LLC$76.0MMorgan Stanley$74.7MFirst Trust Advisors LP$64.3M
Funds' net buying of AWR by quarter (13F)Funds' net buying of AWR by quarter (13F)$9.6M2024-09−$37.1M2024-12$24.2M2025-03$17.2M2025-06$92.9M2025-09$41.7M2025-12−$20.5M2026-03$111M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AWR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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