California Water Service Group (CWT) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and California Water Service Group published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• California Water Service Group reports one segment. The customer-class rows add up to revenue from contracts with customers ($331.2 million); total operating revenue of $332.2 million also includes $1.0 million of regulatory balancing account revenue, which was negative $2.9 million a year earlier.
• The CPUC decision on the 2024 California general rate case came in the second quarter of 2026, with new rates retroactive to January 1, 2026. Q1 2026 results, with diluted EPS of $0.07, did not include any benefit from it.

Source: California Water Service Group Q3 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How California Water Service Group splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• California Water Service Group's Residential revenue was $197 million in Q3 2026, up 5% from $187 million in Q3 2025, 59% of total revenue.
• California Water Service Group's Business revenue was $61.3 million in Q3 2026, up 9% from $56.3 million in Q3 2025, 18% of total revenue.
• California Water Service Group's Multiple residential revenue was $24.8 million in Q3 2026, up 9% from $22.8 million in Q3 2025, 7% of total revenue.
• California Water Service Group's Industrial revenue was $7.8 million in Q3 2026, down 30% from $11.1 million in Q3 2025, 2% of total revenue.
• California Water Service Group's Public authorities revenue was $20.4 million in Q3 2026, up 7% from $19.0 million in Q3 2025, 6% of total revenue.
• California Water Service Group's Other revenue was $20.3 million in Q3 2026, up 12% from $18.2 million in Q3 2025, 6% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total operating revenue and GAAP diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for California Water Service Group's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

California Water Service Group's operating revenue was $332.2 million in Q3 2026, against $311.2 million a year earlier, an increase of 6.7%. The company said rate changes and new customers added $22.1 million and changes in the Drought Response Memorandum Account (DREMA) added $3.9 million, while lower customer water usage took away $4.4 million. (California Water Service Group Q3 2026 release, Oct 28, 2026)

Residential customers are the largest class: $196.5 million of the $331.2 million of revenue from contracts with customers in the quarter. Business customers paid $61.3 million, multiple residential $24.8 million, public authorities $20.4 million and industrial customers $7.8 million, down from $11.1 million a year earlier. (California Water Service Group Form 10-Q, Q3 2026, Oct 29, 2026)

California Water Service Group is mostly a California business. In 2025 Cal Water, with about 500,000 customer connections in 20 districts regulated by the CPUC, accounted for 89.0% of customer connections and 91.2% of consolidated operating revenue. Hawaii Water was 4.6% of revenue, Washington Water 2.6% and New Mexico Water 0.8%. (California Water Service Group Form 10-K, 2025, Feb 27, 2026)

Revenue is set by regulators. The most recent Cost of Capital decision for Cal Water, effective through December 2027, sets a 10.27% authorized return on equity and a 7.46% authorized return on rate base. In the quarter Washington regulators approved a rate case adding $4.1 million to annual revenues from October 1, 2026, and after the quarter Hawaii regulators approved increases for the Kapalua systems worth $1.94 million a year. (California Water Service Group Q3 2026 release, Oct 28, 2026)

The business is seasonal: demand rises in the warm, dry summer months and falls in the cooler, rainy winter. Most California sales fall under the Monterey-Style Water Revenue Adjustment Mechanism (M-WRAM), which the company says moderates the effect of usage swings on results. (California Water Service Group Form 10-K, 2025, Feb 27, 2026)

California Water Service Group reports only GAAP EPS for the quarter: $1.05 diluted, up from $1.03, on net income of $65.4 million against $61.2 million. Its earnings presentation bridges the change: customer rate changes, new customers and other added $0.28, DREMA approval $0.05 and memorandum account cost recovery $0.06, while lower consumption cost $0.06, higher water conservation spending $0.04, the effective tax rate change $0.06, non-qualified benefit plan investment losses $0.06 and other items $0.15. (California Water Service Group Q3 2026 release, Oct 28, 2026; California Water Service Group Q3 2026 earnings presentation, Oct 29, 2026)

Net other income fell $6.0 million in the quarter, because of a $3.9 million reduction in non-qualified benefit plan investment gains and $1.4 million more in business acquisition expenses. The effective tax rate before discrete items was 21.9%, against 17.1% a year earlier, and the release puts the higher income tax expense down to higher pre-tax income and a scheduled reduction in the Tax Cut and Jobs Act refund. (California Water Service Group Q3 2026 release, Oct 28, 2026; California Water Service Group Form 10-Q, Q3 2026, Oct 29, 2026)

The share count is rising as the company issues equity to fund its capital program. Diluted weighted average shares were 62,502 thousand, against 59,653 thousand a year earlier. In the quarter it sold 1.0 million shares through its at-the-market program for $49.8 million and agreed forward sales of another 1.6 million shares. (California Water Service Group Q3 2026 release, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

California Water Service Group does not publish a revenue or earnings outlook in its release. Its Q3 2026 earnings presentation gives capital investment estimates of $627 million for 2026, $667 million for 2027 and $700 million for 2028, and says rate base is estimated to reach over $3.45 billion by 2028, both excluding the Nevada and Oregon acquisitions, which it expects to close in the fourth quarter of 2026. (California Water Service Group Q3 2026 earnings presentation, Oct 29, 2026; California Water Service Group Q3 2026 release, Oct 28, 2026)

The company also said its 59th consecutive annual dividend increase is expected to give an annual dividend of $1.34 per share in 2026, 8.1% more than in 2025. (California Water Service Group Q3 2026 release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover California Water Service Group, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones California Water Service Group's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CWT is on is CWT a buy or a sell?, what analysts expect next is on the CWT forecast, and what the company does is on the California Water Service Group (CWT) stock page.

Every number on this page can be traced to a document California Water Service Group published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.