0001193125-26-214642 | 8-K | XBRL Viewer

$ 1,207

$ 1,142

^[1]

493

468

Other segment items

^[2]

237

216

163

144

(12)

(22)

Cash paid for capital expenditures

196

205

Total assets

35,264

33,156

$ 35,442

659

548

Operating Segments | Regulated Businesses

Segment Reporting Information [Line Items]

1,111

1,049

^[1]

417

395

Other segment items

^[2]

234

213

126

114

(1)

Cash paid for capital expenditures

208

201

Total assets

33,168

30,288

657

545

Other

Segment Reporting Information [Line Items]

^[1]

Other segment items

^[2]

(1)

(11)

(21)

Cash paid for capital expenditures

(12)

Total assets

2,096

2,868

$ 2

$ 3

[1]	Significant segment expense.
[2]	Other segment items included in segment net income includes General taxes, Non-operating benefit costs, net, and Other income (expense), net, primarily Allowance for other funds used during construction.

Short-Term Debt - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Short-term Debt [Line Items]
Outstanding debt	$ 1,367,000,000	$ 1,590,000,000
Short-term debt	$ 1,366,000,000	$ 1,588,000,000
Short-Term Debt, Weighted Average Interest Rate, at Point in Time	4.07%	3.89%
Commercial Paper Program
Short-term Debt [Line Items]
Proceeds from short-term borrowings with maturities greater than three months	$ 0	$ 0
Revolving Credit Facility \| Letters of Credit
Short-term Debt [Line Items]
Total availability	150,000,000	150,000,000
Proceeds from short-term borrowings with maturities greater than three months	$ 0	0
Revolving Credit Facility \| American Water Capital Corp. (AWCC)
Short-term Debt [Line Items]
Total availability		2,750,000,000
Maximum commitment under the facility		$ 500,000,000

Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2026

Defined Benefit Plan Disclosure [Line Items]

Schedule of components of net periodic benefit costs

Presented in the table below are the components of net periodic benefit costs:


	For the Three Months Ended March 31,
	2026			2025
Components of net periodic pension benefit cost:
Service cost	$	3		$	3
Interest cost		20			21
Expected return on plan assets		(23	)		(22	)
Amortization of prior service credit		—			(1	)
Amortization of actuarial loss		4			5

Net periodic pension benefit cost	$	4		$	6

Components of net periodic other postretirement benefit credit:
Interest cost	$	3		$	3
Expected return on plan assets		(3	)		(3	)
Amortization of prior service credit		(6	)		(8	)

Net periodic other postretirement benefit credit	$	(6	)	$	(8	)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Earnings Per Common Share - Schedule of Reconciliation of Numerator and Denominator for Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net income attributable to common shareholders - Basic	$ 196	$ 205
Net income attributable to common shareholders - Diluted	$ 196	$ 205
Weighted average common shares outstanding—Basic (in shares)	195	195
Effect of dilutive common stock equivalents (in shares)	0	0
Effect of dilutive forward sale agreements (in shares)	0	0
Weighted average common shares outstanding—Diluted (in shares)	195	195

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Revenue from Contract with Customer [Abstract]

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of disaggregation of revenue

Presented in the table below are operating revenues disaggregated for the three months ended March 31, 2026:


	Revenues from Contracts with Customers		Other Revenues Not from Contracts with Customers (a)		Total Operating Revenues
Regulated Businesses:
Water services:
Residential	$	593	$	—	$	593
Commercial		229		—		229
Fire service		48		—		48
Industrial		48		—		48
Public and other		70		—		70

Total water services		988		—		988
Wastewater services:
Residential		74		—		74
Commercial		22		—		22
Industrial		2		—		2
Public and other		9		—		9

Total wastewater services		107		—		107
Miscellaneous utility charges		12		—		12
Alternative revenue programs		—		2		2
Lease contract revenue		—		2		2

Total Regulated Businesses		1,107		4		1,111

Other		96		—		96

Total operating revenues	$	1,203	$	4	$	1,207

(a)	Includes revenues associated with alternative revenue programs, lease contracts and intercompany rent, which are outside the scope of ASC 606, and accounted for under other existing GAAP.

Presented in the table below are operating revenues disaggregated for the three months ended March 31, 2025:


	Revenues from Contracts with Customers		Other Revenues Not from Contracts with Customers (a)		Total Operating Revenues
Regulated Businesses:
Water services:
Residential	$	560	$	—	$	560
Commercial		212		—		212
Fire service		45		—		45
Industrial		45		—		45
Public and other		67		—		67

Total water services		929		—		929
Wastewater services:
Residential		68		—		68
Commercial		18		—		18
Industrial		5		—		5
Public and other		10		—		10

Total wastewater services		101		—		101
Miscellaneous utility charges		11		—		11
Alternative revenue programs		—		6		6
Lease contract revenue		—		2		2

Total Regulated Businesses		1,041		8		1,049

Other		93		—		93

Total operating revenues	$	1,134	$	8	$	1,142

(a)	Includes revenues associated with alternative revenue programs, lease contracts and intercompany rent, which are outside the scope of ASC 606, and accounted for under other existing GAAP.

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of new accounting pronouncements and changes in accounting principles

New Accounting Standards

Presented in the table below is the new accounting standard that was adopted by the Company in 2026:


Standard	Description	Date of Adoption	Application	Effect on the Consolidated Financial Statements
Induced Conversions of Convertible Debt Instruments	The guidance in this standard clarifies the requirements for determining whether to account for certain settlements of convertible debt instruments as induced conversions or extinguishments. The guidance requires an entity to account for a settlement as an induced conversion if the inducement offer includes the issuance of all of the consideration issuable under the conversion privileges provided in the terms of the existing convertible debt instrument.	January 1, 2026	Prospective	The standard did not have a material impact on the Consolidated Financial Statements.

Presented in the table below are recently issued accounting standards that have not yet been adopted by the Company as of March 31, 2026; recently issued accounting standards not presented below were determined to be not applicable, or not material, to the Company:


Standard	Description	Date of Adoption	Application	Effect on the Consolidated Financial Statements
Income Statement Disaggregation	The guidance in this standard enhances disclosures related to income statement expenses to further disaggregate expenses in the footnotes to the financial statements. The standard requires disaggregation of any relevant expense caption presented on the face of the income statement that contains the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. Further, the standard requires disclosure of the total amount and the entity’s definition of selling expenses.	Annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027	Prospective, with retrospective application also permitted	The Company is evaluating the impact on its Consolidated Financial Statements and the timing of adoption.

Accounting for Internal-Use Software	The guidance in this standard removes all reference to prescriptive and sequential software development stages, requiring an entity to start capitalizing software costs when the following criteria are both met: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. Further, the standard requires disclosure for all capitalized internal-use software costs and removes the requirement for intangibles disclosures for capitalized internal-use software.	Annual periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods	Prospective, with a modified transition or retrospective application also permitted	The Company is evaluating the impact on its Consolidated Financial Statements and the timing of adoption.

Accounting for Government Grants Received by Business Entities	Introduces authoritative GAAP guidance for accounting and disclosure of government grants received by business entities, addressing the previous lack of specific guidance and reducing diversity in practice. The standard requires grants to be recognized when compliance with conditions is probable and receipt is likely, and allows presentation either as deferred income or as a reduction of related costs.	Annual periods beginning after December 15, 2028 and interim reporting periods within those annual reporting periods	Modified prospective, modified retrospective, or retrospective applications are permitted	The Company is evaluating the impact on its Consolidated Financial Statements and the timing of adoption.

Schedule of restrictions on cash and cash equivalents

Presented in the table below is a reconciliation of the cash and cash equivalents and restricted funds amounts as presented on the Consolidated Balance Sheets to the sum of such amounts presented on the Consolidated Statements of Cash Flows for the periods ended March 31:


	2026		2025
Cash and cash equivalents	$	137	$	114
Restricted funds		19		18
Restricted funds included in other long-term assets		15		25

Cash, cash equivalents and restricted funds as presented on the Consolidated Statements of Cash Flows	$	171	$	157

Schedule of allowance for uncollectible accounts

Presented in the table below are the changes in the allowance for uncollectible accounts for the three months ended March 31:


	2026			2025
Balance as of January 1	$	(58	)	$	(53	)
Amounts charged to expense		(14	)		(10	)
Amounts written off		9			6

Balance as of March 31	$	(63	)	$	(57	)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11: Commitments and Contingencies Contingencies The Company is routinely involved in legal actions incident to the normal conduct of its business. As of March 31, 2026, the Company has accrued approximately $6 million of probable loss contingencies and has estimated that the maximum amount of loss associated with reasonably possible loss contingencies arising out of such legal actions, which can be reasonably estimated, is $7 million. For certain legal actions, the Company is unable to estimate possible losses. The Company believes that damages or settlements, if any, recovered by plaintiffs in such legal actions, other than as described in this Note 11—Commitments and Contingencies, will not have a material adverse effect on the Company. Dunbar, West Virginia Class Action Litigation Settlement On the evening of June 23, 2015, a 36-inch pre-stressed concrete transmission water main, installed in the early 1970s, failed. The water main is part of the West Relay pumping station located in the City of Dunbar, West Virginia and owned by the Company’s West Virginia subsidiary (“WVAWC”). Water service was fully restored by July 1, 2015, to all customers affected by this event. On June 2, 2017, a complaint captioned Jeffries, et al. v. West Virginia-American Water Company was filed in West Virginia Circuit Court in Kanawha County on behalf of an alleged class of residents and business owners who lost water service or pressure as a result of the Dunbar main break. The complaint alleged breach of contract by WVAWC for failure to supply water, violation of West Virginia law regarding the sufficiency of WVAWC’s facilities and negligence by WVAWC in the design, maintenance and operation of the water system. In July 2020, the Circuit Court entered an order granting the Jeffries plaintiffs’ motion for certification of a class regarding certain liability issues but denying certification of a class to determine a punitive damages multiplier. Trial in this matter had been scheduled, but before trial commenced, the parties notified the Circuit Court that an agreement in principle to settle this litigation was reached among the parties. On May 2, 2025, the parties jointly filed with the Circuit Court a proposed class action settlement agreement (the “Dunbar Settlement”) with respect to the certified liability claims. On September 12, 2025, the Circuit Court issued an order granting final approval of the Dunbar Settlement. Under the terms of the approved Dunbar Settlement, WVAWC has not admitted, and will not admit, any fault or liability for any of the allegations made by the Jeffries plaintiffs. The maximum pre-tax amount of the Dunbar Settlement is approximately $18 million, of which the final amount of the Company’s and WVAWC’s contributions to the Dunbar Settlement is approximately $5 million (which have been funded through existing sources of liquidity), and the remainder has been contributed by certain of the Company’s general liability insurance carriers. The Company previously recorded in the fourth quarter of 2024 a charge to earnings, net of expected insurance receivables, of $5 million ($4 million after-tax), with respect to the Dunbar Settlement. The actual total amount to be paid to claimants through the Dunbar Settlement will depend upon the claims approved through the claims process but the Company does not currently anticipate that its maximum liability will materially exceed $5 million. The deadline for claims submissions was August 25, 2025, and on October 10, 2025, WVAWC made its payments for attorney fees, costs and other expenses under the order granting final approval of the class settlement. Chattanooga, Tennessee Class Action Litigation On September 12, 2019, the Company’s Tennessee subsidiary (“TAWC”), experienced a leak in a 36-inch water transmission main, which caused service fluctuations or interruptions to TAWC customers and the issuance of a boil water notice. TAWC repaired the main by early morning on September 14, 2019, and restored full water service by the afternoon of September 15, 2019, with the boil water notice lifted for all customers on September 16, 2019. On September 17, 2019, a complaint captioned Bruce, et al. v. American Water Works Company, Inc., et al. was filed in the Circuit Court of Hamilton County, Tennessee against TAWC, the Company and American Water Works Service Company, Inc. (“Service Company” and, together with TAWC and the Company, collectively, the “Tennessee-American Water Defendants”), on behalf of a proposed class of individuals or entities who lost water service or suffered monetary losses as a result of the Chattanooga incident (the “Tennessee Plaintiffs”). The complaint alleged breach of contract and negligence against the Tennessee-American Water Defendants, as well as an equitable remedy of piercing the corporate veil. In the complaint as originally filed, the Tennessee Plaintiffs were seeking an award of unspecified alleged damages for wage losses, business and economic losses, out-of-pocket expenses, loss of use and enjoyment of property and annoyance and inconvenience, as well as punitive damages, attorneys’ fees and pre- and post-judgment interest. In September 2020, the court dismissed all of the Tennessee Plaintiffs’ claims in their complaint, except for the breach of contract claims against TAWC. In January 2023, after hearing oral argument, the court issued an oral ruling denying the Tennessee Plaintiffs’ motion for class certification. In February 2023, the Tennessee Plaintiffs sought reconsideration of the ruling by the court, and any final ruling is appealable to the Tennessee Court of Appeals, as allowed under Tennessee law. In September 2023, the court upheld its prior ruling but gave the Tennessee Plaintiffs the option to file an amended class definition. In October 2023, the Tennessee Plaintiffs filed an amended class definition seeking certification of a business customer-only class. On June 14, 2024, the court issued its written order denying the Tennessee Plaintiffs’ amended class and incorporating its denial of certification of the original residential class. On June 21, 2024, the Tennessee Plaintiffs appealed both of the court’s orders denying class certification. On December 4, 2025, the Court of Appeals of Tennessee denied the Tennessee Plaintiffs’ appeal, and on January 30, 2026, the Tennessee Plaintiffs filed an appeal with the Supreme Court of Tennessee. This matter remains pending. The Company and TAWC believe that TAWC has valid, meritorious defenses to the claims raised in this class action complaint. TAWC will continue to vigorously defend itself against these allegations. Given the current stage of this proceeding, the Company cannot currently determine the likelihood of a loss, if any, or estimate the amount of any loss or a range of loss related to this proceeding. Mountaineer Gas Company Main Break During the afternoon of November 10, 2023, WVAWC was informed that an 8-inch ductile iron water main owned by WVAWC, located on the West Side of Charleston, West Virginia and originally installed in approximately 1989, experienced a leak. In the early morning hours of November 11, 2023, WVAWC crews successfully completed a repair to the water main. A precautionary boil water advisory was issued the same day to approximately 300 WVAWC customers and ultimately lifted on November 12, 2023. On November 10, 2023, a break was reported in a low-pressure natural gas main located near the affected WVAWC water main, and an inflow of water into the natural gas main and associated delivery pipelines occurred. The natural gas main and pipelines are owned by Mountaineer Gas Company, a regulated natural gas distribution company serving over 220,000 customers in West Virginia (“Mountaineer Gas”). The resulting inflow of water into the natural gas main and related pipelines resulted in a loss of natural gas service to approximately 1,500 Mountaineer Gas customers, as well as water entering customer service lines and certain natural gas appliances owned or used by some of the affected Mountaineer Gas customers. Mountaineer Gas reported that restoration of natural gas service to all affected gas mains occurred on November 24, 2023. The timing, order and causation of both the WVAWC water main break and Mountaineer Gas’s main break are currently unknown and under investigation. To date, a total of four pending lawsuits have been filed against Mountaineer Gas and WVAWC purportedly on behalf of customers in Charleston, West Virginia related to these incidents. On November 14, 2023, a complaint captioned Ruffin et al. v. Mountaineer Gas Company and West Virginia-American Water Company was filed in West Virginia Circuit Court in Kanawha County on behalf of an alleged class of Mountaineer Gas residential and business customers and other households and businesses supplied with natural gas in Kanawha County, which lost natural gas service on November 10, 2023, as a result of these events. The complaint alleges, among other things, breach of contract by Mountaineer Gas, trespass by WVAWC, nuisance by WVAWC, violation of statutory obligations by Mountaineer Gas and WVAWC, and negligence by Mountaineer Gas and WVAWC. The complaint seeks class-wide damages against Mountaineer Gas and WVAWC for loss of use of natural gas, annoyance, inconvenience and lost profits, as well as punitive damages. On November 15, 2023, a complaint captioned Toliver et al. v. West Virginia-American Water Company and Mountaineer Gas Company was filed in West Virginia Circuit Court in Kanawha County on behalf of an alleged class of all natural persons or entities who are citizens of the State of West Virginia and who are customers of WVAWC and/or Mountaineer Gas in the affected areas. The complaint alleges against Mountaineer Gas and WVAWC, among other things, negligence, nuisance, trespass and strict liability, as well as breach of contract against Mountaineer Gas. The complaint seeks class-wide damages against Mountaineer Gas and WVAWC for property damage, loss of use and enjoyment of property, annoyance and inconvenience and business losses, as well as punitive damages. On November 16, 2023, a complaint captioned Dodson et al. v. West Virginia American Water and Mountaineer Gas Company was filed in West Virginia Circuit Court in Kanawha County on behalf of an alleged class of all West Virginia citizens living between Pennsylvania Avenue south of Washington Street, and Iowa Street, who are customers of Mountaineer Gas. The complaint alleges against Mountaineer Gas and WVAWC, among other things, negligence, nuisance, trespass, statutory code violations and unfair or deceptive business practices. The complaint seeks class-wide damages against Mountaineer Gas and WVAWC for property loss and damage, loss of use and enjoyment of property, mental and emotional distress, and aggravation and inconvenience, as well as punitive damages. On January 4, 2024, a fourth complaint, captioned Thomas v. West Virginia-American Water Company and Mountaineer Gas Company , was filed in West Virginia Circuit Court in Kanawha County asserting similar allegations as those included in the Ruffin , Toliver and Dodson lawsuits, with the addition of counts alleging unjust enrichment and violations of the West Virginia Human Rights Act and the West Virginia Consumer Credit and Protection Act. On November 17, 2023, the Ruffin plaintiff filed a motion to consolidate the class action lawsuits before a single judge in Kanawha County Circuit Court. On June 14, 2024, the judge in the Ruffin case partially granted the motion by transferring all of the four class action lawsuits to her court but deferring as premature consolidation of the cases. On December 5, 2023, a complaint captioned Mountaineer Gas Company v. West Virginia-American Water Company was filed in West Virginia Circuit Court in Kanawha County seeking damages under theories of trespass, negligence and implied indemnity. The damages being sought related to the incident include, among other things, repair and response costs incurred by Mountaineer Gas and attorneys’ fees and expenses incurred by Mountaineer Gas. On March 6, 2024, the motion to transfer this complaint to the West Virginia Business Court was granted and trial and resolution judges were assigned. The Business Court has set a trial date of August 10, 2026, for this matter. On December 20, 2023, Mountaineer Gas filed answers to each of the first three class action lawsuits, which included cross-claims against WVAWC alleging that Mountaineer Gas is without fault for the claims and damages alleged in the lawsuits and WVAWC should be required to indemnify Mountaineer Gas for any damages and for attorneys’ fees and expenses incurred by Mountaineer Gas in the lawsuits. WVAWC has filed a partial motion to dismiss certain claims in the Ruffin, Toliver, Dodson and Thomas lawsuits and a motion to dismiss the cross-claims asserted against WVAWC therein by Mountaineer Gas. Mountaineer Gas subsequently voluntarily dismissed its cross-claims. On November 14, 2025, the Ruffin and Toliver plaintiffs jointly filed for class certification, and a hearing on that motion was held on April 17, 2026. The court also ordered mediation, which took place in March 2026 and was unsuccessful. There is currently no trial date set for these class action lawsuits. On December 6, 2023, WVAWC initiated a process whereby Mountaineer Gas customers could file claims with WVAWC and seek payment from WVAWC of up to $2,000 in damages per affected household for the inconvenience arising from a loss of use of their appliances and documented out-of-pocket expenses as a result of the natural gas outage. In light of the diminishing number of new claims that had been filed, the claims process was concluded on March 8, 2024. As of December 31, 2024, a total of 594 Mountaineer Gas customers completed this claims process, and each of those customers has been paid by WVAWC an average of approximately $1,500. In return, these customers were required to execute a partial release of liability in favor of WVAWC. On November 16, 2023, the Public Service Commission of West Virginia (the “WVPSC”) issued an order initiating a general investigation into both the water main break and natural gas outages occurring in this incident to determine the cause or causes thereof, as well as breaks and outages generally throughout the systems of WVAWC and Mountaineer Gas and the utility practices of both utilities. Following a series of disagreements among the parties regarding the scope of discovery, the WVPSC closed the general investigation into both utilities and ordered a separate general investigation for each utility. The WVPSC focused the two general investigations away from the cause of the events and instead on the maintenance practices of each utility during and after the main breaks. On January 29, 2024, the Consumer Advocate Division of the WVPSC filed a motion to intervene in the WVAWC general investigation. On April 24, 2024, the staff issued a final joint memorandum in the Mountaineer Gas general investigation stating its view that Mountaineer Gas responded appropriately, reasonably and according to Mountaineer Gas’s written procedures. The staff is making no recommendations for improvements to Mountaineer Gas and is recommending that the Mountaineer Gas general investigation be closed. On July 24, 2024, the staff issued a final joint memorandum in the WVAWC general investigation finding no indication of systematic failure by WVAWC and concluding WVAWC’s maintenance and operating procedures were adequate to ensure safe and reliable service, subject to the implementation by WVAWC of three recommended operational improvements. Both general investigations remain pending. The Company and WVAWC believe that the causes of action and other claims asserted against WVAWC in the class action complaints and the lawsuit filed by Mountaineer Gas are without merit and that WVAWC has valid, meritorious defenses to such claims. WVAWC continues to defend itself vigorously in these litigation proceedings. Given the current stage of these proceedings and the general investigation, the Company and WVAWC are currently unable to predict the outcome of any of the proceedings described above, and the Company cannot currently determine the likelihood of a loss, if any, or estimate the amount of any loss or a range of loss related to this proceeding. Alternative Water Supply in Lieu of Carmel River Diversions Compliance with Orders to Reduce Carmel River Diversions—Monterey Peninsula Water Supply Project Under a 2009 order (the “2009 Order”) of the State Water Resources Control Board (the “SWRCB”), the Company’s California subsidiary (“Cal Am”) is required to decrease significantly its yearly diversions of water from the Carmel River according to a set reduction schedule. In 2016, the SWRCB issued an order (the “2016 Order,” and, together with the 2009 Order, the “Orders”) approving a deadline of December 31, 2021, for Cal Am’s compliance with these prior orders. Cal Am is currently involved in developing the Monterey Peninsula Water Supply Project (the “Water Supply Project”), which includes the construction of a desalination plant, to be owned by Cal Am, and the construction of wells that would supply water to the desalination plant. In addition, the Water Supply Project also includes Cal Am’s purchase of water from a groundwater replenishment project (the “GWR Project”) between Monterey One Water and the Monterey Peninsula Water Management District (the “MPWMD”), as well as an expanded aquifer storage and recovery program. The Water Supply Project is intended, among other things, to fulfill Cal Am’s obligations under the Orders. Cal Am’s ability to move forward on the Water Supply Project is and has been subject to administrative review by the CPUC and other government agencies, obtaining necessary permits, and intervention from other parties. In 2016, the CPUC unanimously approved a final decision to authorize Cal Am to enter into a water purchase agreement for the GWR Project and to construct a pipeline and pump station facilities and recover up to $50 million in associated incurred costs, plus an allowance for funds used during construction (“AFUDC”), subject to meeting certain criteria. In 2018, the CPUC unanimously approved another final decision finding that the Water Supply Project meets the CPUC’s requirements for a certificate of public convenience and necessity and an additional procedural phase was not necessary to consider alternative projects. The CPUC’s 2018 decision concludes that the Water Supply Project is the best project to address estimated future water demands in Monterey, and, in addition to the cost recovery approved in its 2016 decision, adopts Cal Am’s cost estimates for the Water Supply Project, which amounted to an aggregate of $279 million plus AFUDC at a rate representative of Cal Am’s actual financing costs. The 2018 final decision specifies the procedures for recovery of all of Cal Am’s prudently incurred costs associated with the Water Supply Project upon its completion, subject to the frameworks included in the final decision related to cost caps, operation and maintenance costs, financing, ratemaking and contingency matters. The reasonableness of the Water Supply Project costs will be reviewed by the CPUC when Cal Am seeks cost recovery for the Water Supply Project. Cal Am is also required to implement mitigation measures to avoid, minimize or offset significant environmental impacts from the construction and operation of the Water Supply Project and comply with a mitigation monitoring and reporting program, a reimbursement agreement for CPUC costs associated with that program, and reporting requirements on plant operations following placement of the Water Supply Project in service. Cal Am has incurred $336 million in aggregate costs as of March 31, 2026, related to the Water Supply Project, which includes $112 million in AFUDC. In September 2021, Cal Am, Monterey One Water and the MPWMD reached an agreement on Cal Am’s purchase of additional water from an expansion to the GWR Project. On December 5, 2022, the CPUC issued a final decision that authorized Cal Am to enter into the amended water purchase agreement, and specifically to increase pumping capacity and reliability of groundwater extraction from the Seaside Groundwater Basin. The final decision sets the cost cap for the proposed facilities at approximately $62 million. Cal Am may seek recovery of amounts above the cost cap in a subsequent rate filing or general rate case. Additionally, the final decision authorizes AFUDC at Cal Am’s actual weighted average cost of debt for most of the facilities. On December 30, 2022, Cal Am filed with the CPUC an application for rehearing of the CPUC’s December 5, 2022, final decision, and on March 30, 2023, the CPUC issued a decision denying Cal Am’s application for rehearing, but adopting its proposed AFUDC for already incurred and future costs. The decision also provided Cal Am the opportunity to serve supplemental testimony to increase its cost cap for certain of the Water Supply Project’s extraction wells. On May 21, 2025, the CPUC issued a decision authorizing an increase to the cost cap of $11 million for the specified extraction wells. The amended water purchase agreement and a memorandum of understanding to negotiate certain milestones related to the expansion of the GWR Project have been signed by the relevant parties. Further hearings were scheduled in a Phase 2 to this CPUC proceeding to focus on updated supply and demand estimates for the Water Supply Project, and Phase 2 testimony was completed in September 2022. On October 23, 2023, a status conference was held to determine procedural steps to conclude the proceeding. Further evidentiary hearings were held in March 2024. On May 9, 2025, the CPUC issued a proposed decision in Phase 2, finding that without the Water Supply Project, projected demand will outstrip supply by approximately 2,500 acre-feet per year for 2050. On August 14, 2025, the CPUC approved a final decision updating the supply and demand estimates for the Water Supply Project, finding that the projected demand will outstrip supply by approximately 2,600 acre-feet per year for 2050. On September 17, 2025, the City of Marina (the “City”), the Marina Coast Water District (“MCWD”) and the MPWMD filed applications for rehearing of the final decision. On September 22, 2025, these parties also filed a motion to stay the final decision. On October 9, 2025, the CPUC issued a factual correction to the final decision to find that the projected demand will outstrip supply by approximately 2,500 acre-feet per year for 2050 and did not rule on the other motions. While Cal Am believes that its expenditures to date have been prudent and necessary to comply with the Orders, as well as relevant final decisions of the CPUC related thereto, Cal Am cannot currently predict its ability to recover all of its costs and expenses associated with the Water Supply Project and there can be no assurance that Cal Am will be able to recover all of such costs and expenses in excess of the $123 million in previously approved aggregate construction costs, plus applicable AFUDC, previously approved by the CPUC in its September 2016 decision, its December 2022 decision (as amended by its March 2023 rehearing decision), and its May 2025 decision. Coastal Development Permit Application In 2018, Cal Am submitted a coastal development permit application (the “Marina Application”) to the City for those project components of the Water Supply Project located within the City’s coastal zone. Members of the City’s Planning Commission, as well as City councilpersons, publicly expressed opposition to the Water Supply Project. In May 2019, the City issued a notice of final local action based upon the denial by the Planning Commission of the Marina Application. Thereafter, Cal Am appealed this decision to the Coastal Commission, as permitted under the City’s code and the California Coastal Act. At the same time, Cal Am submitted an application (the “Original Jurisdiction Application”) to the Coastal Commission for a coastal development permit for those project components located within the Coastal Commission’s original jurisdiction. After Coastal Commission staff issued reports recommending denial of the Original Jurisdiction Application, noting potential impacts on environmentally sensitive habitat areas and wetlands and possible disproportionate impacts to communities of concern, in September 2020, Cal Am withdrew the Original Jurisdiction Application in order to address the staff’s environmental justice concerns. In November 2020, Cal Am refiled the Original Jurisdiction Application. In October 2022, Cal Am announced a phasing plan for the proposed desalination plant component of the Water Supply Project. The desalination plant and slant wells originally approved by the CPUC would produce up to 6.4 million gallons of desalinated water per day. Under the phased approach, the facilities would initially be constructed to produce up to 4.8 million gallons per day of desalinated water, enough to meet anticipated demand through about 2030, and would limit the number of slant wells initially constructed. As demand increases in the future, desalination facilities would be expanded to meet the additional demand. The phased approach seeks to meet near-term demand by allowing for additional supply as it becomes needed, while also providing an opportunity for regional future public participation and was developed by Cal Am based on feedback received from the community. In November 2022, the Coastal Commission approved the Marina Application and the Original Jurisdiction Application with respect to the phased development of the proposed desalination plant, subject to compliance with a number of conditions, all of which Cal Am expects to satisfy. In December 2022, the City, MCWD, MCWD’s groundwater sustainability agency, and the MPWMD jointly filed a petition for writ of mandate in Monterey County Superior Court against the Coastal Commission, alleging that the Coastal Commission violated the California Coastal Act and the California Environmental Quality Act in issuing a coastal development permit to Cal Am for construction of slant wells for the Water Supply Project. Cal Am is named as a real party in interest. On April 24, 2024, the court granted defendants’ motion for judgment on the pleadings and dismissed one of MCWD’s causes of action in the petition. A trial commenced on December 9, 2024, and further proceedings continued in January 2025. On May 12, 2025, the court entered its final decision denying the petition in full. On July 24, 2025, a notice of appeal was filed in this matter. Following the issuance of the coastal development permit, Cal Am continues to work constructively with all appropriate agencies to provide necessary information in connection with obtaining the remaining required permits for the Water Supply Project. However, there can be no assurance that the Water Supply Project in its current configuration will be completed on a timely basis, if ever. For the year ended December 31, 2025, Cal Am has complied with the diversion limitations contained in the 2016 Order. Continued compliance with the diversion limitations in 2026 and future years may be impacted by a number of factors, including without limitation potential recurrence of drought conditions in California and the exhaustion of water supply reserves, and will require successful development of alternate water supply sources sufficient to meet customer demand. The Orders remain in effect until Cal Am certifies to the SWRCB, and the SWRCB concurs, that Cal Am has obtained a permanent supply of water to substitute for past unauthorized Carmel River diversions. While the Company cannot currently predict the likelihood or result of any adverse outcome associated with these matters, further attempts to comply with the Orders may result in material additional costs and obligations to Cal Am, including fines and penalties against Cal Am in the event of noncompliance with the Orders. Cal Am’s Action for Damages Following Termination of Regional Desalination Project (“RDP”) In 2010, the CPUC had approved the RDP, which was a precursor to the current Water Supply Project and called for the construction of a desalination facility in the City. The RDP was to be implemented through a Water Purchase Agreement and ancillary agreements (collectively, the “Agreements”) among MCWD, Cal Am and the Monterey County Water Resources Agency (“MCWRA”). In 2011, due to a conflict of interest concerning a former member of MCWRA’s Board of Directors, MCWRA stated that the Agreements were void, and, as a result, Cal Am terminated the Agreements. In ensuing litigation filed by Cal Am in 2012 to resolve the termination of the RDP, the court in 2015 entered a final judgment agreeing with Cal Am’s position that four of the five Agreements are void, and one, the credit line agreement, is not void. As a result of this litigation, Cal Am was permitted to institute further proceedings, discussed below, to determine the amount of damages that may be awarded to Cal Am as a result of the failure of the RDP. In 2015, Cal Am and MCWRA filed a complaint in San Francisco County Superior Court against MCWD and RMC Water and Environment, a private engineering consulting firm (“RMC”), seeking to recover compensatory, consequential and incidental damages associated with the failure of the RDP, as well as punitive and treble damages, statutory penalties and attorneys’ fees. In 2019, MCWD was granted a motion for summary judgment related to the tort claims in the complaint. A settlement as to the non-tort claims was finalized and entered into in March 2020. As part of this settlement, Cal Am’s and MCWRA’s right to appeal the dismissal of their tort claims against MCWD were expressly reserved, and, in July 2020, Cal Am filed its appeal. In December 2022, the trial court’s decision was reversed on appeal with instructions to vacate its prior orders granting MCWD’s motions for summary judgment and to enter new orders denying the motions. In February 2023, MCWD filed a petition for review of the appellate decision with the California Supreme Court, which was denied in March 2023. On June 27, 2024, MCWD filed a motion for judgment on the pleadings. Following a hearing, on December 5, 2024, the court granted MCWD’s motion without leave to amend, dismissing all of Cal Am’s remaining tort claims. Final judgment was entered on January 7, 2025. On February 27, 2025, Cal Am and MCWRA each filed a Notice of Appeal of the trial court’s decision. This matter remains pending. Proposed Acquisition of Monterey System Assets — Potential Condemnation Local Agency Formation Commission Litigation The water system assets of Cal Am located in Monterey, California (the “Monterey system assets”) are the subject of a condemnation action by the MPWMD stemming from a November 2018 public ballot initiative. In 2019, the MPWMD issued a preliminary valuation and cost of service analysis report, finding in part that (i) an estimate of the Monterey system assets’ total value plus adjustments would be approximately $513 million, (ii) the cost of service modeling results indicate significant annual reductions in revenue requirements and projected monthly water bills, and (iii) the acquisition of the Monterey system assets by the MPWMD would be economically feasible. In 2020, the MPWMD certified a final environmental impact report, analyzing the environmental impacts of the MPWMD’s project to (i) acquire the Monterey system assets through the power of eminent domain, if necessary, and (ii) expand its geographic boundaries to include all parts of this system. In February 2021, the MPWMD filed an application with the Local Agency Formation Commission of Monterey County (“LAFCO”) seeking approval to become a retail water provider and annex approximately 58 parcels of land into the MPWMD’s boundaries. In June 2021, LAFCO’s commissioners voted to require a third-party independent financial study as to the feasibility of an acquisition by the MPWMD of the Monterey system assets. In December 2021, LAFCO’s commissioners denied the MPWMD’s application to become a retail water provider, determining that the MPWMD does not have the authority to proceed with a condemnation of the Monterey system assets. In April 2022, the MPWMD filed a lawsuit against LAFCO challenging its decision to deny the MPWMD’s application seeking approval to become a retail water provider. In June 2022, the court granted, with conditions, a motion by Cal Am to intervene in the MPWMD’s lawsuit against LAFCO. In December 2022, the court sustained in part, and denied in part, demurrers that had been filed by LAFCO seeking to dismiss the MPWMD’s lawsuit. In December 2023, the Monterey County Superior Court issued a writ of mandate directing LAFCO to vacate and set aside its original denial of the MPWMD’s application to serve as a retail water provider (in conjunction with its effort to acquire the Monterey system assets) and, if requested, to re-hear the application in compliance with all applicable law. The court held that LAFCO incorrectly applied two statutory standards and noted a lack of sufficient evidence to support certain of LAFCO’s factual findings. As a result, the LAFCO denial has been nullified and LAFCO will be required to hold another hearing on the MPWMD’s application upon request. On February 8, 2024, and February 9, 2024, respectively, Cal Am and LAFCO each filed a notice of appeal with the California Court of Appeal regarding the Monterey County Superior Court’s decision to issue the writ of mandate. The MPWMD filed a notice of cross-appeal on February 15, 2024. This matter remains pending. MPWMD Condemnation Action Separate from the proceedings related to the MPWMD’s application with LAFCO, by letter dated October 3, 2022, the MPWMD notified Cal Am of a decision to appraise the Monterey system assets and requested access to a number of Cal Am’s properties and documents to assist the MPWMD with such an appraisal. Cal Am responded by letter on October 24, 2022, denying the request for access, stating that the MPWMD does not have the right to appraise Cal Am’s system without LAFCO approval to become a retail water provider. In April 2023, Cal Am rejected an offer by the MPWMD to purchase the Monterey system assets for $448.8 million. Over the written and oral objections of Cal Am, at a hearing held in October 2023, the MPWMD adopted a resolution of necessity to authorize it to file an eminent domain lawsuit with respect to the Monterey system assets. In December 2023, the MPWMD filed a lawsuit against Cal Am in Monterey County Superior Court seeking to condemn the Monterey system assets. On February 26, 2024, Cal Am filed a motion requesting the Monterey County Superior Court dismiss the MPWMD’s lawsuit. Cal Am’s motion asserted that the MPWMD lacks legal authorization from both the California legislature and LAFCO to become a retail water provider and the lawsuit improperly seeks to effect a taking of property outside the boundaries of the MPWMD’s territory. Hearings on the motion were held on May 3, 2024, and August 23, 2024. On November 14, 2024, the court issued a final ruling denying Cal Am’s motion to dismiss. Cal Am filed its answer to the complaint on December 13, 2024. On August 20, 2025, Cal Am filed a motion for summary judgment, alleging that without LAFCO approval, the MPWMD does not have legal authority to pursue eminent domain. On the same date, the MPWMD filed a motion for summary adjudication of the same issue, arguing that LAFCO approval is not required to proceed with this action. By orders dated December 29, 2025, the court denied both motions. This lawsuit remains pending. While the Company cannot currently predict the outcome of the MPWMD’s eminent domain lawsuit, the Company believes that, given existing legal authorities and its other defenses, Cal Am should be able to defend itself successfully against this lawsuit. PFAS Multi-District Litigation Several of the Company’s utility subsidiaries are parties to a multi-district litigation (the “MDL”) lawsuit, which commenced on December 7, 2018, in U.S. District Court for the District of South Carolina, against manufacturers of certain per- and polyfluoroalkyl substances (collectively, “PFAS”) for damages, contribution and reimbursement of costs incurred and continuing to be incurred to address the presence of such PFAS in public water supply systems owned and operated by these utility subsidiaries and throughout their service areas. Settlements with several defendants in the MDL proceeding have received final approval by the MDL court. As of March 31, 2026, the Company has received settlement payments from defendants 3M Company, DuPont de Nemours, Inc. and Tyco Fire Products LP totaling $ 185 million, net of legal fees and administrative costs. The Company is seeking regulatory approval from the respective PUCs to apply the net proceeds of the settlement payments for the benefit of customers, where permissible. As of March 31, 2026, regulatory approvals for such treatment have been obtained with respect to all of the Company’s utility subsidiaries that are parties to the MDL for which such treatment is sought, except three, two of which have been denied, and one of which remains pending. When and as received, funds are initially being held in a law firm escrow account prior to distribution to the Company’s utility subsidiaries that are parties to the MDL after approval or denial is received from the applicable PUCs. As of March 31, 2026, the funds held in a law firm escrow account totaled $105 million and have been recorded on the Company’s Consolidated Balance Sheet within other current assets. A similar amount has been recorded as a regulatory liability. As of March 31, 2026, approximately $79 million of the escrowed funds were transferred from the law firm escrow account for distribution to utility subsidiaries that have received approval. The Company anticipates that, during 2026, it may receive one or more additional settlement payments from the defendants in the MDL.

Regulatory Matters - Pending General Rate Case Filings Additional Information (Details) - USD ($) $ in Millions	Feb. 26, 2026	Jan. 27, 2026	Jan. 16, 2026	Jan. 01, 2026	Nov. 14, 2025	Nov. 03, 2025	Oct. 13, 2025	Jul. 01, 2025	Dec. 05, 2024
Illinois
Public Utilities, General Disclosures [Line Items]
Authorized return on equity, percentage		10.75%
General rate case authorizations, annualized incremental revenues, requested rate, increase in capital investments		$ 577
Illinois \| Public Utility Authorization Effective Date January 1, 2027
Public Utilities, General Disclosures [Line Items]
General rate case authorizations, annualized incremental revenues, estimated and not approved amount		$ 119
Common equity, percentage		52.42%
Debt ratio, percentage		47.58%
Illinois \| Public Utility Authorization Effective Date January 1, 2028
Public Utilities, General Disclosures [Line Items]
General rate case authorizations, annualized incremental revenues, estimated and not approved amount		$ 15
Common equity, percentage		52.74%
Debt ratio, percentage		47.26%
New Jersey
Public Utilities, General Disclosures [Line Items]
Authorized return on equity, percentage			10.75%
Common equity, percentage			55.18%
Debt ratio, percentage			44.82%
General rate case authorizations, annualized incremental revenues, requested rate, increase in capital investments			$ 1,400
General rate case authorizations, annualized incremental revenues, requested rate increase, amount	$ 139		$ 146
Pennsylvania
Public Utilities, General Disclosures [Line Items]
Authorized return on equity, percentage					10.95%
Common equity, percentage					55.33%
General rate case authorizations, annualized incremental revenues, requested rate, increase in capital investments					$ 1,200
General rate case authorizations, annualized incremental revenues, requested rate increase, amount					169
General rate case authorizations, annualized incremental revenues, previously approved infrastructure filings amount					$ 19
Virginia
Public Utilities, General Disclosures [Line Items]
Common equity, percentage						51.79%
General rate case authorizations, annualized incremental revenues, requested rate, increase in capital investments						$ 115
General rate case authorizations, annualized incremental revenues, requested rate increase, amount						$ 22
Proposed return on equity, percentage						10.75%
California, Step Increase
Public Utilities, General Disclosures [Line Items]
Authorized return on equity, percentage									10.20%
General rate case authorizations, annualized incremental revenues, estimated and not approved amount								$ 110
General rate case authorizations, annualized incremental revenues, requested rate, increase in capital investments								$ 750
General rate case authorizations, annualized incremental revenues, requested rate increase, amount				$ 51			$ 62

Mergers, Acquisitions and Divestitures	3 Months Ended
Mergers, Acquisitions and Divestitures	Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Mergers, Acquisitions and Divestitures	Note 5: Mergers, Acquisitions and Divestitures Agreement and Plan of Merger with Essential Utilities, Inc. On October 26, 2025, parent company entered into an Agreement and Plan of Merger (the “Essential Merger Agreement”) with Essential Utilities, Inc. (“Essential”) to combine the two companies in a stock-for-stock transaction. The Essential Merger Agreement provides that, upon the completion of the proposed merger, Essential’s shareholders will receive 0.305 shares of parent company common stock in exchange for each share of Essential common stock eligible for exchange in the merger. Upon completion of the proposed merger, Essential will be a wholly owned subsidiary of parent company, and parent company will retain its existing name and remain headquartered in Camden, New Jersey. The Company will continue to maintain substantial operations in Pennsylvania, including Essential’s offices in Bryn Mawr, Pennsylvania, and Pittsburgh, Pennsylvania. Completion of the proposed merger is subject to certain customary conditions, including, among others, the receipt of required approvals from all applicable public utility commissions (“PUCs”) on such terms and conditions that would not, individually or in the aggregate, result in a Burdensome Effect (as defined in the Essential Merger Agreement), and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. There can be no guarantee that all of the closing conditions and approvals will be satisfied, and the failure to complete the proposed merger on a timely basis or at all may adversely affect the Company’s financial condition and results of operations. The Company currently estimates that the closing of the proposed merger will occur by the end of the first quarter of 2027. During the three months ended March 31, 2026, $5 million of merger-related costs were included in Operation and maintenance expense in the Consolidated Statements of Operations. Acquisitions - Regulated Businesses During the three months ended March 31, 2026, the Company closed on one regulated wastewater system acquisition for a purchase price of $20 million, which added approximately 4,600 wastewater customers. Assets acquired from the acquisition, principally utility plant, totaled $28 million and liabilities assumed totaled $8 million. The acquisition was accounted for as a business combination and the purchase price allocation will be finalized once the valuation of assets acquired has been completed, no later than one year after the acquisition date. The pro forma impact of the Company’s business combinations, as well as the revenues and earnings generated during the period since the acquisition date, was not material to the Consolidated Statements of Operations for the periods ended March 31, 2026 and 2025. Secured Seller Promissory Note from the Sale of Homeowner Services Group On December 9, 2021, the Company sold all of the equity interests in subsidiaries that comprised the Homeowner Services Group (“HOS”) to a wholly owned subsidiary (the “Buyer”) of funds advised by Apax Partners LLP, a global private equity advisory firm, for total consideration of approximately $1.275 billion. The outstanding consideration as of December 31, 2025, was a secured seller note payable in cash and issued by the Buyer in the principal amount of $795 million, with an interest rate of 10.00% per year. On February 13, 2026, the Company received payment of all amounts payable under the secured seller promissory note in full satisfaction of the Buyer’s obligations thereunder. The Company recognized $9 million and $20 million of interest income during the three months ended March 31, 2026 and 2025, respectively, from this note.

Revenue Recognition - Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2026 USD ($)
U.S. Government
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 7,400
Municipalities and Commercial
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 496

Revenue Recognition

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 4: Revenue Recognition

Disaggregated Revenues

The Company’s primary business involves the ownership of utilities that provide water and wastewater services to residential, commercial, industrial, public authority, fire service and sale for resale customers, collectively presented as the “Regulated Businesses.” The Company also operates other businesses that provide water and wastewater services to the U.S. government on military installations, as well as municipalities, collectively presented throughout this Form

10-Q

within “Other.”

Presented in the table below are operating revenues disaggregated for the three months ended March 31, 2026:


	Revenues from Contracts with Customers		Other Revenues Not from Contracts with Customers (a)		Total Operating Revenues
Regulated Businesses:
Water services:
Residential	$	593	$	—	$	593
Commercial		229		—		229
Fire service		48		—		48
Industrial		48		—		48
Public and other		70		—		70

Total water services		988		—		988
Wastewater services:
Residential		74		—		74
Commercial		22		—		22
Industrial		2		—		2
Public and other		9		—		9

Total wastewater services		107		—		107
Miscellaneous utility charges		12		—		12
Alternative revenue programs		—		2		2
Lease contract revenue		—		2		2

Total Regulated Businesses		1,107		4		1,111

Other		96		—		96

Total operating revenues	$	1,203	$	4	$	1,207

(a)	Includes revenues associated with alternative revenue programs, lease contracts and intercompany rent, which are outside the scope of ASC 606, and accounted for under other existing GAAP.

Presented in the table below are operating revenues disaggregated for the three months ended March 31, 2025:


	Revenues from Contracts with Customers		Other Revenues Not from Contracts with Customers (a)		Total Operating Revenues
Regulated Businesses:
Water services:
Residential	$	560	$	—	$	560
Commercial		212		—		212
Fire service		45		—		45
Industrial		45		—		45
Public and other		67		—		67

Total water services		929		—		929
Wastewater services:
Residential		68		—		68
Commercial		18		—		18
Industrial		5		—		5
Public and other		10		—		10

Total wastewater services		101		—		101
Miscellaneous utility charges		11		—		11
Alternative revenue programs		—		6		6
Lease contract revenue		—		2		2

Total Regulated Businesses		1,041		8		1,049

Other		93		—		93

Total operating revenues	$	1,134	$	8	$	1,142

(a)	Includes revenues associated with alternative revenue programs, lease contracts and intercompany rent, which are outside the scope of ASC 606, and accounted for under other existing GAAP.

Contract Balances

Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings, and cash collections. In the Company’s Military Services Group (“MSG”), certain contracts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. Contract assets are recorded when billing occurs subsequent to revenue recognition and are reclassified to accounts receivable when billed and the right to consideration becomes unconditional. Contract liabilities are recorded when the Company receives advances from customers prior to satisfying contractual performance obligations, particularly for construction contracts, and are recognized as revenue when the associated performance obligations are satisfied.

Contract assets of $190 million and $171 million are included in Unbilled revenues on the Consolidated Balance Sheets as of March 31, 2026, and December 31, 2025, respectively. Also, no contract assets are included in other long-term assets on the Consolidated Balance Sheets as of March 31, 2026, and contract assets of $5 million are included in other long-term assets on the Consolidated Balance Sheets as of December 31, 2025. Contract liabilities of $26 million and $19 million are included in other current liabilities on the Consolidated Balance Sheets as of March 31, 2026, and December 31, 2025, respectively. Also, contract liabilities of $13 million and $19 million are included in other long-term liabilities on the Consolidated Balance Sheets as of March 31, 2026, and December 31, 2025, respectively. Revenues recognized for the three months ended March 31, 2026 and 2025, from amounts included in contract liabilities were $20 million and $22 million, respectively.

Remaining Performance Obligations

Remaining performance obligations (“RPOs”) represent revenues the Company expects to recognize in the future from contracts that are in progress. The Company enters into agreements for the provision of services to water and wastewater facilities for the U.S. military, municipalities and other customers. As of March 31, 2026, the Company’s operation and maintenance (“O&M”) and capital improvement contracts have RPOs. Contracts with the U.S. government for work on various military installations expire between 2051 and 2073 and have RPOs of $7.4 billion as of March 31, 2026, as measured by estimated remaining contract revenue. Such contracts are subject to customary termination provisions held by the U.S. government, prior to the agreed-upon contract expiration. Contracts with municipalities and commercial customers expire between 2031 and 2038 and have RPOs of $496 million as of March 31, 2026, as measured by estimated remaining contract revenue.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1: Basis of Presentation The unaudited Consolidated Financial Statements included in this report include the accounts of American Water Works Company, Inc. and all of its subsidiaries (the “Company” or “American Water”), in which a controlling interest is maintained after the elimination of intercompany balances and transactions. References to “parent company” mean American Water Works Company, Inc., without its subsidiaries. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting, and the rules and regulations for reporting on Quarterly Reports on Form 10-Q (“Form 10-Q”). Accordingly, they do not contain certain information and disclosures required by GAAP for comprehensive financial statements. In the opinion of management, all adjustments necessary for a fair statement of the financial position as of March 31, 2026, and the results of operations and cash flows for all periods presented, have been made. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The unaudited Consolidated Financial Statements and Notes included in this report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (“Form 10-K”), which provides a more complete discussion of the Company’s accounting policies, financial position, operating results and other matters. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the year, primarily due to the seasonality of the Company’s operations.

Earnings Per Common Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share, less than (in shares)	1,000,000	1,000,000

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2026
Debt Disclosure [Abstract]
Long-Term Debt	Note 7: Long-Term Debt On April 1, 2026, American Water Capital Corp. (“AWCC”), the Company’s wholly owned finance subsidiary, completed the sale of $700 million aggregate principal amount of its 5.200% Senior Notes due 2036. At the closing of this offering, AWCC received, after deduction of underwriting discounts and before deduction of offering expenses, net proceeds of approximately $695 million. AWCC intends to use the net proceeds of the offering (i) to lend funds to American Water and the Regulated Businesses; (ii) to repay commercial paper obligations of AWCC; and (iii) for general corporate purposes. During the three months ended March 31, 2026, the Company’s regulated subsidiaries issued in the aggregate $7 million of private activity bonds and government funded debt in multiple transactions with annual interest rates ranging from 0.00% to 1.74%, a weighted average interest rate of 0.47% and maturity dates ranging from 2031 through 2048. The private activity bonds and government funded debt issued by the Company’s regulated subsidiaries during the three months ended March 31, 2026, were collateralized. During the three months ended March 31, 2026, AWCC and the Company’s regulated subsidiaries made sinking fund payments for, repaid at maturity, or settled $3 million in aggregate principal amount of outstanding long-term debt, with annual interest rates ranging from 0.00% to 3.12%, a weighted average interest rate of 0.81% and maturity dates ranging from 2029 to 2061. As of March 31, 2026, the Company had entered into five treasury lock agreements, with a term of 30 years and an aggregate notional amount totaling $ 175 million, to reduce interest rate exposure on expected future debt issuances. These treasury lock agreements terminate in September 2026 and have an average fixed interest rate of 4.86%. The Company designated these treasury lock agreements as cash flow hedges, with their fair value recorded in accumulated other comprehensive gain or loss. In March 2026, the Company terminated 10 treasury lock agreements, designated as cash flow hedges, with a term of 10 years and an aggregate notional amount totaling $600 million, realizing a pre-tax net gain of $3 million recorded in accumulated other comprehensive income. The gain will be amortized through Interest expense over a 10-year period, in accordance with the tenor of the notes issued on April 1, 2026. No ineffectiveness was recognized on hedging instruments for the three months ended March 31, 2026 or 2025. On June 29, 2023, AWCC issued $1,035 million aggregate principal amount of 3.625% Exchangeable Senior Notes due 2026 (the “Exchangeable Notes”). AWCC received net proceeds of approximately $1,022 million, after deduction of underwriting discounts and commissions but before deduction of offering expenses payable by AWCC. The Exchangeable Notes will mature on June 15, 2026 (the “Maturity Date”), unless earlier exchanged or repurchased, and are included in Current portion of long-term debt on the Consolidated Balance Sheets. The Exchangeable Notes are exchangeable at an initial exchange rate of 5.8213 shares of parent company’s common stock per $1,000 principal amount of Exchangeable Notes (equivalent to an initial exchange price of approximately $171.78 per share of common stock). The initial exchange rate of the Exchangeable Notes is subject to adjustment as provided in the indenture pursuant to which the Exchangeable Notes were issued (the “Exchangeable Note Indenture”). Upon any exchange of the Exchangeable Notes, AWCC will (i) pay cash up to the aggregate principal amount of such Exchangeable Notes and (ii) pay or deliver (or cause to be delivered), as the case may be, cash, shares of parent company’s common stock, or a combination of cash and shares of such common stock, at AWCC’s election, in respect of the remainder, if any, of AWCC’s exchange obligation in excess of the aggregate principal amount of such Exchangeable Notes. As of March 31, 2026, the exchange rate for the Exchangeable Notes was 5.8270. AWCC may not redeem the Exchangeable Notes prior to the Maturity Date, and no sinking fund is provided for the Exchangeable Notes. Subject to certain conditions, holders of the Exchangeable Notes will have the right to require AWCC to repurchase all or a portion of their Exchangeable Notes upon the occurrence of a fundamental change, as defined in the Exchangeable Note Indenture, at a repurchase price of 100% of their principal amount plus any accrued and unpaid interest.

Fair Value of Financial Information - Schedule of Unrealized Positions for Available-for-sale Fixed-Income Securities (Details) - Available-for-sale fixed-income securities - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost Basis	$ 19	$ 36
Gross unrealized gains	0	0
Gross unrealized losses	1	1
Fair Value	$ 18	$ 35

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 196	$ 205
Adjustments to reconcile to net cash flows provided by operating activities:
Depreciation and amortization	237	216
Deferred income taxes and amortization of investment tax credits	231	16
Provision for losses on accounts receivable	14	10
Pension and non-pension postretirement benefits	(2)	(2)
Other non-cash, net	(12)	(21)
Changes in assets and liabilities:
Receivables and unbilled revenues	(22)	25
Income tax receivable	(103)	2
Pension contributions	(11)	(11)
Accounts payable and accrued liabilities	(164)	(131)
Accrued taxes	(37)	73
Other assets and liabilities, net	(22)	(51)
Net cash provided by operating activities	305	331
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(659)	(548)
Acquisitions, net of cash acquired	(20)	(3)
Proceeds from secured seller promissory note from the sale of the Homeowner Services Group	795	0
Removal costs from property, plant and equipment retirements, net	(40)	(29)
Purchases of available-for-sale fixed-income securities	0	(27)
Proceeds from sales and maturities of available-for-sale fixed-income securities	17	39
Net cash provided by (used in) investing activities	93	(568)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of discount	7	810
Repayments of long-term debt	(3)	(531)
Net short-term (repayments) borrowings with original maturities less than three months	(222)	120
Advances and contributions in aid of construction, net of refunds of $8 and $9 for the three months ended March 31, 2026 and 2025, respectively	19	13
Debt issuance costs	0	(5)
Dividends paid	(162)	(149)
Other, net	(5)	(4)
Net cash (used in) provided by financing activities	(366)	254
Net increase in cash, cash equivalents and restricted funds	32	17
Cash, cash equivalents and restricted funds at beginning of period	139	140
Cash, cash equivalents and restricted funds at end of period	171	157
Non-cash investing and financing activity
Capital expenditures acquired on account but unpaid as of the end of period	$ 320	$ 298

Shareholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Attributable to Parent [Roll Forward]
Beginning balance	$ 10,837	$ 10,332
Net other comprehensive income (loss)	2	(10)
Ending balance	11,037	10,534
Employee Benefit Plan Funded Status
AOCI Attributable to Parent [Roll Forward]
Beginning balance	(95)	(95)
Other comprehensive (loss) income before reclassification	0	0
Amounts reclassified from accumulated other comprehensive loss		0
Net other comprehensive income (loss)	0	0
Ending balance	(95)	(95)
Amortization of Prior Service Cost
AOCI Attributable to Parent [Roll Forward]
Beginning balance	1	1
Other comprehensive (loss) income before reclassification	0	0
Amounts reclassified from accumulated other comprehensive loss		0
Net other comprehensive income (loss)	0	0
Ending balance	1	1
Amortization of Actuarial Loss
AOCI Attributable to Parent [Roll Forward]
Beginning balance	75	74
Other comprehensive (loss) income before reclassification	0	0
Amounts reclassified from accumulated other comprehensive loss		0
Net other comprehensive income (loss)	0	0
Ending balance	75	74
Gain (Loss) on Cash Flow Hedge
AOCI Attributable to Parent [Roll Forward]
Beginning balance	26	30
Other comprehensive (loss) income before reclassification	2	(8)
Amounts reclassified from accumulated other comprehensive loss		0
Net other comprehensive income (loss)	2	(8)
Ending balance	28	22
Gain (Loss) on Fixed-Income Securities
AOCI Attributable to Parent [Roll Forward]
Beginning balance	(1)	2
Other comprehensive (loss) income before reclassification	0	2
Amounts reclassified from accumulated other comprehensive loss		4
Net other comprehensive income (loss)	0	(2)
Ending balance	(1)	0
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning balance	6	12
Other comprehensive (loss) income before reclassification	2	(6)
Amounts reclassified from accumulated other comprehensive loss		(4)
Net other comprehensive income (loss)	2	(10)
Ending balance	$ 8	$ 2

Regulatory Matters

3 Months Ended

Mar. 31, 2026

Regulated Operations [Abstract]

Regulatory Matters

Note 3: Regulatory Matters

General Rate Cases

The table below summarizes the annualized incremental revenues, assuming a constant sales volume and customer count, resulting from general rate case authorizations that became effective during 2026. The amounts include reductions for the amortization of the excess accumulated deferred income taxes (“EADIT”) that are generally offset in income tax expense.


	Effective Date		Amount
General rate cases by state:
West Virginia		March 1, 2026	$	20
Maryland		February 26, 2026		2
California, Attrition Increase (a)		January 1, 2026		14

Total general rate case authorizations			$	36

(a)	The effective annualized incremental revenue increase for the 2026 attrition year was finalized through the standard Advice Letter process with the California Public Utilities Commission in January 2026.

On March 5, 2026, the Public Service Commission of West Virginia issued an amended order that approves the adjustment of the Company’s West Virginia subsidiary’s base rates requested in a general rate case filed on May 5, 2025. The general rate case order approved an annualized increase of approximately $20 million in water and wastewater system revenues, which excludes previously recovered infrastructure surcharges of approximately $13 million, based on an authorized return on equity of 9.80%, a common equity ratio of 51.00% and a debt ratio of 49.00%. As of March 5, 2026, the West Virginia subsidiary’s view of its authorized rate base, which was not stated in the general rate case order, is approximately $1.1 billion. The increased water and wastewater revenues related to this base rate adjustment are being driven primarily by approximately $239 million of related water and wastewater system capital investments made since the completion of the West Virginia subsidiary’s previous rate case and through February 2026. The new water and wastewater rates became effective as of March 1, 2026.

On February 26, 2026, the Public Service Commission of Maryland (the “MDPSC”) issued an order approving the joint settlement of the general rate case filed on August 1, 2025, by the Company’s Maryland subsidiary. A joint stipulation and settlement agreement by and among the Maryland subsidiary, the Office of People’s Counsel, and the Staff of the MDPSC was filed with the MDPSC on January 22, 2026. The general rate case order approves a consolidated annualized increase in water revenues of approximately $2 million, with approximately $1 million of the increase to be included in rates effective concurrently with the date of the general rate case order, and the remainder effective January 1, 2027. The Maryland subsidiary’s view of its return on equity, common equity ratio and debt ratio (each of which is based on the information included in the general rate case order and the joint stipulation and settlement agreement, but was not disclosed therein), is 9.75%, 52.32% and 47.68%, respectively. The annualized incremental revenue is driven primarily by approximately $22 million of capital investments completed by the Maryland subsidiary since its last general rate case approval in 2019.

On December 5, 2024, the California Public Utilities Commission (the “CPUC”) approved a final decision adopting the terms of a partial settlement agreement filed on November 17, 2023, in the Company’s California subsidiary’s general rate case originally filed on July 1, 2022. Incorporating the then currently effective return on equity of 10.20%, the decision provides incremental annualized water and wastewater revenues of $21 million in the 2024 test year, and an estimated $16 million in the 2025 escalation year and $16 million in the 2026 attrition year. On September 19, 2025, the California subsidiary filed a petition to modify the CPUC order, seeking clarification from the CPUC on the method used to calculate the Conservation Adjustment for Rate Tier Designs (“CART”), specifically for the California subsidiary’s Monterey service area. The CART is a ratemaking mechanism that allows the Company to recover, in subsequent periods, a portion of the impact on operating revenues as a result of implementing customer rates structured to promote conservation usage. On October 20, 2025, the California Public Advocate submitted a response opposing the California subsidiary’s request and stating the request should instead be addressed in the California subsidiary’s pending base rate case. On October 30, 2025, the California subsidiary filed a reply to the California Public Advocate’s response, which underscored the need for clarity on the CART calculation. The California subsidiary expects resolution of the petition to modify later in 2026.

Pending General Rate Case Filings

On January 27, 2026, the Company’s Illinois subsidiary filed a request with the Illinois Commerce Commission (the “ICC”) to adjust its water and wastewater rates. The filing seeks a

two-step

rate increase in aggregate annualized incremental revenue, based on a proposed return on equity of 10.75%, of (i) approximately $119 million effective January 1, 2027, based on a future test year through December 31, 2027 and a capital structure with an equity component of 52.42% and a debt component of 47.58%, and (ii) approximately $15 million effective January 1, 2028, based on a future test year to include

end-of-period

rate base and a capital structure with an equity component of 52.74% and a debt component of 47.26%, in each case, exclusive of infrastructure surcharges. The request is driven primarily by approximately $577 million in capital investments made and to be made by the Illinois subsidiary from January 2026 through December 2027. The request must be approved by the ICC.

On January 16, 2026, the Company’s New Jersey subsidiary filed a request with the New Jersey Board of Public Utilities (the “NJBPU”) to adjust its water and wastewater rates. The request seeks aggregate annualized incremental revenues of approximately $146 million and is based on a proposed return on equity of 10.75% and a capital structure with an equity component of 55.18% and a debt component of 44.82%. On April 24, 2026, as part of the standard process to update the filing for actual costs incurred, the New Jersey subsidiary filed an update with the NJBPU to its request originally filed on January 16, 2026. The updated request seeks aggregate annualized incremental revenue of approximately $139 million, with the reduction primarily driven by the removal of the impacts of the Corporate Alternative Minimum Tax (“CAMT”) from rate base as a result of Internal Revenue Service Notice

2026-7

issued in February 2026. The requested annualized incremental revenue is driven primarily by an estimated $1.4 billion of capital investments completed and planned by the New Jersey subsidiary through December 2026. The filing is subject to the approval of the NJBPU.

On November 14, 2025, the Company’s Pennsylvania subsidiary filed a request with the Pennsylvania Public Utility Commission (the “PaPUC”) to adjust its water and wastewater rates. The request seeks aggregate annualized incremental revenue of approximately $169 million, excluding projected infrastructure surcharges of approximately $19 million. The request is based on a proposed return on equity of 10.95% and a capital structure with an equity component of 55.33%. The requested annualized incremental revenue is driven primarily by an estimated $1.2 billion of capital investments completed or planned to be completed from June 2025 through

mid-2027.

The rate request is subject to approval by the PaPUC, and new rates would be expected to take effect in August 2026.

On November 3, 2025, the Company’s Virginia subsidiary filed a request with the Virginia State Corporation Commission (the “SCC”) to adjust its water and wastewater rates. The request seeks aggregate annualized incremental revenues of approximately $22 million and is based on a proposed return on equity of 10.75% and a capital structure with an equity component of 51.79%. The requested annualized incremental revenue is driven primarily by an estimated $115 million of capital investments completed and planned by the Virginia subsidiary from May 2025 through April 2027. The filing is subject to the approval of the SCC. Interim rates will be effective May 2, 2026, with the difference between interim and final approved rates subject to refund to customers.

On July 1, 2025, the Company’s California subsidiary filed an application with the CPUC to set new water and wastewater rates in each of its service areas for 2027 through 2029. On October 13, 2025, the California subsidiary filed its

100-day

update for the same proceeding and updated the request to $62 million compared to authorized 2025 revenue, and a total increase in revenue over the 2027 to 2029 period of $110 million. Subsequent to the filing of the update, the California subsidiary adjusted its authorized rates effective January 1, 2026, which revised its net increase proposed for the test year 2027 to $51 million above 2026 expected revenues. The requested annualized incremental revenue is driven primarily by approximately $750 million of capital investments completed and planned by the California subsidiary through 2025 to 2028. If approved by the CPUC, the new rates would take effect on January 1, 2027. The application also requests approval of a Fixed Cost Recovery Account, which is intended to be a full decoupling mechanism that would allow the California subsidiary to recover authorized fixed costs, regardless of sales volume, while also providing incentives, via progressive conservation-oriented rate design, for customers to use water more efficiently.

Infrastructure Surcharges

A number of states have authorized the use of regulatory mechanisms that permit rates to be adjusted outside of a general rate case for certain costs and investments, such as infrastructure surcharge mechanisms that permit recovery of capital investments to replace aging infrastructure. Presented in the table below are annualized incremental revenues, assuming a constant sales volume and customer count, resulting from infrastructure surcharge authorizations that became effective during 2026:


	Effective Date			Amount
Infrastructure surcharges by state:
Pennsylvania		(a	)	$	18
Indiana		March 18, 2026			15
West Virginia		March 1, 2026			2
Missouri		March 1, 2026			13
Illinois		January 1, 2026			5

Total infrastructure surcharge authorizations				$	53

(a)	In 2026, $11 million was effective January 1 and $7 million was effective April 1.

Pending Infrastructure Surcharge Filings

On March 3, 2026, the Company’s Missouri subsidiary filed an infrastructure surcharge proceeding requesting $18 million in additional annualized revenues.

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting Information [Line Items]
Number of reportable segment	1

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Significant Accounting Policies [Line Items]
Economic Development Tax Credit Qualified Amount	$ 161
Tax Credit Benefit Period	10 years
Tax Credit Included In Current assets	$ 15	$ 15
Tax Credit Included In Non Current assets	$ 64	$ 64

Fair Value of Financial Information - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock with mandatory redemption requirements	$ 3	$ 3
Long-term debt	14,260	14,256
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock with mandatory redemption requirements	3	3
Long-term debt	13,140	13,334
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock with mandatory redemption requirements	0	0
Long-term debt	11,457	11,653
Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock with mandatory redemption requirements	0	0
Long-term debt	1,072	1,065
Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock with mandatory redemption requirements	3	3
Long-term debt	$ 611	$ 616

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

Earnings Per Common Share

Fair value portion of shares that an entity is required to redeem for cash or other assets at a fixed or determinable date or upon the occurrence of an event.

+ References + Details

Earnings Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Note 12: Earnings per Common Share

Presented in the table below is a reconciliation of the numerator and denominator for the basic and diluted earnings per share (“EPS”) calculations:


	For the Three Months Ended March 31,
	2026		2025
Numerator:
Net income attributable to common shareholders	$	196	$	205

Denominator:
Weighted-average common shares outstanding—Basic		195		195
Effect of dilutive common stock equivalents		—		—
Effect of dilutive forward sale agreements		—		—

Weighted-average common shares outstanding—Diluted		195		195

The effect of dilutive common stock equivalents is related to outstanding restricted stock units (“RSUs”) and performance stock units (“PSUs”) granted under the Company’s 2007 Omnibus Equity Compensation Plan and outstanding RSUs and PSUs granted under the Company’s 2017 Omnibus Equity Compensation Plan, as well as estimated shares to be purchased under the Company’s 2017 Nonqualified Employee Stock Purchase Plan. Less than one million share-based awards were excluded from the computation of diluted EPS for the three months ended March 31, 2026 and 2025, because their effect would have been anti-dilutive under the treasury stock method.

Dilutive earnings per common share reflects the dilutive impact of potential issuances of shares of common stock associated with the outstanding equity Forward Sale Agreements entered in August 2025. The dilutive effect of equity forwards is determined under the treasury stock method. Share dilution occurs when the average market price of the Company’s common stock for the reporting period is higher than the adjusted forward sales price at the end of the reporting period. For the three months ended March 31, 2026, the Forward Sale Agreements had no dilutive effect on EPS.

The

if-converted

method is applied to the Notes issued in June 2023 for computing diluted EPS. For all periods presented, there was no dilution resulting from the Notes. See Note 7—Long-Term Debt for additional information relating to the Notes.

Short-Term Debt - Schedule of Company's Aggregate Credit Facility Commitments, Commercial Paper Limit, Letter of Credit Availability and Availability Capacity (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Short-term Debt [Line Items]
Total availability	$ 2,600	$ 2,600
Total availability	2,750	2,750
Outstanding debt	(1,367)	(1,590)
Outstanding debt	(1,451)	(1,674)
Remaining availability	1,233	1,010
Remaining availability	1,299	1,076
Revolving Credit Facility
Short-term Debt [Line Items]
Remaining availability	1,299	1,076
Revolving Credit Facility \| Letters of Credit
Short-term Debt [Line Items]
Total availability	150	150
Outstanding debt	(84)	(84)
Remaining availability	$ 66	$ 66

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Note 9: Income Taxes The Company’s effective income tax rate was 24.3% and 24.1% for the three months ended March 31, 2026 and 2025, respectively. On February 18, 2026, the Internal Revenue Service issued Notice 2026-7, providing additional CAMT guidance that, among other changes, allows tax repairs to be deducted when calculating the CAMT liability and allows retroactive reliance for companies to file amended returns and recover CAMT already paid. As a result of this guidance, the Company does not expect to be in a CAMT liability position. As of March 31, 2026, previously recorded current and deferred tax amounts relating to CAMT have been adjusted in the Company’s Consolidated Financial Statements to reflect the revised calculation and refund claim status including the reversal of the $200 million CAMT credit carryforward outstanding as of December 31, 2025. Also, as of March 31, 2026, the Company recognized additional uncertain tax liabilities of $50 million and interest of $2 million, as the CAMT credit carryforward is no longer available for offset. The Company will continue to evaluate CAMT applicability on a prospective basis.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of summarized segment information

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Presented in the tables below is summarized segment information:


	As of or for the Three Months Ended March 31, 2026
	Regulated Businesses			Other			Consolidated
Operating revenues	$	1,111		$	96		$	1,207
Less:
Operation and maintenance (a)		417			76			493
Other segment items (b)		66			1			67
Depreciation and amortization		234			3			237
Interest expense		126			37			163
Interest income		(1	)		(11	)		(12	)
Provision for income taxes		61			2			63

Net income (loss) attributable to common shareholders	$	208		$	(12	)	$	196

Total assets	$	33,168		$	2,096		$	35,264
Cash paid for capital expenditures	$	657		$	2		$	659

(a)	Significant segment expense.

(b)	Other segment items included in segment net income includes General taxes, Non-operating benefit costs, net, and Other income (expense), net, primarily Allowance for other funds used during construction.


	As of or for the Three Months Ended March 31, 2025
	Regulated Businesses			Other			Consolidated
Operating revenues	$	1,049		$	93		$	1,142
Less:
Operation and maintenance (a)		395			73			468
Other segment items (b)		67			(1	)		66
Depreciation and amortization		213			3			216
Interest expense		114			30			144
Interest income		(1	)		(21	)		(22	)
Provision for income taxes		60			5			65

Net income attributable to common shareholders	$	201		$	4		$	205

Total assets	$	30,288		$	2,868		$	33,156
Cash paid for capital expenditures	$	545		$	3		$	548

(a)	Significant segment expense.

(b)	Other segment items included in segment net income includes General taxes, Non-operating benefit costs, net, and Other income (expense), net, primarily Allowance for other funds used during construction.

Fair Value of Financial Information (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Carrying amounts and fair values of financial instruments

Presented in the tables below are the carrying amounts, including fair value adjustments previously recognized in acquisition purchase accounting, and the fair values of the Company’s financial instruments:


	As of March 31, 2026
	Carrying Amount		At Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
Preferred stock with mandatory redemption requirements	$	3	$	—	$	—	$	3	$	3
Long-term debt		14,260		11,457		1,072		611		13,140

	As of December 31, 2025
	Carrying Amount		At Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
Preferred stock with mandatory redemption requirements	$	3	$	—	$	—	$	3	$	3
Long-term debt		14,256		11,653		1,065		616		13,334

Schedule of Fair value measurements of assets and liabilities on recurring basis

Presented in the tables below are assets and liabilities measured and recorded at fair value on a recurring basis and their level within the fair value hierarchy:


	As of March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Restricted funds	$	34	$	—	$	—	$	34
Rabbi trust investments		33		—		—		33
Deposits		114		—		—		114
Other investments:
Money market and other		28		—		—		28
Fixed-income securities		15		3		—		18
Mark-to-market derivative asset		—		2		—		2

Total assets		224		5		—		229

Liabilities:
Deferred compensation obligations		37		—		—		37
Mark-to-market derivative liability		—		1		—		1

Total liabilities		37		1		—		38

Total assets	$	187	$	4	$	—	$	191


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Restricted funds	$	41	$	—	$	—	$	41
Rabbi trust investments		32		—		—		32
Deposits		124		—		—		124
Other investments:
Money market and other		20		—		—		20
Fixed-income securities		28		7		—		35
Mark-to-market derivative asset		—		2		—		2

Total assets		245		9		—		254

Liabilities:
Deferred compensation obligations		38		—		—		38

Total liabilities		38		—		—		38

Total assets	$	207	$	9	$	—	$	216

Schedule of Unrealized positions for available-for-sale fixed-income securities

The following tables summarize the unrealized positions for

available-for-sale

fixed-income securities:


	As of March 31, 2026
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale fixed-income securities	$	19	$	—	$	1	$	18


	As of December 31, 2025
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale fixed-income securities	$	36	$	—	$	1	$	35

Schedule of Investments classified by contractual maturity date

The fair value of the Company’s

available-for-sale

fixed-income securities, summarized by contractual maturities, as of March 31, 2026, is as follows:


	Amount
Other investments - Available-for-sale fixed-income securities
1 year - 5 years	$	10
5 years - 10 years		1
Greater than 10 years		7

Total	$	18

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Leases (Details) - USD ($) $ in Millions	3 Months Ended
Leases (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finance lease [extensible enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization		Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Carrying value of finance lease assets	$ 141		$ 142
Payments, year one	8
Payments, year two	10
Payments, year three	8
Payments, year four	8
Payments, year five	7
Payments, thereafter	84
Operating leases, rent expense	3	$ 3
Operating lease payments	3	3
Right-of-use asset obtained in exchange for operating lease liability	$ 1	$ 3
Operating lease, weighted-average remaining lease term	18 years		18 years
Operating lease, weighted-average discount rate	5.00%		5.00%
Imputed interest	$ 45
Operating and Maintenance Agreement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Payments, year one	3
Payments, year two	4
Payments, year three	4
Payments, year four	4
Payments, year five	4
Payments, thereafter	$ 33
Real Property
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, term of contract	39 years
Vehicles
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessee, finance lease, term of contract	4 years
Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessee, finance lease, term of contract	5 years
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, renewal term	1 year
Minimum \| Utility Plant
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessee, finance lease, term of contract	30 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, renewal term	60 years
Maximum \| Utility Plant
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessee, finance lease, term of contract	40 years

Fair Value of Financial Information - Schedule of Available-for-sale Fixed-Income Securities (Details) - Fixed-income securities - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
1 year - 5 years	$ 10
5 years - 10 years	1
Greater than 10 years	7
Total	$ 18	$ 35

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Significant Accounting Policies

Significant Accounting Policies - Schedule of Allowance for Uncollectible Accounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Balance as of January 1	$ (58)	$ (53)
Amounts charged to expense	(14)	(10)
Amounts written off	9	6
Balance as of March 31	$ (63)	$ (57)

Regulatory Matters - Schedule of Infrastructure Surcharge (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Public Utilities, General Disclosures [Line Items]
Total infrastructure surcharge authorizations	$ 53
January 1, 2026
Public Utilities, General Disclosures [Line Items]
Total infrastructure surcharge authorizations	11
April 1, 2026
Public Utilities, General Disclosures [Line Items]
Total infrastructure surcharge authorizations	7
Pennsylvania
Public Utilities, General Disclosures [Line Items]
Total infrastructure surcharge authorizations	18
Indiana
Public Utilities, General Disclosures [Line Items]
Total infrastructure surcharge authorizations	15
West Virginia
Public Utilities, General Disclosures [Line Items]
Total infrastructure surcharge authorizations	2
Missouri
Public Utilities, General Disclosures [Line Items]
Total infrastructure surcharge authorizations	13
Illinois
Public Utilities, General Disclosures [Line Items]
Total infrastructure surcharge authorizations	$ 5

Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Note 2: Significant Accounting Policies

New Accounting Standards

Presented in the table below is the new accounting standard that was adopted by the Company in 2026:


Standard	Description	Date of Adoption	Application	Effect on the Consolidated Financial Statements
Induced Conversions of Convertible Debt Instruments	The guidance in this standard clarifies the requirements for determining whether to account for certain settlements of convertible debt instruments as induced conversions or extinguishments. The guidance requires an entity to account for a settlement as an induced conversion if the inducement offer includes the issuance of all of the consideration issuable under the conversion privileges provided in the terms of the existing convertible debt instrument.	January 1, 2026	Prospective	The standard did not have a material impact on the Consolidated Financial Statements.


Standard	Description	Date of Adoption	Application	Effect on the Consolidated Financial Statements
Income Statement Disaggregation	The guidance in this standard enhances disclosures related to income statement expenses to further disaggregate expenses in the footnotes to the financial statements. The standard requires disaggregation of any relevant expense caption presented on the face of the income statement that contains the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. Further, the standard requires disclosure of the total amount and the entity’s definition of selling expenses.	Annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027	Prospective, with retrospective application also permitted	The Company is evaluating the impact on its Consolidated Financial Statements and the timing of adoption.

Accounting for Internal-Use Software	The guidance in this standard removes all reference to prescriptive and sequential software development stages, requiring an entity to start capitalizing software costs when the following criteria are both met: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. Further, the standard requires disclosure for all capitalized internal-use software costs and removes the requirement for intangibles disclosures for capitalized internal-use software.	Annual periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods	Prospective, with a modified transition or retrospective application also permitted	The Company is evaluating the impact on its Consolidated Financial Statements and the timing of adoption.

Accounting for Government Grants Received by Business Entities	Introduces authoritative GAAP guidance for accounting and disclosure of government grants received by business entities, addressing the previous lack of specific guidance and reducing diversity in practice. The standard requires grants to be recognized when compliance with conditions is probable and receipt is likely, and allows presentation either as deferred income or as a reduction of related costs.	Annual periods beginning after December 15, 2028 and interim reporting periods within those annual reporting periods	Modified prospective, modified retrospective, or retrospective applications are permitted	The Company is evaluating the impact on its Consolidated Financial Statements and the timing of adoption.

Property, Plant and Equipment

The New Jersey Economic Development Authority (“NJEDA”) determined that the Company was qualified to receive $161 million in tax credits in connection with its capital investment in its corporate headquarters in Camden, New Jersey. The Company was qualified to receive the tax credits over a

10-year

period commencing in 2019.

As of March 31, 2026, and December 31, 2025, the Company had current assets of $15 million included in Other and $64 million of long-term assets included in Other on the Consolidated Balance Sheets for the 2024 through 2028 tax credits. The Company has made the necessary annual filings for the years ended December 31, 2025 and 2024. The submitted filings are under review by the NJEDA and it is expected that the Company will receive final NJEDA approval and monetize the 2024 tax credits in 2026 and the 2025 tax credits in 2027.

Cash, Cash Equivalents and Restricted Funds


	2026		2025
Cash and cash equivalents	$	137	$	114
Restricted funds		19		18
Restricted funds included in other long-term assets		15		25

Cash, cash equivalents and restricted funds as presented on the Consolidated Statements of Cash Flows	$	171	$	157

Allowance for Uncollectible Accounts

An allowance for uncollectible accounts is maintained for estimated probable losses resulting from the Company’s inability to collect receivables from customers. Accounts that are outstanding longer than the payment terms are considered past due. A number of factors are considered in determining the allowance for uncollectible accounts, including the length of time receivables are past due, previous loss history, current economic and societal conditions and reasonable and supportable forecasts that affect the collectability of receivables from customers. The Company generally writes off accounts when they become uncollectible or are over a certain number of days outstanding.

Presented in the table below are the changes in the allowance for uncollectible accounts for the three months ended March 31:


	2026			2025
Balance as of January 1	$	(58	)	$	(53	)
Amounts charged to expense		(14	)		(10	)
Amounts written off		9			6

Balance as of March 31	$	(63	)	$	(57	)

Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2026

Regulated Operations [Abstract]

Schedule of generate rate cases and infrastructure surcharges


	Effective Date		Amount
General rate cases by state:
West Virginia		March 1, 2026	$	20
Maryland		February 26, 2026		2
California, Attrition Increase (a)		January 1, 2026		14

Total general rate case authorizations			$	36

Schedule of annualized incremental revenues

Presented in the table below are annualized incremental revenues, assuming a constant sales volume and customer count, resulting from infrastructure surcharge authorizations that became effective during 2026:


	Effective Date			Amount
Infrastructure surcharges by state:
Pennsylvania		(a	)	$	18
Indiana		March 18, 2026			15
West Virginia		March 1, 2026			2
Missouri		March 1, 2026			13
Illinois		January 1, 2026			5

Total infrastructure surcharge authorizations				$	53

(a)	In 2026, $11 million was effective January 1 and $7 million was effective April 1.

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Property, plant and equipment	$ 38,569	$ 37,955
Accumulated depreciation	(7,496)	(7,379)
Property, plant and equipment, net	31,073	30,576
Current assets:
Cash and cash equivalents	137	98
Restricted funds	19	21
Accounts receivable, net of allowance for uncollectible accounts of $63 and $58, respectively	386	395
Income tax receivable	112	9
Unbilled revenues	451	433
Materials and supplies	114	112
Secured seller promissory note from the sale of the Homeowner Services Group	0	795
Other	305	328
Total current assets	1,524	2,191
Regulatory and other long-term assets:
Regulatory assets	1,138	1,132
Operating lease right-of-use assets	82	85
Goodwill	1,156	1,156
Other	291	302
Total regulatory and other long-term assets	2,667	2,675
Total assets	35,264	35,442
Capitalization:
Common stock ($0.01 par value; 500,000,000 shares authorized; 200,767,975 and 200,605,170 shares issued, respectively)	2	2
Paid-in-capital	8,652	8,642
Retained earnings	2,771	2,575
Accumulated other comprehensive income	8	6
Treasury stock, at cost (5,487,595 and 5,428,008 shares, respectively)	(396)	(388)
Total common shareholders' equity	11,037	10,837
Long-term debt	12,766	12,777
Redeemable preferred stock at redemption value	3	3
Total long-term debt	12,769	12,780
Total capitalization	23,806	23,617
Current liabilities:
Short-term debt	1,366	1,588
Current portion of long-term debt	1,494	1,479
Accounts payable	272	378
Accrued liabilities	580	830
Accrued taxes	94	134
Accrued interest	135	140
Other	177	198
Total current liabilities	4,118	4,747
Regulatory and other long-term liabilities:
Advances for construction	468	435
Deferred income taxes and investment tax credits	3,382	3,190
Regulatory liabilities	1,409	1,416
Operating lease liabilities	72	74
Accrued pension expense	160	167
Other	204	166
Total regulatory and other long-term liabilities	5,695	5,448
Contributions in aid of construction	1,645	1,630
Commitments and contingencies (See Note 11)
Total capitalization and liabilities	$ 35,264	$ 35,442

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of accumulated other comprehensive loss

Presented in the table below are the changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2026 and 2025, respectively:


	Defined Benefit Pension Plans							Gain (Loss) on Cash Flow Hedges			Gain (Loss) on Fixed-Income Securities			Accumulated Other Comprehensive Income (Loss)
	Employee Benefit Plan Funded Status			Amortization of Prior Service Cost		Amortization of Actuarial Loss		Gain (Loss) on Cash Flow Hedges			Gain (Loss) on Fixed-Income Securities			Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2025	$	(95	)	$	1	$	75	$	26		$	(1	)	$	6
Other comprehensive income before reclassifications		—			—		—		2			—			2

Net other comprehensive income		—			—		—		2			—			2

Balance as of March 31, 2026	$	(95	)	$	1	$	75	$	28		$	(1	)	$	8

Balance as of December 31, 2024	$	(95	)	$	1	$	74	$	30		$	2		$	12
Other comprehensive (loss) income before reclassifications		—			—		—		(8	)		2			(6	)
Amounts reclassified from accumulated other comprehensive loss		—			—		—		—			(4	)		(4	)

Net other comprehensive loss		—			—		—		(8	)		(2	)		(10	)

Balance as of March 31, 2025	$	(95	)	$	1	$	74	$	22		$	—		$	2

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of reconciliation of numerator and denominator for basic and diluted earnings per share

Presented in the table below is a reconciliation of the numerator and denominator for the basic and diluted earnings per share (“EPS”) calculations:


	For the Three Months Ended March 31,
	2026		2025
Numerator:
Net income attributable to common shareholders	$	196	$	205

Denominator:
Weighted-average common shares outstanding—Basic		195		195
Effect of dilutive common stock equivalents		—		—
Effect of dilutive forward sale agreements		—		—

Weighted-average common shares outstanding—Diluted		195		195

Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	$ 1,203	$ 1,134
Other revenues not from contracts with customers	4	8
Operating revenues	1,207	1,142
Other
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	96	93
Other revenues not from contracts with customers	0	0
Operating revenues	96	93
Regulated Businesses \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,107	1,041
Other revenues not from contracts with customers	4	8
Alternative revenue programs	2	6
Lease contract revenue	2	2
Operating revenues	1,111	1,049
Regulated Businesses \| Water services: \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	988	929
Other revenues not from contracts with customers	0	0
Operating revenues	988	929
Regulated Businesses \| Wastewater services: \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	107	101
Other revenues not from contracts with customers	0	0
Operating revenues	107	101
Regulated Businesses \| Miscellaneous utility charges \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	12	11
Other revenues not from contracts with customers	0	0
Operating revenues	12	11
Regulated Businesses \| Residential \| Water services: \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	593	560
Other revenues not from contracts with customers	0	0
Operating revenues	593	560
Regulated Businesses \| Residential \| Wastewater services: \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	74	68
Other revenues not from contracts with customers	0	0
Operating revenues	74	68
Regulated Businesses \| Commercial \| Water services: \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	229	212
Other revenues not from contracts with customers	0	0
Operating revenues	229	212
Regulated Businesses \| Commercial \| Wastewater services: \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	22	18
Other revenues not from contracts with customers	0	0
Operating revenues	22	18
Regulated Businesses \| Fire service \| Water services: \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	48	45
Other revenues not from contracts with customers	0	0
Operating revenues	48	45
Regulated Businesses \| Industrial \| Water services: \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	48	45
Other revenues not from contracts with customers	0	0
Operating revenues	48	45
Regulated Businesses \| Industrial \| Wastewater services: \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	2	5
Other revenues not from contracts with customers	0	0
Operating revenues	2	5
Regulated Businesses \| Public and other \| Water services: \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	70	67
Other revenues not from contracts with customers	0	0
Operating revenues	70	67
Regulated Businesses \| Public and other \| Wastewater services: \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	9	10
Other revenues not from contracts with customers	0	0
Operating revenues	$ 9	$ 10

Long-Term Debt - Additional Information (Details)			1 Months Ended	3 Months Ended
Long-Term Debt - Additional Information (Details)	Apr. 01, 2026 USD ($)	Jun. 29, 2023 USD ($) $ / shares	Mar. 31, 2026 USD ($) treasury_lock_agreement	Mar. 31, 2026 USD ($) treasury_lock_agreement	Mar. 31, 2025 USD ($)	Mar. 30, 2026 USD ($) treasury_lock_agreement
Debt Instrument [Line Items]
Weighted average interest rates, as of December 31			0.47%	0.47%
Debt instrument, face amount			$ 7,000,000	$ 7,000,000
Proceeds from long-term debt, net of discount				7,000,000	$ 810,000,000
Repayments of Long-Term Debt				$ 3,000,000	531,000,000
Settled Debt Weighted Average Interest Rate			0.81	0.81
Debt instrument, maturity date, Description				maturity dates ranging from 2031 through 2048
Minimum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period				0.00%
Settled Debt Interest Rate			0	0
Maximum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period				1.74%
Settled Debt Interest Rate			3.12	3.12
Treasury lock agreements \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Weighted average interest rates, as of December 31			4.86%	4.86%
Debt instrument, face amount			$ 175,000,000	$ 175,000,000		$ 600,000,000
Derivative, number of instruments held \| treasury_lock_agreement			10	10		5
Debt instrument, term			10 years	30 years
Gain (loss) from termination of derivative instruments			$ 3,000,000
Ineffectiveness recognized on hedge instruments				$ 0	$ 0
Various Debt \| American Water Capital Corp. (AWCC)
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage				100.00%
Senior notes—fixed rate \| American Water Capital Corp. (AWCC)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 700,000,000
Senior notes—fixed rate \| Senior Note 5.700% Due 2055 \| American Water Capital Corp. (AWCC)
Debt Instrument [Line Items]
Interest rate	5.20%
Proceeds from long-term debt, net of discount	$ 695,000,000
Convertible Debt \| Exchangeable Senior Note 3.625% Due 2026 \| American Water Capital Corp. (AWCC)
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,035,000,000
Interest rate		3.625%
Proceeds from long-term debt, net of discount		$ 1,022,000,000
Debt instrument, exchangeable, conversion price (dollars per share) \| $ / shares		$ 171.78

Cover Page	May 08, 2026
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 08, 2026
Entity File Number	001-06659
Entity Registrant Name	Essential Utilities, Inc.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-1702594
Entity Address, Address Line One	762 West Lancaster Avenue
Entity Address, City or Town	Bryn Mawr
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19010-3489
City Area Code	610
Local Phone Number	527-8000
Title of 12(b) Security	Common stock, $.50 par value
Trading Symbol	WTRG
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000078128
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Cash Flows [Abstract]
Advances and contributions in aid of construction, refunds	$ 8	$ 9

Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Millions

Total

Common Stock

Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

Beginning balance (in shares) at Dec. 31, 2024

200,400,000

Beginning balance at Dec. 31, 2024

$ 10,332

$ 2

$ 8,598

$ 2,112

$ 12

$ (392)

Beginning balance (in shares) at Dec. 31, 2024

(5,500,000)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issuances (in shares)

205

^[1]

100,000

Common stock issuances

^[1]

$ (6)

Net other comprehensive income (loss)

(10)

Ending balance (in shares) at Mar. 31, 2025

200,500,000

Ending balance at Mar. 31, 2025

$ 10,534

$ 2

8,611

2,317

$ (398)

Ending balance (in shares) at Mar. 31, 2025

(5,500,000)

Beginning balance (in shares) at Dec. 31, 2025

200,605,170

200,600,000

Beginning balance at Dec. 31, 2025

$ 10,837

$ 2

8,642

2,575

$ (388)

Beginning balance (in shares) at Dec. 31, 2025

(5,428,008)

(5,400,000)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issuances (in shares)

$ 196

196

^[1]

200,000

(100,000)

Common stock issuances

^[1]

$ (8)

Net other comprehensive income (loss)

$ 2

Ending balance (in shares) at Mar. 31, 2026

200,767,975

200,800,000

Ending balance at Mar. 31, 2026

$ 11,037

$ 2

$ 8,652

$ 2,771

$ 8

$ (396)

Ending balance (in shares) at Mar. 31, 2026

(5,487,595)

(5,500,000)

[1]	Includes stock-based compensation, employee stock purchase plan and dividend reinvestment and direct stock purchase plan activity.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Pension and Other Postretirement Benefits - Schedule of Net Periodic Benefit Cost Components (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Pension Benefits
Components of net periodic pension benefit cost (credit):
Service cost	$ 3	$ 3
Interest cost	20	21
Expected return on plan assets	(23)	(22)
Amortization of prior service (credit) cost	0	(1)
Amortization of actuarial loss	4	5
Net periodic pension benefit cost (credit)	4	6
Other Benefits
Components of net periodic pension benefit cost (credit):
Interest cost	3	3
Expected return on plan assets	(3)	(3)
Amortization of prior service (credit) cost	(6)	(8)
Net periodic pension benefit cost (credit)	$ (6)	$ (8)

Pension and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 11	$ 11
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$ 33

Amount of contribution received by defined benefit plan from employer which increases plan assets.

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of line of credit facilities

Short-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Short-Term Debt [Abstract]

Presented in the tables below are the aggregate credit facility commitment, commercial paper limit and letter of credit availability under the revolving credit facility, as well as the available capacity for each:


	As of March 31, 2026
	Commercial Paper Limit			Letters of Credit			Total (a)
Total availability	$	2,600		$	150		$	2,750
Outstanding debt		(1,367	)		(84	)		(1,451	)

Remaining availability as of March 31, 2026	$	1,233		$	66		$	1,299

(a)	Total remaining availability of $1.3 billion as of March 31, 2026, was accessible through revolver draws.


	As of December 31, 2025
	Commercial Paper Limit			Letters of Credit			Total (a)
Total availability	$	2,600		$	150		$	2,750
Outstanding debt		(1,590	)		(84	)		(1,674	)

Remaining availability as of December 31, 2025	$	1,010		$	66		$	1,076

(a)	Total remaining availability of $1.1 billion as of December 31, 2025, was accessible through revolver draws.

Presented in the table below is the Company’s total available liquidity as of March 31, 2026, and December 31, 2025, respectively:


	Cash and Cash Equivalents		Availability on Revolving Credit Facility		Total Available Liquidity
Available liquidity as of March 31, 2026	$	137	$	1,299	$	1,436
Available liquidity as of December 31, 2025	$	98	$	1,076	$	1,174

Fair Value of Financial Information - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-term restricted funds	$ 15	$ 20
Secured Seller Promissory Note [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Notes Payable		795
Other current assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other investments	$ 46	55
Fair Value \| Homeowner Services Group \| Disposal Group, Disposed of by Sale \| Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Secured seller promissory note from the sale of the Homeowner Services Group		$ 798

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Note 15: Segment Information

The Company’s operating segments are comprised of its businesses which generate revenue, incur expense and have separate financial information which is regularly used by the chief operating decision maker to make operating decisions, assess performance and allocate resources. The Company operates its businesses primarily through one reportable segment, the Regulated Businesses segment. The Regulated Businesses segment also includes inter-segment revenues, costs and interest which are eliminated to reconcile to the Consolidated Statements of Operations.

The Company also operates other businesses, primarily MSG, that do not meet the criteria of a reportable segment in accordance with GAAP and are collectively presented throughout this Form

10-Q

within “Other,” which is consistent with how management assesses the results of these businesses. Other also includes corporate costs that are not allocated to the Company’s Regulated Businesses, interest income related to the secured seller promissory note from the sale of HOS, income from assets not associated with the Regulated Businesses, eliminations of inter-segment transactions and fair value adjustments related to acquisitions that have not been allocated to the Regulated Businesses segment. The adjustments related to the acquisitions are reported in Other as they are excluded from segment performance measures evaluated by management.

The Company’s chief operating decision maker is the President and Chief Executive Officer. The chief operating decision maker uses segment net income or loss to evaluate profit generated from segment assets when making decisions about allocating resources. The chief operating decision maker also uses segment net income to monitor budget versus actual results to assess the performance of the segment.

Presented in the tables below is summarized segment information:


	As of or for the Three Months Ended March 31, 2026
	Regulated Businesses			Other			Consolidated
Operating revenues	$	1,111		$	96		$	1,207
Less:
Operation and maintenance (a)		417			76			493
Other segment items (b)		66			1			67
Depreciation and amortization		234			3			237
Interest expense		126			37			163
Interest income		(1	)		(11	)		(12	)
Provision for income taxes		61			2			63

Net income (loss) attributable to common shareholders	$	208		$	(12	)	$	196

Total assets	$	33,168		$	2,096		$	35,264
Cash paid for capital expenditures	$	657		$	2		$	659

(a)	Significant segment expense.

(b)	Other segment items included in segment net income includes General taxes, Non-operating benefit costs, net, and Other income (expense), net, primarily Allowance for other funds used during construction.


	As of or for the Three Months Ended March 31, 2025
	Regulated Businesses			Other			Consolidated
Operating revenues	$	1,049		$	93		$	1,142
Less:
Operation and maintenance (a)		395			73			468
Other segment items (b)		67			(1	)		66
Depreciation and amortization		213			3			216
Interest expense		114			30			144
Interest income		(1	)		(21	)		(22	)
Provision for income taxes		60			5			65

Net income attributable to common shareholders	$	201		$	4		$	205

Total assets	$	30,288		$	2,868		$	33,156
Cash paid for capital expenditures	$	545		$	3		$	548

(a)	Significant segment expense.

(b)	Other segment items included in segment net income includes General taxes, Non-operating benefit costs, net, and Other income (expense), net, primarily Allowance for other funds used during construction.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for uncollectible accounts	$ 63	$ 58
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	200,767,975	200,605,170
Treasury stock, shares (in shares)	5,487,595	5,428,008

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Income Tax Examination [Line Items]
CAMT credit carryforward			$ 200
Effective income tax rate	24.30%	24.10%
Unrecognized Tax Benefits	$ 50
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 2

Fair Value of Financial Information - Schedule of Measurements of Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Assets:
Restricted funds	$ 34		$ 41
Rabbi trust investments	33		32
Deposits	114		124
Mark-to-market derivative asset	$ 2		2
Mark-to-market derivative asset [Extensible Enumeration Not Disclosed Flag]	awk:DerivativeAssetStatementOfFinancialPositionExtensibleEnumerationNotDisclosedFlag	awk:DerivativeAssetStatementOfFinancialPositionExtensibleEnumerationNotDisclosedFlag
Total assets	$ 229		254
Liabilities:
Deferred compensation obligations	37		38
Derivative Liability	1
Total liabilities	38		38
Total assets	191		216
Fixed-income securities
Assets:
Other investments	18		35
Money market and other
Assets:
Other investments	28		20
Level 1
Assets:
Restricted funds	34		41
Rabbi trust investments	33		32
Deposits	114		124
Mark-to-market derivative asset	0		0
Total assets	224		245
Liabilities:
Deferred compensation obligations	37		38
Derivative Liability	0
Total liabilities	37		38
Total assets	187		207
Level 1 \| Fixed-income securities
Assets:
Other investments	15		28
Level 1 \| Money market and other
Assets:
Other investments	28		20
Level 2
Assets:
Restricted funds	0		0
Rabbi trust investments	0		0
Deposits	0		0
Mark-to-market derivative asset	2		2
Total assets	5		9
Liabilities:
Deferred compensation obligations	0		0
Derivative Liability	1
Total liabilities	1		0
Total assets	4		9
Level 2 \| Fixed-income securities
Assets:
Other investments	3		7
Level 2 \| Money market and other
Assets:
Other investments	0		0
Level 3
Assets:
Restricted funds	0		0
Rabbi trust investments	0		0
Deposits	0		0
Mark-to-market derivative asset	0		0
Total assets	0		0
Liabilities:
Deferred compensation obligations	0		0
Derivative Liability	0
Total liabilities	0		0
Total assets	0		0
Level 3 \| Fixed-income securities
Assets:
Other investments	0		0
Level 3 \| Money market and other
Assets:
Other investments	$ 0		$ 0

Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Funds (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 137	$ 98	$ 114
Restricted funds	19	21	18
Restricted funds included in other long-term assets	15		25
Cash, cash equivalents and restricted funds as presented on the Consolidated Statements of Cash Flows	$ 171	$ 139	$ 157	$ 140

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended	15 Months Ended
	Apr. 29, 2026	Aug. 31, 2025	Mar. 31, 2026	Mar. 31, 2027
Stockholders Equity [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.895		$ 0.8275
Forward Sale Agreements
Stockholders Equity [Line Items]
Sale of stock, number of shares in transaction (in shares)		8,098,592
Sale of stock, price per share (in dollars per share)		$ 139.657
Net proceeds			$ 0
Forward Sale Agreements \| Forecast
Stockholders Equity [Line Items]
Net proceeds				$ 1,131

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income attributable to common shareholders	$ 196	$ 205
Other comprehensive (loss) income, net of tax:
Unrealized gain (loss) on cash flow hedges, net of tax of $1 and $(3) for the three months ended March 31, 2026 and 2025, respectively	2	(8)
Unrealized loss on available-for-sale fixed-income securities, net of tax of $0 and $(1) for the three months ended March 31, 2026 and 2025, respectively	0	(2)
Net other comprehensive income (loss)	2	(10)
Comprehensive income attributable to common shareholders	$ 198	$ 195

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Property, Plant and Equipment

Commitments and Contingencies - Additional Information (Details) gal in Millions			3 Months Ended
	Sep. 12, 2025 USD ($)	Apr. 24, 2024 Improvement Claim	Mar. 31, 2026 USD ($)	Feb. 18, 2026 lawsuit	Dec. 31, 2025 USD ($) Customer	Oct. 09, 2025 a	Aug. 14, 2025 a	May 21, 2025 USD ($)	May 09, 2025 a	Jun. 14, 2024 lawsuit	Dec. 20, 2023 lawsuit	Dec. 11, 2023 Standard	Dec. 06, 2023 USD ($)	Nov. 16, 2023 Investigation	Nov. 11, 2023 Customer	Nov. 10, 2023 Customer	Apr. 28, 2023 USD ($)	Dec. 05, 2022 USD ($)	Oct. 31, 2022 gal	Feb. 28, 2021 Parcel	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 Agreement
Commitments And Contingencies [Line Items]
Loss contingency, probable loss			$ 6,000,000
Daily production, number of gallons related to desalinated water \| gal																			6.4
Initial daily production, number of gallons related to desalinated water \| gal																			4.8
Number of dismissed claims \| Claim		1
Settlement payments received			185,000,000
Total escrow account funds held in law firm			105,000,000
Escrowed funds			79,000,000
Cal Am
Commitments And Contingencies [Line Items]
Number of agreements, void \| Agreement																								4
Number of agreements \| Agreement																								5
Number of agreements, valid \| Agreement																								1
Dunbar \| WVPSC
Commitments And Contingencies [Line Items]
Litigation settlement, amount awarded to other party	$ 5,000,000
Dunbar \| WVAWC
Commitments And Contingencies [Line Items]
Loss contingency, probable loss			5,000,000
Litigation settlement, proposed maximum pre-tax amount	18,000,000
Litigation settlement, amount awarded to other party	$ 5,000,000
Loss contingency, probable loss, net of tax			4,000,000
West Virginia \| WVPSC
Commitments And Contingencies [Line Items]
Number of focused general investigations \| Investigation														2
West Virginia \| WVAWC
Commitments And Contingencies [Line Items]
Number of customers for whom a precautionary boil water advisory was issued to \| Customer															300
Number of customers who completed claim process \| Customer					594
Natural gas outage inconvenience per household, average amount paid					$ 1,500
West Virginia \| Mountaineer Gas Company
Commitments And Contingencies [Line Items]
Number of customer serving (over) \| Customer																220,000
Number of customer affected by loss of natural gas service \| Customer																1,500
West Virginia \| Mountaineer Gas Company and WVAWC
Commitments And Contingencies [Line Items]
Number of pending lawsuits \| lawsuit				4						4
Number of pending lawsuits with answers provided for \| lawsuit											3
Number of recommended operational improvements \| Improvement		3
Monterey \| Cal Am
Commitments And Contingencies [Line Items]
Water supply projected area \| a						2,500	2,600		2,500
Potential condemnation, asset value																					$ 513,000,000
Potential condemnation, parcels of land \| Parcel																				58
Potential condemnation, number of statutory standards incorrectly applied by agency \| Standard												2
Potential condemnation, offer rejection amount																	$ 448,800,000
Monterey \| Cal Am \| SWRCB
Commitments And Contingencies [Line Items]
Approved cost estimates																						$ 279,000,000
Aggregate costs			336,000,000
Allowance for funds used during construction			112,000,000
Cost cap for proposed facilities, final																		$ 62,000,000
Cost cap for extraction wells								$ 11,000,000
Maximum
Commitments And Contingencies [Line Items]
Loss contingency, possible loss			$ 7,000,000
Maximum \| West Virginia \| WVAWC
Commitments And Contingencies [Line Items]
Natural gas outage inconvenience per household, amount													$ 2,000
Maximum \| Monterey \| Cal Am \| SWRCB
Commitments And Contingencies [Line Items]
Approved recovery amount																		$ 123,000,000					$ 50,000,000

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

New Accounting Standards

Presented in the table below is the new accounting standard that was adopted by the Company in 2026:


Standard	Description	Date of Adoption	Application	Effect on the Consolidated Financial Statements
Induced Conversions of Convertible Debt Instruments	The guidance in this standard clarifies the requirements for determining whether to account for certain settlements of convertible debt instruments as induced conversions or extinguishments. The guidance requires an entity to account for a settlement as an induced conversion if the inducement offer includes the issuance of all of the consideration issuable under the conversion privileges provided in the terms of the existing convertible debt instrument.	January 1, 2026	Prospective	The standard did not have a material impact on the Consolidated Financial Statements.


Standard	Description	Date of Adoption	Application	Effect on the Consolidated Financial Statements
Income Statement Disaggregation	The guidance in this standard enhances disclosures related to income statement expenses to further disaggregate expenses in the footnotes to the financial statements. The standard requires disaggregation of any relevant expense caption presented on the face of the income statement that contains the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. Further, the standard requires disclosure of the total amount and the entity’s definition of selling expenses.	Annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027	Prospective, with retrospective application also permitted	The Company is evaluating the impact on its Consolidated Financial Statements and the timing of adoption.

Accounting for Internal-Use Software	The guidance in this standard removes all reference to prescriptive and sequential software development stages, requiring an entity to start capitalizing software costs when the following criteria are both met: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. Further, the standard requires disclosure for all capitalized internal-use software costs and removes the requirement for intangibles disclosures for capitalized internal-use software.	Annual periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods	Prospective, with a modified transition or retrospective application also permitted	The Company is evaluating the impact on its Consolidated Financial Statements and the timing of adoption.

Accounting for Government Grants Received by Business Entities	Introduces authoritative GAAP guidance for accounting and disclosure of government grants received by business entities, addressing the previous lack of specific guidance and reducing diversity in practice. The standard requires grants to be recognized when compliance with conditions is probable and receipt is likely, and allows presentation either as deferred income or as a reduction of related costs.	Annual periods beginning after December 15, 2028 and interim reporting periods within those annual reporting periods	Modified prospective, modified retrospective, or retrospective applications are permitted	The Company is evaluating the impact on its Consolidated Financial Statements and the timing of adoption.

10-year

period commencing in 2019.

Cash, Cash Equivalents and Restricted Funds


	2026		2025
Cash and cash equivalents	$	137	$	114
Restricted funds		19		18
Restricted funds included in other long-term assets		15		25

Cash, cash equivalents and restricted funds as presented on the Consolidated Statements of Cash Flows	$	171	$	157

Allowance for Uncollectible Accounts

Presented in the table below are the changes in the allowance for uncollectible accounts for the three months ended March 31:


	2026			2025
Balance as of January 1	$	(58	)	$	(53	)
Amounts charged to expense		(14	)		(10	)
Amounts written off		9			6

Balance as of March 31	$	(63	)	$	(57	)

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

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Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Note 10: Pension and Other Postretirement Benefits

Presented in the table below are the components of net periodic benefit costs:


	For the Three Months Ended March 31,
	2026			2025
Components of net periodic pension benefit cost:
Service cost	$	3		$	3
Interest cost		20			21
Expected return on plan assets		(23	)		(22	)
Amortization of prior service credit		—			(1	)
Amortization of actuarial loss		4			5

Net periodic pension benefit cost	$	4		$	6

Components of net periodic other postretirement benefit credit:
Interest cost	$	3		$	3
Expected return on plan assets		(3	)		(3	)
Amortization of prior service credit		(6	)		(8	)

Net periodic other postretirement benefit credit	$	(6	)	$	(8	)

The Company contributed $11 million for the funding of its defined benefit pension plans for the three months ended March 31, 2026 and 2025. The Company expects to make additional pension contributions to the plan trusts of $33 million during the remainder of 2026.

The entire disclosure for retirement benefits.

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Fair Value of Financial Information

Fair Value of Financial Information

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Note 13: Fair Value of Financial Information

Fair Value of Financial Instruments

The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:

Current assets and current liabilities—The carrying amounts reported on the Consolidated Balance Sheets for current assets and current liabilities, including revolving credit debt, due to the short-term maturities and variable interest rates, approximate their fair values.

Secured seller promissory note from the sale of the Homeowner Services Group—On February 13, 2026, the Company received payment of all amounts payable under the secured seller promissory note. See Note 5—Mergers, Acquisitions and Divestitures for additional information. As of December 31, 2025, the carrying amount reported on the Consolidated Balance Sheets for the secured seller promissory note was $795 million and the accounting fair value measurement approximated $798 million. The secured seller promissory note was classified as Level 3 within the fair value hierarchy.

Preferred stock with mandatory redemption requirements and long-term debt—The fair values of preferred stock with mandatory redemption requirements and long-term debt are categorized within the fair value hierarchy based on the inputs that are used to value each instrument. The fair value of long-term debt classified as Level 1 is calculated using quoted prices in active markets. Level 2 instruments are valued using observable inputs and Level 3 instruments are valued using observable and unobservable inputs.


	As of March 31, 2026
	Carrying Amount		At Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
Preferred stock with mandatory redemption requirements	$	3	$	—	$	—	$	3	$	3
Long-term debt		14,260		11,457		1,072		611		13,140

	As of December 31, 2025
	Carrying Amount		At Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
Preferred stock with mandatory redemption requirements	$	3	$	—	$	—	$	3	$	3
Long-term debt		14,256		11,653		1,065		616		13,334

Recurring Fair Value Measurements

Presented in the tables below are assets and liabilities measured and recorded at fair value on a recurring basis and their level within the fair value hierarchy:


	As of March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Restricted funds	$	34	$	—	$	—	$	34
Rabbi trust investments		33		—		—		33
Deposits		114		—		—		114
Other investments:
Money market and other		28		—		—		28
Fixed-income securities		15		3		—		18
Mark-to-market derivative asset		—		2		—		2

Total assets		224		5		—		229

Liabilities:
Deferred compensation obligations		37		—		—		37
Mark-to-market derivative liability		—		1		—		1

Total liabilities		37		1		—		38

Total assets	$	187	$	4	$	—	$	191


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Restricted funds	$	41	$	—	$	—	$	41
Rabbi trust investments		32		—		—		32
Deposits		124		—		—		124
Other investments:
Money market and other		20		—		—		20
Fixed-income securities		28		7		—		35
Mark-to-market derivative asset		—		2		—		2

Total assets		245		9		—		254

Liabilities:
Deferred compensation obligations		38		—		—		38

Total liabilities		38		—		—		38

Total assets	$	207	$	9	$	—	$	216

Restricted funds—The Company’s restricted funds primarily represent proceeds received from financings for the construction and capital improvement of facilities and from customers for future services under operation, maintenance and repair projects. Long-term restricted funds of $15 million and $20 million were included in other long-term assets on the Consolidated Balance Sheets as of March 31, 2026, and December 31, 2025, respectively.

Rabbi trust investments—The Company’s rabbi trust investments consist of equity and index funds from which supplemental executive retirement plan benefits and deferred compensation obligations can be paid. The Company includes these assets in other long-term assets on the Consolidated Balance Sheets.

Deposits—Deposits include escrow funds and certain other deposits held in trust. The Company includes cash deposits in other current assets on the Consolidated Balance Sheets.

Deferred compensation obligations—The Company’s deferred compensation plans allow participants to defer certain cash compensation into notional investment accounts. The Company includes such plans in other long-term liabilities on the Consolidated Balance Sheets. The value of the Company’s deferred compensation obligations is based on the market value of the participants’ notional investment accounts. The notional investments are comprised primarily of mutual funds, which are based on quoted prices for identical assets in active markets.

Mark-to-market

derivative assets and liabilities—The Company employs derivative financial instruments in the form of treasury lock agreements, classified as cash flow hedges, in order to fix the interest cost on existing or forecasted debt. The Company uses a calculation of future cash inflows and estimated future outflows, which are discounted, to determine the current fair value. Additional inputs to the present value calculation include the contract terms, counterparty credit risk, interest rates and market volatility. The Company includes

mark-to-market

derivative assets in other current assets and

mark-to-market

derivative liabilities in other current liabilities on the Consolidated Balance Sheets.

Other investments—The Company maintains a Voluntary Employees’ Beneficiary Association trust for purposes of paying active union employee medical benefits (“Active VEBA”). The investments in the Active VEBA trust primarily consist of money market funds and

available-for-sale

fixed-income securities.

The money market and other investments have original maturities of three months or less when purchased. The fair value measurement of the money market and other investments is based on quoted prices for identical assets in active markets and therefore included in the recurring fair value measurements hierarchy as Level 1.

The

available-for-sale

fixed-income securities are primarily investments in U.S. Treasury securities and government bonds. The majority of U.S. Treasury securities and government bonds have been categorized as Level 1 because they trade in highly-liquid and transparent markets. Certain U.S. Treasury securities are based on prices that reflect observable market information, such as actual trade information of similar securities, and are therefore categorized as Level 2, because the valuations are calculated using models which utilize actively traded market data that the Company can corroborate.

As of March 31, 2026, and December 31, 2025, the Company had current assets of $46 million and $55 million, respectively, included in Other on the Consolidated Balance Sheets for other investments measured and recorded at fair value. Unrealized holding gains and losses on

available-for-sale

securities are excluded from earnings and reported in other comprehensive income until realized.

The following tables summarize the unrealized positions for

available-for-sale

fixed-income securities:


	As of March 31, 2026
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale fixed-income securities	$	19	$	—	$	1	$	18


	As of December 31, 2025
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale fixed-income securities	$	36	$	—	$	1	$	35

The fair value of the Company’s

available-for-sale

fixed-income securities, summarized by contractual maturities, as of March 31, 2026, is as follows:


	Amount
Other investments - Available-for-sale fixed-income securities
1 year - 5 years	$	10
5 years - 10 years		1
Greater than 10 years		7

Total	$	18

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on cash flow hedges, tax	$ 1	$ (3)
Unrealized (loss) gain on available-for-sale fixed-income securities, tax	$ 0	$ (1)

Regulatory Matters - Schedule of General Rate Cases (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Public Utilities, General Disclosures [Line Items]
General rate case authorizations, annualized incremental revenues, including reduction for the amortization of the excess accumulated deferred income taxes	$ 36
West Virginia
Public Utilities, General Disclosures [Line Items]
General rate case authorizations, annualized incremental revenues, including reduction for the amortization of the excess accumulated deferred income taxes	20
Maryland
Public Utilities, General Disclosures [Line Items]
General rate case authorizations, annualized incremental revenues, including reduction for the amortization of the excess accumulated deferred income taxes	2
California, Step Increase
Public Utilities, General Disclosures [Line Items]
General rate case authorizations, annualized incremental revenues, including reduction for the amortization of the excess accumulated deferred income taxes	$ 14

Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Income Statement [Abstract]

$ 1,207

$ 1,142

Operating expenses:

^[1]

493

468

Total operating expenses, net

237

216

General taxes

816

771

Operating income

391

371

Other income (expense):

(163)

(144)

Non-operating benefit costs, net

Other, net

Total other income (expense)

(132)

(101)

Income before income taxes

259

270

Net income attributable to common shareholders (in dollars per share)

$ 196

$ 205

Basic earnings per share:

^[2]

$ 1

$ 1.05

Diluted earnings per share:

Net income attributable to common shareholders (in dollars per share)

^[2]

$ 1

$ 1.05

Weighted average common shares outstanding:

Basic (in shares)

195

Diluted (in shares)

195

[1]	Significant segment expense.
[2]	Amounts may not calculate due to rounding.

Leases	3 Months Ended
Leases	Mar. 31, 2026
Leases [Abstract]
Leases	Note 14: Leases The Company has operating and finance leases involving real property, including facilities, utility assets, vehicles, and equipment. Certain operating leases have renewal options ranging from one year to 60 years. The exercise of lease renewal options is at the Company’s sole discretion. Renewal options that the Company was reasonably certain to exercise are included in the Company’s right-of-use (“ROU”) assets. Certain operating leases contain the option to purchase the leased property. The operating leases for real property, vehicles and equipment will expire over the next 39 years, four years, and five years, respectively. The Company participates in a number of arrangements with various public entities (“Partners”) in West Virginia. Under these arrangements, the Company transferred a portion of its utility plant to the Partners in exchange for an equal principal amount of Industrial Development Bonds (“IDBs”) issued by the Partners under the Industrial Development and Commercial Development Bond Act. The Company leased back the utility plant under agreements for a period of 30 to 40 years. The Company has recorded these agreements as finance leases in property, plant and equipment , as ownership of the assets will revert back to the Company at the end of the lease term. The carrying value of the finance lease assets was $141 million and $142 million as of March 31, 2026, and December 31, 2025, respectively. The Company determined that the finance lease obligations and the investments in IDBs meet the conditions for offsetting, and as such, are reported net on the Consolidated Balance Sheets and are excluded from the lease disclosure presented below. The Company also enters into O&M agreements with the Partners. The Company pays an annual fee for use of the Partners’ assets in performing under the O&M agreements. The O&M agreements are recorded as operating leases, and future annual use fees of $3 million in 2026, $4 million each year in 2027 through 2030 and $33 million thereafter, are included in operating lease ROU assets and operating lease liabilities on the Consolidated Balance Sheets. Rental expenses under operating leases were $3 million for the three months ended March 31, 2026 and 2025. For the three months ended March 31, 2026 and 2025, cash paid for amounts in lease liabilities, which includes operating cash flows from operating leases, were $3 million. For the three months ended March 31, 2026 and 2025, ROU assets obtained in exchange for new operating lease liabilities were $1 million and $3 million, respectively. As of March 31, 2026, and December 31, 2025, the weighted-average remaining lease term of the operating leases were 18 years, and the weighted-average discount rate of the operating leases were 5%. The future maturities of lease liabilities as of March 31, 2026, were $8 million in 2026, $10 million in 2027, $8 million in 2028, $8 million in 2029, $7 million in 2030, and $84 million thereafter. As of March 31, 2026, imputed interest was $45 million.
Leases	Note 14: Leases The Company has operating and finance leases involving real property, including facilities, utility assets, vehicles, and equipment. Certain operating leases have renewal options ranging from one year to 60 years. The exercise of lease renewal options is at the Company’s sole discretion. Renewal options that the Company was reasonably certain to exercise are included in the Company’s right-of-use (“ROU”) assets. Certain operating leases contain the option to purchase the leased property. The operating leases for real property, vehicles and equipment will expire over the next 39 years, four years, and five years, respectively. The Company participates in a number of arrangements with various public entities (“Partners”) in West Virginia. Under these arrangements, the Company transferred a portion of its utility plant to the Partners in exchange for an equal principal amount of Industrial Development Bonds (“IDBs”) issued by the Partners under the Industrial Development and Commercial Development Bond Act. The Company leased back the utility plant under agreements for a period of 30 to 40 years. The Company has recorded these agreements as finance leases in property, plant and equipment , as ownership of the assets will revert back to the Company at the end of the lease term. The carrying value of the finance lease assets was $141 million and $142 million as of March 31, 2026, and December 31, 2025, respectively. The Company determined that the finance lease obligations and the investments in IDBs meet the conditions for offsetting, and as such, are reported net on the Consolidated Balance Sheets and are excluded from the lease disclosure presented below. The Company also enters into O&M agreements with the Partners. The Company pays an annual fee for use of the Partners’ assets in performing under the O&M agreements. The O&M agreements are recorded as operating leases, and future annual use fees of $3 million in 2026, $4 million each year in 2027 through 2030 and $33 million thereafter, are included in operating lease ROU assets and operating lease liabilities on the Consolidated Balance Sheets. Rental expenses under operating leases were $3 million for the three months ended March 31, 2026 and 2025. For the three months ended March 31, 2026 and 2025, cash paid for amounts in lease liabilities, which includes operating cash flows from operating leases, were $3 million. For the three months ended March 31, 2026 and 2025, ROU assets obtained in exchange for new operating lease liabilities were $1 million and $3 million, respectively. As of March 31, 2026, and December 31, 2025, the weighted-average remaining lease term of the operating leases were 18 years, and the weighted-average discount rate of the operating leases were 5%. The future maturities of lease liabilities as of March 31, 2026, were $8 million in 2026, $10 million in 2027, $8 million in 2028, $8 million in 2029, $7 million in 2030, and $84 million thereafter. As of March 31, 2026, imputed interest was $45 million.

Short-Term Debt - Schedule of Availability Liquidity (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Short-term Debt [Line Items]
Cash and cash equivalents	$ 137	$ 98	$ 114
Remaining availability	1,299	1,076
Total Available Liquidity	1,436	1,174
Revolving Credit Facility
Short-term Debt [Line Items]
Remaining availability	$ 1,299	$ 1,076

Shareholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Shareholders' Equity

Note 6: Shareholders’ Equity

Equity Forward Sale Agreements

In August 2025, the Company entered into separate forward sale agreements (the “Forward Sale Agreements”) with several forward purchasers relating to an aggregate of 8,098,592 shares of the Company’s common stock at an initial forward price of $139.657 per share, which is equal to the price to public per share less an underwriting discount. Each Forward Sale Agreement will be physically settled unless the Company elects to settle such Forward Sale Agreement in cash or to net share settle such Forward Sale Agreement (which the Company has the right to do, subject to certain conditions, other than in the limited circumstances set forth in the Forward Sale Agreements). The Forward Sale Agreements provide for settlement on a settlement date or dates to be specified at the Company’s discretion on or prior to December 31, 2026. To the extent the Forward Sale Agreements are physically settled, the Company will issue common stock to the forward purchasers and receive cash proceeds based on the applicable forward sale price on the settlement date as defined in the Forward Sale Agreements.

As of March 31, 2026, the Company did

not

receive any proceeds from the sale of its common stock connected to the Forward Sale Agreements. The Company estimates that it will receive total net proceeds of approximately $1,131 million, before deducting estimated offering expenses, subject to the price adjustment and other provisions of the Forward Sale Agreements, in the event of full physical settlement of all of the Forward Sale Agreements. The Company intends to use any net cash proceeds that it may receive upon a settlement of the Forward Sale Agreements for general corporate purposes. The Forward Sale Agreements were classified as equity transactions because they are indexed to the Company’s common stock and physical settlement is within the Company’s control.

Accumulated Other Comprehensive Loss

Presented in the table below are the changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2026 and 2025, respectively:


	Defined Benefit Pension Plans							Gain (Loss) on Cash Flow Hedges			Gain (Loss) on Fixed-Income Securities			Accumulated Other Comprehensive Income (Loss)
	Employee Benefit Plan Funded Status			Amortization of Prior Service Cost		Amortization of Actuarial Loss		Gain (Loss) on Cash Flow Hedges			Gain (Loss) on Fixed-Income Securities			Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2025	$	(95	)	$	1	$	75	$	26		$	(1	)	$	6
Other comprehensive income before reclassifications		—			—		—		2			—			2

Net other comprehensive income		—			—		—		2			—			2

Balance as of March 31, 2026	$	(95	)	$	1	$	75	$	28		$	(1	)	$	8

Balance as of December 31, 2024	$	(95	)	$	1	$	74	$	30		$	2		$	12
Other comprehensive (loss) income before reclassifications		—			—		—		(8	)		2			(6	)
Amounts reclassified from accumulated other comprehensive loss		—			—		—		—			(4	)		(4	)

Net other comprehensive loss		—			—		—		(8	)		(2	)		(10	)

Balance as of March 31, 2025	$	(95	)	$	1	$	74	$	22		$	—		$	2

The Company does not reclassify the amortization of defined benefit pension cost components from accumulated other comprehensive income (loss) directly to net income in its entirety, as a portion of these costs have been deferred as a regulatory asset. These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost.

The amortization of the gain (loss) on cash flow hedges is reclassified to net income during the period incurred and is included in Interest expense in the accompanying Consolidated Statements of Operations.

An unrealized gain (loss) on

available-for-sale

fixed-income securities is reclassified to net income upon sale of the securities as a realized gain or loss and is included in Other, net in the accompanying Consolidated Statements of Operations.

Dividends

On March 3, 2026, the Company paid a quarterly cash dividend of $0.8275 per share to shareholders of record as of February 10, 2026.

On April 29, 2026, the Company’s Board of Directors declared a quarterly cash dividend payment of $

0.8950

per share, payable on June 2, 2026, to shareholders of record as of May 12, 2026. Future dividends, when and as declared at the discretion of the Board of Directors, will be dependent upon future earnings and cash flows, compliance with various regulatory, financial and legal requirements, and other factors. See Note 9—Shareholders’ Equity in the

Notes

to Consolidated Financial Statements in the Company’s Form

10-K

for additional information regarding the payment of dividends on the Company’s common stock.

The entire disclosure for equity.

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