Filing Flows › American States Water (AWR) › Q3 2025
American States Water (AWR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
American States Water (AWR) reported revenue of $183M for the third quarter 2025 (Q3 2025), +13% from a year earlier and +12% from the quarter before. Operating margin was 33.8%, net earnings $41.2M (22.5% of revenue).
American States Water, Q3 2025: revenue $183M (+13% year over year), operating margin 33.8%, net earnings $41.2M, operating cash flow $92.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $183M | +12% | +13% |
| Operating profit | $61.7M | +21% | +12% |
| Net earnings | $41.2M | +22% | +15% |
| Operating cash flow | $92.4M | +43% | +45% |
| Free cash flow | $37.7M | +176% | — |
What changed
Revenue was $182.7M in Q3 2025, up 13% year over year and up 12% from the previous quarter.
Operating profit was $61.7M, a 33.8% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 32% reached operating profit, below the 34% margin then. Total costs grew 13% against revenue growth of 13%. The fastest-growing cost line was Cost of revenue (+41%). Net earnings were $41.2M, up 15% year over year. The effective tax rate was 23.9%.
Operating cash flow was $92.4M (up 45% year over year), 224% of net earnings. Non-cash charges added back $12.2M of depreciation and amortization and $318K of share-based compensation. Working capital and other items added $38.7M. Capital expenditures of $54.6M left free cash flow of $37.7M.
Questions
What was American States Water's revenue in the third quarter 2025?
American States Water (AWR) reported revenue of $183M for the third quarter 2025 (Q3 2025), +13% from a year earlier and +12% from the quarter before.
Was American States Water profitable in the third quarter 2025?
Operating profit was $61.7M (33.8% of revenue) and net earnings $41.2M.