American States Water(NYSE) AWR

American States Water Company serves water and electricity to California. It also manages water systems for United States military bases. These essential services help families and soldiers every day.

Where the Services Flow

• Water Utility Services: Delivery of safe drinking water to 262,770 customers across 10 California counties; generated $244.2 million in revenue for the six months ended June 30, 2026.
• Electric Utility Services: Distribution of power to 24,656 customers in San Bernardino County, California; generated $32.3 million in revenue for the six months ended June 30, 2026.
• Contracted Services: Management and construction of water systems at military bases through long-term 50-year contracts; generated $74.0 million in revenue for the six months ended June 30, 2026.

Growing the Utility Footprint

• Completed an at-the-market offering program on June 12, 2026, which raised $200 million in gross proceeds.
• Filed a rate case on July 1, 2026, requesting a $1 billion capital budget for water infrastructure from 2028 to 2030.
• Applied in January 2026 to acquire the water system of Norwalk, California, for $5.25 million.
• Implemented a customer rate increase on January 1, 2026, to recover costs from infrastructure investments.

Why the Business Model Differs

The company operates a stable business model by combining regulated utility services with long-term federal contracts for military base infrastructure. This structure provides multiple revenue streams while using specialized expertise in water and wastewater management.

Performance by the Numbers

• Consolidated diluted earnings reached $1.86 per share for the six-month period ended June 30, 2026, up 18.5% year over year.
• Total operating revenues were $350.5 million for the six-month period ended June 30, 2026, up 12.7% year over year.
• Net cash provided by operating activities was $116.6 million for the six months ended June 30, 2026, up from $109.6 million in the prior year.
• Market capitalization was $3.3 billion in Q2 2026, up 10.1% year over year.

Bottom Line

American States Water has evolved from a local utility into a diversified infrastructure partner for both public and military sectors. Its steady expansion and regulatory focus support its long-term role in managing essential resources.