Veralto (VLTO) FY2025 results: revenue $5.5 billion, up 6.0% on the year

Veralto sells technology that monitors, treats and protects water, and that marks, codes and colour-manages packaged products. Its customers sit in regulated industries including municipal utilities, food and beverage, pharmaceuticals and general industry, and its core offerings are water analytics, water treatment, marking and coding, and packaging and colour. It is a Delaware corporation incorporated in 2023 for the separation from Danaher on 30 September 2023, when Danaher's former Environmental and Applied Solutions segment became an independent listed company through a pro-rata dividend of one Veralto share for every three Danaher shares. Headquarters are in Waltham, Massachusetts. There are two segments: Water Quality, and the second, which the company calls Product Quality & Innovation, referred to below as PQI.

Water Quality

The segment provides water analytics and water treatment that let public and private utilities deliver drinking water from source to consumer and back into the water cycle, improve the efficiency of customer processes, and keep wastewater discharge within regulatory standards. Under Hach, Trojan Technologies, ChemTreat and other brands it supplies precision instrumentation and treatment technology for measuring, analysing and treating water in residential, commercial, municipal, industrial, research and natural resource settings, alongside recurring elements such as chemical reagents, services and software. Hach, the best known brand, serves over 149,000 customers, from small community utilities to large public and private utilities and industrial users, and the filing states its testing helps ensure safe water for more than 3.4 billion people every day. ChemTreat tailors chemical treatment plans and dosing protocols, and the filing states its work saved customers over 88 billion gallons of water in 2025. Trojan Technologies supplies ultraviolet and membrane filtration systems for disinfection and contaminant removal, supporting the treatment of 15 trillion gallons of water a year.

PQI

This segment sells brand owners in consumer packaged goods, food and beverage, pharmaceuticals and industry the tools for product authenticity, traceability, quality control and regulatory compliance, under Videojet, Linx, Esko, X-Rite, Pantone and other brands, covering marking and coding and packaging and colour instrumentation, software and consumables. The solutions also support product recalls. Videojet, the largest operating company in the segment, and Linx supply inline printing that marks and codes packaged goods, printing billions of codes a day for tracking and traceability through the supply chain. Esko sells design software and imaging systems for packaging design to over 25,000 customers in over 140 countries, and TraceGains, acquired in 2024, adds cloud software for compliance and reporting on food and beverage safety and traceability. X-Rite serves over 13,000 brands and suppliers across 140 countries with colour management that measures colour quality and consistency on printed packages and products, and Pantone is the colour standard used by designers and marketers. Software work reaches into digital asset management, marketing resource management and product information management.

The business model

Approximately 61% of 2025 sales came from consumables such as reagents, inks and process chemicals, spare parts, services such as maintenance and inspection, and software including subscriptions and term licences, because the large installed base of instruments pulls through repeat purchases. Of 2025 sales, 48% came from North America, 23% from Western Europe, 2% from other developed markets, meaning Japan, Australia and New Zealand, and 27% from high-growth markets, meaning Asia excluding those three, Latin America, the Middle East, Eastern Europe and Africa. Approximately 18% of technology and equipment products go through third-party distributors, and no individual customer was more than 10% of sales in 2025, 2024 or 2023.

How it runs and grows

The Veralto Enterprise System is the company's business management system, a set of processes and tools organised around operations, growth and leadership and grounded in continuous improvement, used to lift profitability and cash flow and to fund the commercial organisation and research and development. Acquisitions are a stated part of the growth strategy, with over 85 businesses bought across more than two decades.

People

At 31 December 2025 Veralto had nearly 17,000 employees, whom it calls associates, approximately 6,500 in North America, 5,000 in Western Europe, 500 in other developed markets and 5,000 in high-growth markets, where it also runs nine local manufacturing plants. Approximately 16,500 were full-time and 500 part-time. Outside the United States, particularly in Europe, many employees are represented by unions or works councils under government-mandated collective bargaining arrangements.

From Veralto's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.