FINANCIAL MODEL

American Water Works

AWK · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	3,159	3,302	3,357	3,440	3,610	3,777	3,930	3,792	4,234	4,684	5,140
Cost of Goods Sold
Gross Profit
SG&A
R&D
EBITDA
D&A		470	492	545	582	604	636	649	704	788	894
EBIT (Operating Income)		1,085	1,253	1,102	1,170	1,248	1,196	1,273	1,504	1,718	1,879
Interest Expense		325	342	350	382	395	403	433	460	523	615
Pre-Tax Income		770	912	787	833	924	1,640	1,008	1,196	1,359	1,422
Tax Expense		302	486	222	212	215	377	188	252	308	311
Net Income	476	468	426	567	621	709	1,263	820	944	1,051	1,111
Diluted EPS	2.64	2.62	2.38	3.15	3.43	3.91	6.95	4.51	4.90	5.39	5.69
Diluted Shares (M)		179.0	179.0	180.0	181.0	182.0	182.0	182.0	193.0	195.0	195.0
Balance Sheet
Total Cash & Equivalents			55	130	60	547	116	85	330	96	98
Short-term Debt			1,227	1,035	814	1,611	641	1,456	654	1,516	3,067
Long-term Debt			6,490	7,569	8,639	9,329	10,341	10,926	11,715	12,518	12,777
Total Debt
Net Debt
Total Current Assets			720	781	1,285	1,906	1,554	1,250	1,389	1,215	2,191
Total Current Liabilities			2,325	2,094	2,045	2,881	2,141	2,811	2,151	3,150	4,747
Total Assets	17,241	18,482	19,482	21,223	22,682	24,766	26,075	27,787	30,298	32,830	35,442
Total Liabilities			14,097	15,359	16,561	18,312	18,777	20,094	20,501	22,498	24,605
Shareholders' Equity			5,385	5,864	6,121	6,454	7,298	7,693	9,797	10,332	10,837
Minority Interest
Intangibles & Goodwill			1,379	1,575	1,501	1,504	1,139	1,143	1,143	1,144	1,156
PP&E			16,246	17,409	18,232	19,710	21,084	23,223	25,438	28,038	30,576
Receivables			272	301	294	321	271	334	339	416	395
Payables			195	175	203	189	235	254	294	346	378
Inventory			41	41	44	47	57	98	112	103	112
Retained Earnings			-723	-464	-207	102	925	1,267	1,659	2,112	2,575
Cash Flow
Cash from Operations	1,195	1,289	1,449	1,386	1,383	1,426	1,441	1,108	1,874	2,045	2,059
Capital Expenditures	1,160	1,311	1,434	1,586	1,654	1,822	1,764	2,297	2,575	2,856	3,126
Free Cash Flow
Stock-Based Compensation		11	11	17	17	21	17	28	25	36	32
Dividends Paid		261	289	319	353	389	428	467	532	585	633
Share Repurchases		65	54	45	36