American States Water Company (AWR) Income Statement
AWR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAWR revenue and net income
Where AWR's revenue goes
2025Each bar shows an amount and its share of revenue. AWR kept 19.8% of revenue as net income.
AWR profit margins
AWR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +10.5% | +10.2% | +6.2% | +3.7% |
| Gross profit | −26.1% | −3.2% | −2.0% | −0.1% |
| Operating income | +10.2% | +17.1% | +9.3% | +5.5% |
| Net income | +9.4% | +18.5% | +8.6% | +8.0% |
| EPS (diluted) | +6.3% | +10.5% | +7.7% | +7.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AWR quarterly EPS vs estimates
American States Water beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 4, 2026 (estimate $1.09).
AWR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $658.1M | $595.5M | $595.7M | $491.5M | $498.9M | $488.2M | $473.9M | $436.8M | $440.6M | $436.1M |
| Cost of revenue | $324.0M | $143.4M | $146.2M | $123.3M | $121.0M | $119.4M | $120.1M | $108.9M | $103.4M | $102.7M |
| Gross profit | $334.1M | $452.0M | $449.5M | $368.2M | $377.8M | $368.8M | $353.7M | $327.9M | $337.2M | $333.3M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $102.8M | $100.9M | $89.8M | $86.2M | $83.5M | $83.6M | $83.0M | $82.6M | $81.7M | $81.0M |
| Total operating expenses | $130.8M | $267.5M | $252.8M | $241.6M | $236.8M | $238.3M | $226.6M | $227.0M | $218.4M | $218.6M |
| Operating income | $203.3M | $184.5M | $196.7M | $126.6M | $141.0M | $130.5M | $127.1M | $101.0M | $127.1M | $114.7M |
| Interest income | $41.1M | $7.9M | $7.4M | $2.3M | $1.5M | $1.8M | $3.2M | $3.6M | $1.8M | $757,000 |
| Interest expense | $46.8M | $50.4M | $42.8M | $27.0M | $22.8M | $22.5M | $24.6M | $23.4M | $22.6M | $22.0M |
| Income before taxes | $169.8M | $149.4M | $166.5M | $102.1M | $124.8M | $114.6M | $109.0M | $81.9M | $108.3M | $94.5M |
| Income taxes | $39.4M | $30.2M | $41.6M | $23.7M | $30.4M | $28.2M | $24.7M | $18.0M | $39.0M | $34.7M |
| Net income | $130.4M | $119.3M | $124.9M | $78.4M | $94.3M | $86.4M | $84.3M | $63.9M | $69.4M | $59.7M |
| EBITDA | $265.4M | $244.0M | $252.5M | $170.8M | $187.6M | $174.4M | $169.3M | $144.8M | $159.4M | $154.3M |
| EPS (diluted) | $3.37 | $3.17 | $2.83 | $2.50 | $2.55 | $2.33 | $2.13 | $1.72 | $1.77 | $1.62 |
| Gross margin | 50.8% | 75.9% | 75.5% | 74.9% | 75.7% | 75.5% | 74.6% | 75.1% | 76.5% | 76.4% |
| Operating margin | 30.9% | 31.0% | 33.0% | 25.8% | 28.3% | 26.7% | 26.8% | 23.1% | 28.8% | 26.3% |
| Net margin | 19.8% | 20.0% | 21.0% | 15.9% | 18.9% | 17.7% | 17.8% | 14.6% | 15.7% | 13.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $181.3M | $169.2M | $164.3M | $182.7M | $163.1M | $148.0M | $143.1M | $161.8M | $155.3M | $135.3M | $125.2M | $151.7M |
| Cost of revenue | $54.3M | $81.6M | $87.6M | $76.2M | $43.0M | $33.6M | $37.4M | $41.8M | $35.8M | $64.4M | $29.9M | $40.7M |
| Gross profit | $127.0M | $87.5M | $76.7M | $106.5M | $120.0M | $114.4M | $105.7M | $120.0M | $119.5M | $70.8M | $95.3M | $111.0M |
| Sales, general & admin | $42.8M | $28.2M | $25.6M | $25.7M | $25.2M | $26.9M | $27.9M | $24.2M | $23.8M | $25.3M | $22.2M | $21.0M |
| Total operating expenses | $63.0M | $36.2M | $31.6M | $44.8M | $69.1M | $68.8M | $67.0M | $64.9M | $67.8M | $31.8M | $60.4M | $59.2M |
| Operating income | $64.0M | $51.4M | $45.0M | $61.7M | $51.0M | $45.5M | $38.7M | $55.1M | $51.7M | $39.0M | $34.9M | $51.8M |
| Interest income | $886,000 | $976,000 | $9.8M | $1.1M | $1.5M | $2.0M | $2.0M | $1.7M | $2.1M | $2.1M | $1.6M | $2.1M |
| Interest expense | $12.2M | $12.1M | $10.9M | $11.7M | $12.1M | $12.1M | $11.2M | $13.2M | $13.1M | $12.9M | $10.9M | $11.7M |
| Income before taxes | $57.8M | $39.8M | $36.5M | $54.1M | $43.9M | $35.3M | $30.8M | $45.9M | $42.2M | $30.5M | $28.5M | $41.1M |
| Income taxes | $14.5M | $9.9M | $7.7M | $12.9M | $10.2M | $8.5M | $2.4M | $10.1M | $10.4M | $7.4M | $8.1M | $9.5M |
| Net income | $43.3M | $29.9M | $28.7M | $41.2M | $33.7M | $26.8M | $28.4M | $35.8M | $31.9M | $23.1M | $20.4M | $31.6M |
| EBITDA | $71.3M | $64.9M | $47.0M | $78.0M | $68.0M | $59.2M | $53.3M | $70.1M | $66.3M | $50.2M | $50.3M | $63.1M |
| EPS (diluted) | $1.09 | $0.76 | $0.74 | $1.06 | $0.87 | $0.70 | $0.75 | $0.95 | $0.85 | $0.62 | $0.55 | $0.85 |
| Gross margin | 70.1% | 51.7% | 46.7% | 58.3% | 73.6% | 77.3% | 73.8% | 74.1% | 77.0% | 52.4% | 76.1% | 73.2% |
| Operating margin | 35.3% | 30.4% | 27.4% | 33.8% | 31.3% | 30.8% | 27.0% | 34.0% | 33.3% | 28.8% | 27.9% | 34.1% |
| Net margin | 23.9% | 17.7% | 17.5% | 22.5% | 20.7% | 18.1% | 19.9% | 22.1% | 20.5% | 17.1% | 16.3% | 20.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AWR's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AWR financial results
In fiscal year 2025 (ended December 31, 2025), American States Water reported revenue of $658.1 million, up 10.5% from the year before. It had net income of $130.4 million (up 9.4%), a net profit margin of 19.8%. Diluted earnings per share came to $3.37. Over five years revenue grew at an average rate of 6.2% a year.
See the AWR stock overview for the latest quote and news, or the AWR chart for price history and technical indicators.
AWR income statement FAQ
What is American States Water's annual revenue?
American States Water reported total revenue of $658.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 10.5% from $595.5 million the previous year.
Is American States Water profitable?
Yes. American States Water reported net income of $130.4 million in fiscal 2025, a net profit margin of 19.8%; its operating margin was 30.9%.
What is American States Water's gross margin?
American States Water's gross margin was 50.8% in fiscal 2025: for every $100 of revenue, American States Water kept $51 after the direct cost of its products and services.
How fast is American States Water growing?
Revenue grew 6.2% a year on average over the last five fiscal years, from $488.2 million to $658.1 million.
What are American States Water's earnings per share?
American States Water earned $3.37 per diluted share in fiscal 2025, compared with $3.17 a year earlier.
When will American States Water report its next earnings?
American States Water is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does American States Water's fiscal year end?
American States Water's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.