American Water Works (AWK) 10-K Summary — Year Ended Dec 31, 2025
American Water Works is a regulated water utility that generates revenue from providing water and wastewater services. For the fiscal year 2025, the company reported revenue growth and a strong operating cash flow, while facing risks from regulatory changes and cyber threats.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
American Water Works is a regulated water utility that generates revenue from providing water and wastewater services. For the fiscal year 2025, the company reported revenue growth and a strong operating cash flow, while facing risks from regulatory changes and cyber threats.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$5.1B
Revenue reported for the fiscal year.
Operating income
$1.9B
Income from operations reported for the year.
Net income
$1.1B
Net income reported for the year.
Operating cash flow
$2.1B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $3.8B | -3.9% |
| Dec 31, 2023 | $4.2B | +12.1% |
| Dec 31, 2024 | $4.7B | +10.3% |
| Dec 31, 2025 | $5.1B | +10.1% |
Business overview
The company operates as a water and wastewater utility in regulated rate environments, where it invests capital in long-term infrastructure projects expecting regulated returns. Its business is subject to regulatory oversight that can limit recovery of new investments and create lag in cost recovery.
Financial performance
Revenue increased over the prior year, supported by consistent growth in recent periods. Operating income and net income remained at elevated levels, and operating cash flow provided substantial liquidity for investment and obligations.
Material risks
The filing identifies risks from regulatory decisions that may limit investment recovery and cause lag. Cyber security is highlighted as a material risk area, and the company faces unresolved staff comments related to its filings.
Liquidity and capital
The company allocates capital primarily to regulated projects, debt service, dividends, acquisitions, pension funding, and tax payments, with recovery of regulated investments occurring over extended periods.
What to watch
Investors should monitor any updates on unresolved staff comments from the SEC, as they could indicate disclosure or regulatory concerns.