$CWT

CALIFORNIA WATER SERVICE GROUP

CIK:0001035201|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Operating revenue	$ 308,596	$ 264,954	$ 523,169	$ 468,927
Operations:
Water production costs	91,843	85,503	163,172	148,494
Administrative and general	36,221	33,317	69,907	67,491
Other operations	45,144	31,695	76,377	60,531
Maintenance	9,150	9,043	17,516	16,711
Depreciation and amortization	29,536	36,029	69,500	71,985
Income tax expense	13,872	6,915	13,946	7,950
Property and other taxes	11,931	10,643	23,688	21,611
Total operating expenses	237,697	213,145	434,106	394,773
Net operating income	70,899	51,809	89,063	74,154
Other income and expenses:
Non-regulated revenue	6,241	4,911	11,462	9,992
Non-regulated expenses	(3,579)	(2,868)	(9,036)	(6,334)
Other components of net periodic benefit credit	2,288	4,589	6,260	9,389
Allowance for equity funds used during construction	2,085	1,898	4,164	3,695
Income tax expense on other income and expenses	(1,716)	(1,752)	(3,107)	(3,455)
Net other income	5,319	6,778	9,743	13,287
Interest expense:
Interest expense	20,809	17,464	40,428	33,973
Allowance for borrowed funds used during construction	(1,044)	(927)	(2,112)	(1,784)
Net interest expense	19,765	16,537	38,316	32,189
Net income	56,453	42,050	60,490	55,252
Net loss attributable to noncontrolling interest	(12)	(118)	(12)	(247)
Net income attributable to California Water Service Group	$ 56,465	$ 42,168	$ 60,502	$ 55,499
Earnings per share:
Basic (in dollars per share)	$ 0.94	$ 0.71	$ 1.01	$ 0.93
Diluted (in dollars per share)	$ 0.93	$ 0.71	$ 1.01	$ 0.93
Weighted average shares outstanding:
Basic (in shares)	60,357	59,574	60,030	59,542
Diluted (in shares)	60,434	59,629	60,105	59,590

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 60,490	$ 55,252
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	70,319	73,066
Change in value of life insurance contracts	(2,120)	(1,257)
Allowance for equity funds used during construction	(4,164)	(3,695)
Changes in operating assets and liabilities:
Receivables and accrued and unbilled revenue	(44,553)	(40,542)
Accounts payable	16,091	(9,027)
Other current assets	(6,080)	(5,532)
Other current liabilities	(5,692)	(3,656)
Other changes in noncurrent assets and liabilities	28,696	22,758
Net cash provided by operating activities	112,987	87,367
Investing activities:
Utility plant expenditures	(276,440)	(229,520)
Other	1	207
Net cash used in investing activities	(276,439)	(229,313)
Financing activities:
Short-term borrowings	555,000	410,000
Repayment of short-term borrowings	(480,000)	(255,000)
Repayment of long-term debt	(459)	(430)
Advances and contributions in aid of construction	19,747	20,542
Refunds of advances for construction	(5,185)	(4,543)
Per- and polyfluoroalkyl substances (PFAS) settlement proceeds	18,471	10,605
Repurchase of common stock	(951)	(1,214)
Issuance of common stock	95,582	1,343
Dividends paid	(40,033)	(38,098)
Payment for purchase of noncontrolling interest	(6,951)	0
Distribution to noncontrolling interest	0	(790)
Net cash provided by financing activities	155,221	142,415
Change in cash, cash equivalents, and restricted cash	(8,231)	469
Cash, cash equivalents, and restricted cash at beginning of period	97,373	95,687
Cash, cash equivalents, and restricted cash at end of period	89,142	96,156
Supplemental disclosures of cash flow information:
Cash paid for interest (net of amounts capitalized)	36,994	31,423
Supplemental disclosure of investing and financing non-cash activities:
Accrued payables for investments in utility plant	75,053	60,428
Utility plant contributed by developers	$ 16,229	$ 14,162

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Utility plant:
Utility plant	$ 6,182,880	$ 5,909,242
Less accumulated depreciation and amortization	(1,371,706)	(1,329,652)
Net utility plant	4,811,174	4,579,590
Current assets:
Cash and cash equivalents	43,445	51,820
Restricted cash	45,697	45,553
Receivables:
Customers, net	72,315	56,322
Short-term regulatory assets	91,122	72,511
Other, net	48,327	49,004
Accrued and unbilled revenue, net	56,695	39,674
Materials and supplies	18,334	19,784
Taxes, prepaid expenses, and other assets	31,250	19,760
Total current assets	407,185	354,428
Other assets:
Regulatory assets	334,709	339,865
Goodwill	37,063	37,063
Other	364,833	360,219
Total other assets	736,605	737,147
TOTAL ASSETS	5,954,964	5,671,165
Capitalization:
Common stock, $0.01 par value; 136,000 shares authorized, 61,839 and 59,638 outstanding on June 30, 2026 and December 31, 2025, respectively	618	596
Additional paid-in capital	1,070,262	973,454
Retained earnings	749,745	729,276
Accumulated other comprehensive loss	(13,152)	(13,922)
Noncontrolling interest	2,619	2,571
Total equity	1,810,092	1,691,975
Long-term debt, net	1,471,948	1,471,968
Total capitalization	3,282,040	3,163,943
Current liabilities:
Current maturities of long-term debt, net	590	2,270
Short-term borrowings	205,000	130,000
Accounts payable	201,432	175,729
Short-term regulatory liabilities	94,248	25,458
Accrued other taxes	3,744	6,048
Accrued interest	13,115	12,976
Other accrued liabilities	62,541	65,683
Total current liabilities	580,670	418,164
Deferred income taxes	466,636	450,946
Regulatory liabilities	903,905	929,814
Pension	95,191	94,226
Advances for construction	211,191	210,638
Contributions in aid of construction	305,106	297,016
Other long-term liabilities	110,225	106,418
Commitments and contingencies (Note 9)
TOTAL CAPITALIZATION AND LIABILITIES	$ 5,954,964	$ 5,671,165