American States Water Q4 EPS at $0.74, Full-Year EPS $3.37, 2026 Capex Guided at $185M–$225M
American States Water reported fourth-quarter EPS of $0.74 per share, with water segment at $0.50 (down from $0.52) and contracted services earnings rising to $0.16. The company invested $210.9M in regulated utilities during 2025, forecasts $185M–$225M in 2026 capex, and posted full-year EPS of $3.37 (up from $3.17).
1. Q4 2025 Financial Results
American States Water delivered consolidated EPS of $0.74, flat year-over-year. Water utility earnings were $0.50 per share, down from $0.52, while contracted services (ASUS) contributed $0.16, up from $0.11, driven by higher construction activity. Electric segment results included $0.06 from retroactive rates and a $0.04 adjusted increase.
2. Full-Year Performance and Capex Outlook
For 2025, the company reported full-year EPS of $3.37, up from $3.17 in 2024 (adjusted 2024 EPS was $3.04). It invested $210.9M in infrastructure at its regulated utilities and projects company-funded capital expenditures of $185M–$225M for 2026.
3. Regulatory Rate Decisions
Final California Public Utilities Commission decisions granted second-year electric rate increases and new 2025 water rates, adding approximately $32M in operating revenues less supply costs for 2026. Changes to revenue adjustment mechanisms may introduce higher consumption-linked volatility.
4. Service Area Expansion
Golden State Water closed a $10.7M acquisition of San Juan Oaks backbone assets serving 1,300 future customers. The Sutter Point development will add up to 3,800 connections initially and 17,500 units long-term. A $5.25M Norwalk system purchase could boost revenues by $1M if approved.