Xylem (XYL) FY2025 results: revenue $9.0 billion, up 5.5% on the year

Xylem is a global water technology company. It designs, manufactures and services engineered products and solutions across the water cycle, from the delivery, treatment, measurement and use of drinking water to the collection, testing, analysis and treatment of wastewater and its return to the environment. Its brands, some in use for more than 100 years, reach customers in approximately 150 countries through direct sales forces and independent channel partners, and the large installed base brings steady parts, replacement and service work. There are four reportable segments aligned to market applications: Water Infrastructure, Applied Water, Measurement and Control Solutions, and Water Solutions and Services.

The problem it sells into

Less than 1% of the water on earth is fresh, and the supply is pressed by draining aquifers, pollution and changing climate patterns while demand rises with population, industry and agriculture. The filing states that a 40% gap between global water supply and demand is expected by 2030. Even where supply is adequate the infrastructure is ageing: in the United States roughly one gallon in five of treated and transported water is lost before it reaches the customer, and in developing markets this non-revenue water can run from 10% to more than 60% of what is produced. Approximately 4% of the world's electricity is used to move and transport water. The company puts the addressable market of the global water industry, excluding operating spend on labour, energy and chemicals, at approximately 800 billion dollars.

Water Infrastructure

The largest segment covers two linked applications, transport and treatment, supporting the process that collects water from a source, treats it, distributes it to users and then treats and returns the wastewater. Products are water and wastewater pumps and filtration, disinfection and biological treatment equipment, under brands including Flygt, Ionpure, Leopold, Neptune Benson, Sanitare, Wallace and Tiernan, and Wedeco. Customers fall into two end markets, utility, meaning public, private and public-private operators of water, wastewater and storm water networks, and industrial. Sales go through a mix of direct channels, indirect channels and service.

Applied Water

This segment covers the uses of water in building solutions and industrial markets. End users run from residential consumers to owners and managers of apartment buildings, retail stores, institutional buildings, restaurants, schools and universities, hospitals and hotels, and on the industrial side to original equipment manufacturers, exploration and production firms, agricultural customers, chemical manufacturers, marine, food and beverage companies, data centres and car washes. The products are pumps, valves, heat exchangers, controls and dispensing equipment, under brands including Bell and Gossett, Flojet, Goulds Water Technology, Jabsco and Lowara. Because the end markets vary so widely, most sales go through specialised distribution partners.

Measurement, control and services

Measurement and Control Solutions sells communications, smart metering, measurement and control and critical infrastructure technology that lets customers run distribution networks for water, electricity and natural gas, along with analytical instruments for water quality, flow and level, and software including cloud-based analytics and remote monitoring. Water Solutions and Services provides on-demand and outsourced water, recycle and reuse, specialty dewatering and emergency response, equipment systems for industrial influent, boiler feed, ultrahigh purity, process water and wastewater treatment, full outsourcing of operations and maintenance, municipal odour and corrosion control, pipeline assessment, leak detection and pressure monitoring, plus the sale and rental of dewatering pumps and related equipment.

Geography, supply and people

The United States was 58% of revenue in 2025, western Europe 20%, emerging markets 14% and other regions 8%. Manufacturing and assembly sit in Europe, North America, Latin America, Asia and the Middle East, and the parts that go into the products include motors, fabricated parts, castings, magnets, bearings, seals, batteries, printed circuit boards and electronic components, along with steel, brass, nickel, copper, aluminium, rare earth minerals and plastics, leaving the company exposed to commodity prices and to duties and tariffs. It employed approximately 22,000 people at 31 December 2025, approximately 9,000 in the United States, 7,000 in western Europe, 5,000 in emerging markets and 1,000 elsewhere, with approximately 10% of the United States workforce represented by labour unions and some colleagues abroad represented by works councils.

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

Written from the 10-K filed 25 February 2026: read the full 10-K.