<p><strong>美国水业</strong>(AWK 0.42%)，美国最大的上市水务和污水公用事业公司，于 2025 年 7 月 30 日公布了 2025 年第二季度的业绩。与 2024 年第二季度相比，公司 GAAP 收入增长了 11.1%，达到 12.76 亿美元，远超分析师对 GAAP 收入的预期 121.725 亿美元。然而，GAAP 每股收益为 1.48 美元，未能达到预期的 1.52 美元。该结果受到强劲的监管收入增长和更高资本投资的影响，但被显著上升的运营和利息成本所抵消。总体而言，本季度强调了美国水业在收购驱动扩张和基础设施更新方面的持续关注，同时突显了监管批准和成本管理的重要性。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益 (GAAP)</td>
<td>$1.48</td>
<td>$1.52</td>
<td>$1.42</td>
<td>4.2%</td>
</tr>
<tr>
<td>收入 (GAAP)</td>
<td>$12.76 亿</td>
<td>$12.1725 亿</td>
<td>$11.49 亿</td>
<td>11.1%</td>
</tr>
<tr>
<td>运营收入</td>
<td>$4.89 亿</td>
<td></td>
<td>$4.49 亿</td>
<td>8.9%</td>
</tr>
<tr>
<td>归属于普通股股东的净收入</td>
<td>$2.89 亿</td>
<td></td>
<td>$2.77 亿</td>
<td>4.3%</td>
</tr>
<tr>
<td>运营费用</td>
<td>$7.87 亿</td>
<td></td>
<td>$7 亿</td>
<td>12.4%</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的季度分析师预估。</p>
<h2>公司简介及战略重点</h2>
<p>美国水业是一家监管公用事业，服务于 14 个州的 1400 多万人。其主要使命是通过一系列监管公用事业提供清洁水和可靠的污水服务，这些公用事业在截至 2024 年 12 月 31 日的年度中共同产生了 92% 的运营收入。</p>
<p>公司的业务围绕几个关键重点领域展开。这些领域包括应对复杂的监管环境以确保费率调整、在基础设施更新上进行大量资本投资，以及通过有针对性的收购实现增长。监管批准至关重要，影响从客户费率到回收数百万用于升级管道或水质系统的支出。运营效率符合不断变化的环境要求和健康法规，仍然是其长期成功的核心。</p>
<h2>季度回顾：增长驱动因素、挑战和显著活动</h2>
<p>第二季度展示了强劲的监管收入增长，主要得益于费率上涨和收购活动。公司管理的监管部门净收入从 2024 年第二季度的 2.74 亿美元上升至 2.88 亿美元，反映了新费率案件和近期收购的影响。监管部门的运营收入与去年同期相比增加了 1.21 亿美元。这一增长主要来自成功实施的费率调整和新系统购买的完成，包括在八个州收购 Nexus Water Group 运营系统的大规模交易，截至 2025 年 7 月 30 日，共有约 87,000 个客户连接在协议之下。</p>
<p>然而，运营费用同比大幅上升 8300 万美元（GAAP），主要由于员工相关和技术成本的增加、新资本投资的普遍税收以及与已完成收购相关的费用。折旧也有所增加，与美国水业在资本投资上的更高支出一致。截止 2025 年 6 月 30 日的三个月内，利息支出较 2024 年同期上升超过 15%，反映出为资助持续资本项目而增加的债务。值得注意的是，公司在 2025 年上半年进行了 13 亿美元的资本投资，保持了全年预计 33 亿美元的进度。</p>
<p>在监管方面，公司取得了重大里程碑。自 2025 年 1 月 1 日起，新和正在进行的一般费率案件和附加费已授权额外的 2.7 亿美元的监管年化收入，截至季度末，待决案件的请求总额为 1.26 亿美元。在密苏里州、印第安纳州和弗吉尼亚州等州的进展——这些州的立法行动现在允许对投资进行前期测试并加速特定类型资本成本的回收——可能有助于更好地将公司回报与投资速度对齐，尽管监管滞后仍然是一个持续的风险。这些州的最新法律反映了行业更广泛的推动，旨在实现更具响应性的监管，这是在投资需求上升的情况下维持现金流的关键。</p>
<p>几个一次性和经常性因素影响了季度业绩。潮湿天气使本季度每稀释股收益减少了 0.03 美元，2025 年上半年减少了 0.06 美元。尽管如此，公司在基础设施支出轨迹上保持稳定，指出环境改善和管道更换的持续和日益增长的需求。截至 2025 年第一季度，美国水业尚未根据新的美国 PFAS 或水中铅标准调整其资本计划，并预计到 2029 年合规将需要约 10 亿美元的资本支出。资本支出的持续上升趋势不仅支持监管义务，还提高了系统的可靠性和韧性，特别是在加利福尼亚等干旱易发地区，预计将在 2025 年启动一项重大海水淡化项目。</p>
<h2>展望未来：指引、股息及关注事项</h2>
<p>美国水业将 2025 年全年的每股收益指引收紧至 5.70 至 5.75 美元，基于天气正常化的基础上，较之前的 5.65 至 5.75 美元范围有所上调。管理层继续确认长期每股收益和股息增长目标为 7% 至 9%。这种信心基于授权的费率上涨、持续的资本投入和强大的收购管道，截至 2025 年 7 月 30 日，约有 87,000 个客户连接在协议之下。利息收入在 2025 年也因早前对其房主服务销售的卖方票据的修订而获得每股 0.10 美元的利好。</p>
<p>公司宣布在该期间每股派发季度股息 0.8275 美元，支付日期为 2025 年 9 月 3 日。展望未来的季度，投资者应关注几个关键领域：资本项目的执行、收购的关闭和整合进度、州级监管在费率案件和环境要求方面的发展，以及成本趋势的任何变化——特别是劳动力和融资成本。尽管整体杠杆水平与内部目标保持一致，并支持其强劲的投资级信用评级。</p>
<p><em>除非另有说明，收入和净收入均按照美国公认会计原则（GAAP）呈现。</em></p>

美国水业

<p>美国水业（AWK）报告称，2025 年第二季度的 GAAP 收入增长了 11.1%，达到 12.76 亿美元，超出分析师预期。然而，GAAP 每股收益为 1.48 美元，低于预期的 1.52 美元。尽管运营和利息成本上升，但增长主要得益于监管收入和收购。公司将全年每股收益指引收紧至 5.70 美元至 5.75 美元，同时维持长期每股收益和股息增长目标为 7% 至 9%，这一目标得到了费率上涨和资本投资的支持</p>

<p><strong>American Water Works</strong>(AWK 0.42%), the largest publicly traded U.S. water and wastewater utility, reported results for Q2 2025 on July 30, 2025. The company delivered an 11.1% increase in GAAP revenue to $1,276 million compared to Q2 2024, comfortably above analyst GAAP revenue estimates of $1,217.25 million. However, GAAP earnings per share came in at $1.48, missing the anticipated $1.52. This result was shaped by strong regulated revenue growth and higher capital investment, offset by a notable rise in operating and interest costs. Overall, the quarter underscored American Water Works's continued focus on acquisition-driven expansion and infrastructure renewal, while highlighting the importance of regulatory approvals and cost management.</p>
<div class="lb-trans"><p><strong>美国水业</strong>(AWK 0.42%)，美国最大的上市水务和污水公用事业公司，于 2025 年 7 月 30 日公布了 2025 年第二季度的业绩。与 2024 年第二季度相比，公司 GAAP 收入增长了 11.1%，达到 12.76 亿美元，远超分析师对 GAAP 收入的预期 121.725 亿美元。然而，GAAP 每股收益为 1.48 美元，未能达到预期的 1.52 美元。该结果受到强劲的监管收入增长和更高资本投资的影响，但被显著上升的运营和利息成本所抵消。总体而言，本季度强调了美国水业在收购驱动扩张和基础设施更新方面的持续关注，同时突显了监管批准和成本管理的重要性。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 2025 Estimate</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (GAAP)</td>
<td>$1.48</td>
<td>$1.52</td>
<td>$1.42</td>
<td>4.2%</td>
</tr>
<tr>
<td>Revenue (GAAP)</td>
<td>$1,276 million</td>
<td>$1,217.25 million</td>
<td>$1,149 million</td>
<td>11.1%</td>
</tr>
<tr>
<td>Operating Income</td>
<td>$489 million</td>
<td></td>
<td>$449 million</td>
<td>8.9%</td>
</tr>
<tr>
<td>Net Income Attributable to Common Shareholders</td>
<td>$289 million</td>
<td></td>
<td>$277 million</td>
<td>4.3%</td>
</tr>
<tr>
<td>Operating Expenses</td>
<td>$787 million</td>
<td></td>
<td>$700 million</td>
<td>12.4%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益 (GAAP)</td>
<td>$1.48</td>
<td>$1.52</td>
<td>$1.42</td>
<td>4.2%</td>
</tr>
<tr>
<td>收入 (GAAP)</td>
<td>$12.76 亿</td>
<td>$12.1725 亿</td>
<td>$11.49 亿</td>
<td>11.1%</td>
</tr>
<tr>
<td>运营收入</td>
<td>$4.89 亿</td>
<td></td>
<td>$4.49 亿</td>
<td>8.9%</td>
</tr>
<tr>
<td>归属于普通股股东的净收入</td>
<td>$2.89 亿</td>
<td></td>
<td>$2.77 亿</td>
<td>4.3%</td>
</tr>
<tr>
<td>运营费用</td>
<td>$7.87 亿</td>
<td></td>
<td>$7 亿</td>
<td>12.4%</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates for the quarter provided by FactSet.</p>
<div class="lb-trans"><p>来源：FactSet 提供的季度分析师预估。</p>
</div><h2>Company Profile and Strategic Focus</h2>
<div class="lb-trans"><h2>公司简介及战略重点</h2>
</div><p>American Water Works is a regulated utility serving more than 14 million people across 14 states. Its primary mission is to provide clean water and reliable wastewater services through a network of regulated utilities, which together generated 92% of operating revenue for the year ended December 31, 2024.</p>
<div class="lb-trans"><p>美国水业是一家监管公用事业，服务于 14 个州的 1400 多万人。其主要使命是通过一系列监管公用事业提供清洁水和可靠的污水服务，这些公用事业在截至 2024 年 12 月 31 日的年度中共同产生了 92% 的运营收入。</p>
</div><p>The company’s business revolves around several key focus areas. These include navigating complex regulatory environments to secure rate adjustments, making substantial capital investments in infrastructure renewal, and executing growth through targeted acquisitions. Regulatory approval is crucial, impacting everything from customer rates to the recovery of millions spent on upgrading pipes or water quality systems. Operational efficiency, compliant with evolving environmental mandates and health regulations, remains central to its long-term success.</p>
<div class="lb-trans"><p>公司的业务围绕几个关键重点领域展开。这些领域包括应对复杂的监管环境以确保费率调整、在基础设施更新上进行大量资本投资，以及通过有针对性的收购实现增长。监管批准至关重要，影响从客户费率到回收数百万用于升级管道或水质系统的支出。运营效率符合不断变化的环境要求和健康法规，仍然是其长期成功的核心。</p>
</div><h2>Quarter in Review: Growth Drivers, Challenges, and Notable Activity</h2>
<div class="lb-trans"><h2>季度回顾：增长驱动因素、挑战和显著活动</h2>
</div><p>The second quarter showcased robust regulated revenue gains, driven by both rate increases and acquisition activity. Company-managed net income from its regulated segment rose to $288 million, up from $274 million in Q2 2024, reflecting the effect of new rate cases and recent acquisitions. The regulated segment saw a $121 million increase in operating revenue compared to the prior year period. This growth came largely from the successful implementation of rate adjustments and the closing of new system purchases—including the large-scale acquisition of Nexus Water Group operating systems in eight states, with approximately 87,000 customer connections under agreement in total as of July 30, 2025.</p>
<div class="lb-trans"><p>第二季度展示了强劲的监管收入增长，主要得益于费率上涨和收购活动。公司管理的监管部门净收入从 2024 年第二季度的 2.74 亿美元上升至 2.88 亿美元，反映了新费率案件和近期收购的影响。监管部门的运营收入与去年同期相比增加了 1.21 亿美元。这一增长主要来自成功实施的费率调整和新系统购买的完成，包括在八个州收购 Nexus Water Group 运营系统的大规模交易，截至 2025 年 7 月 30 日，共有约 87,000 个客户连接在协议之下。</p>
</div><p>Operating expenses, however, rose sharply by $83 million year over year (GAAP), primarily due to higher employee-related and technology costs, general taxes on new capital investment, and costs tied to completed acquisitions. Depreciation also increased, consistent with American Water Works's higher spending on capital investment. Interest expense rose by more than 15% for the three months ended June 30, 2025, compared to the same period in 2024, reflecting increased debt taken to fund ongoing capital projects. Notably, the company made $1.3 billion in capital investments during the first half of 2025, keeping it on pace for a projected $3.3 billion full-year total.</p>
<div class="lb-trans"><p>然而，运营费用同比大幅上升 8300 万美元（GAAP），主要由于员工相关和技术成本的增加、新资本投资的普遍税收以及与已完成收购相关的费用。折旧也有所增加，与美国水业在资本投资上的更高支出一致。截止 2025 年 6 月 30 日的三个月内，利息支出较 2024 年同期上升超过 15%，反映出为资助持续资本项目而增加的债务。值得注意的是，公司在 2025 年上半年进行了 13 亿美元的资本投资，保持了全年预计 33 亿美元的进度。</p>
</div><p>On the regulatory front, the company achieved major milestones. Since January 1, 2025, new and ongoing general rate cases and surcharges have authorized an additional $270 million in regulated annualized revenue, with pending cases totaling requests for another $126 million as of the end of the quarter. Progress in states like Missouri, Indiana, and Virginia—where legislative actions now allow forward-testing of investments and acceleration of recovery for specific types of capital costs—could help better align company returns with investment pace, though regulatory lag remains a persistent risk. Recent laws in these states reflect a broader industry push toward more responsive regulation, a key to sustaining cash flows as investment needs climb.</p>
<div class="lb-trans"><p>在监管方面，公司取得了重大里程碑。自 2025 年 1 月 1 日起，新和正在进行的一般费率案件和附加费已授权额外的 2.7 亿美元的监管年化收入，截至季度末，待决案件的请求总额为 1.26 亿美元。在密苏里州、印第安纳州和弗吉尼亚州等州的进展——这些州的立法行动现在允许对投资进行前期测试并加速特定类型资本成本的回收——可能有助于更好地将公司回报与投资速度对齐，尽管监管滞后仍然是一个持续的风险。这些州的最新法律反映了行业更广泛的推动，旨在实现更具响应性的监管，这是在投资需求上升的情况下维持现金流的关键。</p>
</div><p>Several one-time and recurring factors affected quarter results. Wet weather reduced earnings by $0.03 per diluted share in the quarter and by $0.06 per diluted share for the first half of 2025. Despite this, the company held steady on its infrastructure spending trajectory, citing ongoing and growing needs for environmental improvement and pipe replacement. American Water Works has not adjusted its capital plan in response to new U.S. standards for PFAS or lead in water as of the first quarter of 2025, and estimates compliance will require about $1 billion in capital expenditures by 2029. The continued upward trend in capital expenditures supports not only regulatory obligations but also increased system reliability and resilience, especially for drought-prone regions such as California, where a major desalination project is projected to break ground in 2025.</p>
<div class="lb-trans"><p>几个一次性和经常性因素影响了季度业绩。潮湿天气使本季度每稀释股收益减少了 0.03 美元，2025 年上半年减少了 0.06 美元。尽管如此，公司在基础设施支出轨迹上保持稳定，指出环境改善和管道更换的持续和日益增长的需求。截至 2025 年第一季度，美国水业尚未根据新的美国 PFAS 或水中铅标准调整其资本计划，并预计到 2029 年合规将需要约 10 亿美元的资本支出。资本支出的持续上升趋势不仅支持监管义务，还提高了系统的可靠性和韧性，特别是在加利福尼亚等干旱易发地区，预计将在 2025 年启动一项重大海水淡化项目。</p>
</div><h2>Looking Ahead: Guidance, Dividend, and What to Watch</h2>
<div class="lb-trans"><h2>展望未来：指引、股息及关注事项</h2>
</div><p>American Water Works tightened its full-year 2025 earnings guidance to $5.70 to $5.75 per share on a weather-normalized basis, up from a previous range of $5.65 to $5.75. Management continues to affirm long-term targets for earnings and dividend growth of 7% to 9%. This confidence rests on a mix of authorized rate increases, ongoing capital deployment, and a strong acquisition pipeline, highlighted by approximately 87,000 customer connections under agreement as of July 30, 2025. Interest income is also receiving a $0.10 per share tailwind in 2025 from the earlier amendment to the seller note on its Homeowner Services sale.</p>
<div class="lb-trans"><p>美国水业将 2025 年全年的每股收益指引收紧至 5.70 至 5.75 美元，基于天气正常化的基础上，较之前的 5.65 至 5.75 美元范围有所上调。管理层继续确认长期每股收益和股息增长目标为 7% 至 9%。这种信心基于授权的费率上涨、持续的资本投入和强大的收购管道，截至 2025 年 7 月 30 日，约有 87,000 个客户连接在协议之下。利息收入在 2025 年也因早前对其房主服务销售的卖方票据的修订而获得每股 0.10 美元的利好。</p>
</div><p>The company declared a quarterly dividend of $0.8275 per share for the period, and payable on September 3, 2025. Looking ahead to future quarters, investors should monitor key areas: execution on capital projects, the pace of closing and integrating acquisitions, developments in state-level regulation for rate cases and environmental requirements, as well as any shifts in cost trends—particularly for labor and financing. Though overall leverage remains consistent with internal targets and supports its strong investment-grade credit ratings.</p>
<div class="lb-trans"><p>公司宣布在该期间每股派发季度股息 0.8275 美元，支付日期为 2025 年 9 月 3 日。展望未来的季度，投资者应关注几个关键领域：资本项目的执行、收购的关闭和整合进度、州级监管在费率案件和环境要求方面的发展，以及成本趋势的任何变化——特别是劳动力和融资成本。尽管整体杠杆水平与内部目标保持一致，并支持其强劲的投资级信用评级。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>除非另有说明，收入和净收入均按照美国公认会计原则（GAAP）呈现。</em></p>
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美国水业（AWK）第二季度业绩增长 11%