CWT on NYSE

California Water Service Group

Logo: Original: California Water Service Group Vector: Benstown, Public domain, via Wikimedia Commons4

American public utility company

California Water Service Group (CWSG) is an American public utility company providing drinking water and wastewater services. It is the third-largest investor-owned publicly traded water utility in the United States, serving roughly two million people through its subsidiary companies in California, Hawaii, New Mexico and Washington.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1997Founded1

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  • TickerCWT on NYSE1
  • Industrywater supply1
  • HeadquartersSan Jose1
  • Websitewww.calwatergroup.com
  • Incorporated inDE5
  • Business address1720 N First St, C/O California Water Service Co, San Jose, Ca 951125
  • Filer categoryLarge accelerated filer5

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California Water Service Group (CWSG) is an American public utility company providing drinking water and wastewater services. It is the third-largest investor-owned publicly traded water utility in the United States, serving roughly two million people through its subsidiary companies in California, Hawaii, New Mexico and Washington. CWSG was formed in 1997 as a new holding company for California Water Service to expand into other states regulated by their own public utilities commissions, and into other non-regulated businesses.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

17.7%Operating margin7
13.3%Net margin7
6.4%Revenue growth, 20257
7.6%Return on equity7
0.87×Debt to equity7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Residential brought in 70% of the revenue California Water Service Group broke down this way in fiscal 2025.

  1. Residential$567.3M770%up 5% from 2024
  2. Multiple Residential$84.0M710%up 9% from 2024
  3. Public Authorities$54.7M77%up 11% from 2024
  4. Service, Other$34.1M74%up 10% from 2024
  5. Industrial$31.0M74%up 2% from 2024
  6. Non-Regulated Services$18.4M72%up 1% from 2024
  7. Operating And Maintenance$13.7M72%down 1% from 2024
  8. Other Non-Regulated Service$4.7M71%up 7% from 2024
Products and services by year
Products and services202320242025
Residential$463.4M$538.2M$567.3M
Multiple Residential$67.7M$76.8M$84.0M
Public Authorities$40.8M$49.2M$54.7M
Service, Other$31.3M$31.0M$34.1M
Industrial$28.1M$30.4M$31.0M
Non-Regulated Services$16.0M$18.2M$18.4M
Operating And Maintenance$12.5M$13.8M$13.7M
Other Non-Regulated Service$3.5M$4.4M$4.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs85¢$816.4M
  • Income tax2¢$19.1M
  • Profit13¢$128.2M

Out of $963.7M in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid24¢$73.9M
  • Share buybacks0¢$1.4M
  • Kept or used elsewhere75¢$227.3M

Out of $302.6M of cash from operations.7

Financial statements

Revenue8910117$963.7M in 2025+45% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $664.4M$664.4M20192020: $697.6M$697.6M2020+5%2021: $765.7M$765.7M2021+10%2022: $772.6M$772.6M2022+1%2023: $790.3M$790.3M2023+2%2024: $905.6M$905.6M2024+15%2025: $963.7M$963.7M2025+6%
Operating income8910117$170.4M in 2025+71% since 2019
0$100.0M$200.0M$300.0M2019: $99.4M$99.4M20192020: $136.7M$136.7M2020+37%2021: $126.8M$126.8M2021−7%2022: $127.7M$127.7M2022+1%2023: $77.1M$77.1M2023−40%2024: $225.1M$225.1M2024+192%2025: $170.4M$170.4M2025−24%
Net income8910117$128.2M in 2025+103% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $63.1M$63.1M20192020: $96.8M$96.8M2020+53%2021: $101.1M$101.1M2021+4%2022: $96.0M$96.0M2022−5%2023: $51.9M$51.9M2023−46%2024: $190.8M$190.8M2024+268%2025: $128.2M$128.2M2025−33%

Every line of the income statement in the latest annual report, as filed.7

Period ending2025-12-312024-12-312023-12-31
Operating revenue$1.0B$1.0B$794.6M
Purchased water$252.9M$241.2M$223.8M
Purchased power$45.1M$47.7M$45.7M
Pump taxes$24.2M$21.8M$19.0M
Administrative and general$141.6M$139.5M$142.2M
Other operations$130.1M$118.5M$112.5M
Maintenance$36.0M$34.8M$32.0M
Depreciation and amortization$144.4M$131.9M$121.2M
Income tax expense (benefit)$11.2M$35.9M-$15.2M
Property and other taxes$44.3M$40.5M$36.3M
Total operating expenses$829.8M$811.8M$717.5M
Net operating income$170.4M$225.1M$77.1M
Non-regulated revenue$20.8M$20.6M$18.5M
Non-regulated expenses-$14.6M-$14.2M-$11.8M
Other components of net periodic benefit credit$18.2M$15.8M$20.2M
Allowance for equity funds used during construction$7.7M$6.9M$5.6M
Income tax expense on other income and expenses-$7.9M-$6.6M-$8.4M
Net other income$24.2M$22.6M$24.1M
Interest expense$70.4M$60.7M$52.8M
Allowance for borrowed funds used during construction-$3.7M-$3.1M-$3.0M
Net interest expense$66.7M$57.5M$49.8M
Net income$127.8M$190.1M$51.4M
Net loss attributable to noncontrolling interest-$363.0K-$722.0K-$535.0K
Net income attributable to California Water Service Group$128.2M$190.8M$51.9M
Basic (in dollars per share)$2.15$3.26$0.91
Diluted (in dollars per share)$2.15$3.25$0.91
Basic (in shares)59.6M shares58.6M shares57.0M shares
Diluted (in shares)59.6M shares58.6M shares57.0M shares

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Subsidiaries and ownership

Subsidiaries

  • California Water Service

From Wikidata.1

Acquisitions

  1. 1997Acquired California Water Service1

In 1998, CWSGs original subsidiary, California Water Service, made a major expansion into Southern California with the purchase of Dominguez Services Corp. for $53 million, incorporating its subsidiaries Antelope Valley Water Co. and Kern River Valley Water Co. into Cal Water's service districts.

In 2002, CWSG acquired Rio Grande Utility Corporation to form its New Mexico Water Service subsidiary. It subsequently expanded in this region with the acquisitions of National Utility Company, Cypress Gardens Water Users, Independent Utility Company and Indian Hills Water Company.

In 2003, CWSG acquired Ka'anapali Water Corp. on the island of Maui for $8 million to form its Hawaii Water Service subsidiary.

From Wikipedia’s article on California Water Service Group, shared under CC BY-SA 4.0.6

Timeline

  1. 1997Founded Founded1

Recent filings

  1. Sep 8, 20264 PRIMARY DOCUMENT
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  14. Sep 1, 20264 PRIMARY DOCUMENT
  15. Aug 14, 20264 PRIMARY DOCUMENT

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

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