Filing Flows › American States Water (AWR) › Q4 2025
American States Water (AWR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
American States Water (AWR) reported revenue of $164M for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and -10% from the quarter before. Operating margin was 27.4%, net earnings $28.7M (17.5% of revenue).
American States Water, Q4 2025: revenue $164M (+15% year over year), operating margin 27.4%, net earnings $28.7M, operating cash flow $27.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $164M | -10% | +15% |
| Operating profit | $45.0M | -27% | +16% |
| Net earnings | $28.7M | -30% | +1% |
| Operating cash flow | $27.7M | -70% | -57% |
What changed
Revenue was $164.3M in Q4 2025, up 15% year over year and down 10% from the previous quarter.
Operating profit was $45.0M, a 27.4% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 30% reached operating profit, above the 27% margin then. Total costs grew 14% against revenue growth of 15%. The fastest-growing cost line was Cost of revenue (+68%). Net earnings were $28.7M, up 1% year over year. The effective tax rate was 21.2%.
Operating cash flow was $27.7M (down 57% year over year), 96% of net earnings. Non-cash charges added back $12.9M of depreciation and amortization and $175K of share-based compensation. Working capital and other items used $14.1M. Capital expenditures of $63.7M exceeded it, leaving free cash flow of −$36.0M.
Questions
What was American States Water's revenue in the fourth quarter 2025?
American States Water (AWR) reported revenue of $164M for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and -10% from the quarter before.
Was American States Water profitable in the fourth quarter 2025?
Operating profit was $45.0M (27.4% of revenue) and net earnings $28.7M.