American Water Works Company, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data American Water Works Company, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,302	3,357	3,440	3,610	3,777	3,930	3,792	4,234	4,684	5,140
Operating expenses	2,217	2,104	2,338	2,396	2,529	2,734	2,519	2,730	2,966	3,261
Operating income	1,085	1,253	1,102	1,214	1,248	1,196	1,273	1,504	1,718	1,879
Interest expense							433	460	523	615
Other non-operating income	-315	-341	-315	-381	-324	444	-265	-308	-359	-457
Pre-tax income	770	912	787	833	924	1,640	1,008	1,196	1,359	1,422
Income tax	302	486	222	212	215	377	188	252	308	311
Income from continuing operations	468
Net income to minority interests	0	0	-2	0	0
Net income	468	426	567	621	709	1,263	820	944	1,051	1,111
EBITDA	1,555	1,745	1,647	1,796	1,852	1,832	1,922	2,208	2,506	2,773
EPS, basic	2.63	2.39	3.16	3.44	3.91	6.96	4.51	4.90	5.39	5.69
EPS, diluted	2.62	2.38	3.15	3.43	3.91	6.95	4.51	4.90	5.39	5.69
Shares, basic (weighted)	178	178	180	181	181	182	182	193	195	195
Shares, diluted (weighted)	179	179	180	181	182	182	182	193	195	195
Dividend per share	1.50	1.66	1.82	2.00	2.20	2.41	2.62	2.83	3.06	3.31

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	75	55	130	60	547	116	85	330	96	98
Receivables	269	272	301	294	321	271	334	339	416	395
Other current assets	118	113	95	118	127	155	312	186	231	328
Total current assets	784	720	781	1,285	1,906	1,554	1,250	1,389	1,215	2,191
Property, plant and equipment	14,992	16,246	17,409	18,232	19,710	21,084	23,223	25,438	28,038	30,576
Lease right-of-use assets			0	103	95	92	82	86	89	85
Goodwill	1,345	1,379	1,575	1,540	1,504	1,139	1,143	1,143	1,144	1,156
Intangible assets		9	84	67
Other non-current assets	72	67	63	207	196	242	379	416	399	302
Total assets	18,482	19,482	21,223	22,682	24,766	26,075	27,787	30,298	32,830	35,442
Accounts payable	154	195	175	203	189	235	254	294	346	378
Accrued liabilities	609	630	556	596	591	701	706	791	791	830
Deferred revenue							91	63	40	19
Short-term debt	574	322	71	28	329	57	281	475	637	1,479
Total current liabilities	2,392	2,325	2,094	2,045	2,881	2,141	2,811	2,151	3,150	4,747
Long-term debt	5,749	6,490	7,569	8,639	9,329	10,341	10,926	11,715	12,518	12,777
Lease liabilities			0	89	81	80	70	73	76	74
Other non-current liabilities	67	66	78	78	83	180	202	196	277	166
Total liabilities	13,264	14,097	15,359	16,561	18,312	18,777	20,094	20,501	22,498	24,605
Total debt	6,320	6,809	7,638	8,664	9,656	10,344	10,929	11,718	12,521	12,780
Paid-in capital	6,388	6,432	6,657	6,700	6,747	6,781	6,824	8,550	8,598	8,642
Retained earnings	-873	-723	-464	-207	102	925	1,267	1,659	2,112	2,575
Treasury stock	-213	-247	-297	-338	-348	-365	-377	-388	-392	-388
Other comprehensive income	-86	-79	-34	-36	-49	-45	-23	-26	12	6
Shareholders' equity	5,218	5,385	5,864	6,121	6,454	7,298	7,693	9,797	10,332	10,837
Total equity	5,218	5,385	5,864	6,121	6,454	7,298	7,693	9,797	10,332	10,837
Total liabilities and equity	18,482	19,482	21,223	22,682	24,766	26,075	27,787	30,298	32,830	35,442

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	468	426	565	621	709	1,263	820	944	1,051	1,111
Depreciation and amortization	470	492	545	582	604	636	649	704	788	894
Stock-based compensation	11	11	16	17	21	17	28	25	36	32
Deferred income tax	295	462	195	208	207	230	80	208	156	135
Change in receivables	-31	21	-17	-25	-97	-74
Change in payables	60	38	25	66	-2	66	-8	70	111	97
Cash from operations	1,289	1,449	1,386	1,383	1,426	1,441	1,108	1,874	2,045	2,059
Capital expenditures	-1,311	-1,434	-1,586	-1,654	-1,822	-1,764	-2,297	-2,575	-2,856	-3,126
Acquisitions	-204	-177	-398	-235	-135	-135	-315	-81	-417	-71
Purchases of investments							0	0	-135	-46
Cash from investing	-1,590	-1,672	-2,036	-1,945	-2,061	-1,536	-2,127	-2,815	-3,379	-3,309
Debt issued	553	1,395	1,358	1,530	1,334	1,118	822	1,264	1,437	1,781
Debt repaid	-144	-896	-526	-495	-342	-372	-15	-282	-475	-664
Stock issued	0	0	183	0	0	0	0	1,688	0	0
Share buybacks	-65	-54	-45	-36	0	0
Dividends paid	-261	-289	-319	-353	-389	-428	-467	-532	-585	-633
Cash from financing	328	207	726	494	1,120	-345	1,000	1,188	1,110	1,249
Net change in cash	27	-16	76	-68	485	-440	-19	247	-224	-1
Free cash flow	-22	15	-200	-271	-396	-323	-1,189	-701	-811	-1,067
Interest paid	327	338	332	383	382	389	414	445	483	568
Income taxes paid	16	30	38	12	7	1	335	0	-5	190

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $130.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	36.9%	Operating income / revenue.
EBITDA margin	54.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	27.3%	Pre-tax income / revenue.
Net margin	21.3%	Net income / revenue.
FCF margin	-19.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	44.2%	Cash from operations / revenue.
Effective tax rate	21.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.1%	Net income / average total assets.
Return on invested capital (ROIC)	5.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	63.7%	Capital expenditures / revenue.
D&A / revenue	17.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	9.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	13.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	13.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	5.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	5.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	22.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.52x	Current assets / current liabilities.
Quick ratio	0.19x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.24x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.7%	Total debt / total assets.
Liabilities / assets	68.0%	Total liabilities / total assets.
Net debt	$14.30B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.95x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.00x	Operating income / interest expense.
Working capital	-$1.56B	Current assets - current liabilities.
Goodwill and intangibles / assets	3.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$10.38B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.14x	Revenue / average total assets.
Fixed asset turnover	0.17x	Revenue / average property, plant and equipment.
Receivables turnover	12.2x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
FCF conversion	-91.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	144.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.76	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$26.96	Revenue / diluted weighted shares.
FCF per share	-$5.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.91	Cash from operations / diluted weighted shares.
Book value per share	$59.52	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$52.97	Tangible book value / shares outstanding.
Cash per share	$0.97	(Cash + short-term investments) / shares outstanding.
Payout ratio	58.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$26.02B	Share price x shares outstanding.
Enterprise value	$40.31B	Market cap + total debt - cash - short-term investments.
P/E	23.1x	Market cap / net income. Only when net income is positive.
P/S	4.92x	Market cap / revenue.
P/B	2.23x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.51x	Market cap / tangible book value, when positive.
P/OCF	11.1x	Market cap / cash from operations, when positive.
EV/Sales	7.63x	Enterprise value / revenue.
EV/EBIT	20.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.0x	Enterprise value / EBITDA, when both are positive.
FCF yield	-4.0%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.
PEG	2.86x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was American Water Works Company, Inc.'s revenue in fiscal 2025?

American Water Works Company, Inc. reported revenue of $5.14B for fiscal 2025, 9.7% higher than the year before.

Was American Water Works Company, Inc. profitable in fiscal 2025?

Yes. Net income was $1.11B, a net margin of 21.6%.

How much free cash flow did American Water Works Company, Inc. generate in fiscal 2025?

Cash from operations of $2.06B minus capital expenditures of $3.13B left free cash flow of -$1.07B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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