American States Water Company (AWR) Q1 2026 earnings summary

Executive summary

• Consolidated diluted EPS rose 8.6% to $0.76 for Q1 2026, driven by higher earnings in water, electric, and contracted services segments following CPUC-approved rate increases and increased construction activities.

• Operating revenues increased by $21.2 million year-over-year, reaching $169.2 million.

• Infrastructure investments for regulated utilities are projected at $185 million–$225 million for 2026.

• Company recognized as Newsweek's #1 Most Trustworthy Company in the Energy & Utilities industry.

• No material impact from geopolitical events or U.S. government shutdowns during the quarter.

Financial highlights

• Water segment EPS increased to $0.55 from $0.52; electric segment EPS rose to $0.08 from $0.07; contracted services EPS up to $0.15 from $0.13.

• Total operating revenues: Water $113.1M (+$11.1M), Electric $18.7M (+$3.7M), Contracted Services $37.4M (+$6.4M) year-over-year.

• Net income for Q1 2026 was $29.95 million, up from $26.84 million in Q1 2025.

• Operating income rose to $51.4 million from $45.5 million year-over-year.

• Quarterly dividend paid was $0.5040 per share, up from $0.4655, marking 71 consecutive years of annual dividend increases.

Outlook and guidance

• Capital expenditures for regulated utilities projected at $185–$225 million for 2026.

• Contracted services segment expected to contribute $0.63–$0.67 per share for full year 2026.

• Anticipates robust and sustained growth in water rate base over the next few years.

• Management expects continued recovery of capital investment costs through rates and ongoing access to external financing.

• Long-term dividend CAGR policy set at over 7%.