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American States Water Company entered into an amendment to its Equity Distribution Agreement, replacing Janney Montgomery Scott LLC with Huntington Securities, Inc. as a sales agent for its at-the-market equity program. Under this agreement, the company may offer and sell Common Shares with an aggregate offering price of up to $200 million, of which approximately $40.7 million remained available as of the amendment date. Sales may be made from time to time at the company’s sole discretion through several sales agents under its existing Form S-3 shelf registration and related prospectus documents.
American States Water Company reported mixed quarterly but stronger full-year results. Fourth-quarter 2025 diluted EPS was $0.74, down $0.01 from 2024, but up $0.18 on an adjusted basis after removing prior-year one-time tax and retroactive rate items.
For full year 2025, diluted EPS rose to $3.37 from $3.17, a $0.20 increase, or $0.33 higher on an adjusted basis. Earnings per share grew across water, electric, and contracted services, with total operating revenues increasing to $658.1 million from $595.5 million. The company invested $210.9 million in capital expenditures, was authorized to spend nearly $650 million over current rate cycles, and won $29.4 million of new construction projects. The quarterly dividend rose 8.3% in 2025 and has grown at an 8.5% five-year CAGR.
American States Water Company and subsidiary Golden State Water Company file a combined annual report describing regulated water and electric utility operations in California and long-term contracted services on U.S. military bases through ASUS. The utilities served 265,142 water customers and 24,915 electric customers at December 31, 2025.
The report highlights heavy regulation by the CPUC, recent rate-case decisions, and the loss of full revenue and supply-cost decoupling (WRAM and MCBA), replaced from 2025 with a modified M‑WRAM and incremental cost balancing account, which may increase earnings volatility. It also details climate and wildfire risks, significant environmental compliance spending (about $19.3 million in 2025 at regulated utilities and $13.5 million at ASUS), PFAS and other water-quality rules, and BVES’s renewable energy, wildfire mitigation and solar-plus-storage projects, alongside extensive risk factors spanning regulation, climate change, water supply, cybersecurity, labor and federal contracting.
American States Water Company reported that its independent directors approved 2026 base salaries for key executives on February 10, 2026. President and CEO Robert J. Sprowls will receive a base salary of $1,004,300. Senior Vice President – Finance and CFO Eva G. Tang will receive $661,600, and three other senior executives will receive base salaries ranging from $412,000 to $518,200 for 2026.
American States Water Company, through its subsidiary Golden State Water Company (GSWC), announced that the California Public Utilities Commission approved a one-year deferral of GSWC’s next cost of capital application. GSWC was scheduled to file this application on May 1, 2026, but the date has been postponed to May 1, 2027, with a corresponding effective date of January 1, 2028. The current Water Cost of Capital Mechanism will remain in place during the deferral period.
GSWC’s currently authorized rate of return on rate base is 7.93%, which will continue through December 31, 2027. This is based on a return on equity of 10.06%, an embedded cost of debt of 5.1%, and a capital structure consisting of 57% equity and 43% debt. The decision effectively keeps GSWC’s existing capital cost assumptions and earnings framework stable for an additional year.
American States Water (AWR) reported an insider transaction by a director. On 11/11/2025, the director sold 528 common shares at a price of $75.90 per share. Following this sale, the director beneficially owned 39,144.891 shares, held directly.
Earlier entries show dividend-equivalent credits: 133.8311 shares on 08/15/2025 at $74.94 and 3.4182 shares on 09/03/2025 at $73.52, each reported as acquisitions.
American States Water (AWR) filed a Form 144 notice for a planned sale of 550 common shares through Charles Schwab, with an aggregate market value of $41,013.50. The shares are expected to be sold on or about 11/10/2025 on the NYSE.
The shares to be sold were acquired via stock option exercises on 05/23/2006 (31 shares), 09/18/2023 (50 shares), and 09/04/2024 (469 shares). AWR reported 38,714,426 shares outstanding.
American States Water Company announced it released earnings for the third quarter ended September 30, 2025, and made its press release available as Exhibit 99.1.
The company stated that the information in this report, including Exhibit 99.1, is being furnished and not filed under the Exchange Act. The common shares trade on the NYSE under the symbol AWR.
American States Water Company (AWR) filed its Q3 2025 10‑Q, reporting higher results across its businesses. Total operating revenues were $182.7 million, up from $161.8 million a year ago, with net income of $41.2 million versus $35.8 million and diluted EPS of $1.06 versus $0.95. For the first nine months, revenue reached $493.8 million and net income was $101.7 million, reflecting growth in water, electric, and contracted services.
Cash from operations was $202.0 million year‑to‑date against capital expenditures of $173.1 million, supporting utility plant expansion. Financing steps included GSWC’s $100.0 million unsecured private notes (Series A 5.30% due 2032; Series B 5.65% due 2037) and BVES’s $50.0 million notes due 2030. AWR sold 201,212 shares via its ATM in Q3 for $14.7 million (nine months: 535,760 shares for $40.5 million), with $68.0 million remaining under the program. Credit facilities for AWR and GSWC now mature in June 2029 with capacities of $195.0 million and $200.0 million. The CPUC’s 2025–2027 rate decision transitioned GSWC to M‑WRAM/ICBA; GSWC recorded a $2.6 million retroactive revenue under‑collection and had $12.8 million of pre‑2025 WRAM/MCBA under‑collections under recovery. As of November 4, 2025, AWR had 38,714,426 common shares outstanding.
American States Water Co. (AWR) officer David R. Schickling reported modest changes in his beneficial ownership tied to deferred compensation and tax withholding. On 06/03/2025 he had 8.7052 common shares credited from deferred units at fair market value, which brought his holdings to 2,310.2624 shares. On 08/12/2025 26.1716 shares were withheld to satisfy a tax liability at $76.21 per share, reducing his holdings to 2,284.0908 shares.
The Form 4 identifies Schickling as an officer, Vice President, Water Operation, and the report was filed by one reporting person. Explanations supplied on the form state the 06/03/2025 entry was deferred units credited at FMV and the 08/12/2025 entry represents shares withheld for taxes.