--- title: "California Water Services | 8-K: FY2026 Q1 Revenue: USD 214.57 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284743536.md" datetime: "2026-04-30T10:16:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284743536.md) - [en](https://longbridge.com/en/news/284743536.md) - [zh-HK](https://longbridge.com/zh-HK/news/284743536.md) --- # California Water Services | 8-K: FY2026 Q1 Revenue: USD 214.57 M Revenue: As of FY2026 Q1, the actual value is USD 214.57 M. EPS: As of FY2026 Q1, the actual value is USD 0.07, missing the estimate of USD 0.235. EBIT: As of FY2026 Q1, the actual value is USD 37.78 M. #### Operating Revenue Operating Revenue was $214.6 million in Q1 2026, up from $204.0 million in Q1 2025. #### Net Income Net income for Q1 2026 was $4.0 million, compared to $13.3 million in Q1 2025. Net income attributable to California Water Service Group (\[加利福尼亚水务\]) was $4,037 thousand in Q1 2026, down from $13,331 thousand in Q1 2025. #### Operating Expenses Total operating expenses for Q1 2026 were $196.4 million, up from $181.6 million in Q1 2025. Water production costs increased by $8.3 million, primarily due to increases in wholesale water rates. In Q1 2026, water production costs were $71,329 thousand, compared to $62,991 thousand in Q1 2025. Administrative and general expenses were $33,686 thousand in Q1 2026, compared to $34,174 thousand in Q1 2025. Other operations expenses were $31,233 thousand in Q1 2026, up from $28,836 thousand in Q1 2025. Maintenance expenses were $8,366 thousand in Q1 2026, compared to $7,668 thousand in Q1 2025. Operating income tax expense was $74 thousand in Q1 2026, significantly lower than $1,035 thousand in Q1 2025. Property and other taxes were $11,757 thousand in Q1 2026, compared to $10,968 thousand in Q1 2025. #### Net Operating Income Net operating income was $18,164 thousand in Q1 2026, down from $22,345 thousand in Q1 2025. #### Other Income and Expenses Non-regulated revenue was $5,221 thousand in Q1 2026, compared to $5,081 thousand in Q1 2025. Non-regulated expenses were - $5,457 thousand in Q1 2026, compared to - $3,466 thousand in Q1 2025. Other components of net periodic benefit credit were $3,972 thousand in Q1 2026, compared to $4,800 thousand in Q1 2025. Allowance for equity funds used during construction was $2,079 thousand in Q1 2026, compared to $1,797 thousand in Q1 2025. Income tax expense on other income and expenses was - $1,391 thousand in Q1 2026, compared to - $1,703 thousand in Q1 2025. Net other income was $4,424 thousand in Q1 2026, down from $6,509 thousand in Q1 2025. #### Interest Expense Interest expense was $19,619 thousand in Q1 2026, up from $16,509 thousand in Q1 2025. Allowance for borrowed funds used during construction was - $1,068 thousand in Q1 2026, compared to - $857 thousand in Q1 2025. Net interest expense was $18,551 thousand in Q1 2026, compared to $15,652 thousand in Q1 2025. #### Dividends Dividends per share of common stock were $0.34 for both Q1 2026 and Q1 2025. California Water Service Group (\[加利福尼亚水务\]) declared its 325th consecutive quarterly dividend and announced its 59th annual dividend increase. The 2026 annual dividend is expected to be $1.34 per share, indicating an 8.1% increase over 2025, with a five-year dividend CAGR of 7.7%. #### Infrastructure Investments and Depreciation California Water Service Group (\[加利福尼亚水务\]) invested $129.4 million in infrastructure in Q1 2026, compared to $110.1 million in Q1 2025. Capital Investment (CapEx) was $129.5 million in Q1 2026, compared to $110.1 million in Q1 2025. Depreciation was $40.0 million in Q1 2026, compared to $36.0 million in Q1 2025. Estimated future CapEx is $627 million for 2026 and $667 million for 2027. Estimated future depreciation is $147 million for 2026 and $169 million for 2027. #### Acquisitions California Water Service Group (\[加利福尼亚水务\]) agreed to acquire Nexus Water Group’s systems in Nevada and Oregon for approximately $218 million, expected to add approximately 36,000 customer equivalent residential units and about $109 million of rate base. This acquisition is expected to add approximately 98,000 total equivalent residential connections and 24 wastewater treatment plants, expanding the Group’s footprint into two additional Western states. The company also submitted an application to purchase the remaining outstanding minority interest in BVRT, aiming to become the sole owner of 7 subsidiary water and wastewater utilities serving over 19,000 connected and committed customers, with potential for 100,000+ additional customers. #### Balance Sheet Highlights (As of March 31, 2026, compared to December 31, 2025) Net utility plant increased to $4,665,357 thousand from $4,579,590 thousand. Cash and cash equivalents increased to $58,102 thousand from $51,820 thousand. Total assets increased to $5,779,749 thousand from $5,671,165 thousand. Total equity decreased to $1,683,112 thousand from $1,691,975 thousand. Long-term debt, net, was $1,472,034 thousand, largely unchanged from $1,471,968 thousand. Short-term borrowings increased to $230,000 thousand from $130,000 thousand. Total current liabilities increased to $544,957 thousand from $418,164 thousand. #### Rate Base Growth The rate base is estimated to reach over $3.2 billion by 2027, with historical and estimated figures including $1.24 billion in 2018, $2.65 billion in 2025, $3.00 billion in 2026, and $3.21 billion in 2027. #### Liquidity and Capital Structure Credit facilities are $600.0 million, expandable up to $800.0 million, maturing in March 2028. The company has a $350.0 million shelf registration ATM Program, with $6.1 million in program sales occurring in Q1 2026. The capital structure maintains 53% equity and 47% debt, consistent with the authorized California Water Service Company (Cal Water) structure, which has an authorized ROE of 10.27%. As of March 31, 2026, cash and available credit included $58.1 million in unrestricted cash, $45.6 million in restricted cash, and approximately $370.0 million available on bank lines of credit. California Water Service Group (\[加利福尼亚水务\]) and Cal Water maintain an A+/stable credit rating from S&P Global. #### Outlook / Guidance California Water Service Group (\[加利福尼亚水务\]) anticipates a final decision on the 2024 California General Rate Case (GRC) on April 30, 2026, or shortly thereafter, which is expected to authorize significant rate increases retroactive to January 1, 2026. The revised proposed decision (PD) authorizes revenue increases of $90.5 million (10.9%) in 2026, $43.2 million (4.7%) in 2027, and $48.9 million (5.1%) in 2028, along with key revenue stabilization mechanisms. Based on the revised PD, the company anticipates investing up to $627 million in infrastructure in 2026 and intends to increase its annual dividend by 8% to an annualized $1.34 per common share. ### Related Stocks - [CWT.US](https://longbridge.com/en/quote/CWT.US.md) ## Related News & Research - [Advance Auto Parts Reports First Quarter 2026 Results; Reaffirms Full Year 2026 Guidance | AAP Stock News](https://longbridge.com/en/news/287202242.md) - [GE Vernova Declares Third Quarter 2026 Dividend | GEV Stock News](https://longbridge.com/en/news/286966387.md) - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [Correction: NextNRG to Host First Quarter 2026 Financial Results Conference Call on May 18, 2026 at 9:00 a.m. ET | NXXT Stock News](https://longbridge.com/en/news/286673001.md)