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California Water Service cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$149M in Q3 2026 · $310M over twelve months

Operating cash flow$149M
Free cash flow+$149M
Cash / net income2.3×

Analysis

In Q3 2026, California Water Service generated $149M of operating cash flow. That is $18.0M less than in Q3 2025 ($167M).

Over the twelve months to Sep 30, 2026, operating cash flow was $310M; the largest uses were other investing ($579M), net borrowing (+) / repaid (−) ($240M), dividends ($78.9M); besides operations, cash came from other financing ($422M), shares issued ($148M); the cash balance fell by $30.7M.

Operating cash flow was $149M against net income of $65.4M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$35.4M, other liabilities +$20.6M, receivables +$14.3M.

Free cash flow

California Water Service: free cash flow by quarterCalifornia Water Service: free cash flow by quarter$68.1MQ4 2024$38.4MQ1 2025$48.9MQ2 2025$167MQ3 2025$47.9MQ4 2025$49.4MQ1 2026$63.6MQ2 2026$149MQ3 2026
Operating cash flow less capital spending.
California Water Service: operating cash flow against capital spendingCalifornia Water Service: operating cash flow against capital spendingOperating cash flowCapital spending$68.1M$0Q4 2024$38.4M$0Q1 2025$48.9M$0Q2 2025$167M$0Q3 2025$47.9M$0Q4 2025$49.4M$0Q1 2026$63.6M$0Q2 2026$149M$0Q3 2026
Latest (Q3 2026): Operating cash flow $149M, Capital spending $0.

Capital allocation, year by year

California Water Service: where the cash came from (up) and went (down), by fiscal yearCalifornia Water Service: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesAcquisitionsBuybacksDividendsFY2021: Operating cash flow $232MFY2021: Net borrowing −$62.2MFY2021: Shares issued $198MFY2021: Asset sales $108KFY2021: Acquisitions −$6.5MFY2021: Buybacks −$1.8MFY2021: Dividends −$47.4M$430MFY2021FY2022: Operating cash flow $244MFY2022: Net borrowing $28.8MFY2022: Shares issued $107MFY2022: Buybacks −$2.0MFY2022: Dividends −$54.2M$379MFY2022FY2023: Operating cash flow $218MFY2023: Net borrowing $105MFY2023: Shares issued $115MFY2023: Acquisitions −$175KFY2023: Buybacks −$1.8MFY2023: Dividends −$59.0M$438MFY2023FY2024: Operating cash flow $291MFY2024: Net borrowing $148MFY2024: Shares issued $89.0MFY2024: Acquisitions −$1.6MFY2024: Buybacks −$1.4MFY2024: Dividends −$65.5M$528MFY2024FY2025: Operating cash flow $303MFY2025: Net borrowing $292MFY2025: Shares issued $4.0MFY2025: Buybacks −$1.4MFY2025: Dividends −$73.9M$599MFY2025
Over these 5 years operating cash flow totalled $1.3B; the largest uses were dividends ($300M) and net borrowing ($62.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$45.1M
Debt$1.6B
Net debt$1.6B
Due within a year$357K

California Water Service funds itself: free cash flow was $310M over the last twelve months, and $45.1M of cash and investments stands against $1.6B of debt ($357K due within a year, 126.4× covered by cash).

California Water Service: debt maturities by year (FY2025)California Water Service: debt maturities by year (FY2025)$357KYear 1$333KYear 2$20.3MYear 3$100MYear 4$20.2MYear 5$1.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $45.1M of cash and investments now.

Where the cash came from and went

California Water Service: sources (+) and uses (−) of cash, Q3 2026California Water Service: sources (+) and uses (−) of cash, Q3 2026Other investing−$150MOperating cash flow$149MShares issued$50.3MNet borrowing (+) / repaid (−)−$29.6MDividends−$21.0MOther financing$6.8MPartners−$3.8MCash drawn (+) / kept (−)−$1.8MBuybacks−$141K
California Water Service: sources (+) and uses (−) of cash, TTM to Q3 2026California Water Service: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$579MOther financing$422MOperating cash flow$310MNet borrowing (+) / repaid (−)−$240MShares issued$148MDividends−$78.9MCash drawn (+) / kept (−)$30.7MPartners−$11.5MBuybacks−$1.2M

From profit to cash

California Water Service: net income to operating cash flow, Q3 2026California Water Service: net income to operating cash flow, Q3 2026Net income$65.4MDepreciation & amortization$35.4MStock-based pay$700KReceivables$14.3MPayables−$2.7MPrepaid and other assets$5.4MOther liabilities$20.6MOperating cash flow$149M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$149M−$141K−$21.0M−$29.6M$50.3M−$1.8M$149M
Q2 2026$63.6M−$128K−$20.1M—$88.7M$14.6M$63.6M
Q1 2026$49.4M−$823K−$20.0M$99.8M$6.9M−$6.4M$49.4M
Q4 2025$47.9M−$107K−$17.9M−$285M$2.1M$24.2M$47.9M
Q3 2025$167M−$112K−$17.9M−$15.2M$561K−$25.5M$167M
Q2 2025$48.9M−$105K−$17.9M$74.8M$600K−$6.0M$48.9M
Q1 2025$38.4M−$1.1M−$20.2M$79.8M$743K$5.6M$38.4M
Q4 2024$68.1M−$96K−$16.7M−$55.2M$572K$9.5M$68.1M

California Water Service: income statement and cash flow

California Water Service, Q3 2026: revenue $331M (+5% year over year), operating margin 25.0%. The chart follows the revenue to costs, profit and cash.

California Water Service: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.