American Water Works (AWK) FY2025 10-K Annual Report
American Water Works (AWK) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 18, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
American Water Works FY2025 10-K Analysis
Business Overview
- • Core business model: Water and wastewater utility services
- • No new products, services, or segments introduced or emphasized this year
- • Emphasis on corporate governance with updates in Code of Ethics and Insider Trading Policy posted on company website
- • Proxy Statement incorporation for executive compensation, ownership, and independence matters
- • No notable operational metrics or strategic shifts disclosed in this filing year
Management Discussion & Analysis
- • Revenue $4,723M in 2025, up $427M (10%) YoY primarily from $406M rate increases and $49M acquisitions/organic growth
- • Operating margin ~24.1% (Net income $1,137M / Revenue $4,723M) vs ~24.8% in 2024 (1,065/4,296)
- • Best segment: Regulated Businesses Water services revenue $4,233M in 2025, up $360M (9.3%) YoY; Worst segment: Other segment net loss $26M vs $14M
- • Operating & maintenance expense $1,642M up $125M; Depreciation $883M up $111M; Interest expense rose $34M; Capital investment driving rate base growth
- • Management notes new tax legislation (OBBB Act) no material impact; regulatory changes in CA, VA, IN, MO may affect future rate cases and infrastructure recovery
Risk Factors
- • Regulatory risk: Conflicting interpretations under 2009 Carmel River diversion Order by MPWMD and SWRCB risk fines and penalties for Cal Am
- • Geopolitical/macroeconomic threat: MPWMD lawsuit seeks eminent domain of Monterey system assets serving ~40,000 customers, $448.8 million offer rejected
- • Operational/supply chain vulnerability: Delays and permit challenges for Water Supply Project desalination plant may threaten commissioning by late 2029
- • Competitive/market disruption risk: MPWMD pursuing acquisition of Cal Am’s Monterey system assets, projecting reduced revenue requirements and water bills
- • Financial risk: Cal Am has $324 million cumulative Water Supply Project costs, uncertain cost recovery under CPUC decisions
American Water Works FY2025 Key Financial MetricsXBRL
Revenue
$5.1B
▲ +10.1% YoY
Net Income
$1.1B
▲ +5.7% YoY
Operating Margin
36.7%
▼ -23bp YoY
Net Margin
21.7%
▼ -89bp YoY
ROE
10.3%
▲ +8bp YoY
Total Assets
$35.4B
▲ +8.0% YoY
EPS (Diluted)
$5.69
▲ +5.6% YoY
Operating Cash Flow
$2.1B
▲ +0.7% YoY
Source: XBRL data from American Water Works FY2025 10-K filing on SEC EDGAR. All figures in USD.
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