8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 21, 2025

American Water Works Company, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-34028

Delaware	51-0063696
(State or other jurisdiction<br>of incorporation)	(IRS Employer<br>Identification No.)

1 Water Street

Camden, NJ 08102-1658

(Address of principal executive offices, including zip code)

(856) 955-4001

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common stock, par value $0.01 per share	AWK	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01.    Other Events.

Iowa Utilities Commission (“IUC”) Issuance of Final Order in Iowa-American Water Company (“Iowa American Water”) General Rate Case

On May 21, 2025, the IUC issued a final order (the “Order”) approving the adjustment of base rates requested in a general rate case originally filed on May 1, 2024 by Iowa American Water, a wholly owned subsidiary of American Water Works Company, Inc. (the “Company”). The Order approved a $12.7 million annualized increase in water and wastewater system revenues, excluding infrastructure surcharges of $0.9 million, based on an authorized return on equity (“ROE”) of 9.60%, authorized rate base of $262.1 million, and a capital structure with a common equity component of 52.57% and a long-term debt component of 47.43%, as compared to an authorized ROE of 9.60%, an authorized rate base of $144.7 million, and a capital structure with a common equity component of 52.28% and a long-term debt component of 47.72%, all as approved in Iowa American Water’s last general rate case effective October 27, 2021. The requested annualized revenue increase was driven primarily by over $157 million of capital investments made and expected to be made by Iowa American Water through March 2026. Interim rates in this case became effective May 11, 2024. The effective date for new rates will be established by the IUC after Iowa American Water files for rates that reflect the Order and the IUC completes its review of that filing.

A copy of the press release issued by Iowa American Water on May 22, 2025 announcing the issuance of the Order has been filed as Exhibit 99.1 hereto and is incorporated herein by reference. References and links to websites and other information contained in this press release are not provided as active hyperlinks, and the information contained in or accessed through these hyperlinks shall not be incorporated into, or form a part of, this Current Report on Form 8-K.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits to this Current Report have been filed herewith (except as noted below):

Exhibit No.	Description
99.1*	Press Release, dated May22, 2025, issued by Iowa American Water.
104	Cover Page Interactive Data File (the cover page XBRL tags are included and formatted as Inline XBRL).
*Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		AMERICAN WATER WORKS COMPANY, INC.
Dated:	May 22, 2025	By:	/s/ DAVID M. BOWLER
			David M. Bowler
			Executive Vice President and Chief Financial Officer

3

Document

Exhibit 99.1

Iowa American Water Granted New Rates by Iowa Utilities Commission

Increase Driven by Over $157 Million in Infrastructure Investments

DAVENPORT, IOWA. (MAY 22, 2025) – The Iowa Utilities Commission (IUC) issued an order on May 21 approving new water and wastewater rates for Iowa American Water. The company’s rate request was filed on May 1, 2024, and was primarily driven by over $157 million in infrastructure investment in treatment and distribution system upgrades since its last rate filing.

“We are committed to making appropriate investments to continue to provide safe, clean, reliable and affordable services,” said Brad Nielsen, President, Iowa American Water. “Our effective capital planning and consistent focus on efficiently operating our systems keep our water and wastewater services compliant with state and federal regulations for the benefit of the customers and communities we serve in Iowa.”

Next, Iowa American Water will prepare and file rates that reflect the IUC’s Order. After review of the filing, an effective date for the new rates will be established by the IUC. Interim rates became effective on May 11, 2024.

Iowa American Water offers customer payment installment plans and budget billing options on the MyWater customer portal at iowaamwater.com. More information on these programs can be found on the company’s website, under Customer Service & Billing, Customer Assistance programs.

Customers will receive information about the new rates on their Iowa American Water bill. Information will also be available on the company’s website here under Customer Service Billing, Your Water and Wastewater Rates. Additional information can also be found on the Iowa Utilities Commission’s website at iuc.iowa.gov.

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, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to more than 14 million people with regulated operations in 14 states and on 18 military installations. American Water’s 6,700 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.

About Iowa American Water

Iowa American Water, a subsidiary of American Water is the largest regulated water utility in the state, providing safe, clean, reliable and affordable water services to approximately 227,000 people.

For more information, visit iowaamwater.com and follow Iowa American Water on Facebook and X.

AWK-IR

Media Contact:

Lisa Reisen

Senior Manager - External Communications

(563) 343-6127

lisa.reisen@amwater.com