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California Water Service vs H2O America: revenue, profit, margins and growth compared

California Water Service brought in $963.7M of revenue in fiscal 2025, H2O America $805.6M in fiscal 2025. Revenue changed by +6.4% at California Water Service and +7.6% at H2O America on the year before, so H2O America grew faster. California Water Service kept 13.3% of its revenue as net profit, H2O America 12.7%.

Side by side, latest fiscal year

CWTHTO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$963.7M$805.6M
Revenue growth+6.4%+7.6%
Net income$128.2M$102.6M
Net margin13.3%12.7%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)$2.15$2.92
Cash$51.8M$20.7M
Debt$1.5B$1.9B
Price to earnings21.521.3
Market value$2.9B$2.6B
Dividend yield2.69%2.70%
Rank by revenue in sector#80 of 109 · Utilities#83 of 109 · Utilities

Over the years

Revenue
CWT FY2018: $674.7MCWT FY2019: $664.4MCWT FY2020: $697.6MCWT FY2021: $765.7MCWT FY2022: $772.6MCWT FY2023: $790.3MCWT FY2024: $905.6MCWT FY2025: $963.7MHTO FY2018: $397.7MHTO FY2019: $447.7MHTO FY2020: $564.5MHTO FY2021: $573.7MHTO FY2022: $620.7MHTO FY2023: $678.2MHTO FY2024: $748.4MHTO FY2025: $805.6MFY18FY19FY20FY21FY22FY23FY24FY25
CWT $963.7MHTO $805.6M
Net income
CWT FY2018: $65.6MCWT FY2019: $63.1MCWT FY2020: $96.8MCWT FY2021: $101.1MCWT FY2022: $96MCWT FY2023: $51.9MCWT FY2024: $190.8MCWT FY2025: $128.2MHTO FY2018: $38.8MHTO FY2019: $23.4MHTO FY2020: $61.5MHTO FY2021: $60.5MHTO FY2022: $73.8MHTO FY2023: $85MHTO FY2024: $94MHTO FY2025: $102.6MFY18FY19FY20FY21FY22FY23FY24FY25
CWT $128.2MHTO $102.6M
Net margin
CWT FY2018: 9.7%CWT FY2019: 9.5%CWT FY2020: 13.9%CWT FY2021: 13.2%CWT FY2022: 12.4%CWT FY2023: 6.6%CWT FY2024: 21.1%CWT FY2025: 13.3%HTO FY2018: 9.7%HTO FY2019: 5.2%HTO FY2020: 10.9%HTO FY2021: 10.5%HTO FY2022: 11.9%HTO FY2023: 12.5%HTO FY2024: 12.6%HTO FY2025: 12.7%FY18FY19FY20FY21FY22FY23FY24FY25
CWT 13.3%HTO 12.7%
Revenue growth
CWT FY2019: -1.5%CWT FY2020: +5.0%CWT FY2021: +9.8%CWT FY2022: +0.9%CWT FY2023: +2.3%CWT FY2024: +14.6%CWT FY2025: +6.4%HTO FY2019: +12.6%HTO FY2020: +26.1%HTO FY2021: +1.6%HTO FY2022: +8.2%HTO FY2023: +9.3%HTO FY2024: +10.4%HTO FY2025: +7.6%FY19FY20FY21FY22FY23FY24FY25
CWT +6.4%HTO +7.6%

Fiscal years as each company reports them; the two may end in different months.

Questions about California Water Service and H2O America

Which is bigger by revenue, California Water Service or H2O America?

California Water Service is bigger by revenue: $963.7M in fiscal 2025, against $805.6M for H2O America in fiscal 2025.

Which keeps more of its revenue as profit, California Water Service or H2O America?

California Water Service had a net margin of 13.3% in fiscal 2025; H2O America had 12.7% in fiscal 2025.

Which grew revenue faster, California Water Service or H2O America?

In their latest fiscal years revenue changed by +6.4% at California Water Service and +7.6% at H2O America.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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