NYSE: AWK · Water Utilities
American Water Works Company, Inc.
American Water describes itself as the largest and most geographically diverse publicly traded U.S. water and wastewater utility. It serves about 14 million people in 24 states, and its regulated utilities in 14 states have 3.6 million customers. 2025 revenue was $5.12 billion, net income $1.11 billion, and capital spending $3.13 billion; rates set by state regulators are designed to recover costs and earn a return on that investment. In October 2025 it agreed to merge with Essential Utilities in an all-stock deal (0.305 American Water shares per Essential share), expected to close by the end of the first quarter of 2027.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-1810-Q (quarter ended 2026-09-30) · filed 2026-10-28
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 6.5%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 36.7%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +1.4 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 4.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.85x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 25.0x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.10
Higher than 36% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 90% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 43% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 85% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 65% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$145.77close on 2026-11-04
Market cap$28.45B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 25.0x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.6x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 14.8x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -3.8%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.3%
At FY2025 year-end: 22.9x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.4x
Book value at FY2025 year-end
At FY2025 year-end: 13.8x
EBITDA for FY2025
At FY2025 year-end: -4.2%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.45B → $1.5B (vs. a year earlier)↑ +3.3%$1.45B → $1.5B (vs. a year earlier)
- Operating margin42.2% → 42.7% (vs. a year earlier)↑ +0.4 pts42.2% → 42.7% (vs. a year earlier)
- Net income$379M → $387M (vs. a year earlier)↑ +2.1%$379M → $387M (vs. a year earlier)
- Diluted EPS$1.94 → $1.94 (vs. a year earlier)→ +0.0%$1.94 → $1.94 (vs. a year earlier)
- Cash$191M → $121M (vs. previous quarter-end)↓ −36.6%$191M → $121M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Management outlook ↔ Narrowed
Narrowed 2026 adjusted EPS guidance to $6.07–$6.12 from $6.02–$6.12. Source sentence
The company’s 2026 adjusted EPS guidance range has been narrowed to $6.07 to $6.12, from the previous 2026 adjusted EPS guidance range of $6.02 to $6.12.
Key changes
Initiated standalone 2027 EPS guidance of $6.53–$6.63. Source sentence
Initiating standalone 2027 earnings per share guidance range of $6.53 to $6.63
Invested $2.8B in the first nine months of 2026. Source sentence
During the first nine months of 2026, the company invested $2.8 billion in infrastructure improvements and growth, including $437 million for regulated acquisitions.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- American Water Works Company, Inc.
- Headquarters
- CAMDEN, NJ
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: AWK
- Industry
- Water Utilities
- CIK
- 1410636
- Website
- https://www.amwater.com/ ↗
- IR page
- https://ir.amwater.com/ ↗
Workforce (as of FY2025 year-end)
Employees
7,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 45–50 days after quarter end (Feb 18, 2026; Feb 19, 2025; Feb 14, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 28–50 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 28, 2026 (+28 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 18, 2026 (+49 days) | Feb 18, 2026 10-K (+49 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 29, 2025 10-Q (+29 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Jul 30, 2025 10-Q (+30 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 19, 2025 (+50 days) | Feb 19, 2025 10-K (+50 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Jul 31, 2024 10-Q (+31 days) |
| Q1 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 1, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 14, 2024 (+45 days) | Feb 14, 2024 10-K (+45 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Regulated Businesses
Drinking water
Examples: Pennsylvania American Water, New Jersey American Water
3.24 million water customers.
Regulated Businesses
Wastewater
330,000 wastewater customers.
Other
Military services
Examples: Water and wastewater systems on U.S. military installations
From the FY2025 Form 10-K, Item 1.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Regulated water and wastewater utility services
U.S. publicly traded water utilities, by revenue and population served
U.S. share
Largest
Company-disclosedThe 10-K says American Water is the largest and most geographically diverse publicly traded U.S. water and wastewater utility by operating revenues and population served.
Worldwide share
—
Not disclosed
Sources:
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from 8-Ks.
Essential Utilities merger
Agreed October 26, 2025: Essential holders receive 0.305 American Water shares each; American Water keeps its name and Camden, N.J. headquarters, and John Griffith stays CEO. Shareholders approved on February 10, 2026.
Source: 8-Ks filed 2025-10-27 and 2026-02-10
Regulatory progress
Three states have approved the merger, and settlements have been reached in Pennsylvania, North Carolina and Texas.
Source: Q3 2026 earnings release; 8-K filed 2026-09-17
Nexus systems
Agreed in May 2025 to buy Nexus Water Group's regulated systems in eight states for about $315M (about 47,000 connections); about 81,000 connections had been added from acquisitions through September 30, 2026, including the Nexus systems.
Source: Form 10-K (FY2025); Q3 2026 earnings release
2026 outlook
Q3 2026 EPS $1.94 (flat), adjusted $2.00 (vs $1.89). 2026 adjusted EPS guidance narrowed to $6.07–6.12; standalone 2027 guidance $6.53–6.63 (8% growth); 2026 capital plan of $3.7B on track; new rates took effect in Pennsylvania and New Jersey in Q3.
Source: Q3 2026 earnings release
Capex ÷ D&A (FY2025)
3.50x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$3,126M ÷ $894M = 3.50x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$1.15B
Latest year: $71M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.82B in FY2020 to $3.13B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$5.12B
As reported in the 10-K
Revenue CAGR (5 years)
+6.5%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($5,121M ÷ $3,743M) ^ (1÷5) − 1 = 6.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
36.7%▲favorable
+3.3pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,879M ÷ $5,121M × 100 = 36.7%
ROE (FY2025)
10.5%▲favorable
6-year average: 12.0%
As reported in the 10-K
P/B (FY2025 end)
2.35x
formulafiscal year-end closing price ÷ book value per share
e.g.$130.50 ÷ $55.52 = 2.35x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
13.8x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($25,471M + $12,780M − $98M) ÷ ($1,879M + $894M) = 13.8x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +6.5% a year over 5 years (strong growth)
From $3.74B in FY2020 to $5.12B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 33.3% → 36.7%
How much operating profit is left per $100 of revenue. It moved +3.3 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 30.6% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 0 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 12.0% over 6 years (latest: 10.5%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Regulated Businesses
Treating and delivering drinking water- Collecting and treating wastewater
Other businesses
Operating systems on military bases
06 · what it draws on
Key resources
Regulated Businesses
About 7,000 employees company-wide- Treatment plants and pipe networks
Other businesses
Operating contracts
02 · why customers buy
Value propositions
- Safe, clean, reliable and affordable water and wastewater service.
04 · how it keeps them
Customer relationships
- Regulated service to all customers in its territories; U.S. government contracts with about $7.4 billion of backlog and an average remaining term of 37 years.
03 · how it reaches them
Channels
- Its own regulated water and wastewater systems in its service areas; contract operations on military installations.
01 · who it serves
Customer segments
Regulated Businesses
3.6 million customers in 14 states (Pennsylvania and New Jersey largest)Other businesses
U.S. military and municipalities
09 · where money goes
Cost structure
FY2025, share of revenue ($5.12B)
- Other operating costs (incl. cost of goods sold)63.3%
Operating profit left: 36.7% of revenue. Depreciation & amortization (inside the costs above): $894M. Capital spending: $3.13B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Regulated Businesses
Rates approved by state public utility commissionsOther businesses
Service contracts
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Regulated Businesses
State-regulated water and wastewater utilities serving residential, commercial, industrial, public authority, fire service, and resale customers, mostly through metered service.
01 what it draws on
Inputs & resources
- About 7,000 employees company-wide
- Treatment plants and pipe networks
- Capital investment of about $3.1B a year
02 what it does
Activities
- Treating and delivering drinking water
- Collecting and treating wastewater
- Replacing aging infrastructure and acquiring municipal systems
03 who it serves
Customers
- 3.6 million customers in 14 states (Pennsylvania and New Jersey largest)
04 how money comes in
How it earns
- Rates approved by state public utility commissions
Regulated Businesses: how it makes money
- Revenue $4.72B (92% of total) and net income $1.14B in 2025.
- Pennsylvania and New Jersey together produced 47.5% of regulated revenue.
Other businesses
Water and wastewater services for the U.S. government on military installations and for municipalities.
01 what it draws on
Inputs & resources
- Operating contracts
02 what it does
Activities
- Operating systems on military bases
03 who it serves
Customers
- U.S. military and municipalities
04 how money comes in
How it earns
- Service contracts
Other businesses: how it makes money
- Revenue $417M and a net loss of $26M in 2025 (including parent-level interest).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
American Water’s rates are set by state public utility commissions; it discloses its political contributions.
Regulated prices & reimbursement
Rate cases
Customer rates change mainly through rate cases filed with state PUCs.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Political engagement
Political contribution disclosure
Publishes a Political Contribution Policy and annual information on political contributions and trade association payments.
Supports and constrainsTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Regulated Businesses
4,723 (92%)profit 1,137 · margin 24.1%
Other
417 (8%)profit -26 · margin -6.2%
Source: Form 10-K (FY2025) — Note on segment information Profit is net income attributable to common shareholders.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
Pennsylvania — 24% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Pennsylvania
1,140 (24%)New Jersey
1,105 (23%)Missouri
575 (12%)Illinois
548 (12%)California
370 (8%)Other states
985 (21%)
Source: Form 10-K (FY2025) — Item 1, Regulated Businesses Regulated Businesses revenue only.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Utilities operate under franchises and certificates of public convenience and necessity (CPCNs) from state regulators, with rates set in rate cases. The high cost of building a competing system is a significant barrier to entry.
- long
Regulated water service
$4.23B of 2025 regulated revenue
Typical term: State-approved rates
Most customers are metered.
- long
Regulated wastewater service
$422M
Typical term: State-approved rates
- long
Military and municipal contracts
Part of $417M Other revenue
Typical term: Service contracts
Source: Form 10-K (FY2025) — Item 1
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Residential, commercial, industrial, public authority, fire service, and resale customers; the U.S. military for Other businesses.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- 3.57 million regulated customers at year-end 2025; the five largest states account for 79% of regulated revenue. (Form 10-K (FY2025), Item 1)
Suppliers
Construction contractors, chemical and energy suppliers.
Named by the company
None named in the 10-K or the company’s press releases.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
American Water's regulated utilities generally don't face direct competition in existing markets, but compete with government agencies, other investor-owned utilities, large industrial customers that self-supply, and strategic buyers when pursuing acquisitions.
Competitors named in the 10-K
Acquisitions of water systems
Largest investor-owned competitors by revenue and population served.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Utilities reviewed by Aon and the compensation committee, also used for relative TSR in long-term awards.
- Alliant Energysite ↗
- Amerensite ↗
- Atmos Energysite ↗
- CenterPoint Energysite ↗
- CMS Energysite ↗
- Entergysite ↗
- Essential Utilitiessite ↗
- Evergysite ↗
- Eversource Energysite ↗
- NiSourcesite ↗
- OGE Energysite ↗
- Pinnacle West Capitalsite ↗
- PPLsite ↗
- PSEGsite ↗
- WEC Energy Groupsite ↗
Merger partner (deal pending)
Source: Proxy statement (DEF 14A, filed 2026-03-24) — Compensation Peer GroupCompany names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
American Water grows by acquiring water systems and, now, through the Essential merger.
Cash spent on acquisitions, FY2020–FY2025: $1.15B
Pending (agreed Oct 2025)
Essential Utilities
0.305 American Water shares per Essential share (all stock)
A utility holding company that American Water's 10-K names among its largest investor-owned competitors in water system acquisitions.
- Stated purpose (company)
- To combine the two companies; American Water remains the parent and keeps its name and headquarters.
Source: 8-K filed 2025-10-27
By June 2026
Nexus Water Group's regulated systems
About $315M in cash
Water and wastewater systems in eight states with about 47,000 connections and about $200M of rate base.
- Stated purpose (company)
- Not stated.
Source: Form 10-K (FY2025) — Note 5 · Q2 2026 earnings release (8-K filed 2026-07-29)
Essential merger closing is expected by the end of the first quarter of 2027.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 3,743 | 3,914 | 3,763 | 4,217 | 4,653 | 5,121 |
| Operating income | 1,248 | 1,196 | 1,273 | 1,504 | 1,718 | 1,879 |
| Pretax income | 924 | 1,640 | 1,008 | 1,196 | 1,359 | 1,422 |
| Net income (attributable) | 709 | 1,263 | 820 | 944 | 1,051 | 1,111 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 4.6% | -3.9% | 12.1% | 10.3% | 10.1% |
| Operating margincalcoperating income ÷ revenue × 100 | 33.3% | 30.6% | 33.8% | 35.7% | 36.9% | 36.7% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 18.9% | 32.3% | 21.8% | 22.4% | 22.6% | 21.7% |
| Balance sheet ($M) | ||||||
| Total assets | 24,766 | 26,075 | 27,787 | 30,298 | 32,830 | 35,442 |
| Total equity | 6,454 | 7,298 | 7,693 | 9,797 | 10,332 | 10,837 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 10,938 | 10,344 | 10,929 | 11,718 | 12,521 | 12,780 |
| Equity ratio | 26.1% | 28.0% | 27.7% | 32.3% | 31.5% | 30.6% |
| ROE | 11.0% | 18.4% | 10.9% | 10.8% | 10.4% | 10.5% |
| Cash flow ($M) | ||||||
| Operating CF | 1,426 | 1,441 | 1,108 | 1,874 | 2,045 | 2,059 |
| Investing CF | -2,061 | -1,536 | -2,127 | -2,815 | -3,379 | -3,309 |
| Financing CF | 1,120 | -345 | 1,000 | 1,188 | 1,110 | 1,249 |
| Free cash flowcalccash flow from operations − capital expenditures | -396 | -323 | -1,189 | -701 | -811 | -1,067 |
| Cash and equivalents | 547 | 116 | 85 | 330 | 96 | 98 |
| Per share & other | ||||||
| EPS ($) | 3.91 | 6.95 | 4.51 | 4.90 | 5.39 | 5.69 |
| BVPS ($) | 35.60 | 40.18 | 42.30 | 50.31 | 53.01 | 55.52 |
| Dividend per share ($) | 2.20 | 2.41 | 2.62 | 2.83 | 3.06 | 3.31 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 56.3% | 34.7% | 58.1% | 57.8% | 56.8% | 58.2% |
| P/E (x) | 39.3 | 27.2 | 33.8 | 26.9 | 23.1 | 22.9 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 20.6 | 24.3 | 20.1 | 16.8 | 14.6 | 13.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 4.31 | 4.70 | 3.60 | 2.62 | 2.35 | 2.35 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $1.5B+3.3% | $641M+4.4% | $387M+2.1% | $1.94 |
| 2026-06-30 | $1.35B+6.1% | $542M+10.8% | $315M+9.0% | $1.61 |
| 2026-03-31 | $1.2B+6.1% | $391M+5.4% | $196M-4.4% | $1.00 |
| 2025-12-31 † | $1.26B | $405M+1.3% | $238M-0.4% | — |
| 2025-09-30 | $1.45B | $614M | $379M | $1.94 |
| 2025-06-30 | $1.27B | $489M | $289M | $1.48 |
| 2025-03-31 | $1.13B | $371M | $205M | $1.05 |
| 2024-12-31 | — | $400M | $239M | $1.22 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
6.3%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,879M × (1 − 22%) ÷ $23,235M × 100 = 6.3%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
4.92%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $25.47B ÷ ($25.47B + $12.78B) = 66.6%
e.g.Debt weight: $12.78B ÷ ($25.47B + $12.78B) = 33.4%
e.g.WACC: 5.5% × 66.6% + 4.8% × (1 − 22%) × 33.4% = 4.92%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 4.6%–5.8% and ROIC − WACC runs +0.5 to +1.8 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 4.92% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.10 (price-derived adjusted beta, but correlation with the market is low (R² 0.06), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 5.50%
- Cost of debt
- 4.81%
- Tax rate
- 22% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 67% : 33%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 4.92%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.10 (price-derived adjusted beta. Raw β -0.34, R² 0.06, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × -0.341 + 0.33 = 0.102
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.1 × 5.5% = 5.5%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.71x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.8%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 132%
Most profit comes from core operations.
- ✓
Days sales outstanding: 31 → 29 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,059M ÷ $1,111M = 1.85x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,879M ÷ $1,422M × 100 = 132%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($416M + $395M) ÷ 2 ÷ $5,121M × 365 = 29 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 38 of 416
- Beta (adjusted)
- 0.10
Reported total 102.7%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 9% of covered companies have more
above 1 = swings more than the market
- 204.1M shares reported by 1,131 13F filers ÷ 198.7M shares outstanding on 2026-07-20. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-24 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-20)
20
Strengths & weaknessesSite analysis
Strengths
1. Scale
The largest publicly traded U.S. water and wastewater utility by revenue and population served, according to the 10-K.
Evidence: Form 10-K (FY2025), Item 1
2. Little direct competition
CPCNs and the high cost of building new systems mean little direct competition in existing markets.
Evidence: Form 10-K (FY2025), Competition
3. Steady earnings growth
EPS rose from $4.51 (2022) to $5.69 (2025); 2026 adjusted EPS guidance was narrowed to $6.07–6.12, and standalone 2027 guidance is $6.53–6.63.
Evidence: SEC EDGAR XBRL; Q3 2026 earnings release
4. Rising dividends
Dividend per share rose from $2.41 (2021) to $3.31 (2025).
Evidence: SEC EDGAR XBRL
Weaknesses
1. Heavy capital needs
Capital spending of $3.13B in 2025 exceeded operating cash flow of $2.06B; 2026 plan is $3.7B.
Evidence: SEC EDGAR XBRL; Q3 2026 earnings release
2. Rising debt
Debt grew to about $12.8B at year-end 2025, and interest expense rose from $460M (2023) to $615M (2025).
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025)
3. State concentration
Pennsylvania and New Jersey account for nearly half of regulated revenue.
Evidence: Form 10-K (FY2025), Item 1
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
22.9x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.54%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
58%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-4.2%
(Operating CF − capex) ÷ market cap
1. Regulated growth
Large investment in aging water infrastructure, recovered through regulated rates.
- What has to hold
- Regulators continue to allow recovery and returns.
- The other side
- Funding needs require ongoing debt and equity.
Evidence: Form 10-K (FY2025)
2. Bigger platform after the merger
Combining with Essential, which the 10-K names among its largest investor-owned competitors in water acquisitions.
- What has to hold
- Approvals arrive on time.
- The other side
- Regulators may impose conditions.
Evidence: Form 10-K (FY2025); 8-K filed 2025-10-27
Interest expense for 2021 comes from the FY2023 10-K.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.0x
$98M vs. $3.07B
Interest coverage (operating income ÷ interest expense)
3.1x
$1.88B vs. $615M
Free cash flow ÷ dividends paid
-1.7x
−$1.07B vs. $633M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -3.9% in FY2022 ($3.91B → $3.76B) | Yes, by FY2023 |
| Operating income | -4.2% in FY2021 ($1.25B → $1.2B) | Yes, by FY2022 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Regulated rates
Revenue is set through rate cases with state public utility commissions.
Source: Form 10-K (FY2025), Item 1
Geographic spread
Operations in 14 regulated states reduce dependence on any single regulator, though two states dominate.
Source: Form 10-K (FY2025), Item 1
Debt load
About $12.8B of debt at year-end 2025.
Source: SEC EDGAR XBRL
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
American Water's disclosed matters are class actions over main breaks in West Virginia and Tennessee, all small relative to its size. At September 30, 2026 it had accrued about $11 million for probable losses and estimated up to $9 million more in reasonably possible losses.
1 open matter · 2 settled or closed
Chattanooga main break class action
On appealClass actionBruce et al. v. American Water Works Co. (Hamilton County Circuit Court, Tenn.)
Arises from a September 2019 transmission main leak. Only breach-of-contract claims against TAWC remain, and class certification was denied. The Court of Appeals affirmed the denial in December 2025.
- Next step
- Plaintiffs appealed to the Tennessee Supreme Court on January 30, 2026.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Charleston, W.Va. main break (Mountaineer Gas) class actions
SettledClass actionRuffin, Toliver, Dodson and Thomas v. Mountaineer Gas and West Virginia-American Water (Kanawha County Circuit Court)
These suits arise from a November 2023 water main leak that coincided with water flowing into Mountaineer Gas's system, cutting gas service to about 1,500 customers. A settlement term sheet was signed July 9, 2026, and on October 2, 2026 the parties filed the proposed agreement covering all four putative class actions with a motion for preliminary approval.
- Amounts
- Proposed maximum of about $9 million for WVAWC, all or substantially all expected from insurers.
- Next step
- A formal settlement agreement, subject to court approval.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Dunbar, W.Va. main break settlement
SettledClass actionJeffries et al. v. West Virginia-American Water Co.
Arises from a June 2015 main break. The settlement received final approval on September 12, 2025.
- Amounts
- Maximum about $18 million, with the company's share about $5 million and insurers paying the rest.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Company statement: American Water believes damages or settlements in its other legal actions will not have a material adverse effect.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
Rate case outcomes
- Company disclosure (summarized from the 10-K)
- Returns depend on decisions by state public utility commissions.
- Company’s stated mitigation
- Frequent rate filings across 14 states.
- This site’s assessment
- Impact High / Likelihood Med
- 2M&A & integration
Essential merger
- Company disclosure (summarized from the 10-K)
- Requires state regulatory approvals; termination fees are $835M payable by American Water or $370M by Essential in certain circumstances.
- Company’s stated mitigation
- Three states had approved by July 2026, and a settlement was filed in Pennsylvania.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Law & regulation
Condemnation
- Company disclosure (summarized from the 10-K)
- Government entities could acquire utility assets through eminent domain.
- Company’s stated mitigation
- Not stated.
- This site’s assessment
- Impact Med / Likelihood Low
- 4Raw materials & energy
Water supply
- Company disclosure (summarized from the 10-K)
- The California subsidiary must secure alternative water supplies in place of Carmel River diversions.
- Company’s stated mitigation
- Not stated.
- This site’s assessment
- Impact Low / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
The following summary is intended to enhance the readability and accessibility of our risk factor disclosures. Read more
We encourage you to carefully review the full risk factors discussed below in their entirety for additional information. A number of the factors that could materially and adversely affect our business, financial condition or results of operations include:
• We face technology, cybersecurity and data privacy risks, including failures, cyber attacks, unauthorized access and evolving privacy requirements, any of which may result in operational disruption, regulatory actions or reputational harm.
• The proposed merger is subject to various closing conditions, including the receipt of consents and approvals from various governmental and regulatory entities and third parties, and a failure to obtain all such consents or approvals or to satisfy such other closing conditions could prevent or delay the completion of the proposed merger or impose conditions that could have a material adverse effect on us or the combined company.
• The Essential Merger Agreement contains provisions that limit our ability to pursue certain alternatives to the proposed merger, which could discourage a potential acquirer from making an alternative transaction proposal and, in certain circumstances, could require us to pay Essential a significant termination fee.
Some states in which we operate allow the respective public utility commissions to use fair market value to set ratemaking rate base instead of the traditional depreciated original cost of water or wastewater assets for certain qualifying acquisitions. Depending on the state, there are varying rules and circumstances in which fair value is determined. Some states’ regulations allow ratemaking rate base to equal the lower of the average of the appraisals or the purchase price, subject to regulatory approval. There may be situations where we may pay more than the ultimate fair value of the utility assets as set by the regulatory commission, despite the fair value legislation suggesting its full recovery. In June 2024, the Pennsylvania Public Utility Commission updated existing procedures and guidelines designed to increase public involvement and ensure greater consistency in the process…
In addition, we maintain a substantial portion of our liability and property insurance coverage through a small number of mutual insurance companies that specialize in providing coverage to the utility industry. Read more
These mutual insurers provide us with competitive terms, conditions, and self-insured retentions that may not be available in the broader commercial insurance market. If one or more of these mutual insurers were to experience significant financial distress, experience a dilution in their credit ratings, decide to withdraw from the utility sector, or otherwise restrict insurance terms and conditions, we could face a substantial increase in our insurance premiums or a reduction in the scope of available coverage, or the inability to obtain coverage at all.
Settlement provisions contained in our forward sale agreements subject us to risks if certain events occur, which could have an effect on our results of operations and liquidity, and could cause the price of our common stock to decline.
In August 2025, we entered into forward sale agreements with each of Wells Fargo National Bank, National Association, JPMorgan Chase Bank, National Association, and Mizuho Markets Americas LLC, each as forward purchasers, relating to an aggregate of 8,098,592 shares of our common stock. Each forward purchaser will have the right to accelerate the forward sale agreement to which it is a party and require us to physically settle such forward sale agreement on a date specified by such forward purchaser if:
50 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 18, 2026 ↗ with the 10-K filed Feb 19, 2025 ↗.
26
What to watch going forwardSite analysis
- Regulatory approvals for the Essential merger (target: by end of Q1 2027).
- Pennsylvania rate case outcome effective August 2026.
- Capital spending of $3.7B in 2026.
- Equity and debt issuance.
- Integration of acquired systems such as Nexus.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-18
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent American Water Works Company, Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.