CALIFORNIA WATER SERVICE GROUP

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

CWT$50.16-1.7%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

TABLE OF CONTENTS Table of Contents

TABLE OF CONTENTS

Page
PART I
Item 1.	Business	4
	Forward-Looking Statements	4
	Overview	6
	Regulated Business	6
	Non-Regulated Activities	8
	Operating Segment	8
	Growth	8
	Geographical Service Areas and Number of Customer Connections at Year-end	9
	Rates and Regulation	10
	Water Supply	14
	Seasonal Fluctuations	17
	Utility Plant Construction	18
	Energy Reliability	18
	Security at Company Facilities	18
	Competition and Condemnation	18
	Government Regulations	19
	Human Capital Resources	20
	Executive Officers of the Registrant	21
Item 1A.	Risk Factors	22
Item 1B.	Unresolved Staff Comments	37
Item 1C.	Cybersecurity	37
Item 2.	Properties	39
Item 3.	Legal Proceedings	40
Item 4.	Mine Safety Disclosures	40
PART II
Item 5.	Market for Registrant’s Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	40
Item 6.	Reserved	41
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	42
	Overview	42
	Critical Accounting Policies and Estimates	42
	Results of Operations	44
	Water Supply	46
	Liquidity and Capital Resources	46
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	51
Item 8.	Financial Statements and Supplementary Data	52
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	95
Item 9A.	Controls and Procedures	95
Item 9B.	Other Information	95
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	95

Page
PART III
Item 10.	Directors and Executive Officers and Corporate Governance	95
Item 11.	Executive Compensation	96
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	96
Item 13.	Certain Relationships and Related Transactions and Director Independence	96
Item 14.	Principal Accountant Fees and Services	96
PART IV
Item 15.	Exhibits, Financial Statement Schedules	96
	Exhibit Index	97
	Signatures	100

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.