AMERICAN STATES WATER CO

American States Water Company (NYSE: AWR) operates as a holding company providing water, wastewater, and electric utility services through its subsidiaries. The company's website is www.aswater.com.

The company operates three reportable business segments: water distribution, electric distribution, and contracted services. The water and electric segments are conducted through regulated utilities Golden State Water Company and Bear Valley Electric Service, Inc., both operating under California Public Utilities Commission regulation. The contracted services segment operates through American States Utility Services, Inc. and its nine wholly-owned subsidiaries, which provide water and wastewater services at various U.S. military installations under long-term, firm-fixed-price contracts with the federal government.

Golden State Water Company serves as a public water and wastewater utility operating in eleven California counties, while Bear Valley Electric Service distributes electricity to mountain communities in San Bernardino County, California. As of December 31, 2025, the regulated utilities served 265,142 water customers and 24,915 electric customers, totaling 290,057 customers. Commercial and residential customers account for approximately ninety percent of total water and electric revenues.

The contracted services division operates water and wastewater systems at ten military installations across Texas, New Mexico, Virginia, Maryland, South Carolina, North Carolina, Florida, Kansas, and Massachusetts. The U.S. government represents the primary customer for this segment, with contracts subject to annual economic price adjustments and potential termination at the government's discretion.

American States Water Company employed approximately 900 total employees as of December 31, 2025, with Golden State Water Company accounting for 537 employees and American States Utility Services and its subsidiaries employing 315 employees. The company's operations are concentrated in California for its regulated utilities, while contracted services extend across multiple military installations nationwide.

The business model emphasizes infrastructure investment and regulatory compliance, with capital expenditures directed toward aging infrastructure replacement, environmental compliance, water quality improvements, and wildfire mitigation. The company maintains a diversified customer base across residential, commercial, and governmental sectors, with seasonal demand variations in both water and electric operations.