Filing Flows › California Water Service (CWT) › Q2 2025
California Water Service (CWT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
California Water Service (CWT) reported revenue of $256M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +40% from the quarter before. Operating margin was 20.2%, net earnings $42.0M (16.4% of revenue).
California Water Service, Q2 2025: revenue $256M (+13% year over year), operating margin 20.2%, net earnings $42.0M, operating cash flow $48.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $256M | +40% | +13% |
| Operating profit | $51.8M | +132% | +8% |
| Net earnings | $42.0M | +219% | +4% |
| Operating cash flow | $48.9M | +27% | -48% |
What changed
Revenue was $256.2M in Q2 2025, up 13% year over year and up 40% from the previous quarter. Residential was the largest line at 55% of revenue. Residential added $19.7M year over year (up 16%), 67% of the total change. Industrial declined 8%.
Operating profit was $51.8M, a 20.2% margin (down 1.0 points year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, below the 21% margin then. Total costs grew 15% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+17%). Net earnings were $42.2M, up 4% year over year. The effective tax rate was 17.1%.
Operating cash flow was $48.9M (down 48% year over year), 116% of net earnings. Non-cash charges added back $36.6M of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items used $31.0M.
Questions
What was California Water Service's revenue in the second quarter 2025?
California Water Service (CWT) reported revenue of $256M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +40% from the quarter before.
Was California Water Service profitable in the second quarter 2025?
Operating profit was $51.8M (20.2% of revenue) and net earnings $42.0M.