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American States Water AWR Alternative revenues program — Alternative revenue programs, net

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AVARegulated Revenues Excluding Alternative Revenue Programs
$547M-12.5%

Other financials

Income statement

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Revenue$181.3M+11.2%
Gross profit$149.4M+10.5%
Operating income$64.0M+25.5%
Net income$43.3M+28.4%
EPS (diluted)$1.09+25.3%

Balance sheet

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Cash & equivalents$21.7M+7.0%
Total debt$725.3M-9.0%
Total equity$1.1B+15.3%
Total assets$2.8B+6.3%

Cash flow

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Operating cash flow$44.9M-30.4%
CapEx$48.5M-4.7%
Free cash flow$22.6M+200%

Valuation

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Market cap$3.46B+18.0%
Enterprise value$4.17B+12.3%
P/E24.2×+0.7×
P/S+0.2×

Profitability

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Gross margin90.8%0.0pp
Operating margin31.8%+1.0pp
Net margin20.5%+0.3pp
FCF margin-13.9%-1.6pp

Returns & leverage

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Return on equity13.7%-0.2pp
Debt / equity0.6×-0.2×
Current ratio-0.6×

Where this comes from

Reported directly by American States Water in its filing.

Tagged under the XBRL concept awr:AlternativeRevenueProgramsNet.

The source filing: American States Water’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 4:26 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-053401
(dollars in thousands)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
CPUC-approved surcharges (cost-recovery activities)1901,7566042,561
Other6916891,3091,300
Water revenues from contracts with customers130,660119,685242,887221,432
M-WRAM under-collection (alternative revenue program)390121,273268
Total water revenues131,050119,697244,160221,700
Electric:
Tariff-based revenues12,46211,78030,19825,513
CPUC-approved surcharges (cost-recovery activities)9781,3842,6371,427

Item 1. Financial Statements

FAQ

What is American States Water's alternative revenues program — alternative revenue programs, net?
American States Water (AWR) reported alternative revenues program — alternative revenue programs, net of $576K in Q2 2026.
How has American States Water's alternative revenues program — alternative revenue programs, net changed year-over-year?
American States Water's alternative revenues program — alternative revenue programs, net increased by 357.1% year-over-year, from -$224K to $576K.
What does alternative revenues program — alternative revenue programs, net mean?
This metric represents the net financial impact of regulatory mechanisms that allow a utility to decouple revenue from actual sales volume. It captures adjustments intended to ensure the utility recovers authorized revenue requirements regardless of fluctuations in customer usage patterns. This is a critical indicator of regulatory stability and the effectiveness of revenue stabilization mechanisms.

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