Leading Water Utility California Water Service Group Reports Strong Third Quarter 2025 Results

Rhea-AI Summary

California Water Service Group (NYSE: CWT) reported Q3 2025 results with net income $61.2M and diluted EPS $1.03, matching Q3 2024. Q3 revenue rose 3.9% to $311.2M. The company invested $135.2M in water infrastructure in Q3, up 14.8% year-over-year, and $364.7M YTD capital spending, up 9.8% YTD. YTD net income declined 31.8% to $116.7M due largely to prior-year interim rate relief. On Oct 1, 2025, Group issued $170M senior notes and Cal Water issued $200M first mortgage bonds; both closed. Regulatory updates include inflation-based interim California rates effective Jan 1, 2026 and Hawaii rate authorization adding $4.7M annual revenue. Dividend: $0.30 quarterly.

Positive

• Q3 net income of $61.2M
• Q3 revenue increased 3.9% to $311.2M
• Q3 infrastructure investment $135.2M (+14.8% YoY)
• Closed $170M senior notes and $200M first mortgage bonds
• Hawaii rates authorized to add $4.7M annual revenue

Negative

• YTD net income declined 31.8% to $116.7M
• YTD revenue decreased 4.2% to $780.2M
• Operating expenses up 2.2% YTD to $635.4M

Insights

Utility Financial Strategist

Q3 shows operational resilience with regulatory wins and funded capex, but YTD GAAP earnings lag due to prior interim rate timing.

Revenue and operating trends show mixed but actionable facts: Q3 revenue rose to $311.2 million driven by rate changes and M‑WRAM adjustments, while Q3 net income and diluted EPS matched last year at $61.2 million and $1.03 respectively. Capital deployment accelerated with $135.2 million invested in Q3 and $364.7 million YTD capital, supporting system reliability and future rate base growth.

Regulatory outcomes materially affect near‑term cash flow and earnings comparability: interim inflation-based rate increases for Cal Water effective January 1, 2026 and CPUC tracking of foregone revenue reduce regulatory timing risk. Hawaii approval adds $4.7 million annual revenue, and a Washington GRC filing seeks $4.9 million potentially effective as soon as December 15, 2025. These approvals help offset lower customer usage and higher wholesale costs.

Financing and settlements strengthen liquidity and reduce future capital needs: the private placement of $170.0 million senior notes and $200.0 million first mortgage bonds closed on October 1, 2025, with S&P ratings of A and AA-, respectively. PFAS settlement receipts of $34.8 million YTD net of fees will directly offset compliance capex. Watch the final 2024 GRC decision timing, execution of interim rate recovery, and actual cash flows from PFAS proceeds over the next 3–12 months for clarity on YTD GAAP comparisons and funded returns on capital.

SAN JOSE, Calif., Oct. 30, 2025 (GLOBE NEWSWIRE) -- California Water Service Group (Group or Company, NYSE: CWT), a leading publicly traded water utility serving California, Hawaii, New Mexico, Washington, and Texas, today reported strong financial results for the third quarter 2025.

Financial highlights included:

• Net income of $61.2 million in Q3 2025 and diluted EPS of $1.03, consistent with net income and diluted EPS reported in Q3 2024.
• $135.2 million invested in water system infrastructure during Q3 2025, a 14.8% increase over water system infrastructure investments in Q3 2024.
• Authorization of inflation-based interim rate increases for California Water Service (Cal Water) effective January 1, 2026, until a final decision is issued in its 2024 General Rate Case, as well as approval to track and recover revenues that would have been collected had a decision by the California Public Utilities Commission (CPUC) been issued by January 1, 2026.
• Approval from the Hawaii Public Utilities Commission to increase rates in Hawaii Water Service’s five Waikoloa water and wastewater systems to increase annual revenues by $4.7 million.
• Declaration of the 323^rd consecutive quarterly dividend in the amount of $0.30 per share. The Company has increased its dividend for 58 consecutive years and has a five-year compound annual dividend growth rate of 7.7%.
  
  

According to Chairman, President, and Chief Executive Officer Martin A. Kropelnicki, the Company’s strong financial performance reflects continued focus on expense control, investment in water infrastructure, and excellent customer service.

“I am pleased with the continued strong execution by our team as we continue to pursue fair and affordable rates for customers, particularly in light of the fact that Cal Water is in the third year of a three-year rate case cycle, which is typically the leanest, most financially challenging year as we wait for regulatory relief,” he said.

Q3 2025 Financial Results

• Q3 2025 revenue increased $11.6 million or 3.9% to $311.2 million, compared to revenue of $299.6 million in Q3 2024.
  • Rate changes and changes in the Monterey-Style Water Revenue Adjustment Mechanism (M-WRAM) added $12.7 million and $3.7 million of revenue, respectively.
  • Declining customer water usage decreased revenue by $8.1 million, partially offset by a $2.0 million increase in unbilled water sales.
    
    
• Q3 2025 operating expenses increased $7.8 million or 3.4% to $240.6 million compared to operating expenses of $232.8 million in Q3 2024.
  
  • Water production costs increased by $7.6 million, primarily due to increases in wholesale water rates.
  • Depreciation and amortization increased $3.1 million due to new capital assets placed in service.
  • These increases were partially offset by a decrease in operating income tax expense of $4.8 million, primarily due to a decrease in the effective tax rate.
    
    

YTD 2025 Financial Results

• YTD 2025 net income was $116.7 million or $1.96 per diluted share, a decrease of 31.8% or $54.4 million and $0.97 per diluted share compared to YTD 2024 net income of $171.1 million or $2.93 per diluted share. Compared to YTD 2024 non-GAAP net income, YTD 2025 increased 9.9% or $9.8 million and $0.12 per diluted share. The GAAP to non-GAAP difference in YTD 2024 is due to $64.0 million, net of tax, of 2023 interim rate relief related to the 2021 California GRC recorded YTD in 2024.
  
  
• YTD 2025 revenue decreased $34.4 million or 4.2% to $780.2 million, compared to YTD revenue of $814.6 million in 2024. Compared to YTD 2024 non-GAAP revenue of $727.1 million, YTD 2025 revenue increased $53.1 million or 7.3%.
  
  • Rate changes added $57.5 million in revenue, offset by a decrease in M-WRAM revenue of $13.4 million. M-WRAM revenue in 2024 includes $17.4 million of interim rate relief attributable to 2023.
  • Customer usage and unbilled water sales contributed additional revenue of $2.0 million and $3.2 million, respectively.
  • Regulatory approval of amounts in the Palos Verdes Pipeline Memorandum Account added YTD revenue of $3.8 million.
  • Revenue increases were offset by $88.6 million in Interim Rates Memorandum Account (IRMA) revenue recorded in YTD 2024 results that included $67.6 million of interim rate relief attributable to 2023.
    
    
• YTD 2025 operating expenses increased $13.6 million or 2.2% to $635.4 million compared to YTD operating expenses of $621.8 million in 2024.
  
  • Water production costs increased by $14.3 million, primarily due to increases in wholesale water rates and an increase in customer usage.
  • Other operations expenses increased $7.8 million, primarily due to an increase in labor costs and bad debt expenses. The bad debt expense increase was primarily due to the application of California state arrearage funds to eligible past due and written off accounts in 2024.
  • Depreciation and amortization increased $9.2 million due to new capital assets placed in service.
  • Operating expense increases were offset by a $21.1 million decrease in operating income tax expense due to lower pre-tax earnings in 2025 compared to 2024 as a result of recording the 2021 California GRC decision in March of 2024.
    
    

Non-GAAP Financial Information

As a result of the delayed 2021 California GRC decision, interim rate relief related to 2023, including revenue of $87.5 million and net income of $64.0 million, or $1.09 per share, was recorded in Q1 2024 and finalized in Q2 2024. Non-GAAP financial measures adjust for the impact of 2023 interim rate relief on 2024 results. For more information on these non-GAAP financial measures, see the reconciliation of results and related explanations under “Non-GAAP Financial Measures” below.

Liquidity, Financing, and Capital Investment

As of September 30, 2025, Group’s cash and cash equivalents totaled $76.0 million and restricted cash was $45.6 million. Group had an additional short-term borrowing capacity of $255.0 million, subject to meeting the borrowing conditions on its Group and Group subsidiary, Cal Water, lines of credit.

On October 1, 2025, the Company announced the sale and issuance of $170.0 million in aggregate principal amount of Senior Unsecured Notes (the Notes) by Group and $200.0 million in aggregate principal amount of First Mortgage Bonds (the Bonds) by Cal Water in private placement transactions.

The Notes consist of $70.0 million of 4.87% senior unsecured notes, Series A, due October 1, 2032 and $100.0 million of 5.22% senior unsecured notes, Series B, due October 1, 2035. The Notes received an “A” rating by S&P Global (S&P) in advance of the sale. The Bonds consist of $200.0 million of 5.64% first mortgage bonds, Series 3, maturing October 1, 2055. The Bonds have an S&P rating of “AA-.” The sale and issuance of the Notes and the Bonds closed on October 1, 2025.

Group capital investments for the nine months ending September 30, 2025, were $364.7 million, up 9.8% compared to September 30, 2024 YTD investments of $332.2 million.

Regulatory Update

The assigned Commissioner in Cal Water’s 2024 General Rate Case has expressed his intent that the decision be issued on time. However, the Administrative Law Judge (ALJ) has indicated that he may need additional time, given the size and complexity of the case. To lessen the impact of any delay, the ALJ has authorized inflation-based interim rate increases from January 1, 2026, until the decision is issued. The ALJ has also approved a mechanism that will enable Cal Water to recover the revenue it would have collected had the decision become effective on the due date of January 1, 2026.

On October 7, 2025, Hawaii Water Service received authorization to increase annual revenues by $4.7 million, in its five Waikoloa systems, a reflection of the investments Hawaii Water has made in its systems needed to provide a safe, reliable water supply.

In Washington, the Company has filed a General Rate Case that seeks to increase annual revenues by $4.9 million to recover higher operating and maintenance expenses and costs associated with water system improvements made over the past two years. If approved, the new rates would take effect as early as December 15, 2025.

PFAS Settlement

The Company is a party to four separate class-action settlements with the following companies: 3M Company; E.I. Du Pont de Nemours and Company (n/k/a EIDP, Inc.), DuPont de Nemours, Inc., The Chemours Company, The Chemours Company FC, LLC, and Corteva, Inc. (collectively, DuPont); Tyco Fire Products LP; and BASF Corporation. These settlements are designed to resolve certain claims for PFAS contamination of drinking water in active public water systems. The Company plans to use settlement proceeds received, net of fees and expenses, to directly offset capital expenditures required to comply with PFAS drinking water regulations. In the third quarter, the Company received $24.2 million in additional proceeds, bringing the year-to-date total to $34.8 million, net of legal fees and expenses.

Community and Employee Engagement

In the third quarter, Group continued to advance its commitment to community partnership and employee engagement. On September 29, 2025, the Company opened its seventh annual Firefighter Grant Program to fire departments across its service areas, reinforcing its ongoing collaboration with local first responders.

Earlier in the quarter, Group was once again recognized among the “World’s Most Trustworthy Companies” by Newsweek and Statista Inc., marking the third consecutive year the Company has received this global distinction. The Company was also certified as a Great Place To Work^® for the tenth consecutive year.

Dividend

The Group Board of Directors has declared the 323^rd consecutive quarterly dividend in the amount of $0.30 per common share, which is expected to yield an annual dividend of $1.20 per common share. In addition, in January 2025, the Group Board of Directors declared a one-time special dividend in the amount of $0.04 per common share.

For additional details, please see the Form 10-Q which will be available at:
https://www.calwatergroup.com/investors/financials-filings-reports/sec-filings, or listen to the earnings teleconference or teleconference replay.

Quarterly Earnings Teleconference

The quarterly teleconference will take place on Thursday, October 30, 2025, at 8 a.m. PT/11 a.m. ET by dialing 1-800-715-9871 or 1-646-307-1963 and keying in ID# 2071195, or accessing the live audio webcast at https://edge.media-server.com/mmc/p/cvkp7i34/. Please join at least 15 minutes in advance to ensure a timely connection to the call. A replay of the call will be available from 2:00 p.m. ET on Thursday, October 30, 2025, through Saturday, November 29, 2025, at 1-800-770-2030 or 1-609-800-9909 and key in ID# 2071195, or by accessing the webcast above. The call will be hosted by Chairman, President and Chief Executive Officer Martin A. Kropelnicki, Senior Vice President, Chief Financial Officer and Treasurer James P. Lynch, and Vice President Rates and Regulatory Affairs, Greg A. Milleman. Prior to the call, Group will furnish a slide presentation on its website.

About California Water Service Group

Group is the parent company of regulated utilities Cal Water, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, as well as Texas Water Service, a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater service to more than 2.1 million people in California, Hawaii, New Mexico, Washington, and Texas. Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at www.calwatergroup.com.

This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The forward-looking statements are intended to qualify under provisions of the federal securities laws for “safe harbor” treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management’s beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing Group’s expected financial performance, investments in infrastructure projects, receipt of and us of PFAS settlement proceeds, and expectations regarding Group’s plans and proposals pursuant to and progress of the 2024 CA GRC and Washington GRC, and annual dividend yield. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include, but are not limited to: the outcome and timeliness of regulatory commissions’ actions concerning rate relief and other matters, including with respect to the 2024 CA GRC and Washington GRC; the impact of opposition to rate increases; our ability to recover costs; federal governmental and state regulatory commissions’ decisions, including decisions on proper disposition of property; changes in state regulatory commissions’ policies and procedures, such as the CPUC’s decision in 2020 to preclude companies from proposing full decoupling, which impacted the 2021 California GRC Filing; changes in California State Water Resources Control Board water quality standards; changes in environmental compliance and water quality requirements, such as the United States Environmental Protection Agency’s (EPA) finalization of a National Primary Drinking Water Regulation establishing legally enforceable maximum contaminant levels (MCL) for PFAS in drinking water in 2024 as well as legal challenges to such MCLs; the impact of weather, climate change, natural disasters, including wildfires and landslides, and actual or threatened public health emergencies, including disease outbreaks, on our operations, water quality, water availability, water sales, and operating results and the adequacy of our emergency preparedness; electric power interruptions, especially as a result of public safety power shutoff programs; availability of water supplies; our ability to invest or apply the proceeds from the issuance of common stock in an accretive manner; consequences of eminent domain actions relating to our water systems; increased risk of inverse condemnation losses as a result of the impact of weather, climate change, and natural disasters, including wildfires and landslides; housing and customer growth; issues with the implementation, maintenance or security of our information technology systems; our ability to renew leases to operate water systems owned by others on beneficial terms; civil disturbances or terrorist threats or acts; the adequacy of our efforts to mitigate physical and cyber security risks and threats; the ability of our enterprise risk management processes to identify or address risks adequately; labor relations matters as we negotiate with the unions; changes in customer water use patterns and the effects of conservation, including as a result of drought conditions; our ability to complete, in a timely manner or at all, successfully integrate and achieve anticipated benefits from announced acquisitions; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; risks associated with expanding our business and operations geographically; the impact of stagnating or worsening business and economic conditions, including inflationary pressures, general economic slowdown or a recession, changes in tariff policy and uncertainty regarding tariffs and other retaliatory trade measures, the interest rate environment, changes in monetary policy, adverse capital markets activity or macroeconomic conditions as a result of geopolitical conflicts and the shutdown of the U.S. federal government; the impact of market conditions and volatility on unrealized gains or losses on our non-qualified benefit plan investments and our operating results; the impact of weather and timing of meter reads on our accrued unbilled revenue; the impact of evolving legal and regulatory requirements, including emerging environmental, social and governance requirements; the impact of the evolving U.S. political environment that has led to, in some cases, legal challenges and uncertainty around the funding, functioning, and policy priorities of the U.S. federal regulatory agencies and the status of current and future regulations; and other risks and unforeseen events described in our Securities and Exchange Commission (“SEC”) filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph, as well as the Annual Report on Form 10-K, Quarterly 10-Q, and other reports filed from time-to-time with the SEC. We are not under any obligation, and we expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. A credit rating is not a recommendation to buy, sell or hold any securities, may be changed at any time by the applicable ratings agency and should be evaluated independently of any other information.

Contacts:
James P. Lynch (408) 367-8200 (analysts)
Shannon Dean (408) 367-8243 (media)

CALIFORNIA WATER SERVICE GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited

(In thousands, except per share data)	September 30, 2025				December 31, 2024
ASSETS
Utility plant:
Utility plant	$	5,762,800			$	5,400,489
Less accumulated depreciation and amortization		(1,318,798	)			(1,241,785	)
Net utility plant		4,444,002				4,158,704
Current assets:
Cash and cash equivalents		75,990				50,121
Restricted cash		45,620				45,566
Receivables:
Customers, net		79,986				58,585
Regulatory balancing accounts		74,028				55,917
Other, net		19,418				33,976
Accrued and unbilled revenue, net		61,654				39,718
Materials and supplies		20,069				20,511
Taxes, prepaid expenses, and other assets		22,547				19,742
Total current assets		399,312				324,136
Other assets:
Regulatory assets		326,519				357,406
Goodwill		37,063				37,063
Other assets		312,521				302,974
Total other assets		676,103				697,443
TOTAL ASSETS	$	5,519,417			$	5,180,283
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $0.01 par value; 136,000 shares authorized, 59,591 and 59,484 outstanding on September 30, 2025 and December 31, 2024, respectively	$	596			$	595
Additional paid-in capital		970,960				966,975
Retained earnings		735,673				674,918
Accumulated other comprehensive loss		(6,755	)			(7,217	)
Noncontrolling interests		2,421				3,015
Total equity		1,702,895				1,638,286
Long-term debt, net		1,103,819				1,104,571
Total capitalization		2,806,714				2,742,857
Current liabilities:
Current maturities of long-term debt, net		72,490				72,422
Short-term borrowings		345,000				205,000
Accounts payable		188,176				167,533
Regulatory balancing accounts		23,443				22,648
Accrued other taxes		17,886				6,084
Accrued interest		19,478				8,406
Other accrued liabilities		63,446				56,271
Total current liabilities		729,919				538,364
Deferred income taxes		407,562				411,083
Regulatory liabilities		870,620				814,551
Pension		82,427				81,665
Advances for construction		210,412				202,614
Contributions in aid of construction		295,649				294,970
Other		116,114				94,179
Commitments and contingencies
TOTAL CAPITALIZATION AND LIABILITIES	$	5,519,417			$	5,180,283

CALIFORNIA WATER SERVICE GROUP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited

(In thousands, except per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
Operating revenue	$	311,235			$	299,563			$	780,162			$	814,611
Operating expenses:
Operations:
Water production costs		102,703				95,091				251,197				236,920
Administrative and general		36,237				35,453				103,728				103,091
Other operations		33,455				33,618				93,986				86,169
Maintenance		9,812				9,264				26,523				26,064
Depreciation and amortization		36,118				33,065				108,103				98,887
Income tax expense		10,639				15,483				18,589				39,710
Property and other taxes		11,656				10,841				33,267				30,962
Total operating expenses		240,620				232,815				635,393				621,803
Net operating income		70,615				66,748				144,769				192,808
Other income and expenses:
Non-regulated revenue		5,349				4,133				15,341				14,744
Non-regulated expenses		(2,456	)			(934	)			(8,790	)			(7,013	)
Other components of net periodic benefit credit		4,548				4,451				13,937				12,062
Allowance for equity funds used during construction		2,145				1,691				5,840				5,252
Income tax expense on other income and expenses		(1,960	)			(1,939	)			(5,415	)			(4,566	)
Net other income		7,626				7,402				20,913				20,479
Interest expense:
Interest expense		18,113				14,384				52,086				45,024
Allowance for borrowed funds used during construction		(988	)			(788	)			(2,772	)			(2,358	)
Net interest expense		17,125				13,596				49,314				42,666
Net income		61,116				60,554				116,368				170,621
Net loss attributable to noncontrolling interests		(114	)			(126	)			(361	)			(527	)
Net income attributable to California Water Service Group	$	61,230			$	60,680			$	116,729			$	171,148
Earnings per share of common stock:
Basic	$	1.03			$	1.03			$	1.96			$	2.93
Diluted	$	1.03			$	1.03			$	1.96			$	2.93
Weighted average shares outstanding:
Basic		59,585				58,931				59,557				58,321
Diluted		59,653				58,982				59,615				58,358
Dividends per share of common stock	$	0.30			$	0.28			$	0.94			$	0.84

Non-GAAP Financial Measures

The Company’s revenue, net income, and diluted earnings per share are prepared in accordance with GAAP and represent amounts reported on filings with the Securities and Exchange Commission. Adjusted revenue, net income, and diluted earnings per share are non-GAAP financial measures representing GAAP balances that, in this earnings release, are adjusted to exclude the effects of 2023 interim rate relief related to the delayed 2021 California GRC decision recorded by the Company in March 2024 and finalized in the second quarter of 2024. These non-GAAP financial measures are provided as additional information for investors and analysts to better assess the Company’s 2025 financial performance as compared to 2024 without the impact of the 2023 interim rate relief on 2024 results. Management also uses these non-GAAP financial measures in evaluating the Company’s performance. These non-GAAP financial measures may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes. Further, these non-GAAP financial measures should be considered as a supplement to the financial information prepared on a GAAP basis rather than an alternative to the respective GAAP measures.

Reconciliation of Non-GAAP Financial Measures

	Nine Months Ended September 30,
(in millions, except per share amounts)	2025				2024
Reported GAAP Revenue	$	780,162			$	814,611
Adjustments:
2023 interim rate relief related to the 2021 California General Rate Case recorded in 2024		—				(87,482	)
Adjusted Revenue (non-GAAP)	$	780,162			$	727,129
Reported GAAP Net Income	$	116,729			$	171,148
Adjustments:
2023 interim rate relief related to the 2021 California General Rate Case recorded in 2024		—				(63,980	)
Adjusted Net Income (non-GAAP)	$	116,729			$	107,168
Reported GAAP Diluted Earnings Per Share	$	1.96			$	2.93
Adjustments:
2023 interim rate relief related to the 2021 California General Rate Case recorded in 2024		—				(1.09	)
Adjusted Diluted Earnings Per Share (non-GAAP)	$	1.96			$	1.84

FAQ

What were California Water Service Group's Q3 2025 earnings per share (EPS) and net income for CWT?

Q3 2025 net income was $61.2M and diluted EPS was $1.03.

How much did CWT invest in water infrastructure in Q3 2025 and YTD 2025?

CWT invested $135.2M in Q3 2025 and $364.7M year-to-date through Sept 30, 2025.

Why did CWT's YTD 2025 net income fall 31.8% compared to YTD 2024?

The decline reflects absence of $64.0M net interim rate relief recorded in 2024 that boosted prior-year results.

What financing did CWT complete on October 1, 2025, and what are the amounts and rates?

On Oct 1, 2025, Group issued $170M senior unsecured notes (4.87% and 5.22%) and Cal Water issued $200M first mortgage bonds (5.64%).

How will regulatory actions affect CWT rates starting January 1, 2026?

An ALJ authorized inflation-based interim California rate increases effective Jan 1, 2026, with a mechanism to recover revenues if the GRC decision is delayed.

What dividend did CWT declare on Oct 30, 2025, and what is the annualized yield per share?

The board declared a quarterly dividend of $0.30 per share, equal to an annualized $1.20 per share; this was the 323rd consecutive quarterly dividend.