美国水业 2025年度报告

FORM 11-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition periodto Commission File Number: 001-34028 A.Full title of the plan and the address of the plan, if different from that of the issuer named below: American Water Works Company, Inc. and its Designated Subsidiaries2017 Nonqualified Employee Stock Purchase Plan B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: American Water Works Company, Inc.1 Water StreetCamden, NJ 08102-1658 TABLE OF CONTENTS Report of Independent Registered Public Accounting FirmFinancial StatementsStatements of Financial Condition as of December 31, 2025 and 2024Statements of Changes in Net Income and Plan Equity for the years ended December 31, 2025, 2024 and 2023Notes to the Financial StatementsExhibit IndexSignatures Report of Independent Registered Public Accounting Firm To the Benefit Administration Committee ofAmerican Water Works Company, Inc. Opinion on the Financial Statements We have audited the accompanying statements of financial condition of American Water Works Company, Inc. and itsDesignated Subsidiaries 2017 Nonqualified Employee Stock Purchase Plan (the “Plan”) as of December31, 2025 and 2024, and therelated statements of changes in net income and plan equity for the years ended December31, 2025, 2024, and 2023, and the relatednotes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all materialrespects, the financial condition of the Plan as of December31, 2025 and 2024, and the changes in net income and plan equity for theyears ended December31, 2025, 2024, and 2023, in conformity with accounting principles generally accepted in the United States ofAmerica. Basis for Opinion These financial statements are the responsibility of the plan's management. Our responsibility is to express an opinion onthese financial statements based on our audits. We are a public accounting firm registered with the Public Company AccountingOversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S.federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to erroror fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whetherdue to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis,evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accountingprinciples used and significant estimates made by management, as well as evaluating the overall presentation of the financialstatements. We believe that our audits provide a reasonable basis for our opinion. We have served as the Plan’s auditor since 2017. /s/ Kreischer MillerHorsham, PennsylvaniaMarch 20, 2026 AMERICAN WATER WORKS COMPANY, INC. AND ITS DESIGNATED SUBSIDIARIES2017 NONQUALIFIED EMPLOYEE STOCK PURCHASE PLANStatements of Financial Condition(Dollars in thousands) AMERICAN WATER WORKS COMPANY, INC. AND ITS DESIGNATED SUBSIDIARIES2017 NONQUALIFIED EMPLOYEE STOCK PURCHASE PLANStatements of Changes in Net Income and Plan Equity (Dollars in thousands) AMERICAN WATER WORKS COMPANY, INC. AND ITS DESIGNATED SUBSIDIARIES2017 NONQUALIFIED EMPLOYEE STOCK PURCHASE PLANNotes to the Financial Statements Note 1: Description of Plan General The following description of the American Water Works Company, Inc. and its Designated Subsidiaries 2017 NonqualifiedEmployee Stock Purchase Plan (the “Plan”) provides only general information. Participants should refer to the plan document for amore complete description of the Plan’s provisions. The Plan was initially adopted by the Board of Directors (the “Board”) ofAmerican Water Works Company, Inc. (the “Company”) on February 15, 2017, was approved as such by the shareholders of theCompany on May 12, 2017, and was initially effective as of August 5, 2017. The Board may, at any time and from time to time, amendthe Plan, except that any amendment that is required to be approved by the shareholders shall be submitted to the shareholders of theCompany for approval. The Plan shall continue in effect for ten years from the initial effective date unless terminated prior to that datepursuant to the provisions of the Plan or pursuant to action by the Board. On Feb, 18, 2026, the Board approved amendment