American Water Works Company, Inc. (AWK) is the largest and most geographically diverse publicly traded water and wastewater utility company in the United States. The company primarily owns regulated utilities that provide water and wastewater services to a variety of customers, including residential, commercial, industrial, public authority, fire service, and sale for resale customers, collectively known as the "Regulated Businesses" . These services are offered across 14 states, with the Regulated Businesses segment being the largest part of the company's operations . Additionally, American Water operates businesses that provide water and wastewater services to the U.S. government on military installations and municipalities, which are not regulated by state public utility commissions (PUCs) .
- Regulated Businesses - Provides water and wastewater services to residential, commercial, industrial, public authority, fire service, and sale for resale customers across 14 states.
- Unregulated Operations - Offers water and wastewater services to the U.S. government on military installations and municipalities, operating outside the economic regulation of state public utility commissions.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
M. Susan Hardwick ExecutiveBoard | Chief Executive Officer (CEO) | Board Member at New Jersey Resources Corporation; Board Member of NAWC | CEO since February 2022, previously CFO and Interim CEO. Extensive experience in finance and leadership roles at Vectren Corporation and Arthur Andersen & Co.. | View Report → |
Cheryl Norton Executive | Executive Vice President and COO | Board Member at Water Research Foundation | COO since March 2021, with over 35 years at AWK. Previously President of multiple subsidiaries and Chief Environmental Officer. Focus on operational excellence and environmental stewardship. | |
David Bowler Executive | Executive Vice President and CFO | None | CFO since August 2024, previously Deputy CFO and Treasurer at AWK. Expertise in financial management and capital markets. | |
John C. Griffith Executive | Executive Vice President and CFO | None | CFO since May 2022, previously Managing Director at Bank of America Securities and CEO of HighWave Energy. Expertise in mergers, acquisitions, and financial strategy. | |
Stacy A. Mitchell Executive | Executive Vice President and General Counsel | Council Treasurer for AWWA Water Utility Council | General Counsel since June 2024, previously Deputy General Counsel. Extensive experience in regulatory and legal strategy, including roles at SJI Utilities and private practice. | |
Jeffrey N. Edwards Board | Independent Director | Board Member at AAR Corp. and Raymond James Financial | Director since 2018. Former Vice Chairman and CFO at Merrill Lynch, with expertise in capital markets and financial strategy. | |
Julia L. Johnson Board | Independent Director | Board Member at MasTec, Inc. | Director since 2008. President of Net Communications, LLC, with expertise in regulatory policy and governance. | |
Karl F. Kurz Board | Board Chair | Board Member at Royal Helium Ltd., Devon Energy Corporation, Texas Pacific Land Corporation | Board Chair since 2018, director since 2015. Extensive experience in oil and gas industry and capital markets. | |
Kimberly J. Harris Board | Independent Director | Board Member at U.S. Bancorp and Ameren Corp. | Director since 2019. Former CEO of Puget Energy, with expertise in utility operations, regulatory policy, and governance. | |
Laurie P. Havanec Board | Independent Director | EVP and Chief People Officer at CVS Health Corporation | Director since December 2022. Extensive HR leadership experience, including roles at Otis Worldwide and United Technologies Corporation. | |
Martha Clark Goss Board | Independent Director | Board Member at Neuberger Berman Mutual Funds; Board Member at Museum for American Finance | Director since 2003. Extensive experience in finance, risk management, and governance, including roles at Prudential and various public companies. | |
Michael L. Marberry Board | Independent Director | Board Member at AdvanSix Inc. | Director since December 2022. Former CEO of J.M. Huber Corporation, recognized for sustainability leadership and corporate governance expertise. | |
Patricia L. Kampling Board | Independent Director | Board Member at Xcel Energy Inc.; Trustee at The Nature Conservancy (Wisconsin chapter) | Director since 2019. Former CEO of Alliant Energy, with expertise in utility operations, ESG, and workforce development. | |
Stuart M. McGuigan Board | Independent Director | Board Member at Enhabit, Inc. | Director since October 2024. Former CIO at U.S. Department of State and Johnson & Johnson, with expertise in IT strategy, cybersecurity, and innovation. |
- Does the commentary about potentially shifting capital expenditures around also apply to your interest in mergers and acquisitions in Pennsylvania, given the long and arduous road with legislative changes at the commission?
- With the Pennsylvania PUC's unprecedented ROE finding of 9.45% being significantly lower than your requested 10.95%, how will this impact your future capital investments and allocation of capital among your various states?
- Regarding the Butler Area Sewer Authority acquisition, which is approved but under appeal, how is the delay affecting your growth strategy in Pennsylvania, and what contingency plans do you have if the court decision is unfavorable?
- Can you elaborate on the water quality issues raised by the Pennsylvania commission and how you are addressing customer concerns about aesthetic disturbances associated with system improvements in the Northeast service area?
- In the Kentucky rate case, you've mentioned a significant mathematical error affecting your authorized revenues; could you provide more details on this error and its potential impact on your financial results once corrected?
Research analysts who have asked questions during American Water Works Company earnings calls.
Richard Sunderland
JPMorgan Securities LLC
5 questions for AWK
Paul Zimbardo
Jefferies Financial Group Inc.
4 questions for AWK
Jonathan Reeder
Wells Fargo Securities
3 questions for AWK
Agnieszka Storozynski
BofA Securities
2 questions for AWK
Angie Storozynski
Seaport Research Partners
2 questions for AWK
Anthony Crowdell
Mizuho Financial Group
2 questions for AWK
Durgesh Chopra
Evercore ISI
2 questions for AWK
Gregg Orrill
UBS Group AG
2 questions for AWK
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company's largest investor-owned competitors, based on a comparison of operating revenues and population served, include this competitor when pursuing acquisitions. | |
The company's largest investor-owned competitors, based on a comparison of operating revenues and population served, include this competitor when pursuing acquisitions. | |
The company's largest investor-owned competitors, based on a comparison of operating revenues and population served, include this competitor when pursuing acquisitions. | |
From time to time, the company faces competition from infrastructure funds, multi-utility companies and others, such as this competitor. | |
From time to time, the company faces competition from infrastructure funds, multi-utility companies and others, such as this competitor. | |
SouthWest Water Company | From time to time, the company faces competition from infrastructure funds, multi-utility companies and others, such as this competitor. |
Corix Infrastructure, Inc. | From time to time, the company faces competition from infrastructure funds, multi-utility companies and others, such as this competitor. |
Veolia Environnement S.A. | MSG faces competition from a number of service providers, including this competitor. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Butler Area Sewer Authority | 2024 | Pennsylvania-American Water Company acquired this system for $230 million in cash, serving approximately 15,000 customer connections across multiple townships; the deal was approved by the PaPUC and completed on October 29, 2024. |
Four Regulated Water and Wastewater Systems | 2024 | The acquisition was executed for an aggregate purchase price of $33 million and added roughly 7,400 water and wastewater customers, with the assets (principally utility plant) accounted for as business combinations and preliminary purchase price allocation pending completion. |
Granite City Wastewater Treatment Plant | 2024 | Illinois-American Water Company acquired the treatment plant for $86 million, adding about 26,000 wastewater customers while assuming $5 million in liabilities against $91 million of assets; the deal received regulatory approval from the Illinois Commerce Commission and closed on March 11, 2024. |
Egg Harbor City | 2023 | The New Jersey subsidiary acquired Egg Harbor City’s water and wastewater assets for $22 million (with a $2 million deposit) to serve a combined 3,000 customers, with the transaction closing on June 1, 2023 and accounted for as a business combination. |
14 Regulated Water and Wastewater Systems | 2022 | Acquired for an aggregate purchase price of $73 million, these systems—primarily consisting of utility plant—were partly accounted for as business combinations and contributed to expanding the company's Regulated Businesses segment. |
8 Regulated Water and Wastewater Systems | 2022 | The company acquired these systems for a total of $25 million, with assets consisting principally of utility plant; the pro forma impact on the Consolidated Statements of Operations was not material. |
York City Sewer Authority and City of York Wastewater System | 2022 | The acquisition, finalized for $235 million (plus an additional revenue adjustment component and a $20 million deposit), expanded regulated operations to serve over 45,000 customers and received PaPUC approval before closing on May 27, 2022; it was structured and accounted for as a business combination. |
4 Regulated Water and Wastewater Systems | 2022 | Completed during the three months ended March 31, 2022, this acquisition was executed for an aggregate purchase price of $5 million, with assets acquired consisting principally of utility plant. |
Recent press releases and 8-K filings for AWK.
- New Jersey American Water acquired South Orange Village’s water system for $19.7 million, adding approximately 5,000 customer connections.
- The acquisition, approved by a voter referendum in November 2024 with 62% support, received municipal consent from the New Jersey Board of Public Utilities on September 10, 2025.
- The company will invest $50 million over the next ten years in infrastructure improvements, including replacing lead and galvanized service lines and upgrading aging mains and hydrants.
- This marks New Jersey American Water’s eighth acquisition in five years, expanding its customer base by more than 26,000 water and/or wastewater customers.
- The California Public Utilities Commission adopted the Phase 2 Demand and Supply Estimates, projecting an 815 million gallons per year water deficit on the Monterey Peninsula by 2050.
- The decision supports California American Water’s Monterey Peninsula Desalination Project, part of a multi-pronged solution that also includes aquifer storage and recovery and expansion of the Pure Water Monterey facility.
- The desalination plant is designed to provide a reliable, drought-proof source to enable lifting of the State Water Resources Control Board’s cease-and-desist order and to support sustainable regional growth and affordable housing.
- California American Water expects to break ground by end of 2025.
- American Water Works Company closed the exercise of a 30-day equity option, selling 7,042,254 shares of common stock under its August 4, 2025 underwriting agreement and entered into forward sale agreements on August 7, 2025.
- Wholly-owned subsidiary American Water Capital Corp. issued $900 million of 5.700% Senior Notes due 2055, supported by a June 22, 2000 parent support agreement, under an August 6, 2025 underwriting agreement.
- At closing on August 8, 2025, AWCC received ≈ $887.2 million in net proceeds, to be used for regulated business loans, commercial paper repayment and general corporate purposes.
- On August 1, 2025, Maryland American Water filed a rate request with the Maryland PSC to recover $22 million of water system investments made from February 2019 through April 2025.
- The filing seeks $3.0 million of annualized incremental revenues, based on a 10.64% return on equity and a 52.32% equity ratio; new rates are proposed to take effect in March 2026 if approved.
- Proposed rates feature a two-tier structure, with residential bills in Bel Air rising by approximately $6 for 2,000 gallons and $29 for 4,000 gallons per month, and Severn District customers seeing an increase of about $20 monthly.
- Iowa American Water, a subsidiary of American Water Works Company, received approval from the Iowa Utilities Commission on May 21, 2025 for revised water and wastewater rates, driven by over $157 million in infrastructure investments.
- The revised rates reflect an annualized revenue increase of $12.7 million (excluding $0.9 million for infrastructure surcharges) and build on previous rate adjustments effective May 11, 2024.
- The company will now file the necessary rate filings that align with the new order, establishing an effective date for the updated rate structure.
- American Water has agreed to purchase water and wastewater systems in eight states from Nexus Water Group for approximately $315 million.
- The deal is expected to add nearly 47,000 customer connections to its regulated operations, enhancing its market presence.
- The transaction is subject to regulatory approvals and is anticipated to close by or before August 2026, supporting the company's growth strategy.
- Kentucky American Water, a subsidiary of American Water Works Company, filed a rate request with the Kentucky Public Service Commission, proposing a change based on more than $212 million in capital investments completed and planned (documents , ).
- The filing seeks an annual revenue increase of approximately $26.9 million, which could lead to an average residential water bill increase of about $9 per month (documents , ).
- West Virginia American Water, a subsidiary of American Water Works Company, filed a rate request with the WVPSC driven by more than $300 million of investments to upgrade water and wastewater systems.
- The request proposes a two-step rate increase, with changes scheduled for March 1, 2026 and March 1, 2027, potentially raising monthly water bills by around $11 then $5, and wastewater bills by about $8 then $5.
- It seeks aggregate annualized incremental revenues of $47.8 million (excluding infrastructure surcharges) based on a proposed return on equity of 10.75%.
- Earnings Performance: Q1 EPS reached $1.05, an 11% increase over last year's $0.95, supporting the affirmation of an 8% full-year EPS growth target and an 8.2% quarterly dividend increase (from $0.765 to $0.8225).
- Regulatory & Rate Case Outcomes: Successful settlements in Missouri and Virginia resulted in incremental annual revenue increases of approximately $63M and $15M, respectively, advancing infrastructure investment efforts.
- Capital Investment & Financing: The company invested $518M in Q1, on track for roughly $3.3B for 2025, and issued $800M in long-term debt at a 5.25% coupon, maintaining a debt-to-capital ratio of 58%.
- Leadership Transition & Strategy: With CEO Susan Hardwick retiring this month, the firm underlines its continued focus on operational execution and a robust acquisition pipeline.
- On March 17, 2025, the company disclosed that its wholly owned subsidiary, Missouri-American Water, entered into a stipulation with the Missouri Public Service Commission regarding a general rate case, potentially increasing water and wastewater revenues.
- The agreement sets an annualized revenue increase of approximately $63.1 million, excluding about $63.3 million in infrastructure surcharge revenues, compared to the revised request of $107.4 million, with new rates expected to be effective by May 31, 2025.
- The filing also includes forward-looking statements cautioning that outcomes depend on regulatory approvals and other economic factors.