California Water Service Group (CWT) Income Statement
CWT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCWT revenue and net income
Where CWT's revenue goes
2025Each bar shows an amount and its share of revenue. CWT kept 12.8% of revenue as net income.
CWT profit margins
CWT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −3.5% | +5.7% | +4.7% | +5.4% |
| Gross profit | −34.9% | +6.7% | +10.4% | +6.0% |
| Operating income | −18.6% | +12.8% | +6.0% | +9.9% |
| Net income | −32.8% | +10.1% | +5.8% | +11.0% |
| EPS (diluted) | −34.3% | +6.9% | +2.1% | +8.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CWT quarterly EPS vs estimates
California Water Service beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 29, 2026 (estimate $1.22).
CWT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.00B | $1.04B | $794.6M | $846.4M | $790.9M | $794.3M | $714.6M | $698.2M | $666.9M | $609.4M |
| Cost of revenue | $356.7M | $47.7M | $431.3M | $316.1M | $307.1M | $402.7M | $373.4M | $277.3M | $264.4M | $243.0M |
| Gross profit | $643.5M | $989.1M | $363.4M | $530.4M | $483.8M | $391.6M | $341.2M | $420.9M | $402.5M | $366.4M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $141.6M | $139.5M | $142.3M | $132.8M | $126.9M | $117.1M | $108.7M | $100.8M | $102.9M | $98.5M |
| Total operating expenses | $460.4M | $764.1M | $286.2M | $402.7M | $357.0M | $255.0M | $241.8M | $291.7M | $278.9M | $265.4M |
| Operating income | $183.1M | $225.1M | $77.1M | $127.7M | $126.8M | $136.7M | $99.4M | $110.5M | $94.6M | $76.2M |
| Interest income | $2.2M | $1.3M | $303,000 | $177,000 | $43.2M | $41.9M | $41.2M | $37.9M | $33.9M | $30.5M |
| Interest expense | $66.7M | $57.5M | $49.8M | $44.3M | $43.2M | $41.9M | $41.2M | $37.9M | $33.9M | $30.5M |
| Income before taxes | $147.0M | $232.6M | $44.6M | $101.6M | $105.1M | $108.8M | $80.8M | $81.5M | $100.5M | $75.5M |
| Income taxes | $19.1M | $42.5M | −$6.8M | $6.4M | $4.1M | $12.0M | $17.7M | $15.9M | $33.4M | $26.8M |
| Net income | $128.2M | $190.8M | $51.9M | $96.0M | $101.1M | $96.8M | $63.1M | $65.6M | $67.2M | $48.7M |
| EBITDA | $360.2M | $424.3M | $217.5M | $263.3M | $259.9M | $251.6M | $213.3M | $205.4M | $211.2M | $169.2M |
| EPS (diluted) | $2.15 | $3.27 | $0.89 | $1.76 | $1.96 | $1.94 | $1.17 | $1.21 | $1.40 | $1.01 |
| Gross margin | 64.3% | 95.4% | 45.7% | 62.7% | 61.2% | 49.3% | 47.7% | 60.3% | 60.4% | 60.1% |
| Operating margin | 18.3% | 21.7% | 9.7% | 15.1% | 16.0% | 17.2% | 13.9% | 15.8% | 14.2% | 12.5% |
| Net margin | 12.8% | 18.4% | 6.5% | 11.3% | 12.8% | 12.2% | 8.8% | 9.4% | 10.1% | 8.0% |
| 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 | $308.6M | $214.6M | $220.0M | $311.2M | $265.0M | $204.0M | $222.2M | $299.6M | $244.3M | $270.7M | $214.5M | $255.0M |
| Cost of revenue | $101.0M | $76.3M | $89.0M | $109.0M | $94.5M | $67.4M | $90.7M | $101.0M | $86.4M | $94.3M | $110.0M | $130.7M |
| Gross profit | $207.6M | $138.3M | $131.0M | $202.3M | $170.4M | $136.6M | $131.5M | $198.6M | $157.9M | $176.5M | $104.6M | $124.3M |
| Sales, general & admin | $36.2M | $33.7M | $37.9M | $36.2M | $33.3M | $34.2M | $36.4M | $35.5M | $36.4M | $38.9M | $42.5M | $34.2M |
| Total operating expenses | $119.4M | $116.7M | $121.3M | $117.5M | $108.4M | $111.0M | $99.2M | $131.8M | $109.7M | $98.6M | $69.3M | $80.8M |
| Operating income | $88.2M | $21.5M | $9.7M | $84.8M | $62.0M | $25.6M | $32.2M | $66.7M | $48.2M | $77.9M | $35.2M | $43.5M |
| Interest income | — | — | $17.4M | $17.1M | $16.5M | $15.7M | $14.9M | $13.6M | — | — | — | $12.8M |
| Interest expense | $19.8M | $18.6M | $17.4M | $17.1M | $16.5M | $15.7M | $14.9M | $13.6M | $14.0M | $15.0M | $12.3M | $12.8M |
| Income before taxes | $72.0M | $4.0M | $6.6M | $73.7M | $50.7M | $13.2M | $17.7M | $78.0M | $50.4M | $86.5M | $20.2M | $39.3M |
| Income taxes | $15.6M | $1.5M | −$4.9M | $12.6M | $8.7M | $2.7M | −$1.8M | $17.4M | $10.0M | $16.9M | −$9.7M | $5.0M |
| Net income | $56.5M | $4.0M | $11.5M | $61.2M | $42.2M | $13.3M | $19.7M | $60.7M | $40.6M | $69.9M | $30.1M | $34.4M |
| EBITDA | $121.8M | $62.9M | $60.8M | $127.5M | $103.8M | $65.3M | $66.2M | $125.2M | $97.9M | $130.1M | $58.8M | $82.5M |
| EPS (diluted) | $0.93 | $0.07 | $0.19 | $1.03 | $0.71 | $0.22 | $0.33 | $1.03 | $0.70 | $1.21 | $0.52 | $0.60 |
| Gross margin | 67.3% | 64.4% | 59.5% | 65.0% | 64.3% | 67.0% | 59.2% | 66.3% | 64.6% | 65.2% | 48.7% | 48.7% |
| Operating margin | 28.6% | 10.0% | 4.4% | 27.2% | 23.4% | 12.6% | 14.5% | 22.3% | 19.7% | 28.8% | 16.4% | 17.1% |
| Net margin | 18.3% | 1.9% | 5.2% | 19.7% | 15.9% | 6.5% | 8.8% | 20.3% | 16.6% | 25.8% | 14.0% | 13.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CWT's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CWT financial results
In fiscal year 2025 (ended December 31, 2025), California Water Service reported revenue of $1.0 billion, down 3.5% from the year before. It had net income of $128.2 million (down 32.8%), a net profit margin of 12.8%. Diluted earnings per share came to $2.15. Over five years revenue grew at an average rate of 4.7% a year.
See the CWT stock overview for the latest quote and news, or the CWT chart for price history and technical indicators.
CWT income statement FAQ
What is California Water Service's annual revenue?
California Water Service reported total revenue of $1.0 billion for fiscal year 2025, which ended on December 31, 2025. That was down 3.5% from $1.0 billion the previous year.
Is California Water Service profitable?
Yes. California Water Service reported net income of $128.2 million in fiscal 2025, a net profit margin of 12.8%; its operating margin was 18.3%.
What is California Water Service's gross margin?
California Water Service's gross margin was 64.3% in fiscal 2025: for every $100 of revenue, California Water Service kept $64 after the direct cost of its products and services.
How fast is California Water Service growing?
Revenue grew 4.7% a year on average over the last five fiscal years, from $794.3 million to $1.0 billion.
What are California Water Service's earnings per share?
California Water Service earned $2.15 per diluted share in fiscal 2025, compared with $3.27 a year earlier.
When will California Water Service report its next earnings?
California Water Service is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does California Water Service's fiscal year end?
California Water Service's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.