American Water is the largest publicly-traded water and wastewater utility company in the United States, serving millions of people across multiple states through regulated utility subsidiaries that provide drinking water supply, wastewater collection and treatment, and bulk water sales to residential, commercial, industrial, and municipal customers. The company operates as a rate-regulated utility where state Public Utility Commissions approve customer rates based on cost recovery and authorized return on invested capital, generating stable and relatively predictable revenue through metered or consumption-based monthly billing. Beyond its core regulated utility business, American Water operates long-term government contracts to manage water and wastewater systems on military installations and provides municipal water operation and management services, while pursuing growth through infrastructure acquisition, organic customer additions, and consolidation of the fragmented investor-owned utility sector.