California Water Service Group
calwatergroup.comWhat Do They Do?
Provides water service to residential customers, businesses, and public users, plus wastewater collection and treatment in some areas.
10-K for FY2025, filed Feb 27, 2026
How Do They Make Money?
Customers pay regulated rates for water and wastewater based on use, service charges, and other approved charges; billing follows service, with payment generally due within 30 days of billing. For system-operation contracts, fees are per service or flat monthly.
10-K for FY2025, filed Feb 27, 2026The Company principally generates operating revenue from contracts with customers by providing regulated water and wastewater services at…View ↗
The Company satisfies its performance obligation to provide water and wastewater services over time as services are rendered. The Company…View ↗
Contract terms are generally short-term and at will by customers and, as a result, no separate financing component is recognized for the…View ↗
Contract operating and maintenance services are provided for non-regulated water and wastewater systems owned by private companies and…View ↗
$963.7M
-
10-K for FY2025, filed Feb 27, 2026
$963.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Residential
Usage-based
10-K for FY2025, filed Feb 27, 2026 |
59%
FY2022: 59%
|
Residential, FY2025
$567.3M Sources
|
Usage-based |
|
Business
Usage-based
10-K for FY2025, filed Feb 27, 2026 |
20%
FY2022: 20%
|
Business, FY2025
$192.7M Sources
|
Usage-based |
|
Multiple residential
Usage-based
|
8.7%
FY2022: 8.4%
|
Multiple residential, FY2025
$84M Sources
|
Usage-based |
|
Industrial
Usage-based
|
3.2%
FY2022: 3.5%
|
Industrial, FY2025
$31M Sources
|
Usage-based |
|
Public authorities
Usage-based
|
5.7%
FY2022: 5.3%
|
Public authorities, FY2025
$54.7M Sources
|
Usage-based |
|
Other
|
3.5%
FY2022: 3.7%
|
Other, FY2025
$34.1M Sources
|
|
|
Contract operating and maintenance revenue
|
1.4%
FY2022: 1.7%
|
Contract operating and maintenance revenue, FY2025
$13.7M Sources
|
|
|
Other non-regulated revenue
|
0.5%
FY2022: 0.8%
|
Other non-regulated revenue, FY2025
$4.7M Sources
|
|
|
Non-regulated revenue from contracts with customers
|
1.9%
FY2022: 2.4%
|
Non-regulated revenue from contracts with customers, FY2025
$18.4M Sources
|
Who Are Their Customers?
Residential customers, businesses, and public authorities receive water and wastewater service directly from the utilities; municipalities and private companies contract for system operation, maintenance, meter reading, and billing.
10-K for FY2025, filed Feb 27, 2026Our business is conducted through our operating subsidiaries and we provide utility services to approximately two million people. The bulk…View ↗
The Company principally generates operating revenue from contracts with customers by providing regulated water and wastewater services at…View ↗
Contract operating and maintenance services are provided for non-regulated water and wastewater systems owned by private companies and…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 13 cents of every revenue dollar as net income in FY2025.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
$56.5MView ↗
- ▲ +34%
- vs $42.2M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
-
May 1, 2026
California regulators approved Cal Water’s rate case
The decision authorizes revenue increases of $90.5 million in 2026, $43.2 million in 2027, and $48.9 million in 2028.
Sources
8-K, filed May 1, 2026
The CPUC adopted the proposed decision (PD) issued March 13, 2026 with revisions issued on April 29, 2026 (revised PD). The final decision…View ↗
Growing. Revenue grew 26% in 4 years, from $765.7M in FY2021 to $963.7M in FY2025, about 6% a year.
Texas water service
The older report described Texas Water’s holdings as wastewater utilities; the latest describes its regulated utilities as providing both water and wastewater service.
10-K for FY2022, filed Mar 1, 2023 10-K for FY2025, filed Feb 27, 2026
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