American Water Works Company, Inc. (AWK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los servicios públicos de agua, American Water Works Company, Inc. (AWK) se erige como un faro de innovación y confiabilidad, transformando el recurso esencial del agua en un servicio meticulosamente administrado que abarca múltiples estados. Al aprovechar un sofisticado lienzo de modelo de negocio, AWK ha creado un enfoque integral que va más allá de la mera distribución del agua, creando un ecosistema robusto de gestión sostenible del agua que atiende a clientes residenciales, comerciales y municipales con tecnología de vanguardia y compromiso inquebrantable con la calidad y el medio ambiente y el medio ambiente con la calidad y el medio ambiente. administración.

American Water Works Company, Inc. (AWK) - Modelo de negocios: asociaciones clave

Gobiernos municipales y autoridades de servicios públicos locales

American Water Works Company atiende a 1.700 comunidades en 14 estados. En 2022, la compañía había Operaciones de servicios públicos regulados En estados como Nueva Jersey, Pensilvania, Illinois y California.

Estado	Número de comunidades atendidas	Conexiones de agua
Nueva Jersey	462	609,000
Pensilvania	238	385,000
Illinois	134	171,000

Empresas de ingeniería y construcción

En 2022, American Water invirtió $ 2.2 mil millones en mejoras de infraestructura y gastos de capital.

• Los socios clave de la construcción incluyen negro & Timón
• Ingenieros de CH2M Hill
• Jacobs Engineering Group

Agencias reguladoras ambientales

El cumplimiento de la EPA y las regulaciones ambientales a nivel estatal es fundamental para las operaciones de American Water.

Agencia reguladora	Enfoque de cumplimiento
Agencia de Protección Ambiental	Normas de calidad del agua
Departamentos ambientales estatales	Regulaciones de agua locales

Proveedores de tecnología e infraestructura del agua

La compañía mantiene asociaciones estratégicas con proveedores de tecnología para mejorar el tratamiento y la distribución del agua.

• Xylem Inc.
• Soluciones de agua de Pentair
• Grundfos Pumps Corporation

Instituciones de investigación y organizaciones de conservación del agua

American Water colabora con instituciones académicas y de investigación para avanzar en la tecnología del agua y los esfuerzos de conservación.

Institución	Enfoque de investigación
Universidad de Rutgers	Tecnología de infraestructura de agua
Fundación de Investigación del Agua	Gestión sostenible del agua

American Water Works Company, Inc. (AWK) - Modelo de negocios: actividades clave

Tratamiento de agua y purificación

Volumen anual de tratamiento de agua: 375 mil millones de galones

Tipo de instalación de tratamiento	Número de instalaciones	Capacidad de tratamiento diario
Plantas de tratamiento de agua superficial	52	1.200 millones de galones
Plantas de tratamiento de agua subterránea	86	0.800 millones de galones

Mantenimiento y actualizaciones de infraestructura

Inversión anual de infraestructura: $ 1.7 mil millones

• Reemplazo principal de agua: 400 millas por año
• Tasa de renovación de la tubería: 0.7% anual
• Red total de distribución de agua: 51,000 millas

Distribución de agua y gestión de suministro

Vía de Servício	Estados atendidos	Conexiones totales del cliente
Empresas reguladas	16	3.4 millones

Cumplimiento regulatorio y monitoreo ambiental

Presupuesto anual de cumplimiento ambiental: $ 45 millones

• Pruebas de calidad del agua realizadas: 1.2 millones anuales
• Tasa de cumplimiento: 99.8%

Servicio al cliente y operaciones de facturación

Canales de servicio al cliente	Interacciones anuales
Plataforma digital	12.6 millones
Centro de llamadas	3.2 millones

American Water Works Company, Inc. (AWK) - Modelo de negocios: recursos clave

Red de infraestructura de agua extensa

American Water opera 52,600 millas de platos principales de agua en múltiples estados. La empresa mantiene 16,000 instalaciones de tratamiento de agua y aguas residuales.

Activo de infraestructura	Cantidad
Plantas de tratamiento de agua	1,100
Plantas de tratamiento de aguas residuales	500
Tanques de almacenamiento	2,300
Estaciones de bombeo	1,800

Instalaciones avanzadas de tratamiento de agua

Inversión total de capital en infraestructura: $ 1.8 mil millones en 2022. Las capacidades tecnológicas incluyen:

• Sistemas avanzados de filtración de membrana
• Tecnología de ósmosis inversa
• Procesos de desinfección UV
• Sistemas de monitoreo de calidad del agua en tiempo real

Fuerza laboral técnica y operativa calificada

Total de empleados: 7.300 a partir de 2022. Desglose de la fuerza laboral:

Categoría de empleado	Porcentaje
Profesionales técnicos	35%
Personal operativo	45%
Personal administrativo	20%

Derechos de agua y contratos de área de servicio

La cobertura de servicio incluye 16 estados con operaciones reguladas en 10 estados principales. Conexiones de servicio totales reguladas: 3.4 millones.

Sistemas tecnológicos para el monitoreo y la gestión

Inversión tecnológica: $ 350 millones en sistemas de gestión de infraestructura digital en 2022. Los recursos tecnológicos clave incluyen:

• Sistemas avanzados de mapeo SIG
• Tecnologías de detección de fugas en tiempo real
• Software de mantenimiento predictivo
• Infraestructura de ciberseguridad

American Water Works Company, Inc. (AWK) - Modelo de negocio: propuestas de valor

Suministro de agua potable segura y confiable

A partir de 2024, American Water atiende a aproximadamente 14 millones de personas en 24 estados. La compañía ofrece 1.700 millones de galones de agua diariamente a 52,000 millas de platos principales de agua.

Métrico de servicio	Cantidad
Total de clientes	14 millones
Entrega diaria de agua	1.700 millones de galones
Infraestructura principal de agua	52,000 millas

Calidad constante del agua y cumplimiento regulatorio

American Water realiza más de 1 millón de pruebas de calidad del agua anualmente, asegurando el 99.5% del cumplimiento de los estándares federales y estatales de agua potable.

• Pruebas anuales de calidad del agua: más de 1,000,000
• Tasa de cumplimiento regulatorio: 99.5%
• Cumplimiento de la Ley de agua potable de la EPA: certificación completa

Soluciones sostenibles de gestión del agua

La compañía invirtió $ 2.3 mil millones en mejoras de infraestructura en 2023, centrándose en iniciativas de conservación y sostenibilidad del agua.

Inversión de sostenibilidad	Cantidad
Inversión de infraestructura (2023)	$ 2.3 mil millones
Uso de energía renovable	25% de la energía total

Infraestructura tecnológica avanzada

American Water opera 1.600 plantas de tratamiento de agua con sistemas avanzados de monitoreo tecnológico, utilizando análisis de datos en tiempo real para la eficiencia operativa.

• Plantas de tratamiento de agua: 1.600
• Instalaciones de medidores inteligentes: más de 750,000
• Sistemas de monitoreo digital: red integral

Servicios de agua integrales en múltiples estados

La compañía opera en 24 estados con una base de activos total de $ 24.3 mil millones a partir de 2023, proporcionando diversos servicios de agua y aguas residuales.

Métrica de expansión del servicio	Cantidad
Estados de operación	24
Base de activos totales (2023)	$ 24.3 mil millones
Empresas reguladas totales	16 estados

American Water Works Company, Inc. (AWK) - Modelo de negocios: relaciones con los clientes

Contratos de servicio a largo plazo con municipios

A partir de 2022, American Water atiende a aproximadamente 1.700 comunidades en 14 estados. La compañía tiene 638 contratos de servicio municipal de agua y aguas residuales a largo plazo.

Tipo de contrato	Número de contratos	Impacto anual de ingresos
Servicios de agua municipal	482	$ 3.4 mil millones
Servicios de aguas residuales	156	$ 1.2 mil millones

Canales directos de atención al cliente

American Water opera múltiples canales de atención al cliente con las siguientes métricas:

• Centros de llamadas de servicio al cliente 24/7
• Soporte telefónico: 1.6 millones de interacciones con el cliente anualmente
• Soporte de chat en línea: 350,000 interacciones digitales por año
• Tiempo de respuesta de soporte por correo electrónico: respuesta promedio de 24 horas

Plataformas de facturación digital y gestión de clientes

Estadísticas de uso de la plataforma digital para 2022:

Característica de la plataforma	Tasa de adopción de usuarios
Pago de factura en línea	68%
Usuarios de aplicaciones móviles	42%
Facturación sin papel	55%

Programas de participación y educación comunitaria

Inversión comunitaria y métricas de compromiso:

• Presupuesto anual de educación comunitaria: $ 2.3 millones
• Talleres de conservación del agua: 127 eventos en 2022
• Programas de educación escolar: llegó a 85,000 estudiantes

Comunicación transparente sobre la calidad del agua

Métricas de informes de calidad del agua:

Métrica de informes	Rendimiento anual
Informes de calidad del agua publicados	1.700 informes comunitarios
Cumplimiento de los estándares de la EPA	99.8%
Divulgaciones de calidad del agua pública	Disponibilidad 100% digital e impresa

American Water Works Company, Inc. (AWK) - Modelo de negocios: canales

Centros directos de servicio al cliente

A partir de 2024, opera American Water Works Company 16 centros de servicio al cliente estatales en todo Estados Unidos.

Estado	Número de centros de servicio al cliente
Nueva Jersey	3
California	2
Illinois	2
Otros estados	9

Portal web en línea y aplicaciones móviles

Los canales digitales de American Water incluyen:

• Tráfico del sitio web: 3.2 millones de visitantes únicos anualmente
• Descargas de aplicaciones móviles: 682,000 a partir del cuarto trimestre 2023
• Usuarios de pago de facturas en línea: 1.7 millones de clientes

Oficinas de facturación locales

La empresa mantiene 24 oficinas de facturación locales a través de territorios de servicio.

Líneas telefónicas de soporte al cliente

Estadísticas de atención al cliente:

• Volumen total del centro de llamadas: 1.2 millones de llamadas anualmente
• Tiempo de respuesta promedio: 3.5 minutos
• Representantes de atención al cliente: 287 empleados a tiempo completo

Centros de divulgación e información comunitaria

Categoría de alcance	Compromiso anual
Eventos comunitarios	142
Programas educativos	86
Talleres de conservación de agua	53

American Water Works Company, Inc. (AWK) - Modelo de negocios: segmentos de clientes

Consumidores de agua residencial

A partir de 2023, el agua americana sirve aproximadamente 14 millones de personas en 24 estados a través de servicios de agua residencial.

Categoría de clientes	Número de clientes	Ingresos anuales
Consumidores residenciales	3.4 millones de hogares	$ 2.87 mil millones

Entidades municipales y gubernamentales

American Water proporciona servicios de agua y aguas residuales para 1.700 municipios a través de sus regiones operativas.

• Rango de valor del contrato: $ 500,000 a $ 50 millones anuales
• Cobertura de servicio: 24 estados

Usuarios de agua comercial e industrial

La compañía sirve Más de 5,000 clientes comerciales e industriales.

Segmento de la industria	Clientes atendidos	Volumen de agua anual
Fabricación	2.300 clientes	48 millones de galones/día
Cuidado de la salud	650 clientes	12 millones de galones/día

Clientes de servicios de agua agrícola

Los servicios de agua agrícola representan aproximadamente $ 125 millones en ingresos anuales.

• Clientes en estados intensivos en riego
• Cobertura de servicio: California, Texas, Nuevo México

Clientes de servicios de agua institucionales

El agua americana sirve 1.100 clientes institucionales, incluidas universidades, bases militares e instalaciones gubernamentales.

Segmento institucional	Clientes atendidos	Valor anual del contrato
Universidades	350 campus	$ 75 millones
Instalaciones militares	42 bases	$ 95 millones

American Water Works Company, Inc. (AWK) - Modelo de negocio: Estructura de costos

Mantenimiento y reemplazo de infraestructura

En 2022, American Water Works Company invirtió $ 1.4 mil millones en mejoras de infraestructura y gastos de capital. El presupuesto de reemplazo de infraestructura total de la compañía para 2023 fue de aproximadamente $ 1.6 mil millones.

Año	Inversión en infraestructura
2022	$ 1.4 mil millones
2023	$ 1.6 mil millones

Gastos de tratamiento de agua y purificación

Los costos anuales de tratamiento y purificación de agua para American Water Works Company alcanzaron $ 385 millones en 2022. La compañía opera 1,100 instalaciones de tratamiento de agua en múltiples estados.

• Instalaciones de tratamiento de agua: 1.100
• Gastos de tratamiento anual: $ 385 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para la American Water Works Company fueron de aproximadamente $ 210 millones en 2022. Estos costos incluyen monitoreo ambiental, informes y cumplir con los estándares de calidad del agua federal y estatal.

Categoría de cumplimiento	Gasto anual
Monitoreo ambiental	$ 85 millones
Costos de informes	$ 65 millones
Implementación estándar de calidad	$ 60 millones

Salarios y beneficios de los empleados

La compensación total de empleados para American Water Works Company en 2022 fue de $ 672 millones. La compañía empleó a aproximadamente 7.400 trabajadores en varias divisiones operativas.

• Compensación total de empleados: $ 672 millones
• Número de empleados: 7,400
• Compensación promedio por empleado: $ 90,810

Actualizaciones de tecnología y sistema

Las inversiones en tecnología e infraestructura digital totalizaron $ 185 millones en 2022. Esto incluye instalaciones de medidores inteligentes, mejoras de ciberseguridad y actualizaciones de tecnología operativa.

Categoría de inversión tecnológica	Gastos
Instalaciones de medidores inteligentes	$ 75 millones
Mejoras de ciberseguridad	$ 55 millones
Actualizaciones de tecnología operativa	$ 55 millones

American Water Works Company, Inc. (AWK) - Modelo de negocios: flujos de ingresos

Tarifas de servicio de agua residencial

En 2022, el agua estadounidense generó $ 3.88 mil millones a partir de tarifas de servicio de agua residencial en 16 estados. La factura promedio de agua residencial mensual fue de $ 74.54.

Categoría de servicio residencial	Ingresos (2022)
Servicios de agua residencial regulados	$ 3.42 mil millones
Servicios residenciales no regulados	$ 460 millones

Cargos de servicio de agua comercial

Los cargos de servicio de agua comercial representaron $ 1.26 mil millones en ingresos para 2022.

• Las grandes cuentas comerciales representaban el 42% de los ingresos comerciales
• Servicios de agua de pequeñas empresas contribuyó al 58% de los ingresos comerciales

Contratos de suministro de agua municipal

Los contratos municipales generaron $ 925 millones en 2022, con acuerdos a largo plazo que abarcan 10-25 años.

Tipo de contrato municipal	Ingresos anuales
Suministro municipal directo	$ 675 millones
Gestión de infraestructura municipal	$ 250 millones

Servicios de mantenimiento de infraestructura

Los servicios de mantenimiento de infraestructura generaron $ 412 millones en 2022.

• Servicios de rehabilitación del sistema de agua: $ 215 millones
• Contratos de mantenimiento de tuberías: $ 197 millones

Servicios de pruebas y consultoría de calidad del agua

Los servicios de pruebas y consultoría de calidad del agua produjeron $ 187 millones en ingresos para 2022.

Categoría de servicio	Ganancia
Prueba de agua municipal	$ 98 millones
Consultoría de agua industrial	$ 89 millones

American Water Works Company, Inc. (AWK) - Canvas Business Model: Value Propositions

You're running a utility that provides something absolutely non-negotiable: water. That's the core value American Water Works Company, Inc. (AWK) delivers, and the numbers back up its scale and commitment to that promise.

Safe, clean, and reliable drinking water service.

The fundamental value proposition is delivering water that meets or exceeds required safety thresholds. Based on the 2024 Water Quality Reports, the drinking water provided to more than 14 million people across 24 states meets or surpasses both state and federal water quality standards for all regulated substances, including lead. This commitment is backed by a team of leading researchers, scientists, and specialists who focus on high-quality water delivery. The company holds itself to high standards, consistently scoring among the highest of all water companies when it comes to complying with strict federal regulations for safe drinking water.

Essential, non-discretionary utility service.

This service is essential because, frankly, life stops without it. As of late 2025, American Water Works Company, Inc. (AWK) is the largest regulated water and wastewater utility company in the United States. This massive footprint means the service is non-discretionary for its customer base. As of year-end 2024, the company served 3.5 million active customers in its water and wastewater networks. The company affirms its long-term financial targets, including long-term EPS and dividend per share compounded annual growth rates (CAGRs) of 7 to 9%, reflecting the stable, essential nature of the business.

Infrastructure resilience through large-scale capital investment.

You can't promise reliability without replacing aging pipes, so the capital plan is a direct measure of this value. American Water Works Company, Inc. (AWK) is actively investing billions to ensure system resilience, which helps with customer retention and meeting rising demand. The company is on track with its 2025 capital investment plan, targeting a total of approximately $3.3 billion for the year. By the end of the first half of 2025, they had already invested $1.3 billion. This near-term spending supports much larger, long-range plans aimed at system renewal.

Here's a look at the scale of their commitment to infrastructure renewal:

Investment Horizon	Planned Capital Investment Amount
2025 (Full Year Target)	$3.3 billion
2026 (Planned)	$3.7 billion
2026-2030 (Long-Term Plan)	$19 to $20 billion
2026-2035 (Long-Term Plan)	$46 to $48 billion

Compliance with stringent water quality regulations.

Regulatory adherence is paramount in this sector, and American Water Works Company, Inc. (AWK) uses its scale to manage this complexity across multiple jurisdictions. The company has been authorized additional annualized revenues of $270 million since January 1, 2025, from completed general rate cases and infrastructure proceedings, which helps recover these compliance and investment costs. The focus on quality is tied to financial recovery through the regulatory process. For instance, as of late 2025, the company had general rate cases in progress in four jurisdictions and had filed for infrastructure surcharges in two, reflecting a total annualized revenue request of $141 million.

The value here is demonstrated by the successful recovery of investments:

• Authorized annualized revenues since January 1, 2025: $270 million.
• Authorized annualized revenues from Q1 2025 rate cases/surcharges: $161 million.
• Total debt to capital ratio as of Q2 2025: 58% (under the target of less than 60%).

Largest investor-owned utility scale in the U.S.

Being the largest provides economies of scale, which translates into better cost management and service delivery capabilities. American Water Works Company, Inc. (AWK) operates regulated utilities in 14 states and serves over 14 million people. This scale is a key resource that supports their growth strategy. The company affirmed its long-term rate base growth target of 8 to 9% (including acquisitions), which is enabled by this existing large footprint. The 2025 weather-normalized earnings per share guidance range was narrowed to $5.70 to $5.75, showing confidence in managing this large operation. Finance: draft 13-week cash view by Friday.

American Water Works Company, Inc. (AWK) - Canvas Business Model: Customer Relationships

You're managing relationships with millions of customers who rely on you for a service that is absolutely essential-water. American Water Works Company, Inc. (AWK) manages this through a deeply localized, regulated structure. This isn't a one-size-fits-all approach; it's about executing service agreements state by state, which is where the real work happens.

Long-term, regulated service agreements.

The foundation of the relationship is the long-term nature of the service, governed by state regulatory bodies. American Water Works is the largest investor-owned U.S. water and wastewater utility, serving more than 14 million people across 14 states and 18 military installations. The company's growth strategy heavily relies on these regulated frameworks. For instance, as of July 30, 2025, the company had approximately 87,000 customer connections under agreement from announced deals totaling over $500,000,000. A recent example is the agreement to purchase Nexus Water Group systems in eight states, adding nearly 47,000 customer connections for an approximate total of $315 million. These investments are supported by regulatory approvals; since January 1, 2025, the company has been authorized additional annualized revenues of $161 million from general rate cases and infrastructure surcharges. The company plans to invest approximately $3.3 billion across its footprint in 2025 to support these services.

Metric	Value as of Late 2025 Data
Total Regulated Customers Served	More than 14 million people
Regulated States of Operation	14 states
Customer Connections Under Agreement (as of July 30, 2025)	Approximately 87,000
Total Value of Announced Acquisition Agreements	Over $500,000,000
2025 Total Capital Investment Plan	Approximately $3.3 billion

High-touch, local customer service through state subsidiaries.

The relationship is delivered locally through state subsidiaries, which handle day-to-day interactions. The Service Company, a wholly owned subsidiary, provides essential support, including call handling and billing, to these regulated businesses under contracts approved by Public Utility Commissions (PUCs) where needed. This structure ensures that while the parent company is large, the customer interface remains local. For example, Pennsylvania American Water maintains a dedicated customer service line at 1-800-565-7292 for payment arrangements. This local focus is key to maintaining service quality, which underpins the company's long-term growth targets of 7-9% for both earnings and dividend growth.

Customer assistance programs for low-income households.

American Water Works Company, Inc. maintains several programs to help customers manage their bills, recognizing the financial strain that utility costs can place on households. These programs vary by state, but common features include grants, bill discounts, and payment plans. For instance, Pennsylvania American Water's H2O Help to Others Program™ offers grants of up to $500 per household per year. For water customers enrolled, this can mean a 30% to 90% discount on the monthly service fee and a 20% to 80% discount on volumetric charges, saving the average residential user using 3,201 gallons/month between $17.66 to $64.99 every month. Wastewater assistance in that state offers a 37% to 85% discount on total charges, saving the average user between $40.53 to $93.12 every month. In New Jersey, grants up to $500 are available to customers at or below 300% of the Federal Poverty Level. The Universal Affordability Discount in New Jersey offers a tiered discount ranging from 15-60% for those at or below 200% of the Federal Poverty Level. In one specific jurisdiction, 20,200 customers still needed to verify eligibility to maintain their bill discount program status.

Here's a quick look at the potential savings for a qualifying water customer in Pennsylvania:

• Grant Amount: Up to $500 annually.
• Monthly Water Bill Discount: Between $17.66 and $64.99.
• Monthly Wastewater Bill Discount: Between $40.53 and $93.12.

Digital channels for billing, outage reporting, and conservation.

To improve responsiveness and self-service, American Water Works Company, Inc. heavily promotes its digital platforms. The MyWater online customer portal is a central hub where users can perform key actions 24/7. Customers use this portal to:

• Pay their bill and check account balances.
• Set up paperless billing and automatic payments.
• View water usage history.
• Apply for customer assistance programs.

The company also offers a H2O Care Virtual Assistant to help with service changes, billing, and payment questions. For urgent needs, customers can report an outage or service issue directly online via MyWater or amwater.com. These digital tools help streamline routine interactions, freeing up local staff for more complex, high-touch service needs.

Finance: draft 13-week cash view by Friday.

American Water Works Company, Inc. (AWK) - Canvas Business Model: Channels

You're looking at how American Water Works Company, Inc. gets its essential services-water and wastewater treatment-directly to the people and entities it serves. The channels here are physical, jurisdictional, and digital, all built around a massive, regulated infrastructure footprint.

The core channel is the physical water and wastewater distribution network itself. This is the tangible asset that connects the utility to the end-user. As of late 2025, American Water Works Company, Inc. operates regulated services across 14 states in the United States. This physical system serves approximately 14 million people through its regulated operations. The active customer base within these regulated water and wastewater networks stands at approximately 3.5 million connections.

Service delivery is channeled through its state-level operating companies, which manage local regulatory compliance and customer relationships. These subsidiaries operate under various names across the states where American Water Works Company, Inc. has a presence. For instance, Pennsylvania American Water is actively managing its service area, having filed a request on November 14, 2025, to support $1.2 billion in water and wastewater system investments through mid-2027. Similarly, New Jersey American Water's rate change filing was driven by over $1.3 billion in infrastructure improvements.

Here's a look at the scope of the regulated operations by state presence:

Jurisdiction Scope	Metric	Value/Count
Total States of Regulated Operation	Number of States	14
Total Communities Served (Regulated)	Number of Communities	Approximately 1,700
Total Customers Served (Regulated)	Number of Customers	Approximately 3.5 million
Authorized Annualized Revenue Increase (YTD 2025)	Amount in Millions USD	$161 million

The company also uses regulatory filings as a channel to secure revenue recovery for capital deployment. Since January 1, 2025, American Water Works Company, Inc. has seen authorized annualized revenues of $161 million from completed general rate cases and infrastructure proceedings, with $138 million coming specifically from general rate cases.

For customer interaction, American Water Works Company, Inc. relies on direct customer billing and service portals. The company explicitly recognizes its website, amwater.com, as a key channel for reaching public investors and fulfilling SEC Regulation FD disclosure obligations. For shareholders, the American Water Stock Direct plan is a channel for dividend reinvestment, with enrollment support available by calling 888-556-0423. For operational customer service, specific subsidiaries provide direct contact; for example, the New Jersey customer service center operates Monday to Friday, from 7 a.m. to 7 p.m..

The Military Services Group acts as a distinct channel for government service delivery through long-term contracts for military base operations under the Department of Defense's Utilities Privatization (UP) Program. American Water Works Company, Inc. currently serves 18 military installations. These are long-term commitments, often spanning 50 years, which provide predictable revenue streams.

Key long-term military contracts include:

• Service at Joint Base Lewis-McChord (JBLM), valued at approximately $771 million over 50 years.
• Service at Joint Base San Antonio, a nearly $450 million contract over 50 years.
• Service at Fort Belvoir, Virginia, secured in 2009 under a 50-year contract.

The total population served across these military installations is approximately 670,000 members of the military community.

Here's a summary of the scale of these long-term government channels:

Military Installation Contract Detail	Contract Duration	Approximate Value
Joint Base Lewis-McChord (JBLM)	50 years	Approximately $771 million
Joint Base San Antonio	50 years	Nearly $450 million
Total Military Installations Served	N/A	18

Finance: draft 13-week cash view by Friday.

American Water Works Company, Inc. (AWK) - Canvas Business Model: Customer Segments

You're looking at the core of American Water Works Company, Inc.'s operations, which is fundamentally about serving a massive, diverse, and geographically spread-out customer base across the United States. This segment breakdown shows where the regulated revenue engine is truly running.

The largest customer group, by far, is the Residential customers segment. While the exact connection percentage isn't publicly confirmed for late 2025, this group forms the bedrock of American Water Works Company, Inc.'s regulated utility business, representing the vast majority of their customer connections.

The company serves a total of approximately 3.5 million active customers across its footprint, though some reports cite figures near 3.4 million customers. This customer base is spread across 14 states in the U.S..

The customer segments are clearly delineated, reflecting both regulated utility service and contract-based operations:

• Residential customers: The primary volume driver for the regulated business.
• Commercial and Industrial businesses: This includes a range of users from food and beverage providers to large-scale manufacturers and mining operations.
• Public Authority and Municipal entities: Serving government buildings, schools, and universities under regulated frameworks.
• U.S. Military Installations: This is a distinct, non-regulated contract business, with American Water Works Company, Inc. serving 18 military installations. These contracts are structured to deliver regulated-like returns, which is a key feature of this segment.
• Other Utilities: Providing water and wastewater services to other community systems.

To give you a clearer picture of the scale and the recent financial context for these customers, here's a look at the operational scope as of late 2025:

Metric	Value	Context/Date Reference
Total Active Customers (Approximate)	3.5 million	As of late 2025
States Served (Regulated Operations)	14	Across the footprint
U.S. Military Installations Served	18	Non-regulated contracts
Trailing Twelve-Month Revenue (TTM)	$5.07B	As of September 30, 2025
Q3 2025 Reported Revenue	$1.45 billion	Quarter ended September 30, 2025
Narrowed 2025 EPS Guidance (Weather-Normalized)	$5.70 to $5.75	Affirmed in Q3 2025

The focus on infrastructure investment directly supports these customer segments. For instance, the 2025 capital investment plan was on track with $1.3 billion invested through June 30, 2025, with a total planned investment of approximately $3.3 billion for the year. This spending is necessary to maintain service for all customer types, including specific projects like the one in Pennsylvania where Pennsylvania American Water Co. is citing $1.2 billion in ongoing system improvements.

Also, note the acquisition activity which directly expands these segments. As of July 30, 2025, American Water Works Company, Inc. had approximately 87,000 customer connections under agreement from deals totaling over $500 million. One specific deal mentioned was the Nexus Water Group purchase, adding nearly 47,000 customer connections.

Finance: draft 13-week cash view by Friday.

American Water Works Company, Inc. (AWK) - Canvas Business Model: Cost Structure

The Cost Structure for American Water Works Company, Inc. (AWK) is heavily weighted toward long-term asset maintenance and regulatory mandates, reflecting its capital-intensive utility nature. This structure is primarily driven by the need to maintain and expand a vast network of water and wastewater infrastructure.

The capital-intensive structure is evident in the planned infrastructure spending. American Water Works Company, Inc. (AWK) is on track to meet its goal of approximately $3.3 billion in capital investment across its footprint for the full year 2025. This spending is the engine for rate base growth. For context, the company invested $1.3 billion in the first half of 2025 alone. The five-year capital plan spanning 2025-2029 is projected to total $17-18 billion.

Operating expenses remain high due to the continuous nature of water treatment and system upkeep. For instance, the Operating Expenses for the second quarter of 2025 were reported at $837 million. This category includes the necessary, ongoing costs for water treatment processes and routine maintenance across the service territories.

Financing costs represent a significant component, driven by the debt required to fund the massive capital program. As of the end of the second quarter of 2025, American Water Works Company, Inc. (AWK)'s total debt to capital ratio stood at 58%, which management noted was within their target of less than 60%. The total debt on the balance sheet as of September 2025 was $15.37 Billion USD. For the quarter ending June 30, 2025, the reported Interest Expense on Debt was $158 million.

Regulatory compliance imposes specific, large-scale cost burdens. A major driver is the estimated investment needed for emerging contaminants. American Water Works Company, Inc. (AWK) estimates approximately $1 billion in capital expenditures within its 2025-2029 plan specifically to address new PFAS regulations. Furthermore, the company anticipates up to $50 million annually in operating expenses for testing and treatment related to PFAS compliance over the 2025-2029 period.

Labor costs are substantial given the scale and specialized nature of the operations. As of June 2025, American Water Works Company, Inc. (AWK) employed approximately 6.7K individuals.

You can see a snapshot of these key cost-related financial figures below:

Cost Component Metric	Amount / Ratio	Period / Scope
Total Capital Investment Plan	$3.3 billion	Fiscal Year 2025
Total Debt to Capital Ratio	58%	End of Q2 2025
Total Debt	$15.37 Billion USD	September 2025
Interest Expense on Debt	$158 million	Quarter ending June 30, 2025
Estimated PFAS Capital Expenditure	$1 billion	2025-2029 Plan
Estimated Annual PFAS Operating Expense	$50 million	2025-2029 Plan
Operating Expenses (Example)	$837 million	Q2 2025
Employee Count	6.7K	As of June 2025

The major cost drivers for American Water Works Company, Inc. (AWK) can be summarized by their required outlays:

• Infrastructure Capital Expenditures (CapEx) for 2025: $3.3 billion.
• Debt servicing reflected by Interest Expense: $158 million in Q2 2025.
• Regulatory compliance CapEx for PFAS: Estimated $1 billion over 2025-2029.
• High fixed operating costs, exemplified by Q2 2025 OpEx of $837 million.
• Labor expenses supporting a workforce of 6.7K employees.

The company's reliance on debt is structurally embedded, with the debt-to-capital ratio at 58% at mid-year 2025.

American Water Works Company, Inc. (AWK) - Canvas Business Model: Revenue Streams

You're looking at the core ways American Water Works Company, Inc. (AWK) brings in cash, which is heavily tied to its regulated utility status. This structure provides stability, but growth is often tied to regulatory approvals and capital deployment.

The primary engine for American Water Works Company, Inc. (AWK) revenue is its regulated water and wastewater service fees. This is the bread and butter, serving over 14 million people across 14 states and 18 military installations as of mid-2025.

A key driver for increasing this revenue base comes from successful regulatory filings. For instance, the company has been authorized additional annualized revenues of $270 million since January 1, 2025, split between general rate cases and infrastructure surcharges. You specifically noted a figure tied to rate increases in your outline, so we include that context:

• Revenue from authorized rate increases requested in one filing: $161 million annualized.
• Total authorized annualized revenue from rate cases and surcharges since January 1, 2025: $270 million.

To give you a sense of the scale of the primary revenue stream, here are some recent quarterly revenue figures:

Period End Date	Reported Revenue	Year-over-Year Growth
June 30, 2025 (Q2)	$1.28 billion	11%
September 30, 2025 (Q3)	$1.45 billion	9.7%

The analyst consensus for the full-year 2025 revenue forecast is close to the actual reported figures, though I see a slightly different concrete number in the data:

• Analyst consensus 2025 revenue forecast: US$5.07 billion.

Beyond the core regulated business, American Water Works Company, Inc. (AWK) generates revenue from its non-regulated segment, which notably includes water services for military bases operating under long-term contracts that offer regulated-like returns. The size of this long-term commitment is substantial, as seen in the backlog:

• Remaining Performance Obligations (RPOs) from contracts with the U.S. government for military installations, expiring between 2051 and 2073, totaled $7.4 billion as of June 30, 2025.

While revenue is key, the profitability derived from that revenue is what matters for shareholders. The company has narrowed its 2025 EPS guidance, which reflects the expected revenue realization:

• 2025 EPS guidance: $5.70 to $5.75 per share.

Finance: draft 13-week cash view by Friday.