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CWT on NYSE

California Water Service Group

Logo: Original: California Water Service Group Vector: Benstown, Public domain, via Wikimedia Commons4

American public utility company

California Water Service Group (CWSG) is an American public utility company providing drinking water and wastewater services. It is the third-largest investor-owned publicly traded water utility in the United States, serving roughly two million people through its subsidiary companies in California, Hawaii, New Mexico and Washington. CWSG was formed in 1997 as a new holding company for California Water Service to expand into other states regulated by their own public utilities commissions, and into other non-regulated businesses.3 Its revenue was $846 million in 2022.1 Its shares trade on NYSE under the symbol CWT.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1997Founded1

Compare with SJW Group, American States Water or Essential Utilities, or pick any stock.

  • TickerCWT on NYSE1
  • Industrywater supply1
  • HeadquartersSan Jose1
  • Websitewww.calwatergroup.com
  • Incorporated inDE5
  • Business address1720 N First St, C/O California Water Service Co, San Jose, Ca 951125
  • Filer categoryLarge accelerated filer5

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California Water Service Group (CWSG) is an American public utility company providing drinking water and wastewater services. It is the third-largest investor-owned publicly traded water utility in the United States, serving roughly two million people through its subsidiary companies in California, Hawaii, New Mexico and Washington. CWSG was formed in 1997 as a new holding company for California Water Service to expand into other states regulated by their own public utilities commissions, and into other non-regulated businesses.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

17.7%Operating margin8
13.3%Net margin8
6.4%Revenue growth, 20258
7.6%Return on equity8
0.87×Debt to equity8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Residential brought in 70% of the revenue California Water Service Group broke down this way in fiscal 2025.

  1. Residential$567.3M870%up 5% from 2024
  2. Multiple Residential$84.0M810%up 9% from 2024
  3. Public Authorities$54.7M87%up 11% from 2024
  4. Service, Other$34.1M84%up 10% from 2024
  5. Industrial$31.0M84%up 2% from 2024
  6. Non-Regulated Services$18.4M82%up 1% from 2024
  7. Operating And Maintenance$13.7M82%down 1% from 2024
  8. Other Non-Regulated Service$4.7M81%up 7% from 2024
Products and services by year
Products and services202320242025
Residential$463.4M$538.2M$567.3M
Multiple Residential$67.7M$76.8M$84.0M
Public Authorities$40.8M$49.2M$54.7M
Service, Other$31.3M$31.0M$34.1M
Industrial$28.1M$30.4M$31.0M
Non-Regulated Services$16.0M$18.2M$18.4M
Operating And Maintenance$12.5M$13.8M$13.7M
Other Non-Regulated Service$3.5M$4.4M$4.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs85¢$816.4M
  • Income tax2¢$19.1M
  • Profit13¢$128.2M

Out of $963.7M in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid24¢$73.9M
  • Share buybacks0¢$1.4M
  • Kept or used elsewhere75¢$227.3M

Out of $302.6M of cash from operations.8

Financial statements

Revenue91011128$963.7M in 2025+45% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $664.4M$664.4M20192020: $697.6M$697.6M2020+5%2021: $765.7M$765.7M2021+10%2022: $772.6M$772.6M2022+1%2023: $790.3M$790.3M2023+2%2024: $905.6M$905.6M2024+15%2025: $963.7M$963.7M2025+6%
Operating income91011128$170.4M in 2025+71% since 2019
0$100.0M$200.0M$300.0M2019: $99.4M$99.4M20192020: $136.7M$136.7M2020+37%2021: $126.8M$126.8M2021−7%2022: $127.7M$127.7M2022+1%2023: $77.1M$77.1M2023−40%2024: $225.1M$225.1M2024+192%2025: $170.4M$170.4M2025−24%
Net income91011128$128.2M in 2025+103% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $63.1M$63.1M20192020: $96.8M$96.8M2020+53%2021: $101.1M$101.1M2021+4%2022: $96.0M$96.0M2022−5%2023: $51.9M$51.9M2023−46%2024: $190.8M$190.8M2024+268%2025: $128.2M$128.2M2025−33%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Operating revenue$1.0B$1.0B$794.6M
Purchased water$252.9M$241.2M$223.8M
Purchased power$45.1M$47.7M$45.7M
Pump taxes$24.2M$21.8M$19.0M
Administrative and general$141.6M$139.5M$142.2M
Other operations$130.1M$118.5M$112.5M
Maintenance$36.0M$34.8M$32.0M
Depreciation and amortization$144.4M$131.9M$121.2M
Income tax expense (benefit)$11.2M$35.9M-$15.2M
Property and other taxes$44.3M$40.5M$36.3M
Total operating expenses$829.8M$811.8M$717.5M
Net operating income$170.4M$225.1M$77.1M
Non-regulated revenue$20.8M$20.6M$18.5M
Non-regulated expenses-$14.6M-$14.2M-$11.8M
Other components of net periodic benefit credit$18.2M$15.8M$20.2M
Allowance for equity funds used during construction$7.7M$6.9M$5.6M
Income tax expense on other income and expenses-$7.9M-$6.6M-$8.4M
Net other income$24.2M$22.6M$24.1M
Interest expense$70.4M$60.7M$52.8M
Allowance for borrowed funds used during construction-$3.7M-$3.1M-$3.0M
Net interest expense$66.7M$57.5M$49.8M
Net income$127.8M$190.1M$51.4M
Net loss attributable to noncontrolling interest-$363.0K-$722.0K-$535.0K
Net income attributable to California Water Service Group$128.2M$190.8M$51.9M
Basic (in dollars per share)$2.15$3.26$0.91
Diluted (in dollars per share)$2.15$3.25$0.91
Basic (in shares)59.6M shares58.6M shares57.0M shares
Diluted (in shares)59.6M shares58.6M shares57.0M shares

Compare California Water Service Group with another company

Corporate structure

California Water Service Group sits at the top of its group. 8 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of California Water Service Group

  • Amundi Filed SCHEDULE 13G/A on California Water Service Group, latest Jul 22, 2026 (2 filings since Apr 10, 2026)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on California Water Service Group, latest Apr 29, 2026
  • VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on California Water Service Group, latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on California Water Service Group, latest Mar 26, 2026 (4 filings since Feb 9, 2022)
  • BlackRock Filed SCHEDULE 13G/A on California Water Service Group, latest Jul 17, 2025 (6 filings since Jan 26, 2022)
  • T. Rowe Price Investment Management, Inc. Filed SCHEDULE 13G/A on California Water Service Group, latest Feb 14, 2025 (3 filings since Feb 14, 2024)
  • State Street Corporation Filed SC 13G/A on California Water Service Group, latest Jan 29, 2024 (3 filings since Feb 10, 2022)
  • California Water Service Group San Jose
    • California Water Service Company Subsidiary · California, United States
    • CWS Utility Services Subsidiary · California, United States
    • Hawaii Water Service Company, Inc. Subsidiary · Hawaii, United States
    • HWS Utility Services LLC Subsidiary · Hawaii, United States
    • New Mexico Water Service Company Subsidiary · New Mexico, United States
    • TWSC, Inc. Subsidiary · Texas, United States
    • Washington Water Service Company Subsidiary · Washington, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What California Water Service Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$12.2M8 Dec 31, 2025$13.3M8 Dec 31, 2024−8.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$51.8M8 Dec 31, 2025$50.1M8 Dec 31, 2024+3.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$37.1M8 Dec 31, 2025$37.1M8 Dec 31, 20240%
Finite-lived intangibles, gross$32.5M8 Dec 31, 2025$29.9M8 Dec 31, 2024+8.6%
Accumulated amortization$15.2M8 Dec 31, 2025$13.1M8 Dec 31, 2024+16.0%
Finite-lived intangibles, net$17.3M8 Dec 31, 2025$16.8M8 Dec 31, 2024+2.9%

Properties, in its own words

Our physical properties consist of offices and water and wastewater facilities to accomplish the production, storage, treatment, and distribution of water and the collection, treatment, and discharge of wastewater. These properties are located in or near the geographic service areas listed above in Item 1, “Business—Geographical Service Areas and Number of Customer Connections at Year-end.” Our headquarters, which houses accounting, engineering, information systems, human resources, legal, purchasing, regulatory, water quality, and executive staff, is located in San Jose, California.

The real properties owned are held in fee simple title. Properties owned by Cal Water are subject to the lien of an Indenture of Mortgage and Deed of Trust dated October 1, 2025, October 22, 2024, May 11, 2021, June 11, 2019, November 22, 2010, and April 17, 2009 (the California Indenture), securing Cal Water’s First Mortgage Bonds, of which $1,305.0 million was outstanding at December 31, 2025. The California Indenture contains certain restrictions common to such types of instruments regarding the disposition of property and includes various covenants and restrictions. At December 31, 2025, our California utility was in compliance with the covenants of the California Indenture.

The rest of Item 2

Cal Water owns 588 wells. There are 410 owned storage tanks with a capacity of 291 million gallons, 18 managed storage tanks with a capacity of 32 million gallons, and three surface water reservoirs with a capacity of 241 million gallons. Cal Water owns and operates six surface water treatment plants with a combined capacity of 46 million gallons per day. There are 6,803 miles of supply and distribution mains in the various owned and managed systems.

In the leased City of Hawthorne and City of Commerce systems that are operated under contract for municipalities or private companies, title to the various properties is held exclusively by the municipality or private company.

Hawaii Water owns 29 wells. There are 38 storage tanks with a storage capacity of 35.8 million gallons. There are 246 miles of supply and distribution mains. Hawaii Water operates seven wastewater treatment facilities with a combined capacity to process approximately 4.8 million gallons per day. There are 89.7 miles of sewer collection mains including force mains.

Washington Water owns 468 wells and manages 5 wells. There are 194 owned storage tanks with a storage capacity of 20.3 million gallons. There are 774 miles of supply and distribution mains. Washington Water operates one wastewater treatment plant with 1.3 miles of sewer collection mains.

New Mexico Water owns 29 wells. There are 29 storage tanks with a storage capacity of 11.0 million gallons. There are 210 miles of supply and distribution mains. New Mexico operates two wastewater treatment facilities with a combined capacity to process 0.62 million gallons per day. There are eight lift stations and 35 miles of sewer collection mains.

Texas Water, through its majority ownership of BVRT, owns and operates seven wastewater treatment plants. The plants have a treatment capacity of 1.175 million gallons per day.

Item 2 of the 10-K filed Feb 27, 2026.16

Leadership

Who has led California Water Service Group, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Martin A. Kropelnicki2013–2023
  2. David B. Healey2023–2024

Chair

  1. Robert W. Foy2007
  2. Martin A. Kropelnicki2023–now

President

  1. Martin A. Kropelnicki2013–now

Chief financial officer

  1. John S. Tootle2006
  2. Martin A. Kropelnicki2006–2012
  3. Thomas F. Smegal Iii.2013–2023

Chief operating officer

  1. Martin A. Kropelnicki2013
200020052010201520202025
Board members and other officers (50)

Subsidiaries and ownership

Subsidiaries

Subsidiaries (Exhibit 21)

  • CWS Utility Services California6
  • California Water Service Company California6
  • HWS Utility Services LLC Hawaii6
  • Hawaii Water Service Company, Inc. Hawaii6
  • New Mexico Water Service Company New Mexico6
  • TWSC, Inc. Texas6
  • Washington Water Service Company Washington6

From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Acquisitions

  1. 1997Acquired California Water Service1

In 1998, CWSGs original subsidiary, California Water Service, made a major expansion into Southern California with the purchase of Dominguez Services Corp. for $53 million, incorporating its subsidiaries Antelope Valley Water Co. and Kern River Valley Water Co. into Cal Water's service districts.

In 2002, CWSG acquired Rio Grande Utility Corporation to form its New Mexico Water Service subsidiary. It subsequently expanded in this region with the acquisitions of National Utility Company, Cypress Gardens Water Users, Independent Utility Company and Indian Hills Water Company.

In 2003, CWSG acquired Ka'anapali Water Corp. on the island of Maui for $8 million to form its Hawaii Water Service subsidiary.

From Wikipedia’s article on California Water Service Group, shared under CC BY-SA 4.0.7

Timeline

  1. Oct 15, 20268-K Other events75
  2. Jul 30, 20268-K Results of operations76
  3. Jul 29, 20268-K Other events77
  4. May 21, 20268-K Shareholder vote78
  5. May 20, 20268-K Regulation FD disclosure79
  6. May 1, 20268-K Other events80
  7. Apr 30, 20268-K Results of operations81
  8. Apr 29, 20268-K Other events82
  9. Mar 18, 20268-K Other events83
  10. Mar 5, 20268-K Regulation FD disclosure84
  11. Feb 25, 20268-K Results of operations; Regulation FD disclosure; Other events85
  12. Jan 28, 20268-K Other events86
  13. Jun 5, 2023New chief executive David B. Healey becomes CEO17
  14. Sep 6, 2013New chief executive Martin A. Kropelnicki becomes CEO18
  15. 1997Founded Founded1

Calendar

Coming up

  1. Oct 29, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $1.03 a share, on Oct 30, 2025.87

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results76
  2. Apr 30, 2026Reported quarterly or annual results81
  3. Feb 25, 2026Reported quarterly or annual results85
  4. Oct 30, 2025Reported quarterly or annual results88
  5. Jul 31, 2025Reported quarterly or annual results89
  6. May 1, 2025Reported quarterly or annual results90
  7. Feb 27, 2025Reported quarterly or annual results91
  8. Oct 31, 2024Reported quarterly or annual results92

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

704 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 90 major events, 536 insider forms, 20 large holders, 38 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  3. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  4. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  5. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  6. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  7. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  8. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  9. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  10. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  11. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  12. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  13. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  14. Sep 8, 20264 PRIMARY DOCUMENT EDGAR
  15. Sep 1, 20264 PRIMARY DOCUMENT EDGAR
  16. Aug 14, 20264 PRIMARY DOCUMENT EDGAR
  17. Aug 13, 2026144 EDGAR
  18. Aug 5, 20264 PRIMARY DOCUMENT EDGAR
  19. Aug 4, 20263 PRIMARY DOCUMENT EDGAR
  20. Jul 30, 202610-Q EDGAR

The 704 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

38 open-market trades by officers, directors and large owners since October 2021: 1 buys and 37 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 1, 2026Snow Lester ADirectorSale500$50.21$25.1KForm 4
Aug 13, 2026Krummel Thomas MDirectorSale3,700$50.37$186.4KForm 4
May 27, 2026Snow Lester ADirectorSale1,100$44.00$48.4KForm 4
May 21, 2026Krummel Thomas MDirectorSale3,700$43.30$160.2KForm 4
Mar 20, 2026Luu Michael BSVP Corp Svce & Chief Risk OfSale740$44.53$32.9KForm 4
Mar 20, 2026Mares Michael S JRSVP OperationsSale3,892$44.00$171.2KForm 4
Dec 23, 2025Mortensen Michelle RVP Corp Sect, Gov & AssuranceSale924$43.34$40.0KForm 4
Dec 10, 2025Lynch James PatrickSVP CFO and TreasurerBuy550$42.80$23.5KForm 4
Jun 12, 2025Snow Lester ADirectorSale1,200$46.51$55.8KForm 4
Nov 22, 2024Luu Michael BSVP Corp Svce & Chief Risk OfSale985$51.50$50.7KForm 4
Sep 4, 2024Krummel Thomas MDirectorSale555$55.09$30.6KForm 4
Aug 21, 2024Krummel Thomas MDirectorSale555$54.33$30.2KForm 4
Aug 7, 2024Krummel Thomas MDirectorSale555$52.91$29.4KForm 4
Jul 17, 2024Krummel Thomas MDirectorSale555$52.99$29.4KForm 4
Jul 11, 2024Krummel Thomas MDirectorSale1,654$50.07$82.8KForm 4
May 15, 2024Krummel Thomas MDirectorSale555$53.26$29.6KForm 4
May 1, 2024Krummel Thomas MDirectorSale2,220$50.00$111.0KForm 4
Jan 3, 2024Krummel Thomas MDirectorSale555$51.90$28.8KForm 4
Dec 20, 2023Krummel Thomas MDirectorSale555$53.45$29.7KForm 4
Dec 12, 2023Mortensen Michelle RVP Corp Sect, Gov & AssuranceSale675$52.56$35.5KForm 4

All 38 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Martin A. KropelnickiChairman, President & Chief Executive Officer59$1.1M$4.6M100
2025James P. LynchSenior Vice President, Chief Financial Officer & Treasurer$488.3K$1.1M100
2025Michael B. LuuSenior Vice President, Corporate Services & Chief Risk Officer$464.8K$1.0M100
2025Shawn C. BuntingSenior Vice President, General Counsel & Business Development$434.3K$1.0M100
2025Shannon C. DeanSenior Vice President, Customer Service & Chief Sustainability Officer$346.6K$861.7K100
2024Martin A. KropelnickiChairman, President & Chief Executive Officer59$1.1M$4.8M100
2024James P. LynchSenior Vice President, Chief Financial Officer & Treasurer$463.1K$1.1M100
2024Michael B. LuuSenior Vice President, Corporate Services & Chief Risk Officer$449.0K$1.0M100
2024Shawn C. BuntingSenior Vice President, General Counsel & Business Development$419.6K$1.0M100
2024Shannon C. DeanSenior Vice President, Customer Service & Chief Sustainability Officer$333.0K$841.1K100
2023Martin A. KropelnickiChairman, President & Chief Executive Officer59$1.1M$3.8M100
2023Michael B. LuuSenior Vice President, Corporate Services & Chief Risk Officer$415.0K$841.0K100
2023Shawn C. BuntingSenior Vice President, General Counsel & Business Development$329.2K$713.8K100

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.10,755,498$523.3M0.0%+446,943
Vanguard Portfolio Management LLC4,379,671$213.1M0.0%+89,998
Amundi3,486,859$169.7M0.0%+15,862
State Street Corp3,266,850$158.9M0.0%+164,191
Vanguard Capital Management LLC2,690,663$130.9M0.0%+25,438
ATLAS Infrastructure Partners (UK) Ltd.1,984,605$96.6M2.9%New
Geode Capital Management, LLC1,555,391$75.7M0.0%+79,986
First Trust Advisors LP1,300,055$63.2M0.0%−54,110
Fmr LLC1,281,406$62.3M0.0%−108,608
Dimensional Fund Advisors LP1,174,914$57.2M0.0%+16,555
Nuance Investments, LLC1,096,077$53.3M9.1%−507,671
Invesco Ltd.974,775$47.4M0.0%−27,457
Morgan Stanley948,112$46.1M0.0%−170,593
Legal & General Group Plc807,510$39.3M0.0%+29,968
ANTIPODES PARTNERS Ltd753,386$36.7M0.7%New
Nomura Asset Management International Inc.747,216$36.4M0.1%New
Charles Schwab Investment Management Inc725,290$35.3M0.0%−3,166
Northern Trust Corp708,763$34.5M0.0%+71,460
Aqr Capital Management LLC681,791$33.2M0.0%+512,060
Bank of New York Mellon Corp527,076$25.6M0.0%+20,374
Triodos Investment Management BV493,000$24.0M1.5%+79,000
Beck Bode, LLC426,692$20.8M3.1%+14,978
Vanguard Fiduciary Trust Co397,640$19.3M0.0%+11,228
Arrowstreet Capital, Limited Partnership365,464$17.8M0.0%+107,494
Victory Capital Management Inc331,132$16.1M0.0%+9,817

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How California Water Service Group is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCALIFORNIA WATER SERVICE GROUP2
  • CIK0001035201
  • Employer ID (EIN)77-044899416
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company16
  • Incorporated inDelaware16
  • Fiscal year endsDecember 312
  • Industry code (SIC)4941 Water Supply2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address1720 N First St, C/O California Water Service Co, San Jose, CA 951122
  • Mailing address1720 First St, C/O California Water Service Co, San Jose, CA 951122
  • Phone40836782002
  • Shares outstanding61,839,101 as of Jul 20, 202614
  • Public float$1.6B as of Jun 30, 202516
  • AuditorDELOITTE & TOUCHE LLP, San Francisco, California PCAOB ID 34; it also attests to the company’s internal control over financial reporting16
  • On EDGAR sinceMar 6, 19972
  • Filings2,720 in all: 4 (1,897), 8-K (351), 10-Q (86), 4/A (76), 3 (40), SC 13G/A (39), DEF 14A (29), 10-K (26)2
    All 46 form types

    DFAN14A (19), CORRESP (17), DEFA14A (16), SC 13G (14), 424B5 (13), UPLOAD (13), 144 (10), 8-K/A (6), S-3ASR (5), SC TO-T/A (5), ARS (4), FWP (4), PRE 14A (4), S-8 (4), SCHEDULE 13G/A (4), 10-K405 (3), 10-Q/A (3), 424B2 (3), SCHEDULE 13G (3), 10-K/A (2), 5 (2), PX14A6G (2), S-3 (2), S-3/A (2), S-4 (2), S-4/A (2), 424B3 (1), 8-A12B (1), DEFC14A (1), DEFR14A (1), EFFECT (1), POS AM (1), PREC14A (1), PRRN14A (1), S-3D (1), S-8 POS (1), SC 13D/A (1), SC TO-T (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Proxy statement (DEF 14A) Apr 8, 2026
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par value per shareCWTNew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks California Water Service Group names in Item 1A of its 10-K filed Feb 27, 2026: 38 risks under these headings, as written.16

  • Risks Related to Our Regulatory Environment
  • Our business is heavily regulated by state and federal regulatory agencies and our financial viability depends upon our ability to recover costs and investments from our customers through rates that must be approved by state public utility commissions.
  • Our evaluation of the probability of recovery of regulatory assets is subject to adjustment by regulatory agencies and any such adjustment could adversely affect our results of operations and financial condition.
  • Regulatory agencies may disagree with our valuation and characterization of certain of our assets.
  • Changes in laws, rules, and policies of our regulators or operating jurisdictions can significantly affect our business.
  • We expect drinking water, wastewater and environmental health and safety regulation to increase, resulting in higher operating costs in the future and the potential that the company fails to meet these regulatory standards.
  • New and/or more stringent water quality regulations could increase our operating costs.
  • Legislation and regulation designed to mitigate or adapt to climate change may affect our operations.
  • We have been and may in the future be party to environmental and service-related lawsuits, which could result in us paying damages not covered by insurance.
  • Risks Related to Our Business Operations
  • We are at risk for litigation under the principle of inverse condemnation for activities in the normal course of business that are deemed to have a damaging effect on private property.
  • The effects of natural disasters, attacks by third parties, or poor water quality or contamination to our water supply or wastewater services may result in disruption in our services and litigation, which could adversely affect our business, operating results, financial condition, and reputation.
The other 28 risks
  • Failure of critical elements of our infrastructure could result in interruption of service, damage to others, or injuries, and could adversely affect our business, operating results, and financial condition.
  • We rely on our information technology (IT), operational technology (OT), and a number of complex business systems to assist with the management of critical business functions and a disruption of these systems, including from cyber-attacks, could adversely affect our business.
  • The adequacy of our water supplies depends upon a variety of factors beyond our control. Interruption in the water supply may adversely affect our reputation and earnings.
  • Our water supplies and other aspects of our operations may be affected by climate change.
  • Natural disasters, wildfires, climate change, economic conditions, and other factors may change the population in our service areas.
  • Wastewater operations entail significant risks.
  • Demand for our water is subject to various factors and is affected by seasonal fluctuations and conservation efforts.
  • Changes in water supply costs affect our operations.
  • Dependency upon adequate supply of electricity, certain chemicals, and third-party suppliers of parts and skilled labor could adversely affect our results of operations.
  • Our business requires significant capital expenditures to replace or improve aging infrastructure that are dependent on our ability to secure appropriate funding. If we are unable to obtain sufficient capital or if the rates at which we borrow increase, there would be a negative impact on our results of operations.
  • Our inability to access the capital or financial markets could affect our ability to meet our liquidity needs at reasonable cost and our ability to meet long-term commitments. Changes in economic conditions in our markets could affect our customers’ ability to pay for water services. Any of these could adversely affect our results of operations, cash flows, and financial condition.
  • We are a holding company that depends on cash flow from our subsidiaries to meet our obligations and to pay dividends on our common stock.
  • An important element of our growth strategy is the acquisition of water and wastewater systems. Risks associated with potential acquisitions, divestitures or restructurings may adversely affect us.
  • We may not be able to increase or sustain our recent growth rate, and we may not be able to manage our future growth effectively.
  • We have a number of large-volume commercial and industrial customers and a significant decrease in consumption by one or more of these customers could have an adverse effect on our operating results and cash flows.
  • Our operating costs and costs of providing services may rise faster than our revenues.
  • Demand for our stock may fluctuate due to circumstances beyond our control.
  • Adverse investment returns and other factors may increase our pension liability and pension funding requirements.
  • Labor relations matters could adversely affect our operating results.
  • Our operations are geographically concentrated in California and this lack of diversification may negatively affect our operating results.
  • Our business and financial performance may be adversely affected by high inflation and other macroeconomic conditions.
  • Municipalities, water districts, and other public agencies may condemn our property by eminent domain action.
  • General Risk Factors
  • We depend significantly on the services of the members of our management team, and the departure of any of those persons could cause our operating results to suffer.
  • We retain certain risks not covered by our insurance policies.
  • Our enterprise risk management processes may not be effective in identifying and mitigating the risks to which we are subject, or in reducing the potential for losses in connection with such risks.
  • The accuracy of our judgments and estimates about financial and accounting matters will affect our operating results and financial condition.
  • Stakeholder expectations and evolving legal and regulatory requirements relating to sustainability considerations may expose us to liabilities, increased costs, reputational harm, and other adverse effects on our business.
  • Our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired by a material weakness in our internal control over financial reporting, which could result in loss of investor confidence in the accuracy and completeness of our financial reports and materially adversely affect our results of operations and stock price.

Legal proceedings

Information with respect to this item may be found under the subheading Contingencies in Note 15 of the Notes to Consolidated Financial Statements.

The opening of Item 3, Legal Proceedings.16

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