October 28, 2026 Investor Contact:
October 28, 2026 Investor Contact: ────────────────────────────────────────────────────────────────────────────── Aaron Musgrave Vice President, Investor Relations 856-955-4029 aaron.musgrave@amwater.com Media Contact: Maureen Duffy Executive Vice President, Communications and External Affairs 856-955-4163 maureen.duffy@amwater.com
Third quarter 2026 GAAP earnings were $1.94 per share, compared to $1.94 per share in 2025; year-to-date 2026 GAAP earnings were $4.56 per share, compared to $4.47 per share in 2025
Third quarter 2026 adjusted (non-GAAP) earnings of $2.00 per share, compared to $1.89 per share in the same quarter in 2025 and year-to-date 2026 adjusted (non- GAAP) earnings of $4.63 per share, compared to $4.40 per share in the same period in 2025
2026 adjusted earnings per share (EPS) guidance range is narrowed to $6.07 to $6.12 from $6.02 to $6.12; long-term targets affirmed
Significant regulatory execution YTD on several fronts, including in PA and NJ, with new rates in effect in Q3
2026 capital investment plan of $3.7 billion on track; approximately 81,000 customer connections added from acquisitions through September 30, which includes the Nexus Water systems
Progress continues on proposed merger with Essential Utilities; three states have approved and settlements have been reached in Pennsylvania, North Carolina and Texas
- American Water Works Company, Inc. (NYSE: AWK) today reported adjusted earnings for the quarter ended September 30, 2026, of $2.00 per share, compared to $1.89 per share for the same quarter in 2025, and $4.63 per share for the year-to-date period ended September 30, 2026, compared to $4.40 per share for the same period in 2025.
“The company has delivered solid results to date in 2026, including key regulatory outcomes that provide for a reasonable and timely return on the investments made for the benefit of our customers,” said John Griffith, President and CEO of American Water. “Looking forward to 2027 and beyond, we are fully confident that our long record of consistent execution on the plans we set will continue.”
“On the merger front, we continue to work toward closing the merger with Essential Utilities by the end of the first quarter of 2027 as anticipated. We are encouraged by the continued progress we and Essential are making in the regulatory approval process, including reaching settlement agreements in several states, and with our merger integration planning activities.”
The company’s 2026 adjusted EPS guidance range has been narrowed to $6.07 to $6.12, from the previous 2026 adjusted EPS guidance range of $6.02 to $6.12. The 2026 adjusted EPS guidance range does not include (i) transaction costs to be incurred by the company during 2026 related to the proposed merger with Essential Utilities, Inc. (“Essential Utilities”), (ii) impacts of weather during 2026, and (iii) incremental interest income through February 13, 2026 related to the 2024 amendment of the former Homeowner Services Group (“HOS”) secured seller note. See “Adjustments to GAAP” below for more information about this non-GAAP financial measure.
• 2027 standalone adjusted earnings per share guidance range of $6.53 to $6.63 established, 8% EPS growth at midpoint compared to 2026 adjusted EPS guidance range. See “Adjustments to GAAP” below for more information about this non-GAAP financial measure.
standalone capital investment plan of $20+ billion for 2026-2030 and $48+ billion for 2026-2035
Consolidated Results and Adjusted Earnings Per Share Reconciliation (a non-GAAP measure)
Revenue growth from the implementation of new rates for both the three- and nine-month 2026 periods in the Regulated Businesses from the recovery of capital and acquisition investments was partially offset by higher depreciation and financing costs to support the current capital investment plan and increased operating costs.
During the first nine months of 2026, the company invested $2.8 billion in infrastructure improvements and growth, including $437 million for regulated acquisitions. The company plans to invest a total of approximately $3.7 billion across its footprint in 2026, including acquisitions.
In the third quarter of 2026, the Regulated Businesses’ net income was $407 million, compared to $383 million for the same period in 2025. For the first nine months of 2026, the Regulated Businesses’ net income was $946 million, compared to $872 million for the same period in 2025.
Operating revenues increased $60 million and $212 million for the three and nine months ended September 30, 2026, as compared to the same period in 2025. The increase in operating revenues was primarily a result of authorized revenue increases from completed general rate cases and infrastructure proceedings for the recovery of incremental capital and acquisition investments, as well as incremental revenue from closed acquisitions. For the three and nine months ended September 30, 2026, operating revenues decreased $18 million and $7 million, respectively, from unfavorable weather impacts primarily in the third quarter of 2026 and warm, dry weather primarily in the third quarter of 2025.
Since January 1, 2026, the company has been authorized additional annualized revenues of $284 million, with $179 million from general rate cases and $105 million from infrastructure surcharges. The company has general rate cases in progress in five jurisdictions and has filed for infrastructure surcharges in two jurisdictions, reflecting a total annualized incremental revenue request of $360 million.
Operating expenses were higher by $30 million and $103 million for the three and nine months ended September 30, 2026, as compared to the same periods in 2025, due in part to increased production costs from higher purchased water cost and usage and increased purchased power and chemicals costs, partially offset by a decrease in operating supplies and services costs, primarily from lower technology related costs, and a decrease in maintenance materials and supplies costs. Operating expenses also include depreciation expense, which was higher by $18 million and $60 million in the same periods, due to the increase in capital investment.
Interest expense was higher by $9 million and $32 million for the three and nine months ended September 30, 2026, as compared to the same periods in 2025, as a result of incremental short and long-term debt primarily to fund capital investments and acquisitions.
On October 27, 2026, the company’s Board of Directors declared a quarterly cash dividend payment of $0.8950 per share, payable on December 1, 2026, to shareholders of record as of November 12, 2026.
The conference call to discuss the third quarter 2026 earnings, 2027 standalone adjusted EPS guidance, and affirmation of long-term targets will take place on Thursday, October 29, 2026, at 9 a.m. Eastern Time. Interested parties may listen to an audio webcast through a link on the company’s Investor Relations website at ir.amwater.com . Presentation slides that will be used in conjunction with the earnings conference call will also be made available online in advance at ir.amwater.com . The company recognizes its websites as key channels of distribution to reach public investors and as a means of disclosing material non-public information to comply with the company’s obligations under SEC Regulation FD.
Following the earnings conference call, a replay of the audio webcast will be available for one year on American Water’s Investor Relations website at ir.amwater.com/events .
American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886 and celebrating 140 years in 2026, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to approximately 14 million people with regulated operations in 14 states and on 19 military installations. American Water’s 7,000 talented professionals leverage their significant expertise and the company’s national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders.
For more information, visit amwater.com and join American Water on LinkedIn, Facebook, X and Instagram.
Throughout this press release, unless the context otherwise requires, references to the “company” and “American Water” mean American Water Works Company, Inc. and all of its subsidiaries, taken together as a whole. All statements related to earnings and earnings per share refer to diluted earnings and earnings per share.
This press release includes presentations of consolidated adjusted diluted EPS, both as historical financial information and as earnings guidance. These presentations of adjusted EPS constitute “non-GAAP financial measures ” under SEC rules. The most directly comparable GAAP measure for historical adjusted EPS is the reported diluted earnings per share (GAAP) and is reconciled in “Consolidated Results and Adjusted Earnings Per Share Reconciliation” above. See also “2026 EPS Guidance and Long-Term Financial Targets Affirmed” above for more information on adjustments made to diluted EPS for purposes of earnings guidance.
These non-GAAP financial measures are derived from the company’s consolidated financial information but are not presented in the financial statements prepared in accordance with GAAP. These measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. The company believes that these non-GAAP measures provide investors with useful information by excluding certain matters that may not be indicative of the company’s ongoing operating results, and, with respect to weather, to provide for a measure of the company’s operating performance without the variability of estimated weather impacts, and that providing these non-GAAP measures will allow investors to better understand the businesses’ operating performance and facilitate a meaningful year-to-year comparison of the company’s results of operations. Although management uses these non-GAAP financial measures internally to evaluate the company’s results of operations, management does not intend results reflected by these non-GAAP measures to represent results as defined by GAAP, and the reader should not consider them as indicators of performance. In addition, these non-GAAP financial measures as defined and used above may not be comparable to similarly titled non-GAAP measures used by other companies, and, accordingly, they may have significant limitations on their use.
Also, management is unable to present a reconciliation of each of the adjusted EPS guidance ranges to a GAAP guidance range without unreasonable effort because management cannot reliably predict the nature, amount or probable significance of all of such adjustments for future periods; however, these adjustments may, individually or in the aggregate, cause adjusted EPS to differ significantly from GAAP EPS. The company’s earnings forecasts are subject to numerous risks and uncertainties, including, without limitation, those described under “Adjustments to GAAP” and “Cautionary Statement Concerning Forward-Looking Statements” below and under “Risk Factors” in its annual, quarterly, and current reports filed with the Securities and Exchange Commission (“SEC”). Cautionary Statement Concerning Forward-Looking Statements Certain statements made, referred to or relied upon in this press release including, without limitation, 2026 and 2027 adjusted earnings per share guidance, the company’s long-term financial, growth and dividend targets, the ability to achieve the company’s strategies and goals, customer affordability and acquired customer growth, the outcome of the company ’ s current, future or completed acquisition activity (including, without limitation, with respect to the proposed merger with Essential Utilities and the acquisition of systems formerly owned indirectly by Nexus Water Group, Inc.), the amount and allocation of projected capital expenditures, the company ’ s capital recovery outlook, and estimated revenues from rate cases and other government agency authorizations, are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. In some cases, these forward-looking statements can be identified by words with prospective meanings such as “intend,” “plan,” “estimate,” “believe,” “anticipate,” “expect,” “predict,” “project,” “propose,” “assume,” “forecast,” “outlook,” “likely,” “uncertain,” “future,” “pending,” “goal,” “objective,” “potential,” “continue,” “seek to,” “may,” “can,” “will,” “should” and “could” or the negative of such terms or other variations or similar expressions. These forward-looking statements are predictions based on American Water’s current expectations and assumptions regarding future events. They are not guarantees or assurances of any outcomes, financial results, levels of activity, performance or achievements, and readers are cautioned not to place undue reliance upon them. These forward-looking statements are subject to a number of estimates, assumptions, known and unknown risks, uncertainties and other factors. The company's actual results may vary materially from those discussed in the forward-looking statements included in this press release as a result of the factors discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent filings with the SEC, and because of factors such as: the decisions of governmental and regulatory bodies, including decisions to raise or lower customer rates; the timeliness and outcome of regulatory commissions’ and other authorities’ actions concerning rates, capital structure, authorized return on equity, capital investment, system acquisitions and dispositions, taxes, permitting, water supply and management, and other decisions; changes in customer demand for, and patterns of use of, water and energy, such as may result from conservation efforts, or otherwise; limitations on the availability of the company’s water supplies or sources of water, or restrictions on its use thereof, resulting from allocation rights, governmental or regulatory requirements and restrictions, drought, overuse or other factors; a loss of one or more large industrial or commercial customers due to adverse economic conditions, or other factors; present and future proposed changes in laws, governmental regulations and policies, including with respect to the environment (such as, for example, potential improvements or changes to existing Federal regulations with respect to lead and copper service lines and galvanized steel pipe), health and safety, data and consumer privacy, security and protection, water quality and water quality
accountability, contaminants of emerging concern (including without limitation per- and polyfluoroalkyl substances (collectively, “PFAS”)), public utility and tax regulations and policies, and impacts resulting from U.S., state and local elections and changes in federal, state and local executive administrations; the company’s ability to collect, distribute, use, secure and store consumer data in compliance with current or future governmental laws, regulations and policies with respect to data and consumer privacy, security and protection; weather conditions and events, climate variability patterns, and natural disasters, including drought or abnormally high rainfall, prolonged and abnormal ice or freezing conditions, strong winds, coastal and intercoastal flooding, pandemics and epidemics, earthquakes, landslides, hurricanes, tornadoes, wildfires, electrical storms, sinkholes and solar flares; the outcome of litigation and similar governmental and regulatory proceedings, investigations or actions; the risks associated with the company’s aging infrastructure, and its ability to appropriately improve the resiliency of or maintain, update, redesign and/or replace, current or future infrastructure and systems, including its technology and other assets, and manage the expansion of its businesses; exposure or infiltration of the company’s technology and critical infrastructure systems, including the disclosure of sensitive, personal or confidential information contained therein, through physical or cyber attacks or other means, and impacts from required or voluntary public and other disclosures, as well as civil class action and other litigation or legal, regulatory or administrative proceedings, related thereto; the company’s ability to obtain permits and other approvals for projects and construction, update, redesign and/or replacement of various water and wastewater facilities; changes in the company’s capital requirements; the company’s ability to control operating expenses and to achieve operating efficiencies, and the company’s ability to create, maintain and promote initiatives and programs that support the affordability of the company’s regulated utility services; the intentional or unintentional actions of a third party, including contamination of the company’s water supplies or the water provided to its customers; the company’s ability to obtain and have delivered adequate and cost-effective supplies of pipe, equipment (including personal protective equipment), chemicals, power and other fuel, water and other raw materials, and to address or mitigate supply chain constraints that may result in delays or shortages in, as well as increased costs of, supplies, products and materials that are critical to or used in the company’s business operations; the company’s ability to successfully meet its operational growth projections, either individually or in the aggregate, and capitalize on growth opportunities, including, among other things, with respect to: acquiring, closing and successfully integrating regulated operations, including without limitation the company’s ability to (i) obtain all required regulatory and other consents and approvals for such acquisitions, (ii) prevail in litigation or other challenges related to such acquisitions, and (iii) recover in rates the fair value of assets of the acquired regulated operations; the company’s Military Services Group entering into new military installation contracts, price redeterminations, and other agreements and contracts, with the U.S. government; and realizing anticipated benefits and synergies from new acquisitions; in addition to the foregoing, various risks and other uncertainties associated with the company’s merger agreement with Essential Utilities and the related proposed merger, including: a fixed exchange ratio that will not adjust or account for fluctuations in the company’s or Essential Utilities’ stock price; limitations on the parties’ ability to pursue alternatives to the proposed merger; an event, change or other circumstance that could give rise to the termination of the merger agreement; a delay in the timing to consummate the proposed merger; each party’s ability to obtain required governmental and regulatory approvals required for the proposed merger (and/or that such approvals may result in the imposition of burdensome or commercially undesirable conditions, including required dispositions, that could adversely affect the combined company or the expected benefits of the proposed merger); financial impacts of the proposed merger on the company and the combined company’s earnings, earnings per share, financial condition, results of operations, cash flows and share price, and any related accounting impacts; any impact of the proposed merger on the company’s and the combined company’s ability to declare and pay quarterly dividends on its common stock; the risk of litigation related to the proposed merger; changes in the parties’ key management and personnel; the amount and nature of incurred transaction costs associated with the proposed merger; and reduced ownership and voting interests for the company’s and Essential Utilities’ shareholders upon completion of the proposed merger; in addition to the foregoing, various risks and other uncertainties following the acquisition of certain water and wastewater systems from a subsidiary of Nexus Water Group, Inc., including: the final amount of the rate base of the acquired operations, and the amount of post-closing adjustments to the purchase price, if any, as contemplated by the acquisition agreement; and the various impacts and effects of the completion of, or actions taken by the company to complete, the acquisition, on the company’s operations, strategy, guidance, expectations and plans with respect to its Regulated Businesses (considered individually or together as a whole), its current or future capital expenditures, its current and future debt and equity capital needs, dividends, earnings (including earnings per share), growth, future regulatory outcomes, expectations with respect to rate base growth, and other financial and operational goals, plans, estimates and projections; risks and uncertainties associated with contracting with the U.S. government, including ongoing compliance with applicable government procurement, security and cybersecurity regulations; cost overruns relating to improvements in or the expansion of the company’s operations; the company’s ability to successfully develop and implement new technologies and to protect related intellectual property; the company’s ability to maintain safe work sites; the company’s exposure to liabilities related to environmental laws and regulations, including those enacted or adopted and under consideration, and the substances related thereto, including without limitation copper, lead and galvanized steel, PFAS and other contaminants of emerging concern, and similar matters resulting from, among other things, water and wastewater service provided to customers; the ability of energy providers, state governments and other third parties to achieve or fulfill their greenhouse gas emission reduction goals, including without limitation through stated renewable portfolio standards and carbon transition plans; with respect to any of the Forward Sale Agreements: (i) the inability of the forward purchasers (or their
affiliates) to perform their obligations thereunder, (ii) the timing and method of any settlement thereof, (iii) the amount and intended use of proceeds that may be received by the company from any such settlement, and (iv) the timing and amount of any common stock dilution resulting therefrom; changes in general economic, political, business and financial market conditions; access to sufficient debt and/or equity capital on satisfactory terms and as needed to support operations and capital expenditures; fluctuations in inflation or interest rates, and the company’s ability to address or mitigate the impacts thereof; the ability to comply with affirmative or negative covenants in the current or future indebtedness of the company or any of its subsidiaries, or the issuance of new or modified credit ratings or outlooks by credit rating agencies with respect to the company or any of its subsidiaries (or any current or future indebtedness thereof), which could increase financing costs or funding requirements and affect the company’s or its subsidiaries’ ability to issue, repay or redeem debt, pay dividends or make distributions; fluctuations in the value of, or assumptions and estimates related to, its benefit plan assets and liabilities, including with respect to its pension and other post-retirement benefit plans, that could increase expenses and plan funding requirements; changes in federal or state general, income and other tax laws, and the imposition, utilization or change in economic tariffs (or any attempt or effort to do so), including (i) future significant tax legislation or regulations (including without limitation impacts related to the Corporate Alternative Minimum Tax), and (ii) the availability of, or the company’s compliance with, the terms of applicable tax credits and tax abatement programs; migration of customers into or out of the company’s service territories and changes in water and energy consumption resulting therefrom; the use by municipalities of the power of eminent domain or other authority to condemn the systems of one or more of the company’s utility subsidiaries, including without limitation litigation, complaints and other proceedings with respect to the water system assets of the company’s California subsidiary located in Monterey, California, or the assertion by private landowners of similar rights against such utility subsidiaries; any difficulty or inability to obtain insurance for the company, its inability to obtain insurance at acceptable rates and on acceptable terms and conditions, or its inability to obtain reimbursement under existing or future insurance programs and coverages for any losses sustained; the incurrence of impairment charges, changes in fair value and other adjustments related to the company’s goodwill or the value of its other assets; labor actions, including work stoppages and strikes; the company’s ability to retain and attract highly qualified and skilled employees and talent; civil disturbances or unrest, or terrorist threats or acts, or public apprehension about future disturbances, unrest, or terrorist threats or acts; and the impact of new, and changes to existing, accounting standards.
These forward-looking statements are qualified by, and should be read together with, the risks and uncertainties set forth above, and the risk factors included in the company’s annual, quarterly and other SEC filings, and readers should refer to such risks, uncertainties and risk factors in evaluating such forward- looking statements. Any forward-looking statements the company makes shall speak only as of the date of this press release. Except as required by the federal securities laws, the company does not have any obligation, and it specifically disclaims any undertaking or intention, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or otherwise. New factors emerge from time to time, and it is not possible for the company to predict all such factors. Furthermore, it may not be possible to assess the impact of any such factor on the company’s businesses, either viewed independently or together, or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. The foregoing factors should not be construed as exhaustive.
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Property, plant and $ 40,459 $ 37,955 equipment Accumulated depreciation -7,767 -7,379 Property, plant and 32,692 30,576 equipment, net Current assets: Cash and cash equivalents 121 98 Restricted funds 16 21 Accounts receivable, net of allowance for uncollectible accounts 473 395 of $68 and $58, respectively Income tax receivable 93 9 Unbilled revenues 380 433 Materials and supplies 110 112 Secured seller promissory note from the — 795 sale of the Homeowner Services Group Other 291 328 Total current assets 1,484 2,191 Regulatory and other long-term assets: Regulatory assets 1,244 1,132 Operating lease 91 85 right-of-use assets Goodwill 1,307 1,156 Other 409 302 Total regulatory and other long-term 3,051 2,675 assets Total assets $ 37,227 $ 35,442
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── CAPITALIZATION AND LIABILITIES Capitalization: Common stock ($0.01 par value; 500,000,000 shares authorized; $ 2 $ 2 204,242,057 and 200,605,170 shares issued, respectively) Paid-in-capital 9,148 8,642 Retained earnings 3,118 2,575 Accumulated other 12 6 comprehensive income Treasury stock, at cost (5,137,493 and -349 -388 5,428,008 shares, respectively) Total common shareholders' 11,931 10,837 equity Long-term debt 13,987 12,777 Redeemable preferred stock at redemption 3 3 value Total long-term debt 13,990 12,780 Total capitalization 25,921 23,617 Current liabilities: Short-term debt 1,449 1,588 Current portion of 898 1,479 long-term debt Accounts payable 321 378 Accrued liabilities 591 830 Accrued taxes 106 134 Accrued interest 150 140 Other 271 198 Total current liabilities 3,786 4,747 Regulatory and other long-term liabilities: Advances for construction 497 435 Deferred income taxes and investment tax 3,538 3,190 credits Regulatory liabilities 1,312 1,416 Operating lease liabilities 81 74 Accrued pension expense 144 167 Other 241 166 Total regulatory and other long-term 5,813 5,448 liabilities Contributions in aid of 1,707 1,630 construction Commitments and contingencies Total capitalization and $ 37,227 $ 35,442 liabilities
Full text with the tables
Exhibit 99.1
October 28, 2026 Investor Contact:
──────────────────────────────────────────────────────────────────────────────
Aaron Musgrave
Vice President, Investor Relations
856-955-4029
aaron.musgrave@amwater.com
Media Contact:
Maureen Duffy
Executive Vice President, Communications and External
Affairs
856-955-4163
maureen.duffy@amwater.com
AMERICAN WATER REPORTS SOLID THIRD QUARTER 2026 RESULTS
NARROWS 2026 EPS GUIDANCE TO TOP HALF OF RANGE
AFFIRMS LONG-TERM TARGETS
INITIATES STANDALONE 2027 EPS GUIDANCE, REFLECTING GROWTH OF 8%
•
Third quarter 2026 GAAP earnings were $1.94 per share, compared to $1.94 per
share in 2025; year-to-date 2026 GAAP earnings were $4.56 per share, compared to
$4.47 per share in 2025
◦
Third quarter 2026 adjusted (non-GAAP) earnings of $2.00 per share, compared to
$1.89 per share in the same quarter in 2025 and year-to-date 2026 adjusted (non-
GAAP) earnings of $4.63 per share, compared to $4.40 per share in the same
period in 2025
•
2026 adjusted earnings per share (EPS) guidance range is narrowed to $6.07 to
$6.12 from $6.02 to $6.12; long-term targets affirmed
•
Initiating standalone 2027 earnings per share guidance range of $6.53 to $6.63
•
Significant regulatory execution YTD on several fronts, including in PA and NJ,
with new rates in effect in Q3
•
2026 capital investment plan of $3.7 billion on track; approximately 81,000
customer connections added from acquisitions through September 30, which
includes the Nexus Water systems
•
Progress continues on proposed merger with Essential Utilities; three states
have approved and settlements have been reached in Pennsylvania, North Carolina
and Texas
CAMDEN, N.J., October 28, 2026
- American Water Works Company, Inc. (NYSE: AWK) today reported adjusted
earnings for the quarter ended September 30, 2026, of $2.00 per share, compared
to $1.89 per share for the same quarter in 2025, and $4.63 per share for the
year-to-date period ended September 30, 2026, compared to $4.40 per share for
the same period in 2025.
“The company has delivered solid results to date in 2026, including key
regulatory outcomes that provide for a reasonable and timely return on the
investments made for the benefit of our customers,” said John Griffith,
President and CEO of American Water. “Looking forward to 2027 and beyond, we are
fully confident that our long record of consistent execution on the plans we set
will continue.”
“On the merger front, we continue to work toward closing the merger with
Essential Utilities by the end of the first quarter of 2027 as anticipated. We
are encouraged by the continued progress we and Essential are making in the
regulatory approval process, including reaching settlement agreements in several
states, and with our merger integration planning activities.”
PRESS RELEASE 1 www.amwater.com
2026 Adjusted EPS Guidance Narrowed to Top Half of Range
The company’s 2026 adjusted EPS guidance range has been narrowed to $6.07 to
$6.12, from the previous 2026 adjusted EPS guidance range of $6.02 to $6.12. The
2026 adjusted EPS guidance range does not include (i) transaction costs to be
incurred by the company during 2026 related to the proposed merger with
Essential Utilities, Inc. (“Essential Utilities”), (ii) impacts of weather
during 2026, and (iii) incremental interest income through February 13, 2026
related to the 2024 amendment of the former Homeowner Services Group (“HOS”)
secured seller note. See “Adjustments to GAAP” below for more information about
this non-GAAP financial measure.
2027 Standalone EPS Guidance and
Long-Term Targets
• 2027 standalone adjusted earnings per share guidance range of $6.53 to $6.63
established, 8% EPS growth at midpoint compared to 2026 adjusted EPS guidance
range. See “Adjustments to GAAP” below for more information about this non-GAAP
financial measure.
• All standalone long-term targets
remain unchanged
• Long-term
EPS growth
of
7-9%
• Long-term
rate base growth
of
8-9%
(including acquisitions)
• Acquired
customer addition growth
of
2%
• Long-term
dividend per share growth
of
7-9%
•
Updated
standalone capital investment plan of $20+ billion for 2026-2030 and $48+
billion for 2026-2035
• 2027 standalone capital investment plan of $4.1 billion
Consolidated Results and Adjusted Earnings Per Share Reconciliation (a non-GAAP
measure)
For the For the
Three Nine
Diluted Months Months
earnin… Ended Ended
per September Septemb…
share 30, 30,
(GAAP): 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
income
attrib… $ 1.94 $ 1.94 $ 4.56 $ 4.47
to
shareh…
Non-GA…
adjust…
Estima…
impact 0.04 -0.04 0.03 —
of
weather
Income
tax -0.01 0.01 -0.01 —
impact
Net
non-GA… 0.03 -0.03 0.02 —
adjust…
Increm…
intere…
income
from — -0.04 -0.01 -0.11
amended
HOS
seller
note
Income
tax — 0.01 — 0.03
impact
Net
non-GA… — -0.03 -0.01 -0.08
adjust…
Transa…
costs
associ…
with
the 0.04 0.02 0.08 0.02
pending
merger
with
Essent…
Utilit…
Income
tax -0.01 -0.01 -0.02 -0.01
impact
Net
non-GA… 0.03 0.01 0.06 0.01
adjust…
Total
net 0.06 -0.05 0.07 -0.07
adjust…
Adjust…
diluted
earnin… $ 2.00 $ 1.89 $ 4.63 $ 4.40
per
share
(non-G…
Revenue growth from the implementation of new rates for both the three- and
nine-month 2026 periods in the Regulated Businesses from the recovery of capital
and acquisition investments was partially offset by higher depreciation and
financing costs to support the current capital investment plan and increased
operating costs.
During the first nine months of 2026, the company invested $2.8 billion in
infrastructure improvements and growth, including $437 million for regulated
acquisitions. The company plans to invest a total of approximately $3.7 billion
across its footprint in 2026, including acquisitions.
PRESS RELEASE 2 www.amwater.com
Regulated Businesses
In the third quarter of 2026, the Regulated Businesses’ net income was $407
million, compared to $383 million for the same period in 2025. For the first
nine months of 2026, the Regulated Businesses’ net income was $946 million,
compared to $872 million for the same period in 2025.
Operating revenues increased $60 million and $212 million for the three and nine
months ended September 30, 2026, as compared to the same period in 2025. The
increase in operating revenues was primarily a result of authorized revenue
increases from completed general rate cases and infrastructure proceedings for
the recovery of incremental capital and acquisition investments, as well as
incremental revenue from closed acquisitions. For the three and nine months
ended September 30, 2026, operating revenues decreased $18 million and $7
million, respectively, from unfavorable weather impacts primarily in the third
quarter of 2026 and warm, dry weather primarily in the third quarter of 2025.
Since January 1, 2026, the company has been authorized additional annualized
revenues of $284 million, with $179 million from general rate cases and $105
million from infrastructure surcharges. The company has general rate cases in
progress in five jurisdictions and has filed for infrastructure surcharges in
two jurisdictions, reflecting a total annualized incremental revenue request of
$360 million.
Operating expenses were higher by $30 million and $103 million for the three and
nine months ended September 30, 2026, as compared to the same periods in 2025,
due in part to increased production costs from higher purchased water cost and
usage and increased purchased power and chemicals costs, partially offset by a
decrease in operating supplies and services costs, primarily from lower
technology related costs, and a decrease in maintenance materials and supplies
costs. Operating expenses also include depreciation expense, which was higher by
$18 million and $60 million in the same periods, due to the increase in capital
investment.
Interest expense was higher by $9 million and $32 million for the three and nine
months ended September 30, 2026, as compared to the same periods in 2025, as a
result of incremental short and long-term debt primarily to fund capital
investments and acquisitions.
Dividends
On October 27, 2026, the company’s Board of Directors declared a quarterly cash
dividend payment of $0.8950 per share, payable on December 1, 2026, to
shareholders of record as of November 12, 2026.
2026 Third Quarter Earnings Conference Call
The conference call to discuss the third quarter 2026 earnings, 2027 standalone
adjusted EPS guidance, and affirmation of long-term targets will take place on
Thursday, October 29, 2026, at 9 a.m. Eastern Time. Interested parties may
listen to an audio webcast through a link on the company’s Investor Relations
website at ir.amwater.com . Presentation slides that will be used in conjunction
with the earnings conference call will also be made available online in advance
at ir.amwater.com . The company recognizes its websites as key channels of
distribution to reach public investors and as a means of disclosing material
non-public information to comply with the company’s obligations under SEC
Regulation FD.
Following the earnings conference call, a replay of the audio webcast will be
available for one year on American Water’s Investor Relations website at
ir.amwater.com/events .
About American Water
American Water (NYSE: AWK) is the largest regulated water and wastewater utility
company in the United States. With a history dating back to 1886 and celebrating
140 years in 2026, We Keep Life Flowing® by providing safe, clean, reliable and
affordable drinking water and wastewater services to approximately 14 million
people with regulated operations in 14 states and on 19 military installations.
American Water’s 7,000 talented professionals leverage their significant
expertise and the company’s national size and scale to achieve excellent
outcomes for the benefit of customers, employees, investors and other
stakeholders.
For more information, visit amwater.com and join American Water on LinkedIn,
Facebook, X and Instagram.
Throughout this press release, unless the context otherwise requires, references
to the “company” and “American Water” mean American Water Works Company, Inc.
and all of its subsidiaries, taken together as a whole. All statements related
to earnings and earnings per share refer to diluted earnings and earnings per
share.
PRESS RELEASE 3 www.amwater.com
Adjustments to GAAP
This press release includes presentations of consolidated adjusted diluted EPS,
both as historical financial information and as earnings guidance. These
presentations of adjusted EPS constitute “non-GAAP financial measures ” under
SEC rules. The most directly comparable GAAP measure for historical adjusted EPS
is the reported diluted earnings per share (GAAP) and is reconciled in
“Consolidated Results and Adjusted Earnings Per Share Reconciliation” above. See
also “2026 EPS Guidance and Long-Term Financial Targets Affirmed” above for more
information on adjustments made to diluted EPS for purposes of earnings
guidance.
These non-GAAP financial measures are derived from the company’s consolidated
financial information but are not presented in the financial statements prepared
in accordance with GAAP. These measures should be considered in addition to, and
not as a substitute for, measures of financial performance prepared in
accordance with GAAP. The company believes that these non-GAAP measures provide
investors with useful information by excluding certain matters that may not be
indicative of the company’s ongoing operating results, and, with respect to
weather, to provide for a measure of the company’s operating performance without
the variability of estimated weather impacts, and that providing these non-GAAP
measures will allow investors to better understand the businesses’ operating
performance and facilitate a meaningful year-to-year comparison of the company’s
results of operations. Although management uses these non-GAAP financial
measures internally to evaluate the company’s results of operations, management
does not intend results reflected by these non-GAAP measures to represent
results as defined by GAAP, and the reader should not consider them as
indicators of performance. In addition, these non-GAAP financial measures as
defined and used above may not be comparable to similarly titled non-GAAP
measures used by other companies, and, accordingly, they may have significant
limitations on their use.
Also, management is unable to present a reconciliation of each of the adjusted
EPS guidance ranges to a GAAP guidance range without unreasonable effort because
management cannot reliably predict the nature, amount or probable significance
of all of such adjustments for future periods; however, these adjustments may,
individually or in the aggregate, cause adjusted EPS to differ significantly
from GAAP EPS. The company’s earnings forecasts are subject to numerous risks
and uncertainties, including, without limitation, those described under
“Adjustments to GAAP” and “Cautionary Statement Concerning Forward-Looking
Statements” below and under “Risk Factors” in its annual, quarterly, and current
reports filed with the Securities and Exchange Commission (“SEC”).
Cautionary Statement Concerning Forward-Looking Statements
Certain statements made, referred to or relied upon in this press release
including, without limitation, 2026 and 2027 adjusted earnings per share
guidance, the company’s long-term financial, growth and dividend targets, the
ability to achieve the company’s strategies and goals, customer affordability
and acquired customer growth, the outcome of the company ’ s current, future or
completed acquisition activity (including, without limitation, with respect to
the proposed merger with Essential Utilities and the acquisition of systems
formerly owned indirectly by Nexus Water Group, Inc.), the amount and allocation
of projected capital expenditures, the company ’ s capital recovery outlook, and
estimated revenues from rate cases and other government agency authorizations,
are forward-looking statements within the meaning of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and the Federal
securities laws. In some cases, these forward-looking statements can be
identified by words with prospective meanings such as “intend,” “plan,”
“estimate,” “believe,” “anticipate,” “expect,” “predict,” “project,” “propose,”
“assume,” “forecast,” “outlook,” “likely,” “uncertain,” “future,” “pending,”
“goal,” “objective,” “potential,” “continue,” “seek to,” “may,” “can,” “will,”
“should” and “could” or the negative of such terms or other variations or
similar expressions. These forward-looking statements are predictions based on
American Water’s current expectations and assumptions regarding future events.
They are not guarantees or assurances of any outcomes, financial results, levels
of activity, performance or achievements, and readers are cautioned not to place
undue reliance upon them. These forward-looking statements are subject to a
number of estimates, assumptions, known and unknown risks, uncertainties and
other factors. The company's actual results may vary materially from those
discussed in the forward-looking statements included in this press release as a
result of the factors discussed in the company’s Annual Report on Form 10-K for
the year ended December 31, 2025, and subsequent filings with the SEC, and
because of factors such as: the decisions of governmental and regulatory bodies,
including decisions to raise or lower customer rates; the timeliness and outcome
of regulatory commissions’ and other authorities’ actions concerning rates,
capital structure, authorized return on equity, capital investment, system
acquisitions and dispositions, taxes, permitting, water supply and management,
and other decisions; changes in customer demand for, and patterns of use of,
water and energy, such as may result from conservation efforts, or otherwise;
limitations on the availability of the company’s water supplies or sources of
water, or restrictions on its use thereof, resulting from allocation rights,
governmental or regulatory requirements and restrictions, drought, overuse or
other factors; a loss of one or more large industrial or commercial customers
due to adverse economic conditions, or other factors; present and future
proposed changes in laws, governmental regulations and policies, including with
respect to the environment (such as, for example, potential improvements or
changes to existing Federal regulations with respect to lead and copper service
lines and galvanized steel pipe), health and safety, data and consumer privacy,
security and protection, water quality and water quality
PRESS RELEASE 4 www.amwater.com
accountability, contaminants of emerging concern (including without limitation
per- and polyfluoroalkyl substances (collectively, “PFAS”)), public utility and
tax regulations and policies, and impacts resulting from U.S., state and local
elections and changes in federal, state and local executive administrations; the
company’s ability to collect, distribute, use, secure and store consumer data in
compliance with current or future governmental laws, regulations and policies
with respect to data and consumer privacy, security and protection; weather
conditions and events, climate variability patterns, and natural disasters,
including drought or abnormally high rainfall, prolonged and abnormal ice or
freezing conditions, strong winds, coastal and intercoastal flooding, pandemics
and epidemics, earthquakes, landslides, hurricanes, tornadoes, wildfires,
electrical storms, sinkholes and solar flares; the outcome of litigation and
similar governmental and regulatory proceedings, investigations or actions; the
risks associated with the company’s aging infrastructure, and its ability to
appropriately improve the resiliency of or maintain, update, redesign and/or
replace, current or future infrastructure and systems, including its technology
and other assets, and manage the expansion of its businesses; exposure or
infiltration of the company’s technology and critical infrastructure systems,
including the disclosure of sensitive, personal or confidential information
contained therein, through physical or cyber attacks or other means, and impacts
from required or voluntary public and other disclosures, as well as civil class
action and other litigation or legal, regulatory or administrative proceedings,
related thereto; the company’s ability to obtain permits and other approvals for
projects and construction, update, redesign and/or replacement of various water
and wastewater facilities; changes in the company’s capital requirements; the
company’s ability to control operating expenses and to achieve operating
efficiencies, and the company’s ability to create, maintain and promote
initiatives and programs that support the affordability of the company’s
regulated utility services; the intentional or unintentional actions of a third
party, including contamination of the company’s water supplies or the water
provided to its customers; the company’s ability to obtain and have delivered
adequate and cost-effective supplies of pipe, equipment (including personal
protective equipment), chemicals, power and other fuel, water and other raw
materials, and to address or mitigate supply chain constraints that may result
in delays or shortages in, as well as increased costs of, supplies, products and
materials that are critical to or used in the company’s business operations; the
company’s ability to successfully meet its operational growth projections,
either individually or in the aggregate, and capitalize on growth opportunities,
including, among other things, with respect to: acquiring, closing and
successfully integrating regulated operations, including without limitation the
company’s ability to (i) obtain all required regulatory and other consents and
approvals for such acquisitions, (ii) prevail in litigation or other challenges
related to such acquisitions, and (iii) recover in rates the fair value of
assets of the acquired regulated operations; the company’s Military Services
Group entering into new military installation contracts, price redeterminations,
and other agreements and contracts, with the U.S. government; and realizing
anticipated benefits and synergies from new acquisitions; in addition to the
foregoing, various risks and other uncertainties associated with the company’s
merger agreement with Essential Utilities and the related proposed merger,
including: a fixed exchange ratio that will not adjust or account for
fluctuations in the company’s or Essential Utilities’ stock price; limitations
on the parties’ ability to pursue alternatives to the proposed merger; an event,
change or other circumstance that could give rise to the termination of the
merger agreement; a delay in the timing to consummate the proposed merger; each
party’s ability to obtain required governmental and regulatory approvals
required for the proposed merger (and/or that such approvals may result in the
imposition of burdensome or commercially undesirable conditions, including
required dispositions, that could adversely affect the combined company or the
expected benefits of the proposed merger); financial impacts of the proposed
merger on the company and the combined company’s earnings, earnings per share,
financial condition, results of operations, cash flows and share price, and any
related accounting impacts; any impact of the proposed merger on the company’s
and the combined company’s ability to declare and pay quarterly dividends on its
common stock; the risk of litigation related to the proposed merger; changes in
the parties’ key management and personnel; the amount and nature of incurred
transaction costs associated with the proposed merger; and reduced ownership and
voting interests for the company’s and Essential Utilities’ shareholders upon
completion of the proposed merger; in addition to the foregoing, various risks
and other uncertainties following the acquisition of certain water and
wastewater systems from a subsidiary of Nexus Water Group, Inc., including: the
final amount of the rate base of the acquired operations, and the amount of
post-closing adjustments to the purchase price, if any, as contemplated by the
acquisition agreement; and the various impacts and effects of the completion of,
or actions taken by the company to complete, the acquisition, on the company’s
operations, strategy, guidance, expectations and plans with respect to its
Regulated Businesses (considered individually or together as a whole), its
current or future capital expenditures, its current and future debt and equity
capital needs, dividends, earnings (including earnings per share), growth,
future regulatory outcomes, expectations with respect to rate base growth, and
other financial and operational goals, plans, estimates and projections; risks
and uncertainties associated with contracting with the U.S. government,
including ongoing compliance with applicable government procurement, security
and cybersecurity regulations; cost overruns relating to improvements in or the
expansion of the company’s operations; the company’s ability to successfully
develop and implement new technologies and to protect related intellectual
property; the company’s ability to maintain safe work sites; the company’s
exposure to liabilities related to environmental laws and regulations, including
those enacted or adopted and under consideration, and the substances related
thereto, including without limitation copper, lead and galvanized steel, PFAS
and other contaminants of emerging concern, and similar matters resulting from,
among other things, water and wastewater service provided to customers; the
ability of energy providers, state governments and other third parties to
achieve or fulfill their greenhouse gas emission reduction goals, including
without limitation through stated renewable portfolio standards and carbon
transition plans; with respect to any of the Forward Sale Agreements: (i) the
inability of the forward purchasers (or their
PRESS RELEASE 5 www.amwater.com
affiliates) to perform their obligations thereunder, (ii) the timing and method
of any settlement thereof, (iii) the amount and intended use of proceeds that
may be received by the company from any such settlement, and (iv) the timing and
amount of any common stock dilution resulting therefrom; changes in general
economic, political, business and financial market conditions; access to
sufficient debt and/or equity capital on satisfactory terms and as needed to
support operations and capital expenditures; fluctuations in inflation or
interest rates, and the company’s ability to address or mitigate the impacts
thereof; the ability to comply with affirmative or negative covenants in the
current or future indebtedness of the company or any of its subsidiaries, or the
issuance of new or modified credit ratings or outlooks by credit rating agencies
with respect to the company or any of its subsidiaries (or any current or future
indebtedness thereof), which could increase financing costs or funding
requirements and affect the company’s or its subsidiaries’ ability to issue,
repay or redeem debt, pay dividends or make distributions; fluctuations in the
value of, or assumptions and estimates related to, its benefit plan assets and
liabilities, including with respect to its pension and other post-retirement
benefit plans, that could increase expenses and plan funding requirements;
changes in federal or state general, income and other tax laws, and the
imposition, utilization or change in economic tariffs (or any attempt or effort
to do so), including (i) future significant tax legislation or regulations
(including without limitation impacts related to the Corporate Alternative
Minimum Tax), and (ii) the availability of, or the company’s compliance with,
the terms of applicable tax credits and tax abatement programs; migration of
customers into or out of the company’s service territories and changes in water
and energy consumption resulting therefrom; the use by municipalities of the
power of eminent domain or other authority to condemn the systems of one or more
of the company’s utility subsidiaries, including without limitation litigation,
complaints and other proceedings with respect to the water system assets of the
company’s California subsidiary located in Monterey, California, or the
assertion by private landowners of similar rights against such utility
subsidiaries; any difficulty or inability to obtain insurance for the company,
its inability to obtain insurance at acceptable rates and on acceptable terms
and conditions, or its inability to obtain reimbursement under existing or
future insurance programs and coverages for any losses sustained; the incurrence
of impairment charges, changes in fair value and other adjustments related to
the company’s goodwill or the value of its other assets; labor actions,
including work stoppages and strikes; the company’s ability to retain and
attract highly qualified and skilled employees and talent; civil disturbances or
unrest, or terrorist threats or acts, or public apprehension about future
disturbances, unrest, or terrorist threats or acts; and the impact of new, and
changes to existing, accounting standards.
These forward-looking statements are qualified by, and should be read together
with, the risks and uncertainties set forth above, and the risk factors included
in the company’s annual, quarterly and other SEC filings, and readers should
refer to such risks, uncertainties and risk factors in evaluating such forward-
looking statements. Any forward-looking statements the company makes shall speak
only as of the date of this press release. Except as required by the federal
securities laws, the company does not have any obligation, and it specifically
disclaims any undertaking or intention, to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events, changed circumstances or otherwise. New factors emerge from time to
time, and it is not possible for the company to predict all such factors.
Furthermore, it may not be possible to assess the impact of any such factor on
the company’s businesses, either viewed independently or together, or the extent
to which any factor, or combination of factors, may cause results to differ
materially from those contained in any forward-looking statement. The foregoing
factors should not be construed as exhaustive.
AWK-IR
PRESS RELEASE 6 www.amwater.com
American Water Works Company, Inc. and Subsidiary Companies
Consolidated Statements of Operations (Unaudited)
(In millions, except per share data)
For the For the
Three Nine
Months Months
Ended Ended
September September
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Operati… $ 1,510 $ 1,451 $ 4,072 $ 3,869
revenues
Operati…
expense…
Operati…
and 531 523 1,505 1,471
mainten…
Depreci…
and 245 226 722 663
amortiz…
General 94 87 272 260
taxes
Other -1 1 -1 1
Total
operati… 869 837 2,498 2,395
expense…
net
Operati… 641 614 1,574 1,474
income
Other
(expens…
income:
Interest -167 -158 -497 -453
expense
Interest 3 23 18 67
income
Non-ope…
benefit 5 4 15 12
costs,
net
Other, 17 11 53 40
net
Total
other -142 -120 -411 -334
(expens…
income
Income
before 499 494 1,163 1,140
income
taxes
Provisi…
for 112 115 265 267
income
taxes
Net
income
attribu… $ 387 $ 379 $ 898 $ 873
to
common
shareho…
Basic
earnings
per
share:
(a)
Net
income
attribu… $ 1.94 $ 1.94 $ 4.56 $ 4.47
to
common
shareho…
Diluted
earnings
per
share:
(a)
Net
income
attribu… $ 1.94 $ 1.94 $ 4.56 $ 4.47
to
common
shareho…
Weighte…
common
shares
outstan…
Basic 199 195 197 195
Diluted 199 195 197 195
(a) Amounts may not calculate due to rounding.
PRESS RELEASE 7 www.amwater.com
American Water Works Company, Inc. and Subsidiary Companies
Consolidated Balance Sheets (Unaudited)
(In millions, except share and per share data)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Property, plant and $ 40,459 $ 37,955
equipment
Accumulated depreciation -7,767 -7,379
Property, plant and 32,692 30,576
equipment, net
Current assets:
Cash and cash equivalents 121 98
Restricted funds 16 21
Accounts receivable, net of
allowance
for uncollectible accounts 473 395
of $68 and
$58, respectively
Income tax receivable 93 9
Unbilled revenues 380 433
Materials and supplies 110 112
Secured seller promissory
note from the — 795
sale of the Homeowner
Services Group
Other 291 328
Total current assets 1,484 2,191
Regulatory and other
long-term assets:
Regulatory assets 1,244 1,132
Operating lease 91 85
right-of-use assets
Goodwill 1,307 1,156
Other 409 302
Total regulatory and other
long-term 3,051 2,675
assets
Total assets $ 37,227 $ 35,442
PRESS RELEASE 8 www.amwater.com
American Water Works Company, Inc. and Subsidiary Companies
Consolidated Balance Sheets (Unaudited)
(In millions, except share and per share data)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
CAPITALIZATION AND
LIABILITIES
Capitalization:
Common stock ($0.01 par
value;
500,000,000 shares
authorized; $ 2 $ 2
204,242,057 and 200,605,170
shares
issued, respectively)
Paid-in-capital 9,148 8,642
Retained earnings 3,118 2,575
Accumulated other 12 6
comprehensive income
Treasury stock, at cost
(5,137,493 and -349 -388
5,428,008 shares,
respectively)
Total common shareholders' 11,931 10,837
equity
Long-term debt 13,987 12,777
Redeemable preferred stock
at redemption 3 3
value
Total long-term debt 13,990 12,780
Total capitalization 25,921 23,617
Current liabilities:
Short-term debt 1,449 1,588
Current portion of 898 1,479
long-term debt
Accounts payable 321 378
Accrued liabilities 591 830
Accrued taxes 106 134
Accrued interest 150 140
Other 271 198
Total current liabilities 3,786 4,747
Regulatory and other
long-term
liabilities:
Advances for construction 497 435
Deferred income taxes and
investment tax 3,538 3,190
credits
Regulatory liabilities 1,312 1,416
Operating lease liabilities 81 74
Accrued pension expense 144 167
Other 241 166
Total regulatory and other
long-term 5,813 5,448
liabilities
Contributions in aid of 1,707 1,630
construction
Commitments and
contingencies
Total capitalization and $ 37,227 $ 35,442
liabilities
PRESS RELEASE 9 www.amwater.com