Short answer
American Water Works (AWK) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $5.1B (+10.1% year over year) and net income of $1.1B.
- Top risk flagged: Regulatory risk: Conflicting interpretations under 2009 Carmel River diversion Order by MPWMD and SWRCB risk fines and penalties for Cal Am
FY2025 key financial metrics · XBRL
- Revenue
- $5.1B
- +10.1% YoY
- Net income
- $1.1B
- +5.7% YoY
- Operating margin
- 36.7%
- −0.2 pp YoY
- EPS (diluted)
- $5.69
- +5.6% YoY
- ROE
- 10.3%
- +0.1 pp YoY
- Operating cash flow
- $2.1B
- +0.7% YoY
Source: XBRL data from the American Water Works (AWK) FY2025 10-K on SEC EDGAR. USD.
American Water Works FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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