Filing Flows › California Water Service (CWT) › Q4 2025
California Water Service (CWT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
California Water Service (CWT) reported revenue of $211M for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and -33% from the quarter before. Operating margin was 12.2%, net earnings $11.5M (5.4% of revenue).
California Water Service, Q4 2025: revenue $211M (-3% year over year), operating margin 12.2%, net earnings $11.5M, operating cash flow $47.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $211M | -33% | -3% |
| Operating profit | $25.6M | -64% | -21% |
| Net earnings | $11.5M | -81% | -41% |
| Operating cash flow | $47.9M | -71% | -30% |
What changed
Revenue was $210.7M in Q4 2025, down 3% year over year and down 33% from the previous quarter. Residential was the largest line at 63% of revenue.
Operating profit was $25.6M, a 12.2% margin (down 2.7 points year over year). Total costs fell 0% while revenue fell 3%. Net earnings were $11.5M, down 42% year over year. The effective tax rate was -74.4%.
Operating cash flow was $47.9M (down 30% year over year), 417% of net earnings. Non-cash charges added back $36.8M of depreciation and amortization and $600K of share-based compensation.
Questions
What was California Water Service's revenue in the fourth quarter 2025?
California Water Service (CWT) reported revenue of $211M for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and -33% from the quarter before.
Was California Water Service profitable in the fourth quarter 2025?
Operating profit was $25.6M (12.2% of revenue) and net earnings $11.5M.