American Water Works
AWK · NYSEWater Supply · Fiscal year ends Dec 31
American Water Works reported revenue of $5.1B in the fiscal year ended Dec 2025, up 10.1% from the year before. Operating income was $1.9B, an operating margin of 36.7%, and net income was $1.1B. Operating cash flow of $2.1B less capital expenditure of $3.1B left free cash flow of −$1.1B. Net debt was $14.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.9B | $3.8B | $4.2B | $4.7B | $5.1B |
| Operating income | $1.2B | $1.3B | $1.5B | $1.7B | $1.9B |
| Interest expense | – | $433M | $460M | $523M | $615M |
| Pre-tax income | $1.6B | $1B | $1.2B | $1.4B | $1.4B |
| Income tax | $377M | $188M | $252M | $308M | $311M |
| Net income | $1.3B | $820M | $944M | $1.1B | $1.1B |
| Diluted EPS | 6.95 | 4.51 | 4.90 | 5.39 | 5.69 |
| Diluted shares | 182M | 182M | 193M | 195M | 195M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $116M | $85M | $330M | $96M | $98M |
| Receivables | $271M | $334M | $339M | $416M | $395M |
| Current assets | $1.6B | $1.3B | $1.4B | $1.2B | $2.2B |
| Goodwill | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B |
| Total assets | $26.1B | $27.8B | $30.3B | $32.8B | $35.4B |
| Payables | $235M | $254M | $294M | $346M | $378M |
| Deferred revenue | $19M | $91M | $63M | $40M | $19M |
| Current liabilities | $2.1B | $2.8B | $2.2B | $3.2B | $4.7B |
| Short-term debt | $584M | $1.2B | $179M | $879M | $1.6B |
| Long-term debt | $10.3B | $10.9B | $11.7B | $12.5B | $12.8B |
| Shareholders' equity | $7.3B | $7.7B | $9.8B | $10.3B | $10.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.1B | $1.9B | $2B | $2.1B |
| Capital expenditure | $1.8B | $2.3B | $2.6B | $2.9B | $3.1B |
| Free cash flow | −$323M | −$1.2B | −$701M | −$811M | −$1.1B |
| Depreciation & amortisation | $636M | $649M | $704M | $788M | $894M |
| Stock-based compensation | $17M | $28M | $25M | $36M | $32M |
| Acquisitions | $135M | $315M | $81M | $417M | $71M |
| Share buybacks | $0 | – | – | – | – |
| Dividends paid | $428M | $467M | $532M | $585M | $633M |
| Dividend per share | 2.41 | 2.62 | 2.83 | 3.06 | 3.31 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −3.9% | 12.1% | 10.3% | 10.1% |
| Operating income growth (YoY) | – | 6.4% | 18.1% | 14.2% | 9.4% |
| EPS growth (YoY) | – | −35.1% | 8.6% | 10.0% | 5.6% |
| Operating margin | 30.6% | 33.8% | 35.7% | 36.9% | 36.7% |
| Net margin | 32.3% | 21.8% | 22.4% | 22.6% | 21.7% |
| Return on equityBlank when equity is negative | 17.3% | 10.7% | 9.6% | 10.2% | 10.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.0% | 5.1% | 5.3% | 5.8% | 6.1% |
| Free cash flow margin | −8.3% | −31.6% | −16.6% | −17.4% | −20.8% |
| Cash conversion (CFO ÷ net income) | 1.14x | 1.35x | 1.99x | 1.95x | 1.85x |
| Receivable days | 25 | 32 | 29 | 33 | 28 |
| Interest cover | – | 2.94x | 3.27x | 3.28x | 3.06x |
| Debt ÷ equity | 1.50x | 1.57x | 1.21x | 1.30x | 1.33x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $10.8B | $12B | $11.6B | $13.3B | $14.3B |
| Current ratio | 0.73x | 0.44x | 0.65x | 0.39x | 0.46x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.