American Water Works Company, Inc. (AWK): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services publics de l'eau, American Water Works Company, Inc. (AWK) est un phare d'innovation et de fiabilité, transformant la ressource essentielle de l'eau en un service méticuleusement géré qui s'étend sur plusieurs États. En tirant parti d'une toile sophistiquée du modèle commercial, AWK a conçu une approche complète qui va au-delà de la simple distribution de l'eau, créant un écosystème robuste de gestion durable de l'eau qui sert des clients résidentiels, commerciaux et municipaux avec une technologie de pointe et un engagement inébranlable à la qualité et à l'environnement et à l'environnement intendance.

American Water Works Company, Inc. (AWK) - Modèle commercial: partenariats clés

Gouvernements municipaux et autorités des services publics locaux

American Water Works Company dessert 1 700 communautés dans 14 États. En 2022, l'entreprise avait opérations de services publics réglementés Dans des États tels que le New Jersey, la Pennsylvanie, l'Illinois et la Californie.

État	Nombre de communautés servies	Connexions d'eau
New Jersey	462	609,000
Pennsylvanie	238	385,000
Illinois	134	171,000

Entreprises d'ingénierie et de construction

En 2022, American Water a investi 2,2 milliards de dollars dans l'amélioration des infrastructures et les dépenses en capital.

• Les principaux partenaires de construction incluent le noir & Veatch
• CH2M Hill Engineers
• Jacobs Engineering Group

Agences de réglementation environnementale

La conformité à l'EPA et les réglementations environnementales au niveau de l'État est essentielle pour les opérations d'American Water.

Agence de réglementation	Focus de la conformité
Agence de protection de l'environnement	Normes de qualité de l'eau
Départements environnementaux d'État	Règlements sur l'eau locale

Technologie et fournisseurs d'infrastructures de l'eau

La société maintient des partenariats stratégiques avec les fournisseurs de technologies pour améliorer le traitement et la distribution de l'eau.

• Xylem Inc.
• Pentair Water Solutions
• Grundfos Pumps Corporation

Institutions de recherche et organisations de conservation de l'eau

American Water collabore avec les établissements universitaires et de recherche pour faire progresser la technologie de l'eau et les efforts de conservation.

Institution	Focus de recherche
Université Rutgers	Technologie des infrastructures d'eau
Fondation de recherche sur l'eau	Gestion durable de l'eau

American Water Works Company, Inc. (AWK) - Modèle commercial: activités clés

Traitement et purification de l'eau

Volume annuel du traitement de l'eau: 375 milliards de gallons

Type d'installation de traitement	Nombre d'installations	Capacité de traitement quotidienne
Plantes de traitement des eaux de surface	52	1,2 milliard de gallons
Plantes de traitement des eaux souterraines	86	0,8 milliard de gallons

Maintenance et mises à niveau des infrastructures

Investissement annuel sur les infrastructures: 1,7 milliard de dollars

• Remplacement principal de l'eau: 400 miles par an
• Taux de renouvellement des tuyaux: 0,7% par an
• Réseau total de distribution de l'eau: 51 000 miles

Gestion de la distribution de l'eau et de l'approvisionnement

Aire de service	États servis	Connexions du client total
Entreprises réglementées	16	3,4 millions

Conformité réglementaire et surveillance environnementale

Budget annuel de conformité environnementale: 45 millions de dollars

• Tests de qualité de l'eau effectués: 1,2 million par an
• Taux de conformité: 99,8%

Service client et opérations de facturation

Canaux de service à la clientèle	Interactions annuelles
Plate-forme numérique	12,6 millions
Centre d'appel	3,2 millions

American Water Works Company, Inc. (AWK) - Modèle commercial: Ressources clés

Réseau étendu des infrastructures d'eau

L'eau américaine fonctionne 52 600 miles de conduites d'eau dans plusieurs états. La société maintient 16 000 installations de traitement des eaux et des eaux usées.

Actif d'infrastructure	Quantité
Plantes de traitement de l'eau	1,100
Plantes de traitement des eaux usées	500
Réservoirs de stockage	2,300
Stations de pompage	1,800

Installations avancées de traitement de l'eau

Investissement total en capital dans les infrastructures: 1,8 milliard de dollars en 2022. Les capacités technologiques comprennent:

• Systèmes de filtration à membrane avancée
• Technologie d'osmose inversée
• Processus de désinfection UV
• Systèmes de surveillance de la qualité de l'eau en temps réel

Main-d'œuvre technique et opérationnelle qualifiée

Total des employés: 7 300 à partir de 2022. Répartition des effectifs:

Catégorie des employés	Pourcentage
Professionnels techniques	35%
Personnel opérationnel	45%
Personnel administratif	20%

Contrats de droits d'eau et de services

La couverture du service comprend 16 États avec des opérations réglementées dans 10 États principaux. Connexions de service réglementées totales: 3,4 millions.

Systèmes technologiques pour la surveillance et la gestion

Investissement technologique: 350 millions de dollars de systèmes d'infrastructure numérique et de gestion en 2022. Les ressources technologiques clés comprennent:

• Systèmes de cartographie SIG avancés
• Technologies de détection des fuites en temps réel
• Logiciel de maintenance prédictive
• Infrastructure de cybersécurité

American Water Works Company, Inc. (AWK) - Modèle d'entreprise: propositions de valeur

Approvisionnement en eau potable sûre et fiable

En 2024, American Water dessert environ 14 millions de personnes dans 24 États. L'entreprise offre 1,7 milliard de gallons d'eau par jour à travers 52 000 miles de conduites d'eau.

Métrique de service	Quantité
Total des clients	14 millions
Livraison quotidienne de l'eau	1,7 milliard de gallons
Infrastructure principale de l'eau	52 000 miles

Qualité cohérente de l'eau et conformité réglementaire

American Water effectue plus d'un million de tests de qualité de l'eau par an, garantissant une conformité à 99,5% des normes fédérales et étatiques de l'eau potable.

• Tests annuels de qualité de l'eau: 1 000 000+
• Taux de conformité réglementaire: 99,5%
• EPA Safe Assy Water Water Act Compliance: Certification complète

Solutions de gestion durable de l'eau

La société a investi 2,3 milliards de dollars dans l'amélioration des infrastructures en 2023, en se concentrant sur les initiatives de conservation de l'eau et de durabilité.

Investissement en durabilité	Montant
Investissement en infrastructure (2023)	2,3 milliards de dollars
Consommation d'énergie renouvelable	25% de l'énergie totale

Infrastructure technologique avancée

American Water exploite 1 600 usines de traitement de l'eau avec des systèmes de surveillance technologique avancés, en utilisant l'analyse des données en temps réel pour l'efficacité opérationnelle.

• Plantes de traitement de l'eau: 1 600
• Installations de compteur intelligent: 750 000+
• Systèmes de surveillance numérique: réseau complet

Services d'eau complets dans plusieurs États

La société opère dans 24 États avec une base d'actifs totale de 24,3 milliards de dollars en 2023, fournissant divers services d'eau et d'eaux usées.

Métrique d'extension du service	Quantité
États d'opération	24
Base totale des actifs (2023)	24,3 milliards de dollars
Total des entreprises réglementées	16 États

American Water Works Company, Inc. (AWK) - Modèle commercial: relations clients

Contrats de services à long terme avec les municipalités

En 2022, American Water dessert environ 1 700 communautés dans 14 États. L'entreprise compte 638 contrats de service municipal à long terme en eau et en eaux usées.

Type de contrat	Nombre de contrats	Impact annuel sur les revenus
Services de l'eau municipale	482	3,4 milliards de dollars
Services d'eaux usées	156	1,2 milliard de dollars

Canaux de support client direct

American Water exploite plusieurs canaux de support client avec les mesures suivantes:

• Centres d'appels de service client 24/7
• Prise en charge du téléphone: 1,6 million d'interactions client par an
• Support de chat en ligne: 350 000 interactions numériques par an
• Temps de réponse de la prise en charge de la messagerie: Tiraround moyen 24 heures sur 24

Plateformes de facturation numérique et de gestion des clients

Statistiques d'utilisation de la plate-forme numérique pour 2022:

Fonctionnalité de plate-forme	Taux d'adoption des utilisateurs
Payage des factures en ligne	68%
Utilisateurs d'applications mobiles	42%
Facturation sans papier	55%

Programmes d'engagement communautaire et d'éducation

Investissement communautaire et métriques d'engagement:

• Budget annuel de l'éducation communautaire: 2,3 millions de dollars
• Ateliers de conservation de l'eau: 127 événements en 2022
• Programmes d'enseignement scolaire: atteint 85 000 élèves

Communication transparente sur la qualité de l'eau

Métriques de rapport de la qualité de l'eau:

Métrique de rapport	Performance annuelle
Rapports de qualité de l'eau publiés	1 700 rapports communautaires
Conformité aux normes de l'EPA	99.8%
Divulgations publiques de la qualité de l'eau	Disponibilité à 100% numérique et imprimé

American Water Works Company, Inc. (AWK) - Modèle commercial: canaux

Centres de service à la clientèle directs

Depuis 2024, American Water Work Company exploite 16 centres de service à la clientèle basés sur l'État aux États-Unis.

État	Nombre de centres de service à la clientèle
New Jersey	3
Californie	2
Illinois	2
Autres États	9

Portail Web en ligne et applications mobiles

Les canaux numériques d'American Water comprennent:

• Trafic de site Web: 3,2 millions de visiteurs uniques par an
• Téléchargements d'applications mobiles: 682 000 au T2 2023
• Utilisateurs de paiement de factures en ligne: 1,7 million de clients

Bureaux de facturation locaux

La société maintient 24 bureaux de facturation locaux à travers les territoires de service.

Lignes téléphoniques du support client

Statistiques du support client:

• Volume total du centre d'appels: 1,2 million d'appels par an
• Temps de réponse moyen: 3,5 minutes
• Représentants du support client: 287 employés à temps plein

Centres de sensibilisation et d'information communautaires

Catégorie de sensibilisation	Engagement annuel
Événements communautaires	142
Programmes éducatifs	86
Ateliers de conservation de l'eau	53

American Water Works Company, Inc. (AWK) - Modèle d'entreprise: segments de clientèle

Consommateurs d'eau résidentiels

En 2023, l'eau américaine sert approximativement 14 millions de personnes dans 24 États par le biais de services d'eau résidentiels.

Catégorie client	Nombre de clients	Revenus annuels
Consommateurs résidentiels	3,4 millions de ménages	2,87 milliards de dollars

Entités municipales et gouvernementales

American Water fournit des services d'eau et d'eaux usées à 1 700 municipalités à travers ses régions opérationnelles.

• Gamme de valeurs de contrat: 500 000 $ à 50 millions de dollars par an
• Couverture des services: 24 États

Utilisateurs d'eau commerciale et industrielle

L'entreprise sert Plus de 5 000 clients commerciaux et industriels.

Segment de l'industrie	Les clients servis	Volume annuel de l'eau
Fabrication	2 300 clients	48 millions de gallons / jour
Soins de santé	650 clients	12 millions de gallons / jour

Clients des services de l'eau agricole

Les services de l'eau agricole représentent environ 125 millions de dollars de revenus annuels.

• Clients dans les États à forte intensité d'irrigation
• Couverture de service: Californie, Texas, Nouveau-Mexique

Clients de services d'eau institutionnels

L'eau américaine sert 1 100 clients institutionnels, y compris les universités, les bases militaires et les installations gouvernementales.

Segment institutionnel	Les clients servis	Valeur du contrat annuel
Universités	350 campus	75 millions de dollars
Installations militaires	42 bases	95 millions de dollars

American Water Works Company, Inc. (AWK) - Modèle d'entreprise: Structure des coûts

Entretien et remplacement des infrastructures

En 2022, American Water Work Company a investi 1,4 milliard de dollars dans l'amélioration des infrastructures et les dépenses en capital. Le budget total de remplacement de l'infrastructure de la société pour 2023 était d'environ 1,6 milliard de dollars.

Année	Investissement en infrastructure
2022	1,4 milliard de dollars
2023	1,6 milliard de dollars

Dépenses de traitement de l'eau et de purification

Les coûts annuels de traitement et de purification de l'eau pour American Water Works Company ont atteint 385 millions de dollars en 2022. La société exploite 1 100 installations de traitement de l'eau dans plusieurs États.

• Installations de traitement de l'eau: 1 100
• Dépenses de traitement annuelles: 385 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour American Water Works Company se sont élevées à environ 210 millions de dollars en 2022.

Catégorie de conformité	Dépenses annuelles
Surveillance environnementale	85 millions de dollars
Coûts de rapport	65 millions de dollars
Mise en œuvre de la qualité de qualité	60 millions de dollars

Salaires et avantages sociaux des employés

La rémunération totale des employés pour American Water Works Company en 2022 était de 672 millions de dollars. L'entreprise a employé environ 7 400 travailleurs dans diverses divisions opérationnelles.

• Compensation totale des employés: 672 millions de dollars
• Nombre d'employés: 7 400
• Compensation moyenne par employé: 90 810 $

Mises à niveau de la technologie et du système

Les investissements technologiques et infrastructures numériques ont totalisé 185 millions de dollars en 2022. Cela comprend les installations de compteurs intelligents, les améliorations de la cybersécurité et les améliorations de technologie opérationnelle.

Catégorie d'investissement technologique	Frais
Installations de compteur intelligent	75 millions de dollars
Améliorations de la cybersécurité	55 millions de dollars
Mises à niveau de la technologie opérationnelle	55 millions de dollars

American Water Works Company, Inc. (AWK) - Modèle d'entreprise: Strots de revenus

Frais de service d'eau résidentiel

En 2022, American Water a généré 3,88 milliards de dollars à partir des frais de service en eau résidentiel dans 16 États. La facture mensuelle moyenne de l'eau résidentielle était de 74,54 $.

Catégorie de service résidentiel	Revenus (2022)
Services à l'eau résidentielle réglementée	3,42 milliards de dollars
Services résidentiels non réglementés	460 millions de dollars

Frais de service commercial de l'eau

Les frais de service commercial de l'eau ont représenté 1,26 milliard de dollars de revenus pour 2022.

• Les grands comptes commerciaux représentaient 42% des revenus commerciaux
• Les services de l'eau des petites entreprises ont contribué 58% des revenus commerciaux

Contrats municipaux d'approvisionnement en eau

Les contrats municipaux ont généré 925 millions de dollars en 2022, avec des accords à long terme couvrant 10-25 ans.

Type de contrat municipal	Revenus annuels
Approvisionnement municipal direct	675 millions de dollars
Gestion des infrastructures municipales	250 millions de dollars

Services de maintenance des infrastructures

Les services de maintenance des infrastructures ont généré 412 millions de dollars en 2022.

• Services de réhabilitation du système d'eau: 215 millions de dollars
• Contrats de maintenance des pipelines: 197 millions de dollars

Services de test et de conseil de qualité de l'eau

Les services de test et de conseil de qualité de l'eau ont produit 187 millions de dollars de revenus pour 2022.

Catégorie de service	Revenu
Test de l'eau municipale	98 millions de dollars
Conseil en eau industriel	89 millions de dollars

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.