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XYLXylem Inc.

Industrials · Pumps · NYSE

Xylem is a leading global water technology company with 2025 revenues of $9.0 billion and approximately 22,000 employees worldwide. 10-K, Item 1

Employees
22,000
Headquarters
Washington, DC
Next results
around Feb 9, 2027
Compare with peers → Embed
All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)4.51Sales (ttm)9.1BNet income (ttm)1.1BSales growth+5.5%EPS growth+7.4%Sales Q/Q-3.0%
Free cash flow921.0MGross margin39.8%Oper. margin15.1%Net margin11.9%FCF margin10.2%ROE10.5%
ROA6.2%R&D / sales2.5%Dividend1.60Debt/Eq0.34Curr. ratio1.39Cash708.0M
Op. cash flow (ttm)1.3BEBITDA1.8BEBITDA margin19.9%Net debt2.8BQuick ratio1.04Interest cover42.17
ROIC7.2%Payout ratio40.8%Tax rate19.6%Stock pay / sales0.6%Shares out.229.3MShares Y/Y+0.2%
Book / share44.78Cash / share3.09Sales / share39.50Asset turnover0.52Inventory turns5.66Days sales out.71
Sales 3Y CAGR+17.8%Sales 5Y CAGR+13.1%EPS 3Y CAGR+26.0%EPS 5Y CAGR+22.9%Employees22,000Sales / employee412K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth slowed to +5.5%+16.3% → +5.5% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

XYL against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
XYLPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+5.5%39th of 82 · median +4.8%
Net margin
11.9%45th of 82 · median 13.0%
Return on equity
10.5%70th of 77 · median 24.9%
Free cash flow margin
10.2%56th of 79 · median 13.0%
Debt / equity (less is better)
0.3410th of 72 · median 0.72
XYL and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
XYL Xylem Inc.$9.1B +5.5%39.8%11.9%10.5%10.2%0.34
HWM Howmet Aerospace$9.7B +11.1%-21.1%35.6%19.8%0.77
FAST Fastenal$9.1B +8.7%44.6%15.6%34.2%13.0%0.02
FDXF FedEx Freight$9.1B -1.1%-5.3%--11.1%-
ROK Rockwell Automation$9.0B +0.9%49.1%13.4%34.4%16.8%0.93
DOV Dover Corporation$8.6B +4.5%39.7%13.6%15.3%13.9%0.52

From $5.2B of sales to $427.0M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.0BRevenue to Cost of revenue: $3.2BGross profit to Operating profit: $585.0MGross profit to Operating expenses: $1.4BOperating profit to Net profit: $427.0MOperating profit to Tax & other: $158.0MOperating expenses to R&D: $204.0MOperating expenses to SG&A: $1.2B Revenue: $5.2B Revenue$5.2B +7% Y/Y Gross profit: $2.0B · 38% margin Gross profit$2.0B38% margin +8% Y/Y Cost of revenue: $3.2B · 62% of revenue Cost of revenue$3.2B62% of revenue Operating profit: $585.0M · 11% margin Operating profit$585.0M11% margin +59% Y/Y Operating expenses: $1.4B · 27% of revenue Operating expenses$1.4B27% of revenue Net profit: $427.0M · 8% margin Net profit$427.0M8% margin +68% Y/Y Tax & other: $158.0M · 3% of revenue Tax & other$158.0M3% of revenue R&D: $204.0M · 4% of revenue R&D$204.0M4% of revenue SG&A: $1.2B · 23% of revenue SG&A$1.2B23% of revenue

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From $5.5B of sales to $355.0M of profit

FY2022, from the 10-K income statement and revenue by product
Product to Revenue: $5.0BService to Revenue: $544.0MRevenue to Gross profit: $2.1BRevenue to Cost of revenue: $3.4BGross profit to Operating profit: $622.0MGross profit to Operating expenses: $1.5BOperating profit to Net profit: $355.0MOperating profit to Tax & other: $267.0MOperating expenses to R&D: $206.0MOperating expenses to SG&A: $1.3B Product: $5.0B · 90% Product$5.0B90% Service: $544.0M · 10% Service$544.0M10% Revenue: $5.5B Revenue$5.5B +6% Y/Y Gross profit: $2.1B · 38% margin Gross profit$2.1B38% margin +6% Y/Y Cost of revenue: $3.4B · 62% of revenue Cost of revenue$3.4B62% of revenue Operating profit: $622.0M · 11% margin Operating profit$622.0M11% margin +6% Y/Y Operating expenses: $1.5B · 26% of revenue Operating expenses$1.5B26% of revenue Net profit: $355.0M · 6% margin Net profit$355.0M6% margin −17% Y/Y Tax & other: $267.0M · 5% of revenue Tax & other$267.0M5% of revenue R&D: $206.0M · 4% of revenue R&D$206.0M4% of revenue SG&A: $1.3B · 23% of revenue SG&A$1.3B23% of revenue

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From $7.4B of sales to $609.0M of profit

FY2023, from the 10-K income statement and revenue by product
Product to Revenue: $6.3BService to Revenue: $1.1BRevenue to Gross profit: $2.7BRevenue to Cost of revenue: $4.6BGross profit to Operating profit: $652.0MGross profit to Operating expenses: $2.1BOperating profit to Net profit: $609.0MOperating profit to Tax & other: $43.0MOperating expenses to R&D: $232.0MOperating expenses to Sales, admin & other: $1.8B Product: $6.3B · 85% Product$6.3B85% Service: $1.1B · 15% Service$1.1B15% Revenue: $7.4B Revenue$7.4B +33% Y/Y Gross profit: $2.7B · 37% margin Gross profit$2.7B37% margin +30% Y/Y Cost of revenue: $4.6B · 63% of revenue Cost of revenue$4.6B63% of revenue Operating profit: $652.0M · 9% margin Operating profit$652.0M9% margin +5% Y/Y Operating expenses: $2.1B · 28% of revenue Operating expenses$2.1B28% of revenue Net profit: $609.0M · 8% margin Net profit$609.0M8% margin +72% Y/Y Tax & other: $43.0M · 1% of revenue Tax & other$43.0M1% of revenue R&D: $232.0M · 3% of revenue R&D$232.0M3% of revenue Sales, admin & other: $1.8B · 25% of revenue Sales, admin & other$1.8B25% of revenue

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From $8.6B of sales to $890.0M of profit

FY2024, from the 10-K income statement and revenue by product
Product to Revenue: $7.1BService to Revenue: $1.5BRevenue to Gross profit: $3.2BRevenue to Cost of revenue: $5.3BGross profit to Operating profit: $1.0BGross profit to Operating expenses: $2.2BOperating profit to Net profit: $890.0MOperating profit to Tax & other: $119.0MOperating expenses to R&D: $230.0MOperating expenses to Sales, admin & other: $2.0B Product: $7.1B · 83% Product$7.1B83% Service: $1.5B · 17% Service$1.5B17% Revenue: $8.6B Revenue$8.6B +16% Y/Y Gross profit: $3.2B · 38% margin Gross profit$3.2B38% margin +18% Y/Y Cost of revenue: $5.3B · 62% of revenue Cost of revenue$5.3B62% of revenue Operating profit: $1.0B · 12% margin Operating profit$1.0B12% margin +55% Y/Y Operating expenses: $2.2B · 26% of revenue Operating expenses$2.2B26% of revenue Net profit: $890.0M · 10% margin Net profit$890.0M10% margin +46% Y/Y Tax & other: $119.0M · 1% of revenue Tax & other$119.0M1% of revenue R&D: $230.0M · 3% of revenue R&D$230.0M3% of revenue Sales, admin & other: $2.0B · 23% of revenue Sales, admin & other$2.0B23% of revenue

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From $9.0B of sales to $957.0M of profit

FY2025, from the 10-K income statement and revenue by product
Product to Revenue: $7.5BService to Revenue: $1.6BRevenue to Gross profit: $3.5BRevenue to Cost of revenue: $5.6BGross profit to Operating profit: $1.2BGross profit to Operating expenses: $2.3BOperating profit to Net profit: $957.0MOperating profit to Tax & other: $266.0MOperating expenses to R&D: $226.0MOperating expenses to Sales, admin & other: $2.0B Product: $7.5B · 83% Product$7.5B83% Service: $1.6B · 17% Service$1.6B17% Revenue: $9.0B Revenue$9.0B +6% Y/Y Gross profit: $3.5B · 38% margin Gross profit$3.5B38% margin +8% Y/Y Cost of revenue: $5.6B · 62% of revenue Cost of revenue$5.6B62% of revenue Operating profit: $1.2B · 14% margin Operating profit$1.2B14% margin +21% Y/Y Operating expenses: $2.3B · 25% of revenue Operating expenses$2.3B25% of revenue Net profit: $957.0M · 11% margin Net profit$957.0M11% margin +8% Y/Y Tax & other: $266.0M · 3% of revenue Tax & other$266.0M3% of revenue R&D: $226.0M · 3% of revenue R&D$226.0M3% of revenue Sales, admin & other: $2.0B · 22% of revenue Sales, admin & other$2.0B22% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 4
  • !
    Net margin below the peer median11.9% vs 13.0%
  • ✓
    Gross margin up over 5 years37.5% → 38.5%
  • !
    Return on equity below 15%10.5%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 6.9% → 10.6%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 42.2× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.34 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.39
  • !
    Net debt over 3 years of free cash flow$2.8B net debt, 3.0 years
Debt / equity at each year end, FY2016 to FY2025: 1.24 → 0.22
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 10 years$910.0M last year
  • !
    Share count up over 5 years+34.7%
  • ✓
    Dividend per share up over 5 years$1.04 → $1.60
  • ✓
    Cash from operations above net income$1.2B vs $957.0M
Free cash flow, FY2016 to FY2025: 373.0M → 910.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026
Debt: $3.5B Debt$3.5B Long-term debt: $2.9B · 85% Long-term debt$2.9B · 85% Short-term borrowings: $530.0M · 15% Short-term borrowings$530.0M · 15% Next 12 months: $11.0M · 0% Next 12 months$11.0M · 0% Year 2: $508.0M · 15% Year 2$508.0M · 15% Year 3: $1.0M · 0% Year 3$1.0M · 0%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $600.0M Not stated $2.0B

Line, as the company names itKindRateFixed or floatingAmount
US Dollar Commercial Paper ProgramCommercial paper–floating$600.0M
Senior Notes Due Twenty Thirty OneNotes and bonds2.25%not stated$500.0M
Senior Notes Due Twenty Twenty EightNotes and bonds1.95%not stated$500.0M
3.250% Senior Notes Due 2026Notes and bonds3.25%not stated$500.0M
4.375% Senior Notes Due 2046Notes and bonds4.38%not stated$400.0M
Other––not stated$27.0M
Equipment Financing (Secured Debt)Secured–not stated$27.0M

From the debt note in the 10-K's XBRL (0001524472-26-000012), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 9.0B Net income 957.0M
FY2016 revenue 3.8B · Revenues, 0001524472-19-000009 FY2016 net income 260.0M · NetIncomeLoss, 0001524472-19-000009 3.8B FY2016 FY2017 revenue 4.7B · Revenues, 0001524472-20-000006 FY2017 net income 331.0M · NetIncomeLoss, 0001524472-20-000006 4.7B FY2017 FY2018 revenue 5.2B · Revenues, 0001524472-21-000008 FY2018 net income 549.0M · NetIncomeLoss, 0001524472-21-000008 5.2B FY2018 FY2019 revenue 5.2B · Revenues, 0001524472-22-000009 FY2019 net income 401.0M · NetIncomeLoss, 0001524472-22-000009 5.2B FY2019 FY2020 revenue 4.9B · Revenues, 0001524472-23-000009 FY2020 net income 254.0M · NetIncomeLoss, 0001524472-23-000009 4.9B FY2020 FY2021 revenue 5.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001524472-24-000006 FY2021 net income 427.0M · NetIncomeLoss, 0001524472-24-000006 5.2B FY2021 FY2022 revenue 5.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001524472-25-000013 FY2022 net income 355.0M · NetIncomeLoss, 0001524472-25-000013 5.5B FY2022 FY2023 revenue 7.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001524472-26-000012 FY2023 net income 609.0M · NetIncomeLoss, 0001524472-26-000012 7.4B FY2023 FY2024 revenue 8.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001524472-26-000012 FY2024 net income 890.0M · NetIncomeLoss, 0001524472-26-000012 8.6B FY2024 FY2025 revenue 9.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001524472-26-000012 FY2025 net income 957.0M · NetIncomeLoss, 0001524472-26-000012 9.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

XYL's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue9.0B
FY2016: 3.8BFY2017: 4.7BFY2018: 5.2BFY2019: 5.2BFY2020: 4.9BFY2021: 5.2BFY2022: 5.5BFY2023: 7.4BFY2024: 8.6BFY2025: 9.0B FY2017FY2019FY2021FY2023FY2025
Net income957.0M
FY2016: 260.0MFY2017: 331.0MFY2018: 549.0MFY2019: 401.0MFY2020: 254.0MFY2021: 427.0MFY2022: 355.0MFY2023: 609.0MFY2024: 890.0MFY2025: 957.0M FY2017FY2019FY2021FY2023FY2025
Free cash flow910.0M
FY2016: 373.0MFY2017: 516.0MFY2018: 349.0MFY2019: 613.0MFY2020: 641.0MFY2021: 330.0MFY2022: 388.0MFY2023: 566.0MFY2024: 942.0MFY2025: 910.0M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)3.92
FY2016: 1.45FY2017: 1.83FY2018: 3.03FY2019: 2.21FY2020: 1.40FY2021: 2.35FY2022: 1.96FY2023: 2.79FY2024: 3.65FY2025: 3.92 FY2017FY2019FY2021FY2023FY2025
Dividend per share1.60
FY2016: 0.62FY2017: 0.72FY2018: 0.84FY2019: 0.96FY2020: 1.04FY2021: 1.12FY2022: 1.20FY2023: 1.32FY2024: 1.44FY2025: 1.60 FY2017FY2019FY2021FY2023FY2025
Diluted shares244.0M
FY2016: 180.0MFY2017: 180.9MFY2018: 181.1MFY2019: 181.2MFY2020: 181.1MFY2021: 181.5MFY2022: 181.0MFY2023: 218.2MFY2024: 243.5MFY2025: 244.0M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Water Infrastructure 2.6B29.2% +3.2%
Water Solutions Services 2.5B27.3% +5.2%
Measurementand Control Solutions 2.1B23.1% +11.5%
Applied Water 1.8B20.5% +3.1%

10-K 0001524472-26-000012, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Product 7.5B82.7% +5.3%
Service 1.6B17.3% +6.5%

10-K 0001524472-26-000012, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 5.2B57.7% +7.1%
Europe 1.8B20.4% +5.4%
Asia Pacific 1.2B13.5% -4.2%
Other 766.0M8.5% +12.5%

10-K 0001524472-26-000012, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue3.8B4.7B5.2B5.2B4.9B5.2B5.5B7.4B8.6B9.0B
Cost of revenue2.3B2.9B3.2B3.2B3.0B3.2B3.4B4.6B5.3B5.6B
Gross profit1.5B1.8B2.0B2.0B1.8B2.0B2.1B2.7B3.2B3.5B
R&D110.0M181.0M189.0M191.0M187.0M204.0M206.0M232.0M230.0M226.0M
SG&A914.0M1.1B1.2B1.2B1.1B1.2B1.2B1.8B1.9B1.9B
Operating income408.0M552.0M654.0M486.0M367.0M585.0M622.0M652.0M1.0B1.2B
Interest expense70.0M82.0M82.0M67.0M77.0M76.0M50.0M49.0M44.0M29.0M
Pretax income340.0M466.0M585.0M416.0M285.0M511.0M440.0M635.0M1.1B1.2B
Income tax80.0M136.0M36.0M15.0M31.0M84.0M85.0M26.0M197.0M231.0M
Net income260.0M331.0M549.0M401.0M254.0M427.0M355.0M609.0M890.0M957.0M
EPS (diluted)1.451.833.032.211.402.351.962.793.653.92
Diluted shares180.0M180.9M181.1M181.2M181.1M181.5M181.0M218.2M243.5M244.0M
Depreciation & amortization151.0M234.0M261.0M257.0M251.0M245.0M236.0M436.0M562.0M575.0M
EBITDA559.0M786.0M915.0M743.0M618.0M830.0M858.0M1.1B1.6B1.8B
Gross margin38.8%39.2%38.9%39.0%37.5%38.0%37.7%36.9%37.5%38.5%
Operating margin10.8%11.7%12.6%9.3%7.5%11.3%11.3%8.9%11.8%13.5%
Net margin6.9%7.0%10.5%7.6%5.2%8.2%6.4%8.3%10.4%10.6%
Revenue growth-+24.8%+10.6%+0.8%-7.1%+6.5%+6.3%+33.4%+16.3%+5.5%
EPS growth-+26.2%+65.6%-27.1%-36.7%+67.9%-16.6%+42.3%+30.8%+7.4%

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)18.0M21.0M30.0M29.0M26.0M33.0M37.0M60.0M56.0M53.0M
Stock-based pay / revenue0.5%0.4%0.6%0.6%0.5%0.6%0.7%0.8%0.7%0.6%
Operating lease cost---76.0M77.0M84.0M83.0M96.0M106.0M111.0M
Operating lease cash paid---73.0M75.0M83.0M82.0M92.0M103.0M108.0M
Finance lease principal paid-----1.0M3.0M14.0M24.0M33.0M
Right-of-use assets--267.0M241.0M272.0M304.0M285.0M348.0M309.0M391.0M
Operating lease liabilities--265.0M243.0M275.0M308.0M293.0M354.0M324.0M408.0M
Finance lease liabilities-------86.0M103.0M125.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on XYL in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/XYL/export.csv") into a cell.