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Xylem
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Latest analysis
Updated Oct 27, 2026
Xylem Q3 2026: Orders surge 9.9% organically as backlog hits $5.5B, masking 3% revenue decline driven by divestitures and MCS softness
Xylem's Q3 2026 results present a bifurcated picture: reported revenue declined 3.0% to $2,201 million, almost entirely attributable to the $80 million revenue loss from divestitures rather than organic deterioration, while orders grew 9.9% organically to $2,331 million and backlog expanded 13.4% year-over-year to $5,466 million — the latter anchored by a significant Water Solutions and Services contract win. Margin execution was the standout, with GAAP operating margin expanding 280 basis points to 17.5% and adjusted EBITDA margin reaching 23.9%, driven by 220 basis points of productivity savings and 140 basis points of price realization net of 150 basis points of inflation. The pending $1,460 million acquisition of Cornell Pump and Roper Pump from Indicor is the most consequential near-term event, signaling Xylem's intent to deepen its North American industrial pumping position as it completes its portfolio rationalization through divestiture exits.
Tone: mixedRevenue
$9B
XYL 10-K · FY 2025
Employees
22,000
Revenue FY2024
$8.6B
EBITDA margin
22.6%
Profile
XYL 10-K Item 1 · Feb 25, 2026Xylem is a leading global water technology company that designs, manufactures, and services engineered products and solutions across the water cycle — from drinking water delivery and treatment to wastewater collection, testing, and return to the environment. The company serves utility, industrial, residential, and commercial customers across approximately 150 countries through four reportable segments. With 2025 revenues of $9.0 billion and approximately 22,000 employees, Xylem holds differentiated market positions in transport, treatment, smart metering, analytics, and water services.
Read filing description ↓ Collapse description ↑
Xylem is a leading global water technology company with 2025 revenues of $9.0 billion and approximately 22,000 employees worldwide. We design, manufacture and service engineered products and solutions across a wide variety of critical applications, primarily in the water sector. Our broad portfolio of products, services and solutions addresses customer needs of scarcity, resilience, quality, and affordability across the water cycle, from the delivery, treatment, measurement and use of drinking water, to the collection, testing, analysis and treatment of wastewater, to the return of water to the environment. We have differentiated market positions in core applications including transport and dewatering, process water and wastewater treatment, analytics, smart metering, digital software solutions and comprehensive services. Setting us apart is a unique set of global assets that include market-leading brands, some of which have been in use for more than 100 years, global distribution networks consisting of direct sales forces and independent channel partners serving a diverse customer base in approximately 150 countries, a substantial global installed base of products and solutions across the water cycle that provides for steady parts, replacement and service revenue, and a strong history of providing innovative products, services, solutions and business models to customers. The company organizes its offerings into four reportable segments: Water Infrastructure, Applied Water, Measurement and Control Solutions, and Water Solutions and Services. These segments serve utility, industrial, residential, and commercial end markets globally.
Primary products
- Water and wastewater pumps
- Filtration, disinfection and biological treatment equipment
- Smart meters
- Network communication devices
- Data analytics
- Test instruments
Business segments
End markets
Geographies
“Our metering business is well positioned in the North America smart metering sector, the fastest growing sector of the global meter industry.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue grew from $8,562 million in 2024 to $9,035 million in 2025, driven by growth across U.S. and Western Europe geographies.
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