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California Water Service vs Essential Utilities: revenue, profit, margins and growth compared

California Water Service brought in $963.7M of revenue in fiscal 2025, Essential Utilities $2.5B in fiscal 2025. Revenue changed by +6.4% at California Water Service and +18.6% at Essential Utilities on the year before, so Essential Utilities grew faster. California Water Service kept 13.3% of its revenue as net profit, Essential Utilities 24.9%.

Side by side, latest fiscal year

CWTWTRG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$963.7M$2.5B
Revenue growth+6.4%+18.6%
Net income$128.2M$616.4M
Net margin13.3%24.9%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)$2.15$2.20
Cash$51.8M$34.8M
Debt$1.5B$8.1B
Price to earnings21.518.0
Market value$2.9B$11.2B
Dividend yield2.69%3.38%
Rank by revenue in sector#80 of 109 · Utilities#54 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: $963.7MWTRG FY2018: $838.1MWTRG FY2019: $889.7MWTRG FY2020: $1.5BWTRG FY2021: $1.9BWTRG FY2022: $2.3BWTRG FY2023: $2.1BWTRG FY2024: $2.1BWTRG FY2025: $2.5BFY18FY19FY20FY21FY22FY23FY24FY25
CWT $963.7MWTRG $2.5B
Net income
CWT FY2018: $65.6MCWT FY2019: $63.1MCWT FY2020: $96.8MCWT FY2021: $101.1MCWT FY2022: $96MCWT FY2023: $51.9MCWT FY2024: $190.8MCWT FY2025: $128.2MWTRG FY2018: $192MWTRG FY2019: $224.5MWTRG FY2020: $284.8MWTRG FY2021: $431.6MWTRG FY2022: $465.2MWTRG FY2023: $498.2MWTRG FY2024: $595.3MWTRG FY2025: $616.4MFY18FY19FY20FY21FY22FY23FY24FY25
CWT $128.2MWTRG $616.4M
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%WTRG FY2018: 22.9%WTRG FY2019: 25.2%WTRG FY2020: 19.5%WTRG FY2021: 23.0%WTRG FY2022: 20.3%WTRG FY2023: 24.3%WTRG FY2024: 28.5%WTRG FY2025: 24.9%FY18FY19FY20FY21FY22FY23FY24FY25
CWT 13.3%WTRG 24.9%
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%WTRG FY2019: +6.2%WTRG FY2020: +64.4%WTRG FY2021: +28.4%WTRG FY2022: +21.8%WTRG FY2023: -10.2%WTRG FY2024: +1.6%WTRG FY2025: +18.6%FY19FY20FY21FY22FY23FY24FY25
CWT +6.4%WTRG +18.6%

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

Questions about California Water Service and Essential Utilities

Which is bigger by revenue, California Water Service or Essential Utilities?

Essential Utilities is bigger by revenue: $2.5B in fiscal 2025, against $963.7M for California Water Service in fiscal 2025.

Which keeps more of its revenue as profit, California Water Service or Essential Utilities?

California Water Service had a net margin of 13.3% in fiscal 2025; Essential Utilities had 24.9% in fiscal 2025.

Which grew revenue faster, California Water Service or Essential Utilities?

In their latest fiscal years revenue changed by +6.4% at California Water Service and +18.6% at Essential Utilities.

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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