American States Water Company operates three principal business segments: Golden State Water Company, a California-regulated public water and wastewater utility serving residential and commercial customers across multiple counties; Bear Valley Electric Service, a regulated electric utility serving mountain communities in California with a focus on renewable energy integration; and American States Utility Services, which operates water and wastewater systems at major U.S. military installations under long-term government contracts. The company generates revenue through regulated rate structures for its utilities, which are subject to rate adjustments and cost recovery mechanisms approved by the California Public Utilities Commission, and through cost-plus and fixed-price contracts with the U.S. government for military utility services.