CALIFORNIA WATER SERVICE GROUP

Listed Company

CWTCIK 0001035201NYSELarge AcceleratedWater SupplyDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$128.21M

Total Assets

$5.67B

Equity

$1.69B

Shares Out

59.85M

Op. Cash Flow

$302.56M

Business

CALIFORNIA WATER SERVICE GROUP is a holding company that owns regulated and non‑regulated subsidiaries providing water and wastewater utility services. It offers production, purchase, storage, treatment, testing, distribution and sale of water, domestic and municipal fire protection, wastewater collection and treatment, and non‑regulated services such as full system operations, meter reading, billing, lab services and leasing of communication antenna sites. Its key business groupings include regulated utilities (Cal Water, Washington Water, New Mexico Water, Hawaii Water, Texas Water/BVRT) and Utility Services for non‑regulated activities. The company serves primarily customers in California and, to a lesser extent, Hawaii, Washington, New Mexico and Texas through regulated rate mechanisms, municipal lease agreements, contracts and utility development arrangements.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating revenue	1,000	1,037	795	846	791
Purchased water	253	241	224	225	225
Purchased power	45	48	46	45	37
Pump taxes	24	22	19	16	15
Administrative and general	142	140	142	133	127
Other operations	130	118	112	116	86
Maintenance	36	35	32	32	30
Depreciation and amortization	144	132	121	115	109
Income tax expense (benefit)	11	36	−15	3	3
Property and other taxes	44	41	36	35	32
Total operating expenses	830	812	717	719	664
Net operating income	170	225	77	128	127
Non-regulated revenue	21	21	19	21	23
Non-regulated expenses	−15	−14	−12	−25	−17
Other components of net periodic benefit credit	18	16	20	14	10
Allowance for equity funds used during construction	8	7	6	4	3
Income tax expense on other income and expenses	−8	−7	−8	−3	−1
Net other income	24	23	24	12	17
Interest expense	70	61	53	47	—
Allowance for borrowed funds used during construction	−4	−3	−3	−2	−2
Net interest expense	67	58	50	44	43
Net income	128	190	51	95	101
Net loss attributable to noncontrolling interest	−363,000	−722,000	−535,000	−748,000	−146,000
Net income attributable to California Water Service Group	128	191	52	96	101
Basic (in dollars per share)	2.15	3.26	0.91	1.77	1.96
Diluted (in dollars per share)	2.15	3.25	0.91	1.77	1.96
Basic (in shares)	60	59	57	54	52
Diluted (in shares)	60	59	57	54	52

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	64	57	47	46	45
Depreciable plant and equipment	5,471	4,977	4,558	4,216	3,900
Construction work in progress	334	329	288	247	223
Intangible assets	40	37	33	28	30
Total utility plant	5,909	5,400	4,925	4,536	4,197
Less accumulated depreciation and amortization	−1,330	−1,242	−1,152	−1,063	−1,350
Net utility plant	4,580	4,159	3,773	3,473	2,847
Cash and cash equivalents	52	50	40	62	78
Restricted cash	46	46	45	23	2
Customers, net	56	59	59	55	61
Regulatory balancing accounts	73	56	64	67	79
Other, net	49	34	16	21	18
Accrued and unbilled revenue, net	40	40	37	33	33
Materials and supplies	20	21	16	13	10
Taxes, prepaid expenses, and other assets	20	20	18	22	20
Total current assets	354	324	296	296	300
Regulatory assets	340	357	258	284	286
Goodwill	37	37	37	37	37
Other	360	303	231	176	153
Total other assets	737	697	—	—	—
TOTAL ASSETS	5,671	5,180	4,596	4,265	3,623
Common stock, $0.01 par value; 136,000 shares authorized, 59,638 and 59,484 outstanding in 2025 and 2024, respectively	596,000	595,000	577,000	556,000	537,000
Additional paid-in capital	973	967	877	760	651
Retained earnings	729	675	550	557	515
Accumulated other comprehensive loss	−14	−7	0	—	—
Noncontrolling interest	3	3	4	5	5
Total equity	1,692	1,638	1,430	1,322	1,172
Long-term debt, net	1,472	1,105	1,053	—	—
Total capitalization	3,164	2,743	2,483	2,375	2,228
Current maturities of long-term debt, net	2	72	672,000	—	—
Short-term borrowings	130	205	180	70	35
Accounts payable	176	168	157	141	144
Regulatory balancing accounts	26	23	22	12	33
Accrued other taxes	6	6	5	9	5
Accrued interest	13	8	7	6	7
Other accrued liabilities	66	56	60	53	43
Total current liabilities	418	538	430	295	272
Deferred income taxes	451	411	353	330	295
Regulatory liabilities	930	815	684	628	180
Pension	94	82	83	78	—
Advances for construction	211	203	199	200	198
Contributions in aid of construction	297	295	286	285	286
Other long-term liabilities	106	94	77	74	73
Contingencies and commitments (Note 15)	—	—	—	—	—
TOTAL CAPITALIZATION AND LIABILITIES	5,671	5,180	4,596	4,265	3,623

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	147	134	123	117	112
Amortization of debt premium and expenses	300,000	200,000	300,000	400,000	400,000
Changes in normalized deferred income taxes	38	40	36	27	25
Change in value of life insurance contracts	−4	−4	−5	7	−4
Stock-based compensation	5	4	3	5	7
Receivables	−21	−42	43	−41	−13
Water Arrearages Payment Program cash received	0	83	0	21	0
Water Arrearages Payment Program cash returned	−78,000	−25	0	−4	0
Accrued and unbilled revenue	44,000	−3	−4	−381,000	1
Taxes, prepaid expenses, and other assets	672,000	−5	654,000	−5	−3
Accounts payable	−20	2	10	−8	−3
Other current liabilities	11	3	−346,000	8	1
Other changes in noncurrent assets and liabilities	25	−79	−34	24	9
Net cash provided by operating activities	303	291	218	244	232
Utility plant expenditures	−517	−471	−384	−328	−293
Business acquisitions, net of cash acquired	0	−2	−175,000	0	−6
Asset acquisitions	0	0	−3	−8	0
Purchase of life insurance	−3	−4	−3	−7	−2
Life insurance proceeds	215,000	1	0	7	0
Other	0	48,000	0	0	—
Net cash used in investing activities	−520	−475	−389	−336	−301
Short-term borrowings	550	505	228	150	200
Repayment of short-term borrowings	−625	−480	−120	−115	−535
Issuance of long-term debt, net of debt issuance costs of $1,777, $184, and $0, respectively	368	125	0	0	279
Advances and contributions in aid of construction	38	30	21	26	28
Refunds of advances for construction	−9	−9	−9	−9	−11
Per- and polyfluoroalkyl substances (PFAS) settlement proceeds	41	0	0	—	—
Retirement of long-term debt	−71	−889,000	−2	−5	−5
Repurchase of common stock	−1	−1	−2	−2	−2
Issuance of common stock	4	89	115	107	198
Dividends paid	−74	−65	−59	−54	−47
Distribution to noncontrolling interest	−790,000	−489,000	−465,000	−348,000	0
Other	0	3	0	0	—
Net cash provided by financing activities	219	195	172	96	105
Change in cash, cash equivalents, and restricted cash	2	11	−59,000	4	36
Interest (net of amounts capitalized)	61	56	49	44	42
Accrued payables for investments in utility plant	68	57	54	52	58
Utility plant contributed by developers	29	30	24	20	20

Filings

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