Key Highlights

  • Operating revenues for the quarter climbed to USD 192.5 million, up from USD 182.7 million, which works out to about 5.4% growth (calculated), with water contributing USD 139.9 million.
  • Per-share profit was flat at USD 1.06 on a diluted basis, even though Net Income edged up to USD 42.3 million from USD 41.2 million.
  • Over nine months, diluted EPS reached USD 2.92 compared with USD 2.63, backed by net income of USD 115.5 million, up from USD 101.7 million.
  • The quarterly Dividend cash outlay was USD 0.5455 per share, against USD 0.5040 previously, roughly 8.2% higher (calculated).

Revenue Rises While Per-Share Earnings Stay Level

The quarterly filing from American States Water (NYSE:AWR), covering the three months to September 30, 2026, arrived on November 4, 2026. Operating revenues totaled USD 192.5 million: water generated USD 139.9 million, electric USD 14.9 million and contracted services USD 37.7 million. Calculated growth rates were about 5.7% for water, about 11.6% for electric and about 1.8% for contracted services. Operating Income climbed to USD 67.3 million from USD 61.7 million, even though groundwater production assessments rose to USD 8.7 million from USD 7.0 million and Depreciation and amortization reached USD 13.2 million from USD 11.9 million. Net income grew about 2.7% (calculated) to USD 42.3 million, yet diluted EPS remained USD 1.06 in both years because the weighted diluted share count rose to 39.8 million from 38.7 million.

Share Issuance and a Heavier Tax Charge Absorb the Gain

Two items explain why profit growth did not reach the per-share line. Shares outstanding increased to 39.64 million from 39.08 million at year-end, and the filing shows common shares issued under an at-the-market program during the first half. Income tax expense was USD 14.8 million on pretax income of USD 57.0 million, an effective rate of about 25.9% (calculated), up from about 23.9% (calculated) a year earlier. Interest expense was little changed at USD 11.9 million, but lower interest income and other net income pushed total other expense, net, to USD 10.2 million from USD 7.6 million.

Nine-Month Growth, Debt Load and Contracted Services

Across nine months, revenue advanced to USD 543.0 million from USD 493.8 million and net income to USD 115.5 million, lifting diluted EPS from USD 2.63 to USD 2.92. Contracted services revenue reached USD 111.8 million against USD 98.5 million. Long-term debt stood at USD 717.7 million with another USD 73.2 million due within a year, alongside USD 115.0 million of notes payable to banks and USD 26.0 million of cash. Nine-month income tax expense was USD 39.1 million against USD 31.6 million. Regulated Utility earnings hinge on rate decisions and cost recovery, so the filing's risk discussion deserves a read alongside these figures.

Where Things Stand

Share count growth and a higher tax charge absorbed the profit gain, not weaker operations. American States Water (NYSE:AWR) grew revenue and net income but kept diluted EPS at USD 1.06 because more shares were outstanding and the tax charge was higher. The nine-month picture is stronger and shows the earnings power of the regulated business, with EPS up from USD 2.63 to USD 2.92. The filing is a Quarterly Report with no guidance table, so the next markers are year-end results, further share issuance to fund Capital spending and any rate case outcomes disclosed later.