American States Water Co (AWR) · Nov 4, 2026 · Earnings

American States Water earnings miss as core EPS improves

Miss — GAAP EPS $1.06 vs published consensus around $1.09

American States Water earnings came in below Q3 EPS expectations, though rate increases drove better underlying earnings and strong nine-month growth.

American States Water is a regulated California water and electric utility funding rate-base investment, alongside a military-base contracted-services business. The quarter shows that the regulated utility story is still working, but the consolidated result landed just below the market’s earnings bar.

The headline result was a narrow miss. GAAP diluted EPS was $1.06, unchanged from $1.06 a year earlier, versus published expectations around $1.09. The company’s $192.5 million of revenue also trailed the roughly $197 million published expectation, making this a modest execution shortfall rather than a clean beat.

Q3 2026Q3 2025Consensus
Diluted EPS (Financial Highlights)$1.06$1.06~$1.09
Operating revenues (Income Statement)$192.5M$182.7M~$197.0M
Operating income (Income Statement)$67.3M$61.7M
Nine-month diluted EPS (Financial Highlights)$2.92$2.63

The underlying utility engine improved despite the reported flat EPS. Excluding volatile retirement-plan investment results, adjusted Q3 EPS rose to $1.06 from $1.01, while water-segment adjusted EPS increased $0.04 per share. Rate increases approved by California regulators helped lift water revenue by $7.6 million and electric revenue by $1.6 million, partly offset by higher operating and interest costs.

The mix was uneven outside the core water business. Electric contributed modestly more, but contracted-services EPS fell to $0.17 from $0.19 as operating and construction expenses rose. That matters because the services segment had been adding to growth, even though management still expects it to contribute $0.63-$0.67 per share for full-year 2026.

The balance-sheet and dilution overhang is becoming less threatening. AWR completed its $200 million ATM equity program in June and said it does not plan additional equity issuance through at least the end of 2029, removing a known source of dilution from the current operating plan. That is supportive for future per-share growth, but it was already disclosed and does not rescue a quarter that missed consensus. 〔0〕

Bottom line: This was a slight negative on the quarter itself because EPS and revenue missed expectations, but the core regulated-utility earnings trend remains constructive. The miss looks limited rather than a break in the business story, with rate-driven growth and reduced future dilution still intact.

What to watch next

Q3 earnings call, November 5, 2026

Original filing on SEC EDGAR

American States Water earnings miss as core EPS improves | AWR Stock News
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