Filing Flows › California Water Service (CWT) › Q1 2025
California Water Service (CWT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
California Water Service (CWT) reported revenue of $183M for the first quarter 2025 (Q1 2025), +18% from a year earlier and -16% from the quarter before. Operating margin was 12.2%, net earnings $13.3M (7.3% of revenue).
California Water Service, Q1 2025: revenue $183M (+18% year over year), operating margin 12.2%, net earnings $13.3M, operating cash flow $38.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $183M | -16% | +18% |
| Operating profit | $22.3M | -31% | -71% |
| Net earnings | $13.3M | -32% | -81% |
| Operating cash flow | $38.4M | -44% | +45% |
What changed
Revenue was $182.7M in Q1 2025, up 18% year over year and down 16% from the previous quarter. Residential was the largest line at 58% of revenue. Residential added $12.9M year over year (up 14%), 47% of the total change. Industrial declined 4%.
Operating profit was $22.3M, a 12.2% margin (down 38.1 points year over year). Operating profit fell $55.5M even though revenue rose $27.8M versus a year earlier, so costs grew faster than sales. Total costs grew 108% against revenue growth of 18%. The fastest-growing cost line was Other operating costs (+205%). Net earnings were $13.3M, down 81% year over year. The effective tax rate was 17.2%.
Operating cash flow was $38.4M (up 45% year over year), 291% of net earnings. Non-cash charges added back $36.5M of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items used $12.6M.
Questions
What was California Water Service's revenue in the first quarter 2025?
California Water Service (CWT) reported revenue of $183M for the first quarter 2025 (Q1 2025), +18% from a year earlier and -16% from the quarter before.
Was California Water Service profitable in the first quarter 2025?
Operating profit was $22.3M (12.2% of revenue) and net earnings $13.3M.