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American Water Works Company
American Water Works Company (AWK) investor relations material
American Water Works Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved 2025 adjusted EPS of $5.64, up 8.9% year-over-year, near the upper end of expectations, with GAAP EPS at $5.69 and dividend growth of 8.2%.
Invested $3.2 billion in infrastructure in 2025, maintaining residential water bills under 1% of median household income and completing 18 acquisitions across seven states.
Announced a definitive merger agreement with Essential Utilities, with all required state filings and shareholder approvals completed; expected close by end of Q1 2027.
Added 104,000 customer connections under agreement heading into 2026, with $582 million in deals secured.
Dividend growth exceeded 8%, supported by strong regulatory execution, including completion of six rate cases and seven active cases in progress.
Financial highlights
Adjusted EPS grew from $5.18 in 2024 to $5.64 in 2025, driven by authorized rate increases and acquisitions.
Operating revenues rose $427 million year-over-year to $5.14 billion in 2025, with operating income at $1.88 billion.
O&M expense rose by $0.42 per share, mainly due to higher employee and production costs; depreciation and financing costs increased by $0.41 and $0.35 per share, respectively.
Net income attributable to shareholders was $1.11 billion in 2025, up from $1.05 billion in 2024.
Closed 18 acquisitions in 2025, adding 20,900 customer connections; 79 acquisitions under agreement could add 104,300 more connections.
Outlook and guidance
Affirmed 2026 adjusted EPS guidance of $6.02–$6.12, representing 8% growth over 2025, with long-term EPS and dividend growth targeted at 7%-9% annually through 2030.
2026–2030 financing plan includes $2.5 billion in external equity, with $1 billion to be settled mid-2026; no further equity needs planned until 2029 after $1 billion equity forward entered in 2025.
Five-year capital plan increased by $2 billion, with $1 billion for EPA PFAS rule compliance and $0.5 billion for Lead & Copper Rule improvements.
2026–2030 capital investment plan of ~$29 billion funded by operating cash flows, debt, equity, and sale proceeds.
Next steps for Essential Utilities merger completion?
Detail the $573M pending revenue request.
Plan for HOS note proceeds redeployment?
Peoples Gas sale proceeds allocation strategy
Impact of affordability scrutiny on PA/NJ rate cases
Nexus Water Group: Remaining approvals and timeline
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Next American Water Works Company earnings date
Q1 202630 Apr, 2026
American Water Works Company
Next American Water Works Company earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
American Water Works Company, Inc. offers water and wastewater services to approximately 1,600 communities in 16 states. It also provides non-utility raw water supply services for corporations and public authorities; and invests in concessionary assets. In addition, the company operates a water and wastewater utility business that is located on military bases and service approximately 85,000 people.
Further, it supplies packaged water treatment systems, as well as offers maintenance and technical support services; sells pre-engineered packaged equipment systems to treat contaminated groundwater; and operates a residuals hauling and disposal business. American Water Works Company, Inc. was founded in 1886 and is headquartered in Camden, New Jersey.
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