American Water Works Company, Inc.
amwater.comWhat Do They Do?
Provides water and wastewater services to residential, commercial and public-sector customers, and operates water and wastewater systems for U.S. military installations and municipalities.
10-K for FY2025, filed Feb 18, 2026The Company’s primary business involves the ownership of utilities that provide water and wastewater services to residential, commercial…View ↗
Other primarily includes the MSG business, which enters into long-term contracts with the U.S. government to provide water and wastewater…View ↗
MSG operates on 18 military installations under 50-year contracts with the U.S. government as part of its Utilities Privatization Program.…View ↗
How Do They Make Money?
Residential and business customers are billed for water and wastewater service; water bills are typically monthly and based on metered use, while wastewater charges may be flat or based on water use, with payment generally due within 30 days. Military service contracts can be billed periodically as work progresses or at project milestones.
10-K for FY2025, filed Feb 18, 2026The vast majority of the Company’s regulated water customers are metered, which allows the Company to measure and bill for its customers’…View ↗
The Company’s revenues from contracts with customers are discussed below. Customer payments for contracts are generally due within 30 days…View ↗
Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections.…View ↗
$5.1B
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10-K for FY2025, filed Feb 18, 2026
$5.1B ↗
Who Are Their Customers?
Households and businesses buy water or wastewater service from the utilities; public authorities, fire-service customers and other utilities also buy. Other utilities and community water systems can receive bulk water supply or wastewater treatment under contracts.
10-K for FY2025, filed Feb 18, 2026The Company’s Regulated Businesses have a large and geographically diverse customer base. A customer is defined as a person, business…View ↗
Residential customers make up a substantial portion of the Company’s customer base in all of the states in which it operates. The Company…View ↗
(a)Includes water revenues from public authorities and other utilities and community water systems under bulk contracts.View ↗
Do Revenues Turn Into Profits?
Yes. It kept 22 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$1.1B.
10-K for FY2025, filed Feb 18, 2026
$1.9BView ↗
10-K for FY2025, filed Feb 18, 2026
$1.1BView ↗
10-K for FY2025, filed Feb 18, 2026
−$1.1BView ↗
How Are They Changing?
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Sep 15, 2026
Merger parties filed a non-unanimous settlement petition in Pennsylvania
The petition requires review by administrative law judges and approval by the Pennsylvania commission.
Sources
8-K, filed Sep 17, 2026
As previously disclosed, on October 26, 2025, American Water Works Company, Inc. (“American Water” or the “Company”), Alpha Merger Sub…View ↗
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Jul 29, 2026
Company affirmed its earnings-per-share guidance
Adjusted earnings per share guidance remains $6.02 to $6.12.
Sources
8-K, filed Jul 29, 2026
The company affirms its 2026 adjusted earnings per share (“EPS”) guidance range of $6.02 to $6.12 (non-GAAP). The 2026 adjusted EPS…View ↗
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Jun 1, 2026
Completed acquisition of regulated water and wastewater systems from Nexus
The acquisition added customer connections and employees to the regulated businesses.
Sources
8-K, filed Jun 1, 2026
Completion of Acquisition of Certain Water and Wastewater System Assets from Nexus Regulated Utilities, LLCView ↗
Growing. Revenue grew 31% in 4 years, from $3.9B in FY2021 to $5.1B in FY2025, about 7% a year.
Who Do They Compete With?
Competes with Essential, American States Water, California Water Service Group, Algonquin Power and Utilities, and Nexus Water Group
10-K for FY2025, filed Feb 18, 2026The Company’s Regulated Businesses generally do not face direct competition in their existing markets because (i) the Company operates in…View ↗
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