Here are 1-2 brief analogies for American Water Works (AWK):

• It's like Duke Energy or NextEra Energy, but for water and wastewater services instead of electricity.
• It's like AT&T or Verizon, but instead of telecommunications, they provide essential water and wastewater services through their own vast infrastructure.

• Regulated Water & Wastewater Utility Services: Provides essential drinking water and wastewater treatment and collection services to residential, commercial, and industrial customers across its regulated service areas.
• Homeowner Service Line Protection: Offers protection plans to homeowners for the repair or replacement of water and sewer lines on their property.
• Military Systems Operations & Maintenance: Manages, operates, and maintains water and wastewater utility systems for U.S. military bases under long-term contracts.
• Contract Water & Wastewater Services: Provides contract operations, maintenance, and management services for water and wastewater facilities to municipal and industrial clients.

American Water Works (symbol: AWK) primarily sells its services directly to end-users rather than to other companies.

Its major customers fall into the following categories:

• Residential Customers: Individual households and tenants who use water for domestic purposes such as drinking, bathing, cooking, and cleaning. This typically represents the largest segment of their customer base.
• Commercial Customers: Small to medium-sized businesses, offices, retail establishments, restaurants, and other non-industrial enterprises that require water and wastewater services.
• Industrial Customers: Larger businesses and manufacturing facilities that utilize significant quantities of water in their production processes or for their operations.

John C. Griffith, President and Chief Executive Officer

Mr. Griffith was appointed President and Chief Executive Officer of American Water Works Company, Inc. in May 2025, having served as President since August 2024. Prior to this, he was Executive Vice President and Chief Financial Officer of American Water from 2022. Before joining American Water, Mr. Griffith served as a Managing Director in Bank of America Securities' Mergers & Acquisitions (M&A) group, where he led the M&A practice for regulated utilities and renewable energy. He also held the position of CEO at HighWave Energy, a start-up renewable fuels company, and spent fourteen years with Merrill Lynch & Co., culminating as a Managing Director in M&A.

David Bowler, Executive Vice President and Chief Financial Officer

Mr. Bowler assumed the role of Executive Vice President and Chief Financial Officer for American Water, effective August 1, 2024. Prior to this appointment, he served as the company's Senior Vice President, Deputy Chief Financial Officer, and Treasurer since 2022. In his previous roles, Mr. Bowler was a strategic partner to American Water's Chief Operating Officer and utility operations, focusing on financial planning and regulatory strategy.

Cheryl W. Norton, Executive Vice President and Chief Operating Officer

Ms. Norton is the Executive Vice President and Chief Operating Officer for American Water, overseeing the performance of the company's regulated state subsidiaries, business development, customer service, engineering, health and safety, and environmental and regulatory compliance. She began her career with American Water in 1988 as a microbiology research technician. Her extensive experience within the company includes serving as president of New Jersey American Water, Missouri American Water, and Kentucky American Water. Ms. Norton also previously held the position of Chief Environmental Officer for American Water.

Nicholas Furia, Vice President and Treasurer

Mr. Furia serves as Vice President and Treasurer for American Water, responsible for critical Treasury functions such as Short-Term Financing, Cash Flows, Liquidity, and overall Capital Structure management. He was Assistant Treasurer for American Water starting in 2021 and supported the execution of the company's financing plans. Before this, Mr. Furia was the Director of Acquisitions at American Water, having joined the company in 2014. He possesses nearly 20 years of experience in accounting and finance.

American Water Works (AWK) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Authorized Rate Increases: The company consistently secures authorized revenue increases from completed general rate cases and infrastructure proceedings across its regulated businesses. These rate adjustments are crucial for recovering capital and acquisition investments, directly boosting top-line growth.
2. Significant Capital Investments in Infrastructure: American Water Works has a robust capital investment program aimed at modernizing and improving its water and wastewater infrastructure. The company plans to invest approximately $3.2 billion in 2025 and $19-20 billion during 2026-2030, which drives rate base growth and supports future rate increases.
3. Strategic Acquisitions and Organic Customer Growth: Acquisitions of new water and wastewater systems, alongside organic customer growth within existing service areas, are expected to contribute to revenue expansion. The company's strategic focus on these acquisitions helps expand its customer base and geographic footprint.
4. Strong Regulatory and Operational Execution: Effective navigation of regulatory processes and strong operational execution are fundamental to American Water Works' ability to secure timely rate case approvals and efficiently integrate acquired assets. This operational strength supports the realization of planned revenue growth from investments and acquisitions.

Share Repurchases

• As of December 31, 2024, American Water Works had 5.1 million shares available under an anti-dilutive stock repurchase program authorized in February 2015 for up to 10 million shares.
• The company did not report net total equity repurchases for 2022 and 2024.

Share Issuance

• In 2023, American Water Works had a net total equity issuance of $1.688 billion.
• In August 2025, the company entered into equity forward sale agreements, expecting to draw down total net proceeds of approximately $1.15 billion in mid-2026.
• The company anticipates issuing $1 billion in equity in 2026 and $1.5 billion in 2029 to fund growth and maintain financial stability.

Outbound Investments

• In 2023, American Water Works completed 23 acquisitions across eight states.
• In 2024, the company completed 13 acquisitions, adding 69,500 customer connections, and a total of 90,000 customers including organic growth.
• As of July 30, 2025, the company had agreements to acquire Nexus Water Group systems in eight states, representing approximately 87,000 customer connections, for a total of $315 million, with a planned closing by August 2026.

Capital Expenditures

• American Water Works invested $2.7 billion in capital in 2023, primarily for infrastructure renewal in regulated operations, and $2.856 billion in 2024.
• The company plans to invest approximately $3.2 billion in 2025, with $2.2 billion invested during the first nine months of the year.
• AWK projects capital investments of $17 billion to $18 billion for the 2025-2029 period, focusing on infrastructure renewal, water quality improvements (including an estimated $1 billion for PFAS compliance), and system resiliency.