0001524472-26-000148 | 10-Q | XBRL Viewer

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Share-Based Compensation Plans - Narrative (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
	May 18, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	May 24, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		$ 14	$ 12	$ 39	$ 37
Proceeds from exercise of employee stock options				3	$ 11
Shares available for future grant (in shares)						4.2
Exercises, intrinsic value				2
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested award, cost not yet recognized, amount		13		$ 13
Nonvested award, cost not yet recognized, period for recognition				1 year 10 months 24 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested award, cost not yet recognized, amount		46		$ 46
Nonvested award, cost not yet recognized, period for recognition				2 years
Performance Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested award, cost not yet recognized, amount		$ 24		$ 24
Nonvested award, cost not yet recognized, period for recognition				1 year 10 months 24 days
Requisite service periods				3 years
Target payout percentage				100.00%
Term of EPS performance target		3 years		3 years
Term of adjusted EBITDA performance target		3 years		3 years
Term of revenue performance target		3 years		3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service periods				3 years
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		$ 1		$ 1
Maximum employee subscription rate	15.00%
Purchase price of common stock, percent	85.00%
Shares initially available for awards	4.0

Restructuring and Asset Impairment Charges - Components of Restructuring Charges and Segment Allocation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Restructuring Cost and Reserve [Line Items]
Severance and other charges	$ 8	$ 21	$ 51	$ 60
Asset impairment	0	3	1	4
Reversal of restructuring accruals	0	(1)	(2)	(2)
Total restructuring costs	8	23	50	62
Asset impairment charges	0	0	0	8
Total restructuring and asset impairment charges	8	23	50	70
Applied Water
Restructuring Cost and Reserve [Line Items]
Total restructuring and asset impairment charges	1	4	5	16
Measurement and Control Solutions
Restructuring Cost and Reserve [Line Items]
Total restructuring and asset impairment charges	6	1	12	7
Water Solutions and Services
Restructuring Cost and Reserve [Line Items]
Total restructuring and asset impairment charges	0	1	4	6
Corporate and Other
Restructuring Cost and Reserve [Line Items]
Total restructuring and asset impairment charges	0	1	0	3
Water Infrastructure
Restructuring Cost and Reserve [Line Items]
Total restructuring and asset impairment charges	$ 1	$ 16	$ 29	$ 38

Acquisitions and Divestitures	9 Months Ended
Acquisitions and Divestitures	Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures 2026 Business Combinations Cornell Pump and Roper Pump On August 10, 2026, the Company entered into a definitive agreement with Indicor, LLC and the other parties thereto to acquire, through a wholly-owned subsidiary of the Company, 100% ownership of the Cornell Pump and Roper Pump businesses, which specialize in highly engineered pumping technologies. The acquisition expands the Company's industrial pumping capabilities and strengthens its presence in key industrial and municipal applications in North America. The purchase price is approximately $1,460 million, subject to customary adjustments for working capital and other matters, which the Company intends to finance in part using proceeds from its issuance of senior unsecured notes on September 29, 2026. Refer to Note 12, Credit Facilities and Debt, for additional information. The acquisition will be included in the Water Infrastructure segment and is expected to close in the fourth quarter of 2026, subject to receipt of required regulatory approvals and other customary closing conditions. WaterFleet Intermediate Holdings, Inc. On September 2, 2026, the Company acquired 100% ownership interest in WaterFleet Intermediate Holdings, Inc. and its subsidiaries (collectively, "WaterFleet"), a leading provider of mobile water and wastewater utility services and workforce relief solutions. The acquisition expanded the breadth of the Company's service offerings in North America. Our condensed consolidated financial statements include WaterFleet's results of operations within the Water Solutions and Services segment from the date of acquisition. The total fair value of consideration paid at closing was $217 million, which also represents the purchase price, net of cash acquired, and remains subject to working capital and other customary adjustments. As of September 30, 2026, preliminary purchase price allocation consisted primarily of $111 million in goodwill and $65 million for customer relationships and other intangible assets. The identifiable intangible assets were valued using the multi-period excess earnings ("MPEE") method, the relief from royalty ("RFR") method, or the with and without method, all of which are forms of the income approach. The amount of goodwill recognized in the acquisition is not deductible for U.S. income tax purposes and is primarily attributable to management know-how and to costs and revenue synergies expected from combining the operations of WaterFleet with Xylem. TriOS Mess-und Datentechnik GmbH On July 1, 2026, the Company acquired 100% ownership interest in TriOS Mess-und Datentechnik GmbH and its subsidiaries (collectively, "TriOS"), a leading provider of optical sensing and measurement systems for water quality monitoring across utilities, industry, and environmental research. The integration of TriOS's advanced sensing instruments with the Company's analytical instrumentation platform is expected to enhance real-time visibility into water conditions across our systems. Our condensed consolidated financial statements include TriOS' results of operations within the Measurement and Control Solutions segment from the date of acquisition. The total purchase price is $219 million ($210 million, net of cash acquired), of which $216 million ($207 million, net of cash acquired) was paid at closing. The purchase price remains subject to working capital and other customary adjustments. As of September 30, 2026, preliminary purchase price allocation consisted primarily of $155 million in goodwill and $55 million for customer relationships and other intangible assets. The identifiable intangible assets were valued using the MPEE method, the RFR method, or the with and without method, all of which are forms of the income approach. The amount of goodwill recognized in the acquisition is not deductible for income tax purposes and is primarily attributable to management know-how and to costs and revenue synergies expected from combining the operations of TriOS with Xylem. The final determination of the fair value of certain assets and liabilities from the above acquisitions will be completed as soon as the necessary information becomes available but no later than one year from the acquisition date. 2025 Business Combinations Pac Machine Company, Inc. On December 2, 2025, the Company acquired 100% ownership interest in Pac Machine Company, Inc. ("Pac Machine"), a leading distributor specializing in the sale, rental and service of pumps, generators, and other dewatering equipment for mining, construction, agriculture, energy and marine sectors. The acquisition strengthens the Company's presence in Northern California and Nevada, while providing synergy opportunities. Our condensed consolidated financial statements include Pac Machine's results of operations within the Water Solutions and Services segment. The total purchase price was $66 million ($62 million, net of cash acquired), of which $54 million ($50 million, net of cash acquired) was paid at closing. The consideration transferred includes $3 million related to the non-cash settlement of a preexisting receivable owed by the acquiree to the Company. The remaining consideration of $9 million will be paid over the next four years, subject to customary holdback provisions. As of September 30, 2026, preliminary purchase allocation includes intangible assets totaling $27 million, consisting of customer relationships valued using the MPEE method, and goodwill totaling $30 million. The amount of goodwill recognized in the acquisition is not deductible for U.S. income tax purposes and is primarily attributable to costs and revenue synergies expected from combining the operations of Pac Machine with Xylem. The final determination of the fair value of certain assets and liabilities will be completed as soon as the necessary information becomes available but no later than one year from the acquisition date. EMX Holdings, Inc. On July 23, 2025, the Company acquired 100% ownership interest in EMX Holdings, Inc. and its subsidiary (collectively, "EnviroMix"). EnviroMix is headquartered in South Carolina, U.S., and provides mixing and process control products and services to municipal and industrial customers. This acquisition expands the Company's treatment offerings and provides synergy opportunities. The operating results of EnviroMix have been included in the Company's results of operations since the acquisition date within the Water Infrastructure segment. The total fair value of consideration transferred was $106 million, which was paid in cash on the closing date. The fair value of assets and liabilities acquired resulting from the purchase price allocation consisted primarily of $74 million in goodwill and $34 million for customer relationships and other identifiable intangible assets. The identifiable intangible assets were valued using the MPEE method, the RFR method, or the with and without method, all of which are forms of the income approach. The goodwill recognized in the acquisition is not deductible for U.S. income tax purposes and is primarily attributable to management know-how and the costs and revenue synergies expected from combining the operations of EnviroMix with Xylem. Simply Clean Air and Water, Inc. On January 31, 2025, we acquired 100% ownership interest in Simply Clean Air and Water, Inc. ("Simply Clean"), a water service company that specializes in high-purity water systems for life sciences and pharmaceutical markets, for the net cash acquisition price of $7 million. The company is headquartered in Connecticut, U.S. with 20 employees. Our condensed consolidated financial statements include Simply Clean's results of operations within the Water Solutions and Services segment. 2025 Asset Acquisition Vacom Systems, LLC On April 1, 2025, we acquired Vacom Systems, LLC ("Vacom"), a wastewater treatment company that specializes in non-fouling, non-scaling evaporator and crystallizer systems, headquartered in Utah, U.S. The transaction included total cash consideration of $42 million, of which $37 million was paid at closing, $2 million was paid during the second quarter of 2026, and the rest is expected to be paid during the fourth quarter of 2026. Additionally, the transaction consideration contained an earn out of 5% royalty on future revenue generated in connection with Vacom's proprietary technologies during the first five years following the acquisition. The earn out has a maximum pay out of $25 million. The Vacom transaction was accounted for as an asset acquisition because substantially all of the fair value of gross assets acquired were concentrated in its developed technology. On the acquisition date, the developed technology recognized in the condensed consolidated balance sheet was $49 million. The developed technology has a useful life of fifteen years and it is being amortized over its useful life on a straight-line basis within the Water Solutions and Services segment. 2026 Divestitures On May 26, 2026, we completed the divestiture of our previously held-for-sale international metering business, part of the Measurement and Control Solutions segment. As of September 30, 2026, the preliminary fair value of total consideration was $73 million ($68 million, net of cash transferred), including a third quarter adjustment to the estimated post-closing working capital consideration. Total consideration includes $63 million in cash ($58 million, net of cash transferred) and a note receivable with a fair value of $10 million. The post-closing working capital adjustment has not been finalized and remains subject to further adjustments pursuant to the terms of the purchase agreement. As a result of the sale, the Company recognized a cumulative loss of $44 million, including $23 million recognized in 2025 and $21 million recognized in 2026, of which $7 million was recognized in the third quarter of 2026. During the nine months ended September 30, 2026, the Company also completed certain other divestitures, which generated aggregate cash proceeds, net of cash transferred, of approximately $37 million, of which $30 million was recognized in the third quarter of 2026, and resulted in a cumulative net gain of $4 million, of which $2 million was recognized in the current quarter. 2025 Divestiture On February 7, 2025, we completed the divestiture of our previously held-for-sale Evoqua Magneto business, which was part of the Water Infrastructure segment, for a cash selling price of $61 million ($48 million, net of cash transferred). As a result of the sale, we recorded a loss of $10 million in the first quarter of the prior year, partially offset by a $2 million favorable final working capital adjustment recorded in the third quarter of the prior year, resulting in a total loss of $8 million. Gains and losses on the above divestitures presented on the condensed consolidated income statement within "Loss on sale of businesses".

- Definition

The entire disclosure for business combination.

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+ Details

Recently Issued Accounting Pronouncements	9 Months Ended
Recently Issued Accounting Pronouncements	Sep. 30, 2026
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	Background and Basis of Presentation Background Xylem Inc. (“Xylem” or the “Company”) is a leading equipment and service provider for water and wastewater applications with a broad portfolio of products and services addressing the full cycle of water, from collection, distribution and use to the return of water to the environment. Xylem operates in four segments, Water Infrastructure, Applied Water, Measurement and Control Solutions and Water Solutions and Services. See Note 19, "Segment Information", to the condensed consolidated financial statements for further segment background information. Except as otherwise indicated or unless the context otherwise requires, "Xylem," "we," "us," "our" and the "Company" refer to Xylem Inc. and its subsidiaries. Basis of Presentation The interim condensed consolidated financial statements reflect our financial position and results of operations in conformity with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions between our businesses have been eliminated. The unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and, in the opinion of management, reflect all adjustments (which include normal recurring adjustments) considered necessary for a fair statement of the financial position and results of operations for the periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such SEC rules. We believe that the disclosures made are adequate to make the information presented not misleading. We consistently applied the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report") in preparing these unaudited condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes included in our 2025 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, valuation results associated with purchase accounting, post-retirement obligations and assets, revenue recognition, income taxes, valuation of intangible assets, valuation of assets and liabilities classified as held for sale, goodwill and indefinite-lived intangible impairment testing and contingent liabilities. Actual results could differ from these estimates. Our quarterly financial periods typically end on the Saturday closest to the last day of the calendar quarter, except for the fourth quarter which ends on December 31. For the third quarter of 2026, the quarter-end date was September 26. For ease of presentation, the condensed consolidated financial statements included herein are described as ending on the last day of the calendar quarter. Tariff Developments In February 2026, the U.S. Supreme Court ruled that certain tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”) were unlawful. As a result of that ruling and related Court-ordered actions by the Court of International Trade, the Company has evaluated the recoverability of IEEPA tariffs previously paid on imported goods. The Company previously recognized amounts paid for such tariffs within cost of revenue from products and services. For the three and nine months ended September 30, 2026, the Company received $39 million and $43 million of IEEPA refunds, respectively, and also recognized a $6 million receivable as of September 30, 2026 within prepaid and other current assets in the condensed consolidated balance sheets, with a corresponding reduction to cost of revenue from products. The amount of receivable recognized was based on the Company’s determination of the portion of tariff refunds that are probable of recovery and reasonably estimable. The Company continues to assess its ongoing submissions for refunds of IEEPA tariffs and expects to record additional recoveries as uncertainties around the refund process are resolved. To the extent there are changes in amounts that become recoverable, including any associated interest, such amounts will be recognized in the period in which information about the probable and reasonably estimable amounts becomes known to the Company. Recently Issued Accounting Pronouncements Pronouncements Not Yet Adopted In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. This ASU amends the capitalization criteria for internal-use software and requires entities to make certain disclosures of costs capitalized under this subtopic. This ASU also supersedes existing guidance on web site development costs. The standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. Prospective, retrospective, or modified transition adoption methods are all permitted under this ASU. We are currently evaluating the impact and method of adoption of this amendment. In November 2024, the FASB issued ASU 2024-03, "Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". This ASU requires a footnote disclosure to disaggregate each relevant expense caption on the face of the income statement that includes specific natural expense categories. In addition, the standard requires disclosure of selling expenses on an annual and interim basis. The standard is effective in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard is required to be adopted prospectively, but retrospective adoption is permitted. The Company is currently evaluating the method of adoption and the impact of the guidance on our disclosures in future periods. Recently Adopted Pronouncements In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): "Measurement of Credit Losses for Accounts Receivable and Contract Assets". This update provides a practical expedient that allows entities to assume current conditions as of the balance sheet date remain unchanged over the remaining life of certain current trade receivables and current contract assets when developing reasonable and supportable forecasts in estimating expected credit losses. The Company adopted ASU 2025-05 effective January 1, 2026, and elected the practical expedient for applicable trade receivables and contract assets on a prospective basis. Adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Loss Contingencies [Line Items]
Loss contingency accrued	$ 6		$ 4
Guarantee amounts	870		822
Warranty expense	20	$ 28
Environmental Contingencies
Loss Contingencies [Line Items]
Loss contingency accrued	$ 3		$ 4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
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-Name Accounting Standards Codification
-Section 55
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-Paragraph 3
-Publisher FASB
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-Topic 450
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Credit Facilities and Long-Term Debt - Narrative (Details)					9 Months Ended
	May 29, 2026 USD ($)	Mar. 01, 2023 USD ($) Rate	Jun. 26, 2020	Sep. 20, 2011	Sep. 30, 2026 USD ($)	Jun. 03, 2019 USD ($)	Jun. 03, 2019 EUR (€)	Oct. 11, 2016 USD ($)
Senior Notes
Debt Instrument
Redemption price, percentage				101.00%
5.250% Senior Notes Due 2029 \| Senior Notes
Debt Instrument
Face amount					$ 500,000,000
Interest rate					5.25%
5.450% Senior Notes Due 2032 \| Senior Notes
Debt Instrument
Face amount					$ 500,000,000
Interest rate					5.45%
5.850% Senior Notes Due 2037 \| Senior Notes
Debt Instrument
Face amount					$ 500,000,000
Interest rate					5.85%
September 2026 Senior Notes \| Senior Notes
Debt Instrument
Redemption price, percentage	101.00%
Green Bond
Debt Instrument
Redemption price, percentage in occurrence of triggering event					101.00%
Green Bond \| Senior Notes
Debt Instrument
Redemption price, percentage			101.00%
5.200% Senior Notes Due 2033
Debt Instrument
Interest rate					5.20%
5.200% Senior Notes Due 2033 \| Senior Notes
Debt Instrument
Face amount	$ 500,000,000
Interest rate	5.20%
5.450% Senior Notes Due 2036
Debt Instrument
Interest rate					5.45%
5.450% Senior Notes Due 2036 \| Senior Notes
Debt Instrument
Face amount	$ 500,000,000
Interest rate	5.45%
3.250% Senior Notes Due 2026
Debt Instrument
Face amount								$ 500,000,000
Interest rate					3.25%			1.95%
4.375% Senior Notes Due 2046
Debt Instrument
Face amount								$ 500,000,000
Interest rate					4.375%			2.25%
3.250% Senior Notes Due 2026 \| Senior Notes
Debt Instrument
Face amount								$ 500,000,000
Interest rate								3.25%
4.375% Senior Notes Due 2046 \| Senior Notes
Debt Instrument
Face amount								$ 400,000,000
Interest rate								4.375%
Five Year Revolving Credit Facility 2023 \| Revolving Credit Facility [Member]
Debt Instrument
Face amount					$ 1,500,000,000
Covenant, maximum leverage ratio \| Rate		400.00%
Covenant, maximum leverage ratio, scenario 2 \| Rate		350.00%
Line of credit facility, current borrowing capacity		$ 1,500,000,000
Five Year Revolving Credit Facility 2023 \| Line of Credit \| Revolving Credit Facility [Member]
Debt Instrument
Term of debt		5 years
Face amount		$ 1,000,000,000
Increase in borrowing capacity		300,000,000
Maximum increase in borrowing capacity		1,300,000,000
US Dollar Commercial Paper Program [Member]
Debt Instrument
Face amount					$ 600,000,000
Five Year Revolving Credit Facility 2019 \| Revolving Credit Facility [Member]
Debt Instrument
Face amount		$ 1,500,000,000
Euro Commercial Paper Program [Member]
Debt Instrument
Face amount						$ 569,000,000	€ 500,000,000
2026 Credit Facility \| Line of Credit \| Revolving Credit Facility [Member]
Debt Instrument
Term of debt		5 years
Face amount		$ 1,500,000,000
Increase in borrowing capacity		500,000,000
Maximum increase in borrowing capacity		$ 2,000,000,000.0

Post-retirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Defined Benefit Plan Disclosure
Total net periodic benefit cost	$ 5	$ 5	$ 12	$ 13
United States
Defined Benefit Plan Disclosure
Service cost	0	1	1	2
Interest cost	2	2	4	4
Expected return on plan assets	(2)	(1)	(4)	(4)
Amortization of net actuarial gain	1	0	2	1
Total net periodic benefit cost	1	2	3	3
International
Defined Benefit Plan Disclosure
Service cost	2	2	7	7
Interest cost	5	4	14	12
Expected return on plan assets	(3)	(3)	(10)	(9)
Amortization of net actuarial gain	0	0	(2)	0
Total net periodic benefit cost	$ 4	$ 3	$ 9	$ 10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Share-Based Compensation Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Summary of restricted stock activity
Outstanding Shares, Beginning \| shares	506
Restricted Stock, Granted \| shares	311
Vested \| shares	(245)
Forfeited \| shares	(52)
Outstanding Shares, Ending \| shares	516
Weighted Average Grant Date Fair Value / Share
Weighted Average Grant Date Fair Value, Outstanding Beginning Balance (in shares) \| $ / shares	$ 123.27
Weighted Average Grant Date Fair Value, Granted (in shares) \| $ / shares	126.81
Weighted Average Grant Date Fair Value, Vested \| $ / shares	119.14
Weighted Average Grant Date Fair Value, Forfeited (in shares) \| $ / shares	122.81
Weighted Average Grant Date Fair Value, Outstanding Ending Balance (in shares) \| $ / shares	$ 127.40

Restructuring and Asset Impairment Charges - Restructuring Reserve Rollforward (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Sep. 30, 2026

Sep. 30, 2025

Restructuring Reserve [Roll Forward]

Restructuring accruals, start

$ 34

$ 25

Restructuring costs

$ 8

$ 23

Cash payments

(59)

(48)

Asset impairment

(3)

(1)

(4)

Foreign currency and other

(1)

Restructuring accruals, end

Applied Water

Restructuring Reserve [Roll Forward]

Restructuring accruals, end

Regional Selling Locations

Restructuring Reserve [Roll Forward]

Restructuring accruals, end

^[1]

Corporate and Other

Restructuring Reserve [Roll Forward]

Restructuring accruals, end

Measurement and Control Solutions

Restructuring Reserve [Roll Forward]

Restructuring accruals, end

Water Solutions and Services

Restructuring Reserve [Roll Forward]

Restructuring accruals, end

Water Infrastructure

Restructuring Reserve [Roll Forward]

Restructuring accruals, end

$ 4

$ 9

$ 4

$ 9

[1]	Centralized support facilities consist primarily of support functions, including selling and marketing organizations, that incurred restructuring expense which was allocated to the segments. However, the liabilities associated with restructuring expense were not allocated to the segments.

Inventories

9 Months Ended

Sep. 30, 2026

Inventory Disclosure [Abstract]

Inventories

The components of total inventories are summarized as follows:


(in millions)	September 30, 2026		December 31, 2025
Finished goods	$	356	$	342
Work in process	108		100
Raw materials	588		541
Total inventories	$	1,052	$	983

Segment and Geographic Data

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment and Geographic Data

Segment Information

Our business has four reportable segments: Water Infrastructure, Applied Water, Measurement and Control Solutions and Water Solutions and Services.

The Water Infrastructure segment focuses on the transportation and treatment of water, offering a range of products including water, wastewater and storm water pumps, controls and systems; treatment equipment: filtration and separation, disinfection, wastewater solutions for municipal and industrial applications.

The Applied Water segment serves many of the primary uses of water and focuses on the residential, commercial and industrial markets. The Applied Water segment's major products include pumps, valves, heat exchangers, controls and dispensing equipment.

The Measurement and Control Solutions segment focuses on developing advanced technology solutions that enable intelligent use and conservation of critical water and energy resources as well as analytical instrumentation used in the testing of water. The Measurement and Control Solutions segment's major products include smart metering, networked communications, measurement and control technologies, critical infrastructure technologies, software and services including cloud-based analytics, and remote monitoring and data management.

The Water Solutions and Services segment provides tailored services and solutions, in collaboration with customers, including on‑demand water, outsourced water, recycle/reuse, pipeline services, specialty dewatering and emergency response service alternatives to improve operational reliability, performance and environmental compliance. Key offerings within this segment also include equipment systems for industrial needs (influent water, boiler feed water, ultrahigh purity, process water, wastewater treatment, and recycle/reuse), full-scale outsourcing of operations and maintenance, and municipal services, including odor and corrosion control services, as well as leak detection, condition assessment and asset management and pressure monitoring solutions.

Corporate and other consists of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs, as well as charges related to certain matters that are managed at a corporate level and are not included in the business segments in evaluating performance or allocating resources. The accounting policies of each segment are the same as those described in the "Summary of Significant Accounting Policies" section of Note 1 in the 2025 Annual Report.

The chief operating decision maker (“CODM”) for the Company is our President and Chief Executive Officer. The CODM uses segment operating income/(loss) as a primary factor in allocating resources to the segments. The CODM considers budget-to-actual variances on a quarterly basis for the profit measure to assess segment performance. Disaggregated asset information by segment is not provided to the CODM for review, therefore, such information is not presented.

The following tables contain financial information provided to the CODM for each reportable segment:


(in millions)	Water Infrastructure		Applied Water		Measurement and Control Solutions		Water Solutions and Services		Total
Balance for the three months ended September 30, 2026
Revenue	$	645	$	489	$	436	$	631	$	2,201
Less:
Adjusted cost of revenue (a)	333		311		262		402
Adjusted operating expenses (a)	158		84		90		115
Other segment items (b)	7		(6)		18		22
Segment operating income	$	147	$	100	$	66	$	92	$	405
Reconciliation of segment operating income
Corporate and other loss									(20)
Interest expense									(21)

Other non-operating income, net									6
Loss on sale of businesses									(5)
Income before income taxes									$	365


(in millions)	Water Infrastructure		Applied Water		Measurement and Control Solutions		Water Solutions and Services		Total
Balance for the three months ended September 30, 2025
Revenue	$	656	$	456	$	522	$	634	$	2,268
Less:
Adjusted cost of revenue (a)	357		291		322		396
Adjusted operating expenses (a)	154		76		110		111
Other segment items (b)	32		4		26		29
Segment operating income	$	113	$	85	$	64	$	98	$	360
Reconciliation of segment operating income
Corporate and other loss									(26)
Interest expense									(6)

Other non-operating income, net									6
Loss on sale of businesses									(37)
Income before income taxes									$	297


(in millions)	Water Infrastructure		Applied Water		Measurement and Control Solutions		Water Solutions and Services		Total
Balance for the nine months ended September 30, 2026
Revenue	$	1,931	$	1,438	$	1,452	$	1,841	$	6,662
Less:
Adjusted cost of revenue (a)	1,020		912		888		1,163
Adjusted operating expenses (a)	472		255		314		361
Other segment items (b)	59		(7)		64		78
Segment operating income	$	380	$	278	$	186	$	239	$	1,083
Reconciliation of segment operating income
Corporate and other loss									(64)
Interest expense									(32)

Other non-operating income, net									3
Loss on sale of businesses									(17)
Income before income taxes									$	973


(in millions)	Water Infrastructure		Applied Water		Measurement and Control Solutions		Water Solutions and Services		Total
Balance for nine months ended September 30, 2025
Revenue	$	1,887	$	1,374	$	1,552	$	1,825	$	6,638
Less:
Adjusted cost of revenue (a)	1,051		868		949		1,170
Adjusted operating expenses (a)	457		246		333		344
Other segment items (b)	83		19		82		91
Segment operating income	$	296	$	241	$	188	$	220	$	945
Reconciliation of segment operating income
Corporate and other loss									(75)
Interest expense									(23)
Other non-operating income, net									13
Loss on sale of businesses									(47)
Income before income taxes									$	813

(a)Adjusted cost of revenue and adjusted operating expenses represent segment-level information that are regularly provided to the CODM. These balances represent cost of revenue and operating expenses, respectively, adjusted to exclude purchase accounting intangible amortization, restructuring and realignment expenses and special charges.

(b)Other segment items for each segment represents purchase accounting intangible amortization, restructuring and realignment expenses and special charges, which are excluded from the above significant expense categories regularly provided to the CODM in line with our adjusted measures as outlined in Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2025 Annual Report.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
Depreciation and amortization:
Water Infrastructure	$	24	$	24	$	74	$	71
Applied Water	8		8		23		25
Measurement and Control Solutions	40		43		121		126
Water Solutions and Services	63		64		194		203

Corporate and other	2		3		5		7
Total	$	137	$	142	$	417	$	432
Capital expenditures:
Water Infrastructure	$	13	$	7	$	31	$	29
Applied Water	8		9		19		23
Measurement and Control Solutions	16		20		47		56
Water Solutions and Services	31		30		113		93
Centralized support facilities (a)	14		6		39		23
Corporate and other	7		7		19		24
Total	$	89	$	79	$	268	$	248

(a) Represents capital expenditures incurred by the centralized support facilities that are not allocated to the segments.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

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+ Details

Revenue (Tables)

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table illustrates the sources of revenue:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
Revenue from contracts with customers	$	2,122	$	2,177	$	6,443	$	6,406
Lease Revenue	79		91		219		232
Total	$	2,201	$	2,268	$	6,662	$	6,638

The following table reflects revenue from contracts with customers by application:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
Water Infrastructure
Transport	$	388	$	377	$	1,177	$	1,107
Treatment	257		279		754		780

Applied Water
Building Solutions	268		260		816		777
Industrial Water	221		196		622		597

Measurement and Control Solutions
Smart Metering and Other	346		428		1,178		1,281
Analytics	90		94		274		271

Water Solutions and Services
Capital and Other	282		288		846		841
Services	270		255		776		752

Total	$	2,122	$	2,177	$	6,443	$	6,406

The following table reflects revenue from contracts with customers by geographical region:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
Water Infrastructure
United States	$	270	$	256	$	783	$	704
Western Europe	211		223		671		673
Emerging Markets (a)	112		118		319		353
Other	52		59		158		157

Applied Water
United States	280		250		823		755
Western Europe	92		102		292		307
Emerging Markets (a)	83		68		225		210
Other	34		36		98		102

Measurement and Control Solutions
United States	322		340		1,020		1,022
Western Europe	47		93		212		259
Emerging Markets (a)	25		46		102		143
Other	42		43		118		128

Water Solutions and Services
United States	405		403		1,142		1,185
Western Europe	21		23		77		73
Emerging Markets (a)	61		69		177		175
Other	65		48		226		160

Total	$	2,122	$	2,177	$	6,443	$	6,406

(a)Emerging markets includes results from the following regions: Eastern Europe, the Middle East and Africa, Latin America and Asia Pacific (excluding Japan, Australia and New Zealand, which are presented in "Other")

Contract with Customer, Asset and Liability

The table below provides contract assets, contract liabilities, and significant changes in contract assets and liabilities:


(in millions)	Contract Assets (a)		Contract Liabilities (b)
Balance at January 1, 2026	$	510	$	286

Additions, net (b)	393		225
Revenue recognized from opening balance	—		(212)
Billings transferred to accounts receivable	(232)		—
Foreign currency and other	(21)		(2)
Balance at September 30, 2026	$	650	$	297

Balance at January 1, 2025	303		322

Additions, net	316		205
Revenue recognized from opening balance	—		(227)
Billings transferred to accounts receivable	(161)		—




Foreign currency and other	10		(2)
Balance at September 30, 2025	$	468	$	298

(a)Excludes receivable balances, which are disclosed on the Condensed Consolidated Balance Sheets

(b)Additions include revenue recorded in the current year of $36 million pertaining to performance obligations that were partially satisfied during previous periods. Such amount relates primarily to changes in scope and price.

Redeemable Non-Controlling Interest (Tables)

9 Months Ended

Sep. 30, 2026

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

The following table shows the changes in the redeemable non-controlling interest for the nine months ended September 30, 2026 and September 30, 2025:


(in millions)	2026		2025
Redeemable non-controlling interest - January 1	$	258	$	235
Net loss attributable to non-controlling interest	(4)		(3)
Cumulative translation adjustment	(5)		—
Redeemable non-controlling interest - March 31	$	249	$	232
Net loss attributable to non-controlling interest	(3)		(4)
Cumulative translation adjustment	(4)		—
Redeemable non-controlling interest - June 30	$	242	$	228
Net loss attributable to non-controlling interest	(3)		(2)
Cumulative translation adjustment	—		—
Redeemable non-controlling interest - September 30	$	239	$	226

Credit Facilities and Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Credit Facilities and Long-Term Debt

Total debt outstanding is summarized as follows:


(in millions)	September 30, 2026		December 31, 2025


3.250% Senior Notes due 2026 (a)	$	500	$	500
1.950% Senior Notes due 2028 (a)	500		500
2.250% Senior Notes due 2031 (a)	500		500
5.200% Senior Notes due 2033 (a)	500		—
5.450% Senior Notes due 2036 (a)	500		—
4.375% Senior Notes due 2046 (a)	400		400
Equipment Financing due 2026 to 2032	20		27




Other	23		27
Debt issuance costs and unamortized discount (b)	(20)		(12)

Fair value hedge basis adjustments	(28)		—
Total debt	$	2,895	$	1,942
Less: short-term borrowings and current maturities of long-term debt	530		534
Total long-term debt	$	2,365	$	1,408

(a)The fair value of our Senior Notes was determined using quoted prices in active markets for identical securities, which are considered Level 1 inputs. The fair value of our Senior Notes due 2026 was $499 million and $497 million as of September 30, 2026 and December 31, 2025, respectively. The fair value of our Senior Notes due 2028 was $480 million and $480 million as of September 30, 2026 and December 31, 2025, respectively. The fair value of our Senior Notes due 2031 was $438 million and $454 million as of September 30, 2026 and December 31, 2025 respectively. The fair value of our Senior Notes due 2033 was $484 million as of September 30, 2026. The fair value of our Senior Notes due 2036 was $483 million as of September 30, 2026. The fair value of our Senior Notes due 2046 was $314 million and $340 million as of September 30, 2026 and December 31, 2025, respectively.

(b)The debt issuance costs and unamortized discount are recognized as a reduction in the carrying value of the Senior Notes in the Condensed Consolidated Balance Sheets and is being amortized to interest expense in our Condensed Consolidated Income Statements over the expected remaining terms of the Senior Notes.

Schedule of Other Assets

Schedule of Maturities of Long-Term Debt

As of September 30, 2026, the future maturities of our debt were as follows:


(in millions)	Maturity
From September 30, 2026 through December 31, 2026	$	523
2027	11
2028	508
2029	1
2030	—

Thereafter	1,900
Total Future Maturities	$	2,943
Debt issuance costs and unamortized discount (a)	(20)
Fair value hedge basis adjustments	(28)
Total	$	2,895

(a)The debt issuance costs and unamortized discount is recognized as a reduction in the carrying value of the Senior Notes in the Consolidated Balance Sheets and is being amortized to interest expense in our Consolidated Income Statements over the expected remaining terms of the Senior Notes.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.5-02(22)(a))
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Components of Accumulated Other Comprehensive Loss

The following table provides the components of accumulated other comprehensive loss ("AOCL") for the nine months ended September 30, 2026:


(in millions)	Foreign Currency Translation		Post-retirement Benefit Plans		Derivative Instruments		Total
Balance at January 1, 2026	$	(191)	$	(39)	$	10	$	(220)
Foreign currency translation adjustment	16		—		—		16
Amount of currency translation adjustment relating to divestiture of foreign subsidiaries reclassified into net income	5		—		—		5
Tax on foreign currency translation adjustment	(18)		—		—		(18)





Amortization of actuarial gain on post-retirement benefit plans into other non-operating income, net	—		(1)		—		(1)






Unrealized loss on derivative hedge agreements	—		—		(8)		(8)
Tax on unrealized gain on derivative hedge agreements	—		—		2		2
Reclassification of unrealized gain on foreign exchange agreements into revenue	—		—		(3)		(3)
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue	—		—		(2)		(2)
Balance at March 31, 2026	$	(188)	$	(40)	$	(1)	$	(229)
Foreign currency translation adjustment	(53)		—		—		(53)
Amount of gain recognized relating to divestiture of foreign subsidiaries reclassified into net income	—		(3)				(3)
Amount of currency translation adjustment relating to divestiture of foreign subsidiaries reclassified into net income	(13)		—		—		(13)
Tax on foreign currency translation adjustment	(3)		—		—		(3)
Amortization of actuarial loss on post-retirement plans into other non-operating income, net	—		1		—		1
Foreign currency translation adjustment for post-retirement benefit plans			2				2



Unrealized loss on derivative hedge agreements	—		—		(4)		(4)
Tax on unrealized loss on derivative hedge agreements	—		—		1		1
Reclassification of unrealized loss on foreign exchange agreements into revenue	—		—		1		1
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue	—		—		(2)		(2)
Balance at June 30, 2026	$	(257)	$	(40)	$	(5)	$	(302)
Foreign currency translation adjustment	(24)		—		—		(24)
Amount of currency translation adjustment relating to divestiture of foreign subsidiaries reclassified into net income	7		—		—		7
Tax on foreign currency translation adjustment	11		—		—		11



Foreign currency translation adjustment for post-retirement benefit plans	—		1		—		1



Unrealized loss on derivative hedge agreements	—		—		(2)		(2)

Reclassification of unrealized loss on foreign exchange agreements into revenue	—		—		3		3
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue	—		—		(1)		(1)
Balance at September 30, 2026	$	(263)	$	(39)	$	(5)	$	(307)

The following table provides the components of AOCL for the nine months ended September 30, 2025:


(in millions)	Foreign Currency Translation		Post-retirement Benefit Plans		Derivative Instruments		Total
Balance at January 1, 2025	$	(368)	$	(53)	$	(14)	$	(435)
Foreign currency translation adjustment	56		—		—		56
Amount of currency translation adjustment relating to divestiture of foreign subsidiaries reclassified into net income	8		—		—		8
Tax on foreign currency translation adjustment	20		—		—		20









Foreign currency translation adjustment for post-retirement benefit plans	—		(1)		—		(1)
Unrealized gain on derivative hedge agreements	—		—		15		15
Income tax benefit on unrealized gain on derivative hedge agreements	—		—		(2)		(2)
Reclassification of unrealized loss on foreign exchange agreements into revenue	—		—		3		3
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue	—		—		(1)		(1)

Balance at March 31, 2025	$	(284)	$	(54)	$	1	$	(337)
Foreign currency translation adjustment	37		—		—		37
Tax on foreign currency translation adjustment	65		—		—		65


Amortization of actuarial loss on post-retirement benefit plans into other non-operating income, net	—		1		—		1
Foreign currency translation adjustment for post-retirement benefit plans	—		(2)		—		(2)





Unrealized gain on derivative hedge agreements	—		—		15		15
Income tax benefit on unrealized gain on derivative hedge agreements	—		—		(2)		(2)
Reclassification of unrealized loss on foreign exchange agreements into revenue	—		—		2		2
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue	—		—		(1)		(1)

Balance at June 30, 2025	$	(182)	$	(55)	$	15	$	(222)
Foreign currency translation adjustment	(6)		—		—		(6)
Tax on foreign currency translation adjustment	(3)		—		—		(3)
Foreign currency translation adjustment for post-retirement benefit plans	—		1		—		1




Unrealized gain on derivative hedge agreements	—		—		1		1
Income tax impact on unrealized gain on derivative hedge agreements	—		—		1		1

Reclassification of unrealized gain on foreign exchange agreements into revenue	—		—		(3)		(3)

Reclassification of unrealized gain on foreign exchange agreements into cost of revenue	—		—		(2)		(2)
Balance at September 30, 2025	$	(191)	$	(54)	$	12	$	(233)

Post-retirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2026

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The components of net periodic benefit cost for our defined benefit pension plans are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
Domestic defined benefit pension plans:
Service cost	$	—	$	1	$	1	$	2
Interest cost	2		2		4		4
Expected return on plan assets	(2)		(1)		(4)		(4)
Amortization of net actuarial loss	1		—		2		1
Net periodic benefit cost	$	1	$	2	$	3	$	3
International defined benefit pension plans:
Service cost	$	2	$	2	$	7	$	7
Interest cost	5		4		14		12
Expected return on plan assets	(3)		(3)		(10)		(9)

Amortization of net actuarial gain	—		—		(2)		—


Net periodic benefit cost	$	4	$	3	$	9	$	10
Total net periodic benefit cost	$	5	$	5	$	12	$	13

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Exchange Contracts, Statement of Financial Position

The most significant foreign currency derivatives are as follows:


(in millions)		Notional Value
Sell Currency	Buy Currency	September 30, 2026		December 31, 2025
USD	EUR	$	58	$	275
EUR	SEK	36		226
GBP	EUR	21		119
CAD	EUR	8		44
CAD	USD	6		37
EUR	PLN	4		33
AUD	EUR	5		25
		$	138	$	759

The fair values of our derivative contracts currently included in our hedging program were as follows:


(in millions)	September 30, 2026		December 31, 2025
Derivatives designated as hedging instruments
Assets
Cash Flow Hedges
Prepaid and other current assets	$	—	$	7
Net Investment Hedges
Other non-current assets	$	—	$	—
Fair Value Hedges
Long-term debt, net	$	—	$	—
Liabilities
Cash Flow Hedges
Accrued and other current liabilities	$	(5)	$	(2)
Net Investment Hedges
Other non-current accrued liabilities	$	(261)	$	(317)
Fair Value Hedges
Other non-current accrued liabilities	$	(28)	$	—

Schedule of Derivative Instruments

The table below provides information regarding the Company's outstanding interest rate derivatives that were used to hedge changes in fair value attributable to interest rate risk:


(in millions)	September 30, 2026		December 31, 2025
Carrying amount of hedged debt	$	565	$	—
Cumulative hedging adjustments, included in carrying amount	(28)		—

Effect of derivative financial instruments

The table below presents the effect of our derivative financial instruments on the Condensed Consolidated Income Statements and Statements of Comprehensive Income. Items in the table below reflect changes in "Other comprehensive income (loss)" ("OCI/L") within the Statements of Comprehensive Income:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
Derivatives in Cash Flow Hedges
Foreign Exchange Contracts
Amount of (loss)/gain recognized in OCI/L	$	(2)	$	1	$	(14)	$	31
Amount of loss/(gain) reclassified from OCI/L into Revenue	3		(3)		1		2
Amount of gain reclassified from OCI/L into Cost of revenue	(1)		(2)		(5)		(4)

Derivatives in Net Investment Hedges
Cross-Currency Swaps
Amount of (loss)/gain recognized in OCI/L	$	(42)	$	14	$	43	$	(341)
Amount of income recognized in Interest expense	15		11		43		31

Share-Based Compensation Plans - TSR Fair Value Assumptions (Details)	9 Months Ended
	Sep. 30, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.68%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate	1.33%
TSR Performance Share Unit Grants \| Performance Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	22.90%
Risk-free interest rate	3.49%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring and Asset Impairment Charges

9 Months Ended

Sep. 30, 2026

Restructuring and Related Activities [Abstract]

Restructuring and Asset Impairment Charges

Restructuring

From time to time, the Company will incur costs related to restructuring actions in order to streamline our organization, optimize our cost base, and strengthen our competitive position and ability to better serve our customers. During the three and nine months ended September 30, 2026, we incurred restructuring charges of $8 million and $50 million, respectively. During the three and nine months ended September 30, 2025, we incurred restructuring charges of $23 million and $62 million, respectively.

The following table presents the components of restructuring expense and asset impairment charges:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
By component:
Severance and other charges	$	8	$	21	$	51	$	60

Asset impairment	—		3		1		4

Reversal of restructuring accruals	—		(1)		(2)		(2)
Total restructuring costs	8		23		50		62
Asset impairment charges	—		—		—		8
Total restructuring and asset impairment charges	$	8	$	23	$	50	$	70

By segment:
Water Infrastructure	$	1	$	16	$	29	$	38
Applied Water	1		4		5		16
Measurement and Control Solutions	6		1		12		7
Water Solutions and Services	—		1		4		6
Corporate and Other	—		1		—		3

The following table displays a roll-forward of the restructuring accruals, presented on our Condensed Consolidated Balance Sheets within "Accrued and other current liabilities" and "Other non-current accrued liabilities," for the nine months ended September 30, 2026 and 2025:


(in millions)	2026		2025
Restructuring accruals - January 1	$	34	$	25
Restructuring costs	50		62
Cash payments	(59)		(48)
Asset impairment	(1)		(4)

Foreign currency and other	(1)		—
Restructuring accruals - September 30	$	23	$	35

By segment:
Water Infrastructure	$	4	$	9
Applied Water	—		1
Measurement and Control Solutions	7		1
Water Solutions and Services	2		3
Centralized support facilities (a)	10		21
Corporate and other	—		—

(a) Centralized support facilities consist primarily of support functions, including selling and marketing organizations, that incurred restructuring expense which was allocated to the segments. However, the liabilities associated with restructuring expense were not allocated to the segments.

The following table presents the total costs expected to be incurred, the amount incurred in the period, and the cumulative costs incurred to date for our 2026 and 2025 restructuring actions:


(in millions)	Water Infrastructure		Applied Water		Measurement and Control Solutions		Water Solutions and Services		Corporate		Total
Actions Commenced in 2026:
Total expected costs	$	—	$	5	$	1	$	2	$	1	$	9
Costs incurred during Q1 2026	—		—		—		—		—		$	—
Costs incurred during Q2 2026	—		2		1		3		—		$	6
Costs incurred during Q3 2026	—		1		—		(1)		—		—
Total expected costs remaining	$	—	$	2	$	—	$	—	$	1	$	3

Actions Commenced in 2025:
Total expected costs	$	85	$	25	$	22	$	11	$	—	$	143
Costs incurred in 2025	55		23		9		6		—		$	93
Costs incurred during Q1 2026	26		1		3		1		—		$	31
Costs incurred during Q2 2026	2		1		1		—		—		$	4
Costs incurred during Q3 2026	1		—		6		1		—		8
Total expected costs remaining	$	1	$	—	$	3	$	3	$	—	$	7

The actions commenced in 2026 consist primarily of severance charges. The actions are expected to continue through the end of 2027.

The actions commenced in 2025 consist primarily of severance charges. The actions are expected to continue through the end of 2026.

During the second quarter of 2026, we also incurred charges of $1 million within the Measurement and Control Solutions segment, related to actions commenced prior to 2024.

During the first quarter of 2026, we recognized $1 million in fixed asset impairment charges due to restructuring actions within our Measurement and Control Solutions segment.

During the third quarter of 2025, we recognized $3 million in fixed asset impairment charges due to restructuring actions within our Water Infrastructure segment.

During the second quarter of 2025, we recognized $1 million in fixed asset impairment charges due to restructuring actions within our Measurement and Control Solutions segment.

Asset Impairment

During the second quarter of 2025, we recognized $4 million of impairment charges for internally developed software and software assets within our Measurement and Control Solutions and Corporate segments.

During the first quarter of 2025, we recognized $4 million of impairment charges for internally developed software within our Water Solutions and Services and Water Infrastructure segments.

Refer to Note 9, "Goodwill and Other Intangible Assets," for additional information.

Inventories (Tables)

9 Months Ended

Sep. 30, 2026

Inventory Disclosure [Abstract]

Inventories

The components of total inventories are summarized as follows:


(in millions)	September 30, 2026		December 31, 2025
Finished goods	$	356	$	342
Work in process	108		100
Raw materials	588		541
Total inventories	$	1,052	$	983

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Changes in product warranty accrual

The table below provides changes in the combined current and non-current product warranty accruals over each period.


(in millions)	2026		2025
Warranty accrual – January 1	$	53	$	57
Net charges for product warranties in the period	20		28

Settlement of warranty claims	(18)		(25)

Foreign currency and other	(1)		(9)
Warranty accrual – September 30	$	54	$	51

Restructuring and Asset Impairment Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 8			$ 23			$ 50	$ 62
Fixed asset impairment			$ 1	$ 3	$ 1
Intangible asset, excluding goodwill, impairment loss					$ 4	$ 4
Actions Commenced Prior to 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 1

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Restructuring and Asset Impairment Charges (Tables)

9 Months Ended

Sep. 30, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The following table presents the components of restructuring expense and asset impairment charges:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
By component:
Severance and other charges	$	8	$	21	$	51	$	60

Asset impairment	—		3		1		4

Reversal of restructuring accruals	—		(1)		(2)		(2)
Total restructuring costs	8		23		50		62
Asset impairment charges	—		—		—		8
Total restructuring and asset impairment charges	$	8	$	23	$	50	$	70

By segment:
Water Infrastructure	$	1	$	16	$	29	$	38
Applied Water	1		4		5		16
Measurement and Control Solutions	6		1		12		7
Water Solutions and Services	—		1		4		6
Corporate and Other	—		1		—		3

Restructuring accruals


(in millions)	2026		2025
Restructuring accruals - January 1	$	34	$	25
Restructuring costs	50		62
Cash payments	(59)		(48)
Asset impairment	(1)		(4)

Foreign currency and other	(1)		—
Restructuring accruals - September 30	$	23	$	35

By segment:
Water Infrastructure	$	4	$	9
Applied Water	—		1
Measurement and Control Solutions	7		1
Water Solutions and Services	2		3
Centralized support facilities (a)	10		21
Corporate and other	—		—

The following table presents the total costs expected to be incurred, the amount incurred in the period, and the cumulative costs incurred to date for our 2026 and 2025 restructuring actions:


(in millions)	Water Infrastructure		Applied Water		Measurement and Control Solutions		Water Solutions and Services		Corporate		Total
Actions Commenced in 2026:
Total expected costs	$	—	$	5	$	1	$	2	$	1	$	9
Costs incurred during Q1 2026	—		—		—		—		—		$	—
Costs incurred during Q2 2026	—		2		1		3		—		$	6
Costs incurred during Q3 2026	—		1		—		(1)		—		—
Total expected costs remaining	$	—	$	2	$	—	$	—	$	1	$	3

Actions Commenced in 2025:
Total expected costs	$	85	$	25	$	22	$	11	$	—	$	143
Costs incurred in 2025	55		23		9		6		—		$	93
Costs incurred during Q1 2026	26		1		3		1		—		$	31
Costs incurred during Q2 2026	2		1		1		—		—		$	4
Costs incurred during Q3 2026	1		—		6		1		—		8
Total expected costs remaining	$	1	$	—	$	3	$	3	$	—	$	7

Credit Facilities and Long-Term Debt - Summary of Debt Outstanding (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Oct. 11, 2016
Credit Facilities and Long-Term Debt :
Debt issuance costs and unamortized discount	$ (20)	$ (12)
Fair value hedge basis adjustments	(28)	0
Total debt	2,895	1,942
Less: short-term borrowings and current maturities of long-term debt	530	534
Long-term debt, net	$ 2,365	1,408
3.250% Senior Notes Due 2026
Credit Facilities and Long-Term Debt :
Interest rate	3.25%		1.95%
Outstanding balances	$ 500	500
Debt fair value	$ 499	497
Senior Notes Due Twenty Twenty Eight
Credit Facilities and Long-Term Debt :
Interest rate	1.95%
Outstanding balances	$ 500	500
Debt fair value	$ 480	480
Senior Notes Due Twenty Thirty One
Credit Facilities and Long-Term Debt :
Interest rate	2.25%
Outstanding balances	$ 500	500
Debt fair value	$ 438	454
4.375% Senior Notes Due 2046
Credit Facilities and Long-Term Debt :
Interest rate	4.375%		2.25%
Outstanding balances	$ 400	400
Debt fair value	314	340
Equipment Financing \| Secured Debt
Credit Facilities and Long-Term Debt :
Outstanding balances	20	27
Other
Credit Facilities and Long-Term Debt :
Outstanding balances	$ 23	27
5.200% Senior Notes Due 2033
Credit Facilities and Long-Term Debt :
Interest rate	5.20%
Outstanding balances	$ 500	0
5.200% Senior Notes Due 2033 \| Senior Loans
Credit Facilities and Long-Term Debt :
Debt fair value	$ 484
5.450% Senior Notes Due 2036
Credit Facilities and Long-Term Debt :
Interest rate	5.45%
Outstanding balances	$ 500	$ 0
5.450% Senior Notes Due 2036 \| Senior Loans
Credit Facilities and Long-Term Debt :
Debt fair value	$ 483

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified during next 12 months	$ 8
Foreign Exchange Contract
Derivative [Line Items]
Notional amount	138	$ 759
Cross Currency Swaps \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	4,404	$ 3,171
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 600

Commitments and Contingencies

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

From time to time, we are involved in legal and regulatory proceedings that are incidental to the operation of our businesses (or the business operations of previously owned entities). These proceedings may seek remedies relating to matters including environmental, tax, intellectual property, acquisitions or divestitures, product liability, property damage, personal injury, privacy, employment, labor and pension, government investigations or contract issues and commercial or contractual disputes.

See Note 6, "Income Taxes" of our condensed consolidated financial statements for a description of a pending tax litigation matter.

Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including our assessment of the merits of the particular claims, we do not believe it is reasonably possible that any asserted or unasserted legal claims or proceedings, individually or in aggregate, will have a material effect on the Company's financial position, results of operations, or cash flows.

We have estimated and accrued $6 million and $4 million as of September 30, 2026 and December 31, 2025, respectively, for these general legal matters.

Guarantees

We obtain certain stand-by letters of credit, bank guarantees, surety bonds and insurance letters of credit from third-party financial institutions in the ordinary course of business when required under contracts or to satisfy insurance-related requirements. As of September 30, 2026 and December 31, 2025, the amount of surety bonds, bank guarantees, insurance letters of credit and stand-by letters of credit was $870 million and $822 million, respectively.

Environmental

In the ordinary course of business, we are subject to federal, state, local, and foreign environmental laws and regulations. We are responsible, or are alleged to be responsible, for ongoing environmental investigation and remediation of sites in various countries. Our accrued environmental liabilities represent our best estimates related to the investigation and remediation of environmental media such as water, soil, soil vapor, air and structures at these sites, as well as related legal fees. Liabilities for these environmental expenditures are recorded on an undiscounted basis. We have estimated and accrued $3 million and $4 million as of September 30, 2026 and December 31, 2025, respectively, for environmental matters.

Given the complexities and uncertainties involved in on-going and future investigation and remediation projects, the process to estimate environmental remediation liabilities requires judgment. We believe the total amount accrued is reasonable based on existing facts and circumstances.

Warranties

We warrant numerous products, the terms of which vary widely. In general, we warrant products against defects and specific non-performance. The table below provides changes in the combined current and non-current product warranty accruals over each period.


(in millions)	2026		2025
Warranty accrual – January 1	$	53	$	57
Net charges for product warranties in the period	20		28

Settlement of warranty claims	(18)		(25)

Foreign currency and other	(1)		(9)
Warranty accrual – September 30	$	54	$	51

Share-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of the changes in outstanding stock options


	Share units (in thousands)	Weighted Average Exercise Price / Share		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2026	1,142	$	95.75	6.4	$	46
Granted	296	127.64
Exercised	(44)	72.30
Forfeited and expired	(67)	128.93
Other	(1)	129.67
Outstanding at September 30, 2026	1,326	$	101.94	6.2	$	18
Options exercisable at September 30, 2026	849	$	87.04	4.7	$	18
Vested and non-vested expected to vest as of September 30, 2026	1,293	$	101.28	6.0	$	18

Weighted-average assumptions

The following are weighted-average assumptions used for 2026 grants:


Dividend yield	1.33		%
Volatility	27.10		%
Risk-free interest rate	3.68		%
Expected term (in years)	5.6
Weighted-average fair value per option	$	36.19

Summary of restricted stock activity


	Share Units (in thousands)	Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2026	506	$	123.27
Granted	311	126.81
Vested	(245)	119.14
Forfeited	(52)	122.81
Other	(4)	123.27
Outstanding at September 30, 2026	516	$	127.40

Schedule of Share-based Compensation, Performance-Based Units Award Activity


	Share units (in thousands)	Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2026	47	$	113.89

Adjustment for Performance Condition Achieved (a)	18	100.50
Vested	(42)	100.50
Forfeited	(4)	127.03
Outstanding at September 30, 2026	19	$	127.94

(a) Represents an increase in the number of original EBITDA performance share units awarded based on the final performance condition achievement at the end of the performance period of such awards.

TSR Performance Share Unit Grants

The following is a summary of the changes in outstanding TSR performance share units for nine months ended September 30, 2026:


	Share units (in thousands)	Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2026	146	$	157.41
Granted	65	108.51
Adjustment for Performance Condition Achieved (a)	3	109.04
Vested	(51)	109.04
Forfeited	(21)	159.01
Outstanding at September 30, 2026	142	$	151.00

Fair value assumptions for performance-based awards


Volatility	22.9	%
Risk-free interest rate	3.49	%

Revenue Performance Share Unit Grants

The fair value of the Revenue performance share unit awards is determined using the closing price of our common stock on date of grant.

The following is a summary of our Revenue performance share unit grants for the nine months ended September 30, 2026:


	Share units (in thousands)	Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2026	47	$	113.89

Adjustment for Performance Condition Achieved (a)	5	100.50
Vested	(29)	100.50
Forfeited	(4)	127.03
Outstanding at September 30, 2026	19	$	127.94

(a)Represents an increase in the number of original revenue performance share units awarded based on the final performance condition achievement at the end of the performance period of such awards.

EPS Performance Share Unit Grants

The fair value of the earnings per share ("EPS") performance share unit awards is determined using the closing price of our common stock on date of grant.

The following is a summary of the changes in outstanding EPS performance share units for nine months ended September 30, 2026:


	Share units (in thousands)	Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2026	52	$	129.82
Granted	65	130.72

Forfeited	(14)	130.70
Outstanding at September 30, 2026	103	$	130.27

Employee Stock Purchase Plan

Effective May 18, 2026, we adopted an Employee Stock Purchase Plan ("ESPP"). The ESPP allows eligible employees to contribute up to 15% of their base compensation to purchase shares of our common stock at 85% of the lesser of the closing market price on the first or last day of the offering period. There are 4.0 million shares authorized for sale in connection with the ESPP, which may include treasury or newly issued shares.

The initial offering period under the ESPP began on June 1, 2026 and will close on November 30, 2026. For the three and nine months ended September 30, 2026, no shares have been sold under the ESPP. We accrued less than $1 million of expense for the three and nine months ended September 30, 2026 associated with the ESPP.

Credit Facilities and Long-Term Debt - Maturities of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
From September 30, 2026 through December 31, 2026	$ 523
2027	11
2028	508
2029	1
2030	0
Thereafter	1,900
Total Future Maturities	2,943
Debt issuance costs and unamortized discount	(20)	$ (12)
Fair value hedge basis adjustments	(28)	0
Total debt	$ 2,895	$ 1,942

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 2,122	$ 2,177	$ 6,443	$ 6,406
Lease Revenue	79	91	219	232
Total	2,201	2,268	6,662	6,638
Water Infrastructure \| United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	270	256	783	704
Water Infrastructure \| Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	211	223	671	673
Water Infrastructure \| Emerging Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	112	118	319	353
Water Infrastructure \| Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	52	59	158	157
Water Infrastructure \| Transport
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	388	377	1,177	1,107
Water Infrastructure \| Treatment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	257	279	754	780
Applied Water \| United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	280	250	823	755
Applied Water \| Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	92	102	292	307
Applied Water \| Emerging Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	83	68	225	210
Applied Water \| Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	34	36	98	102
Applied Water \| Commercial Building Services
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	268	260	816	777
Applied Water \| Industrial Water
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	221	196	622	597
Measurement and Control Solutions \| United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	322	340	1,020	1,022
Measurement and Control Solutions \| Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	47	93	212	259
Measurement and Control Solutions \| Emerging Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	25	46	102	143
Measurement and Control Solutions \| Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	42	43	118	128
Measurement and Control Solutions \| Smart Metering & Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	346	428	1,178	1,281
Measurement and Control Solutions \| Analytics
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	90	94	274	271
Water Solutions and Services \| United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	405	403	1,142	1,185
Water Solutions and Services \| Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	21	23	77	73
Water Solutions and Services \| Emerging Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	61	69	177	175
Water Solutions and Services \| Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	65	48	226	160
Water Solutions and Services \| Capital & Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	282	288	846	841
Water Solutions and Services \| Services
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 270	$ 255	$ 776	$ 752

Credit Facilities and Long-Term Debt

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Credit Facilities and Long-Term Debt

Total debt outstanding is summarized as follows:


(in millions)	September 30, 2026		December 31, 2025


3.250% Senior Notes due 2026 (a)	$	500	$	500
1.950% Senior Notes due 2028 (a)	500		500
2.250% Senior Notes due 2031 (a)	500		500
5.200% Senior Notes due 2033 (a)	500		—
5.450% Senior Notes due 2036 (a)	500		—
4.375% Senior Notes due 2046 (a)	400		400
Equipment Financing due 2026 to 2032	20		27




Other	23		27
Debt issuance costs and unamortized discount (b)	(20)		(12)

Fair value hedge basis adjustments	(28)		—
Total debt	$	2,895	$	1,942
Less: short-term borrowings and current maturities of long-term debt	530		534
Total long-term debt	$	2,365	$	1,408

Senior Notes

In the fourth quarter of 2026, we issued $500 million aggregate principal amount of 5.250% Senior Notes due September 2029 (the “Senior Notes due 2029”), $500 million aggregate principal amount of 5.450% Senior Notes due January 2032 (the “Senior Notes due 2032”) and $500 million aggregate principal amount of 5.850% Senior Notes due January 2037 (the “Senior Notes due 2037” and, together with the Senior Notes due 2029 and the Senior Notes due 2032, the “September 2026 Notes”). The September 2026 Notes are unsecured and unsubordinated obligations of the Company and rank equally in right of payment with all of our other unsecured and unsubordinated indebtedness. The September 2026 Notes are not guaranteed by any of our subsidiaries.

The September 2026 Notes include covenants that restrict our ability, and the ability of our restricted subsidiaries, to incur debt secured by liens on certain property above a threshold, to engage in certain sale and leaseback transactions involving certain property above a threshold, and to consolidate or merge, or convey or transfer all or substantially all of our assets. We may redeem the September 2026 Notes, as applicable, in whole or in part, at any time at a redemption price equal to the principal amount of the Notes to be redeemed, plus a make-whole premium. We may also redeem the September 2026 Notes in certain other circumstances, as set forth in the applicable September 2026 Notes indenture.

If a change of control triggering event (as defined in the indenture) occurs, the Company is required to offer to repurchase the September 2026 Notes at a price equal to 101% of their principal amount plus accrued and unpaid interest. The indenture also contains customary provisions regarding events of default, defeasance, and amendment, including the ability to modify certain terms with the consent of holders of a majority in principal amount of the outstanding September 2026 Notes.

The September 2026 Notes are also subject to a special mandatory redemption. If (i) the Company does not complete the acquisition of the Cornell Pump and Roper Pump businesses described in Note 3, “Acquisitions and Divestitures,” on or before August 10, 2027 (or such later date to which the termination date under the definitive agreement for the acquisition may be extended in accordance with its terms), (ii) the definitive agreement is

terminated on or before that date, or (iii) the Company notifies the trustee in writing that it will not pursue completion of the acquisition, the Company will be required to redeem all of the September 2026 Notes of each series at a redemption price equal to 101% of their principal amount, plus accrued and unpaid interest to the redemption date.

Interest on the Senior 2029 Notes is payable on March 28 and September 28 of each year, commencing on March 28, 2027. Interest on the Senior 2032 Notes and the Senior 2037 Notes is payable on January 15 and July 15 of each year, commencing on January 15, 2027.

On May 29, 2026, we issued $500 million aggregate principal amount of 5.200% Senior Notes due June 2033 (the “Senior Notes due 2033”) and $500 million aggregate principal amount of 5.450% Senior Notes due June 2036 (the “Blue Notes due 2036” and, together with the Senior Notes due 2033, the “May 2026 Notes”). The May 2026 Notes are unsecured and unsubordinated obligations of the Company and rank equally in right of payment with all of our other unsecured and unsubordinated indebtedness. The May 2026 Notes are not guaranteed by any of our subsidiaries.

The May 2026 Notes include covenants that restrict our ability, and the ability of our restricted subsidiaries, to incur debt secured by liens on certain property above a threshold, to engage in certain sale and leaseback transactions involving certain property above a threshold, and to consolidate or merge, or convey or transfer all or substantially all of our assets. We may redeem the May 2026 Notes, as applicable, in whole or in part, at any time at a redemption price equal to the principal amount of the May 2026 Notes to be redeemed, plus a make-whole premium. We may also redeem the May 2026 Notes in certain other circumstances, as set forth in the applicable May 2026 Notes Indenture.

If a change of control triggering event (as defined in the applicable Senior Notes indenture) occurs, the Company is required to repurchase the May 2026 Notes at a price equal to 101% of their principal amount plus accrued and unpaid interest. The indenture also contains customary provisions regarding events of default, defeasance, and amendment, including the ability to modify certain terms with the consent of holders of a majority in principal amount of the outstanding May 2026 Notes.

Interest on the May 2026 Notes is payable on June 1 and December 1 of each year. As of September 30, 2026, we are in compliance with all covenants for the May 2026 Notes.

On June 26, 2020, we issued 1.950% Senior Notes of $500 million aggregate principal amount due January 2028 (the “Senior Notes due 2028”) and 2.250% Senior Notes of $500 million aggregate principal amount due January 2031 (the “Senior Notes due 2031” and, together with the Senior Notes due 2028, the “Green Bond”).

The Green Bond includes covenants that restrict our ability, and the ability of our restricted subsidiaries, to incur debt secured by liens on certain property above a threshold, to engage in certain sale and leaseback transactions involving certain property above a threshold, and to consolidate or merge, or convey or transfer all or substantially all of our assets. We may redeem the Green Bond at any time, at our option, subject to certain conditions, at specified redemption prices, plus accrued and unpaid interest to the redemption date.

If a change of control triggering event (as defined in the applicable Green Bond indenture) occurs, we will be required to make an offer to purchase the Green Bond notes at a price equal to 101% of their principal amount plus accrued and unpaid interest to the date of repurchase.

Interest on the Green Bond is payable on January 30 and July 30 of each year. As of September 30, 2026, we are in compliance with all covenants for the Green Bond.

On October 11, 2016, we issued 3.250% Senior Notes of $500 million aggregate principal amount due November 2026 (the "Senior Notes due 2026") and 4.375% Senior Notes of $400 million aggregate principal amount due November 2046 (the "Senior Notes due 2046" and, together with the Senior Notes due 2026, the "October 2016 Notes").

The October 2016 Notes include covenants that restrict our ability, and the ability of our restricted subsidiaries, to incur debt secured by liens on certain property above a threshold, to engage in certain sale and leaseback transactions involving certain property above a threshold, and to consolidate or merge, or convey or transfer all or substantially all of our assets. We may redeem the October 2016 Notes, as applicable, in whole or in part, at any time at a redemption price equal to the principal amount of our October 2016 Notes to be redeemed, plus a make-whole premium. We may also redeem the October 2016 Notes in certain other circumstances, as set forth in the applicable October 2016 Notes indenture.

If a change of control triggering event (as defined in the applicable Senior Notes indenture) occurs, we will be required to make an offer to purchase the October 2016 Notes at a price equal to 101% of their principal amount plus accrued and unpaid interest to the date of repurchase.

Interest on the October 2016 Notes due 2026 and the Senior Notes due 2046 is payable on May 1 and November 1 of each year. As of September 30, 2026, we are in compliance with all covenants for the October 2016 Notes.

Credit Facilities

2023 Five-Year Revolving Credit Facility

On March 1, 2023, Xylem entered into a five-year revolving credit facility (the "2023 Credit Facility") with Citibank, N.A., as Administrative Agent, and a syndicate of lenders. The 2023 Credit Facility provided for an aggregate principal amount of up to $1 billion (available in U.S. Dollars and in Euros), with increases of up to $300 million for a maximum aggregate principal amount of $1.3 billion at the request of Xylem and with the consent of the institutions providing such increased commitments. On September 8, 2026, Xylem terminated the 2023 Credit Facility among the Company, certain lenders and Citibank, N.A. as Administrative Agent as a result of signing the 2026 Five-Year Revolving Credit Facility.

2026 Five-Year Revolving Credit Facility

On September 8, 2026 Xylem entered into a five-year revolving credit facility (the "2026 Credit Facility") with Citibank, N.A., as Administrative Agent, and a syndicate of lenders. The 2026 Credit Facility provides for an aggregate principal amount of up to $1.5 billion (available in U.S. Dollars and in Euros), with increases of up to $500 million for a maximum aggregate principal amount of $2.0 billion at the request of Xylem and with the consent of the institutions providing such increased commitments.

Interest on all loans under the 2026 Credit Facility is payable either quarterly or at the expiration of any Term SOFR or EURIBOR interest period applicable thereto. Borrowings accrue interest at a rate equal to, at Xylem's election, a base rate or an adjusted Term SOFR or EURIBOR rate plus an applicable margin. The 2026 Credit Facility includes customary provisions for implementation of replacement rates for Term SOFR-based and EURIBOR-based loans. The 2026 Credit Facility also includes a pricing grid that determines the applicable margin based on Xylem's credit rating, with a further adjustment based on Xylem's achievement of certain Environmental, Social and Governance ("ESG") key performance indicators. Xylem will also pay quarterly fees to each lender for such lender's commitment to lend accruing on such commitment at a rate based on Xylem's credit rating, whether such commitment is used or unused, as well as a quarterly letter of credit fee accruing on the letter of credit exposure of such lender during the preceding quarter at a rate based on the credit rating of Xylem with a further adjustment based on Xylem's achievement of certain ESG key performance indicators.

The 2026 Credit Facility requires that Xylem maintain a consolidated total debt to consolidated EBITDA ratio (or maximum leverage ratio), which will be based on the last four fiscal quarters. In accordance with the terms of the agreement to the 2026 Credit Facility, Xylem may not exceed a maximum leverage ratio of 4.00 to 1.00 for a period of four consecutive fiscal quarters beginning with the fiscal quarter during which a material acquisition is consummated and a maximum leverage ratio of 3.50 to 1.00 thereafter for a minimum of four fiscal quarters before another material acquisition is consummated. In addition, the 2026 Credit Facility contains a number of customary covenants, including limitations on the incurrence of secured debt and debt of subsidiaries, liens, sale and lease-back transactions, mergers, consolidations, liquidations, dissolutions and sales of assets. The 2026 Credit Facility also contains customary events of default. Finally, Xylem has the ability to designate subsidiaries that can borrow under the 2026 Credit Facility, subject to certain requirements and conditions set forth in the 2026 Credit Facility. As of September 30, 2026, the 2026 Credit Facility was undrawn, and we are in compliance with all revolver covenants. The 2026 Credit Facility has availability of $1.5 billion, comprised of the $1.5 billion aggregate principal as of September 30, 2026.

As of September 30, 2026, the future maturities of our debt were as follows:


(in millions)	Maturity
From September 30, 2026 through December 31, 2026	$	523
2027	11
2028	508
2029	1
2030	—

Thereafter	1,900
Total Future Maturities	$	2,943
Debt issuance costs and unamortized discount (a)	(20)
Fair value hedge basis adjustments	(28)
Total	$	2,895

Commercial Paper

U.S. Dollar Commercial Paper Program

Our U.S. Dollar commercial paper program generally serves as a means of short-term funding with a $600 million maximum issuing balance and a combined limit of $1.5 billion inclusive of the 2026 Credit Facility. As of September 30, 2026 and December 31, 2025, none of the Company's $600 million U.S. Dollar commercial paper program was outstanding, respectively.

Euro Commercial Paper Program

On June 3, 2019, Xylem entered into a Euro commercial paper program with ING Bank N.V., as administrative agent, and a syndicate of dealers. The Euro commercial paper program provides for a maximum issuing balance of up to €500 million (approximately $569 million) which may be denominated in a variety of currencies. The maximum issuing balance may be increased in accordance with the Dealer Agreement. As of September 30, 2026 and December 31, 2025, none of the Company's Euro commercial paper program was outstanding. We have the ability to continue borrowing under this program going forward in future periods.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S45
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Background and Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2026
Accounting Policies [Abstract]
Recovery of direct costs	$ 39	$ 43

Current Liabilities - Components of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Accrued and Other Current Liabilities
Compensation and other employee-benefits	$ 303	$ 371
Customer-related liabilities	400	370
Accrued taxes	227	207
Lease liabilities	131	121
Accrued warranty costs	44	43
Accrued commissions	41	40
Accrued restructuring liabilities	23	34	$ 35	$ 25
Other accrued liabilities	88	51
Total accrued and other current liabilities	$ 1,257	$ 1,237

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Basic and diluted net earnings per share:
Net income (in usd)	$ 291	$ 263	$ 193	$ 227	$ 226	$ 169	$ 747	$ 622
Net income	$ 288			$ 226			$ 738	$ 617
Shares
Weighted average common shares outstanding (in shares)	232,702			243,436			237,246	243,297
Add: Participating securities (in shares)	17			18			16	22
Weighted average common shares outstanding — Basic (in shares)	232,719			243,454			237,262	243,319
Plus incremental shares from assumed conversions:
Weighted average common shares outstanding — Diluted (in shares)	233,040			244,091			237,658	243,910
Basic earnings per share (in usd per share)	$ 1.25			$ 0.93			$ 3.15	$ 2.56
Diluted earnings per share (in usd per share)	$ 1.25			$ 0.93			$ 3.14	$ 2.55
Stock Options
Plus incremental shares from assumed conversions:
Dilutive effect of common shares (in shares)	230			358			256	341
Restricted Stock
Plus incremental shares from assumed conversions:
Dilutive effect of common shares (in shares)	91			279			140	250

Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived, after Accumulated Amortization [Abstract]
Accumulated Amortization	$ (1,633)	$ (1,486)
Indefinite-lived intangibles	174	168
Carrying Amount	3,853	3,758
Net Intangibles	2,220	2,272
Capitalized computer software, net	160	175
Customer and distributor relationships
Intangible Asset, Finite-Lived, after Accumulated Amortization [Abstract]
Carrying Amount	2,261	2,180
Accumulated Amortization	(777)	(688)
Net Intangibles	1,484	1,492
Proprietary technology and patents
Intangible Asset, Finite-Lived, after Accumulated Amortization [Abstract]
Carrying Amount	448	430
Accumulated Amortization	(217)	(185)
Net Intangibles	231	245
Trademarks [Member]
Intangible Asset, Finite-Lived, after Accumulated Amortization [Abstract]
Carrying Amount	185	183
Accumulated Amortization	(137)	(126)
Net Intangibles	48	57
Software
Intangible Asset, Finite-Lived, after Accumulated Amortization [Abstract]
Carrying Amount	631	644
Accumulated Amortization	(435)	(431)
Net Intangibles	196	213
Other
Intangible Asset, Finite-Lived, after Accumulated Amortization [Abstract]
Carrying Amount	154	153
Accumulated Amortization	(67)	(56)
Net Intangibles	$ 87	$ 97

Revenue - Narrative (Details) $ in Millions	Sep. 30, 2026 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 3,192

Current Liabilities

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Current Liabilities

The components of total Accrued and other current liabilities are as follows:


(in millions)	September 30, 2026		December 31, 2025
Compensation and other employee-benefits	$	303	$	371
Customer-related liabilities	400		370
Accrued taxes	227		207
Lease liabilities	131		121
Accrued warranty costs	44		43
Accrued commissions	41		40
Accrued restructuring liabilities	23		34
Other accrued liabilities	88		51
Total accrued and other current liabilities	$	1,257	$	1,237

The Company facilitates the opportunity for suppliers to participate in voluntary supply chain financing programs with third-party financial institutions. Xylem agrees on commercial terms, including payment terms, with suppliers regardless of program participation. The Company does not determine the terms or conditions of the arrangement between suppliers and the third-party financial institutions. Participating suppliers are paid directly by the third-party financial institution. Xylem pays the third-party financial institution the stated amount of confirmed invoices from its designated suppliers at the original invoice amount on the original maturity dates of the invoices, ranging from 45-180 days. Xylem does not pay fees related to these programs. Xylem or the third-party financial institutions may terminate the agreements upon at least 30 days notice. The total outstanding balance presented within "Accounts payable" on our Condensed Consolidated Balance Sheets under these programs is $250 million and $244 million as of September 30, 2026 and December 31, 2025, respectively.

The table below provides changes in the confirmed obligations outstanding related to our supplier financing programs over the nine months ended September 30, 2026:


(in millions)	2026
Confirmed obligations outstanding – January 1	$	244
Invoices confirmed	734
Confirmed invoices paid	(726)
Foreign currency and other	(2)
Confirmed obligations outstanding – September 30	$	250

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2026	Oct. 23, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity File Number	1-35229
Entity Registrant Name	Xylem Inc.
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	45-2080495
Entity Address, Address Line One	301 Water Street SE
Entity Address, City or Town	Washington
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20003
City Area Code	202
Local Phone Number	869-9150
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	XYL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		229,334,592
Entity Central Index Key	0001524472
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Restructuring and Asset Impairment Charges - Estimated Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Actions Commenced in 2026
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 9
Incurred restructuring costs	0	$ 6	$ 0
Expected costs remaining	3
Actions Commenced in 2025
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs				$ 143
Incurred restructuring costs	8	4	31	93
Expected costs remaining				7
Operating Segments \| Applied Water \| Actions Commenced in 2026
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	5
Incurred restructuring costs	1	2	0
Expected costs remaining	2
Operating Segments \| Applied Water \| Actions Commenced in 2025
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs				25
Incurred restructuring costs	0	1	1	23
Expected costs remaining				0
Operating Segments \| Measurement and Control Solutions \| Actions Commenced in 2026
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	1
Incurred restructuring costs	0	1	0
Expected costs remaining	0
Operating Segments \| Measurement and Control Solutions \| Actions Commenced in 2025
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs				22
Incurred restructuring costs	6	1	3	9
Expected costs remaining				3
Operating Segments \| Water Solutions and Services \| Actions Commenced in 2026
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	2
Incurred restructuring costs	(1)	3	0
Expected costs remaining	0
Operating Segments \| Water Solutions and Services \| Actions Commenced in 2025
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs				11
Incurred restructuring costs	1	0	1	6
Expected costs remaining				3
Operating Segments \| Water Infrastructure \| Actions Commenced in 2026
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	0
Incurred restructuring costs	0	0	0
Expected costs remaining	0
Operating Segments \| Water Infrastructure \| Actions Commenced in 2025
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs				85
Incurred restructuring costs	1	2	26	55
Expected costs remaining				1
Corporate \| Actions Commenced in 2026
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	1
Incurred restructuring costs	0	0	0
Expected costs remaining	1
Corporate \| Actions Commenced in 2025
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs				0
Incurred restructuring costs	$ 0	$ 0	$ 0	0
Expected costs remaining				$ 0

Post-retirement Benefit Plans

9 Months Ended

Sep. 30, 2026

Retirement Benefits [Abstract]

Post-retirement Benefit Plans

The components of net periodic benefit cost for our defined benefit pension plans are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
Domestic defined benefit pension plans:
Service cost	$	—	$	1	$	1	$	2
Interest cost	2		2		4		4
Expected return on plan assets	(2)		(1)		(4)		(4)
Amortization of net actuarial loss	1		—		2		1
Net periodic benefit cost	$	1	$	2	$	3	$	3
International defined benefit pension plans:
Service cost	$	2	$	2	$	7	$	7
Interest cost	5		4		14		12
Expected return on plan assets	(3)		(3)		(10)		(9)

Amortization of net actuarial gain	—		—		(2)		—


Net periodic benefit cost	$	4	$	3	$	9	$	10
Total net periodic benefit cost	$	5	$	5	$	12	$	13

The components of net periodic benefit cost, other than the service cost component, are included in the line item Other non-operating income, net in the Condensed Consolidated Income Statements.

The total net periodic benefit cost for other post-retirement employee benefit plans was $1 million and $2 million for the three and nine months ended September 30, 2026, respectively, and $1 million for both the three and nine months ended September 30, 2025. The cost includes net credits recognized into "Other comprehensive income (loss)" of less than $1 million, for each of the three and nine months ended September 30, 2026 and 2025, respectively.

We contributed $20 million and $18 million to our defined benefit plans for the nine months ended September 30, 2026 and 2025, respectively. Additional contributions ranging between approximately $3 million and $7 million are expected to be made during the remainder of 2026.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance	$ 10,424	$ 10,980	$ 11,491	$ 11,081	$ 10,822	$ 10,647	$ 11,491	$ 10,647
Foreign currency translation adjustment	(24)			(6)			(71)	87
Tax on foreign currency translation adjustment	(7)			0			1	(8)
Foreign currency translation adjustment	1			1			3	(2)
Balance	10,272	10,424	10,980	11,219	11,081	10,822	10,272	11,219
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance	(302)	(229)	(220)	(222)	(337)	(435)	(220)	(435)
Foreign currency translation adjustment	(24)	(53)	16	(6)	37	56
Amount of gain recognized relating to divestiture of foreign subsidiaries reclassified into net income		(3)
Amount of currency translation adjustment relating to divestiture of foreign subsidiaries reclassified into net income	7	(13)	5			8
Other Comprehensive Income (Loss) before Reclassifications, Tax	(11)	3	18
Unrealized loss on derivative hedge agreements	2	4	(8)	1	15	15
Foreign currency translation adjustment for post-retirement benefit plans				1		(1)
Foreign currency translation adjustment for post-retirement benefit plans					(2)
Foreign currency translation adjustment	1	2			1
Unrealized loss on derivative hedge agreements		1	2
Balance	(307)	(302)	(229)	(233)	(222)	(337)	(307)	(233)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance	(257)	(188)	(191)	(182)	(284)	(368)	(191)	(368)
Foreign currency translation adjustment	(24)	(53)	16	(6)	37	56
Amount of currency translation adjustment relating to divestiture of foreign subsidiaries reclassified into net income	7	(13)	5			8
Other Comprehensive Income (Loss) before Reclassifications, Tax	(11)	3	18	3	(65)	(20)
Balance	(263)	(257)	(188)	(191)	(182)	(284)	(263)	(191)
Postretirement Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance	(40)	(40)	(39)	(55)	(54)	(53)	(39)	(53)
Amount of gain recognized relating to divestiture of foreign subsidiaries reclassified into net income		(3)
Foreign currency translation adjustment for post-retirement benefit plans				1		(1)
Foreign currency translation adjustment for post-retirement benefit plans					(2)
Foreign currency translation adjustment	1	2			1
Balance	(39)	(40)	(40)	(54)	(55)	(54)	(39)	(54)
Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance	(5)	(1)	10	15	1	(14)	10	(14)
Other Comprehensive Income (Loss) before Reclassifications, Tax				1	(2)	2
Unrealized loss on derivative hedge agreements	2	4	(8)	1	15	15
Unrealized loss on derivative hedge agreements		1	2			0
Balance	(5)	(5)	(1)	12	15	1	$ (5)	$ 12
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue \| Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Tax on foreign currency translation adjustment	(1)
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue		(2)	(2)	(2)	(1)	(1)
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue \| Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Tax on foreign currency translation adjustment	(1)
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue		(2)	(2)	(2)	(1)	(1)
Location, Statement of Income, Balance [Axis]: us-gaap:OtherNonoperatingIncomeExpense \| Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Amortization of prior service credit		1	(1)
Location, Statement of Income, Balance [Axis]: us-gaap:OtherNonoperatingIncomeExpense \| Postretirement Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Amortization of prior service credit		1	(1)
Location, Statement of Income, Balance [Axis]: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax \| Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Tax on foreign currency translation adjustment	3	1		(3)	2
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue			(3)			3
Location, Statement of Income, Balance [Axis]: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax \| Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Tax on foreign currency translation adjustment	$ 3	$ 1
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue			$ (3)	$ (3)	$ 2	$ 3

Revenue - Changes in Contract Assets and Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Change in Contract with Customer, Asset [Abstract]
Beginning balance	$ 510	$ 303
Additions, net	393	316
Billings transferred to accounts receivable	(232)	(161)
Foreign currency and other	(21)	10
Ending balance	650	468
Change in Contract with Customer, Liability [Abstract]
Beginning balance	286	322
Additions, net	(225)	205
Revenue recognized from opening balance	(212)	(227)
Foreign currency and other	(2)	(2)
Ending balance	297	$ 298
Performance obligation satisfied in previous period	$ 36

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Accumulated Other Comprehensive Loss

The following table provides the components of accumulated other comprehensive loss ("AOCL") for the nine months ended September 30, 2026:


(in millions)	Foreign Currency Translation		Post-retirement Benefit Plans		Derivative Instruments		Total
Balance at January 1, 2026	$	(191)	$	(39)	$	10	$	(220)
Foreign currency translation adjustment	16		—		—		16
Amount of currency translation adjustment relating to divestiture of foreign subsidiaries reclassified into net income	5		—		—		5
Tax on foreign currency translation adjustment	(18)		—		—		(18)





Amortization of actuarial gain on post-retirement benefit plans into other non-operating income, net	—		(1)		—		(1)






Unrealized loss on derivative hedge agreements	—		—		(8)		(8)
Tax on unrealized gain on derivative hedge agreements	—		—		2		2
Reclassification of unrealized gain on foreign exchange agreements into revenue	—		—		(3)		(3)
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue	—		—		(2)		(2)
Balance at March 31, 2026	$	(188)	$	(40)	$	(1)	$	(229)
Foreign currency translation adjustment	(53)		—		—		(53)
Amount of gain recognized relating to divestiture of foreign subsidiaries reclassified into net income	—		(3)				(3)
Amount of currency translation adjustment relating to divestiture of foreign subsidiaries reclassified into net income	(13)		—		—		(13)
Tax on foreign currency translation adjustment	(3)		—		—		(3)
Amortization of actuarial loss on post-retirement plans into other non-operating income, net	—		1		—		1
Foreign currency translation adjustment for post-retirement benefit plans			2				2



Unrealized loss on derivative hedge agreements	—		—		(4)		(4)
Tax on unrealized loss on derivative hedge agreements	—		—		1		1
Reclassification of unrealized loss on foreign exchange agreements into revenue	—		—		1		1
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue	—		—		(2)		(2)
Balance at June 30, 2026	$	(257)	$	(40)	$	(5)	$	(302)
Foreign currency translation adjustment	(24)		—		—		(24)
Amount of currency translation adjustment relating to divestiture of foreign subsidiaries reclassified into net income	7		—		—		7
Tax on foreign currency translation adjustment	11		—		—		11



Foreign currency translation adjustment for post-retirement benefit plans	—		1		—		1



Unrealized loss on derivative hedge agreements	—		—		(2)		(2)

Reclassification of unrealized loss on foreign exchange agreements into revenue	—		—		3		3
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue	—		—		(1)		(1)
Balance at September 30, 2026	$	(263)	$	(39)	$	(5)	$	(307)

The following table provides the components of AOCL for the nine months ended September 30, 2025:


(in millions)	Foreign Currency Translation		Post-retirement Benefit Plans		Derivative Instruments		Total
Balance at January 1, 2025	$	(368)	$	(53)	$	(14)	$	(435)
Foreign currency translation adjustment	56		—		—		56
Amount of currency translation adjustment relating to divestiture of foreign subsidiaries reclassified into net income	8		—		—		8
Tax on foreign currency translation adjustment	20		—		—		20









Foreign currency translation adjustment for post-retirement benefit plans	—		(1)		—		(1)
Unrealized gain on derivative hedge agreements	—		—		15		15
Income tax benefit on unrealized gain on derivative hedge agreements	—		—		(2)		(2)
Reclassification of unrealized loss on foreign exchange agreements into revenue	—		—		3		3
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue	—		—		(1)		(1)

Balance at March 31, 2025	$	(284)	$	(54)	$	1	$	(337)
Foreign currency translation adjustment	37		—		—		37
Tax on foreign currency translation adjustment	65		—		—		65


Amortization of actuarial loss on post-retirement benefit plans into other non-operating income, net	—		1		—		1
Foreign currency translation adjustment for post-retirement benefit plans	—		(2)		—		(2)





Unrealized gain on derivative hedge agreements	—		—		15		15
Income tax benefit on unrealized gain on derivative hedge agreements	—		—		(2)		(2)
Reclassification of unrealized loss on foreign exchange agreements into revenue	—		—		2		2
Reclassification of unrealized gain on foreign exchange agreements into cost of revenue	—		—		(1)		(1)

Balance at June 30, 2025	$	(182)	$	(55)	$	15	$	(222)
Foreign currency translation adjustment	(6)		—		—		(6)
Tax on foreign currency translation adjustment	(3)		—		—		(3)
Foreign currency translation adjustment for post-retirement benefit plans	—		1		—		1




Unrealized gain on derivative hedge agreements	—		—		1		1
Income tax impact on unrealized gain on derivative hedge agreements	—		—		1		1

Reclassification of unrealized gain on foreign exchange agreements into revenue	—		—		(3)		(3)

Reclassification of unrealized gain on foreign exchange agreements into cost of revenue	—		—		(2)		(2)
Balance at September 30, 2025	$	(191)	$	(54)	$	12	$	(233)

Segment and Geographic Data (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Financial information for each reportable segment


(in millions)	Water Infrastructure		Applied Water		Measurement and Control Solutions		Water Solutions and Services		Total
Balance for the nine months ended September 30, 2026
Revenue	$	1,931	$	1,438	$	1,452	$	1,841	$	6,662
Less:
Adjusted cost of revenue (a)	1,020		912		888		1,163
Adjusted operating expenses (a)	472		255		314		361
Other segment items (b)	59		(7)		64		78
Segment operating income	$	380	$	278	$	186	$	239	$	1,083
Reconciliation of segment operating income
Corporate and other loss									(64)
Interest expense									(32)

Other non-operating income, net									3
Loss on sale of businesses									(17)
Income before income taxes									$	973


(in millions)	Water Infrastructure		Applied Water		Measurement and Control Solutions		Water Solutions and Services		Total
Balance for nine months ended September 30, 2025
Revenue	$	1,887	$	1,374	$	1,552	$	1,825	$	6,638
Less:
Adjusted cost of revenue (a)	1,051		868		949		1,170
Adjusted operating expenses (a)	457		246		333		344
Other segment items (b)	83		19		82		91
Segment operating income	$	296	$	241	$	188	$	220	$	945
Reconciliation of segment operating income
Corporate and other loss									(75)
Interest expense									(23)
Other non-operating income, net									13
Loss on sale of businesses									(47)
Income before income taxes									$	813


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
Depreciation and amortization:
Water Infrastructure	$	24	$	24	$	74	$	71
Applied Water	8		8		23		25
Measurement and Control Solutions	40		43		121		126
Water Solutions and Services	63		64		194		203

Corporate and other	2		3		5		7
Total	$	137	$	142	$	417	$	432
Capital expenditures:
Water Infrastructure	$	13	$	7	$	31	$	29
Applied Water	8		9		19		23
Measurement and Control Solutions	16		20		47		56
Water Solutions and Services	31		30		113		93
Centralized support facilities (a)	14		6		39		23
Corporate and other	7		7		19		24
Total	$	89	$	79	$	268	$	248

(a) Represents capital expenditures incurred by the centralized support facilities that are not allocated to the segments.

Acquisitions and Divestitures (Details) $ in Millions									3 Months Ended			9 Months Ended
Acquisitions and Divestitures (Details) $ in Millions	Sep. 02, 2026 USD ($)	Aug. 10, 2026 USD ($)	May 26, 2026 USD ($)	Dec. 02, 2025 USD ($)	Jul. 23, 2025 USD ($)	Apr. 01, 2025 USD ($)	Feb. 07, 2025 USD ($)	Jan. 31, 2025 USD ($) employee	Sep. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Business Combination [Line Items]
Goodwill									$ 8,524			$ 8,524		$ 8,332
Acquisition of business, net of cash acquired												425	$ 113
Payments to acquire productive assets												268	248
Proceeds from sale of businesses, net of cash disposed												95	48
Loss from sale of businesses									5		$ 37	17	$ 47
Disposed of by Sale \| International Metering Business
Business Combination [Line Items]
Disposal Group, Including Discontinued Operation, Consideration			$ 73
Disposal Group, Including Discontinued Operation, Consideration Received, Net			68
Proceeds from sale of businesses, net of cash disposed			63
Proceeds from sale of businesses, net of cash disposed			58
Disposal Group, Including Discontinued Operation, Consideration, Note Receivable			10
Loss from sale of businesses			$ 44						7	$ (23)		21
Disposed of by Sale \| Other Divestitures
Business Combination [Line Items]
Proceeds from sale of businesses, net of cash disposed									30			37
Loss from sale of businesses									(2)			(4)
Disposed of by Sale \| Evoqua Magneto
Business Combination [Line Items]
Proceeds from sale of businesses, net of cash disposed							$ 61
Proceeds from sale of businesses, net of cash disposed							$ 48
Loss from sale of businesses											$ 10	8
Disposal Group, Including Discontinued Operation, Working Capital Adjustment										$ 2
Vacom Systems LLC
Business Combination [Line Items]
Payments to acquire productive assets						$ 42
Payments for asset acquisition at closing						$ 37
Royalty on revenue, percentage						5.00%
Royalty on revenue, period after acquisition						5 years
Royalty on revenue, maximum						$ 25
Vacom Systems LLC \| Developed Technology Rights
Business Combination [Line Items]
Intangible Asset, Finite-Lived, Acquired						$ 49
Acquired finite-lived intangible asset, useful life						15 years
Cornell Pump and Roper Pump
Business Combination [Line Items]
Percentage of voting interests acquired		100.00%
Consideration transferred		$ 1,460
WaterFleet Intermediate Holdings, Inc.
Business Combination [Line Items]
Percentage of voting interests acquired	100.00%
Goodwill									$ 111			111
Intangible Asset, Finite-Lived, Acquired												$ 65
March 2026 Acquisition
Business Combination [Line Items]
Consideration transferred	$ 217
TriOS Mess-und Datentechnik GmbH
Business Combination [Line Items]
Percentage of voting interests acquired					100.00%
Goodwill				$ 155
Payments to Acquire Businesses, Gross				219
Acquisition of business, net of cash acquired				210
Payments to acquire business, gross, at closing				216
Payments to acquire business, net of cash acquired, at closing				207
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill				55
Pac Machine
Business Combination [Line Items]
Percentage of voting interests acquired					100.00%
Goodwill				30
Payments to Acquire Businesses, Gross				66
Acquisition of business, net of cash acquired				62
Payments to acquire business, gross, at closing				54
Payments to acquire business, net of cash acquired, at closing				50
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill				27
Business Combination, Consideration Transferred, Settlement Of Liability				3
Remaining consideration to be paid				$ 9
Business combination, remaining consideration to be paid, period				4 years
EMX Holdings, Inc.
Business Combination [Line Items]
Percentage of voting interests acquired					100.00%
Consideration transferred					$ 106
Goodwill					74
Payments to Acquire Businesses, Gross								$ 7
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill					$ 34
Simply Clean Air and Water, Inc
Business Combination [Line Items]
Number of employees \| employee								20

Equity

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Redeemable Non-controlling Interests

Capital Stock

For the three and nine months ended September 30, 2026 the Company repurchased 3.2 million shares of common stock for $349 million and 13.7 million shares of common stock for $1,592 million, respectively. For the three and nine months ended September 30, 2025, the Company repurchased less than 0.1 million shares of common stock for $1 million and 0.1 million shares of common stock for $14 million, respectively. Repurchases may include share repurchase programs approved by the Board of Directors and repurchases in relation to settlement of employee tax withholding obligations due as a result of the vesting of restricted stock units. The detail of repurchases by each program are as follows:

On August 24, 2015, our Board of Directors authorized the repurchase of up to $500 million in shares with no expiration date. The program's objective is to deploy our capital in a manner that benefits our shareholders and maintains our focus on growth. During the first quarter of 2026, the Company repurchased 1.4 million shares of common stock for $182 million under this program. As of September 30, 2026 there is no additional capacity for share repurchases under this program.

On February 25, 2026, our Board of Directors authorized the repurchase of up to $1.5 billion in shares with no expiration date. The program's objective is to deploy our capital in a manner that benefits our shareholders and maintains our focus on growth. For the three and nine months ended September 30, 2026, the Company repurchased 3.2 million shares and 12.2 million shares of common stock for $349 million and $1,396 million, respectively, under this program, of which $337 million and $1,384 million, respectively, was paid in cash, and $12 million was accrued as of September 30, 2026. As of September 30, 2026 there are $105 million in additional shares that may still be repurchased under this program.

In relation to the aforementioned share repurchase programs, the Company has accrued a total $15 million in excise taxes as of September 30, 2026. There were no excise taxes accrued related to share repurchase programs as of December 31, 2025.

Aside from the aforementioned repurchase programs, we repurchased less than 0.1 million shares and 0.1 million shares for $0.2 million and $14 million for the three and nine months ended September 30, 2026, respectively and less than 0.1 million shares and 0.1 million shares for $1 million and $14 million for the three and nine months ended September 30, 2025, respectively, in relation to settlement of employee tax withholding obligations due as a result of the vesting of restricted stock units.

Redeemable Non-controlling Interests

The holders of the non-controlling interest in Idrica, a consolidated subsidiary of the Company, have a right to sell the remaining equity interest in Idrica to the Company for cash (the “Put Right”). The Put Right is exercisable after December 10, 2027 and has a fixed strike price of €168 million during the first two years after it is exercisable. Beginning in the third year of exercisability, the Put Right is exercisable at the fair market value of underlying equity interests. Redeemable non-controlling interest is reflected in the consolidated balance sheets at the greater of the carrying value or the redemption value. As of September 30, 2026, the Redeemable Non-Controlling Interest is reflected in the consolidated balance sheet at its carrying value.

The following table shows the changes in the redeemable non-controlling interest for the nine months ended September 30, 2026 and September 30, 2025:


(in millions)	2026		2025
Redeemable non-controlling interest - January 1	$	258	$	235
Net loss attributable to non-controlling interest	(4)		(3)
Cumulative translation adjustment	(5)		—
Redeemable non-controlling interest - March 31	$	249	$	232
Net loss attributable to non-controlling interest	(3)		(4)
Cumulative translation adjustment	(4)		—
Redeemable non-controlling interest - June 30	$	242	$	228
Net loss attributable to non-controlling interest	(3)		(2)
Cumulative translation adjustment	—		—
Redeemable non-controlling interest - September 30	$	239	$	226

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Basic and diluted net earnings per share

The following is a reconciliation of the shares used in calculating basic and diluted net earnings per share:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Net income attributable to Xylem (in millions)	$	291	$	227	$	747	$	622
Shares (in thousands):
Weighted average common shares outstanding	232,702		243,436		237,246		243,297
Add: Participating securities (a)	17		18		16		22
Weighted average common shares outstanding — Basic	232,719		243,454		237,262		243,319
Plus incremental shares from assumed conversions: (b)
Dilutive effect of stock options	230		358		256		341
Dilutive effect of restricted stock units and performance share units	91		279		140		250
Weighted average common shares outstanding — Diluted	233,040		244,091		237,658		243,910
Basic earnings per share	$	1.25	$	0.93	$	3.15	$	2.56
Diluted earnings per share	$	1.25	$	0.93	$	3.14	$	2.55

(a)Restricted stock units containing rights to non-forfeitable dividends that participate in undistributed earnings with common stockholders are considered participating securities for purposes of computing earnings per share.

(b)Incremental shares from stock options, restricted stock units and performance share units are computed by the treasury stock method. The weighted average shares listed below were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented or were otherwise excluded under the treasury stock method. The treasury stock method calculates dilution assuming the exercise of all in-the-money options and vesting of restricted stock units and performance share units, reduced by the repurchase of shares with the proceeds from the assumed exercises and unrecognized compensation expense for outstanding awards. Performance share units are included in the treasury stock calculation of diluted earnings per share based upon achievement of underlying performance and market conditions at the end of the reporting period. See Note 15, "Share-Based Compensation Plans," to the condensed consolidated financial statements for further detail on the performance share units.

Incremental shares from stock options and restricted stock


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(in thousands)	2026	2025	2026	2025
Stock options	1,126	903	1,064	925
Restricted stock units	428	339	395	373
Performance share units	7	97	25	170

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our quarterly provision for income taxes is measured using an estimated annual effective tax rate, adjusted for discrete items within the periods presented. The comparison of our effective tax rate between periods is significantly impacted by the level and mix of earnings and losses by tax jurisdiction and discrete items. The income tax provision for the three months ended September 30, 2026 was $77 million resulting in an effective tax rate of 21.1%, compared to a $71 million expense resulting in an effective tax rate of 23.9% for the same period in 2025. The income tax provision for the nine months ended September 30, 2026 was $235 million resulting in an effective tax rate of 24.2%, compared to a $196 million expense resulting in an effective tax rate of 24.1% for the same period in 2025. The effective tax rate for the three months ended September 30, 2026 was generally consistent with the U.S. federal statutory rate. The effective tax rate for the nine months ended September 30, 2026 was higher than the U.S. federal statutory rate primarily due to the mix of earnings across jurisdictions and the tax impact of the 2026 international metering business divestiture. Unrecognized Tax Benefits During 2019, Xylem’s Swedish subsidiary received a tax assessment from the Swedish Tax Agency (the "STA") for the 2013 tax year related to the tax treatment of an intercompany transfer of certain intellectual property that was made in connection with a reorganization of our European businesses. Xylem filed an appeal with the Administrative Court of Växjö, which rendered a decision adverse to Xylem in June 2022 for SEK837 million (approximately $84 million USD) consisting of the full tax assessment amount plus penalties and interest. Xylem appealed this decision with the intermediate appellate court, the Administrative Court of Appeal, and on May 15, 2024, that court rendered a decision in favor of Xylem and also remanded an issue to the trial court for resolution. In December 2025, the trial court issued a ruling on the remanded issue in Xylem's favor. The STA has appealed this ruling to the Administrative Court of Appeal. An oral hearing before the Administrative Court of Appeal is scheduled for November 2026. Management, in consultation with external legal advisors, continues to believe it is more likely than not that Xylem will prevail on the proposed assessment and will continue to vigorously defend our position through this litigation. There can be no assurance that the final determination by the authorities will not be materially different than our position. As of September 30, 2026, we have not recorded any unrecognized tax benefits related to this uncertain tax position.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Name Accounting Standards Codification
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-Topic 946
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

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-Topic 740
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-Section S99
-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Derivative Financial Instruments - Fair Value of Foreign Exchange Contracts (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Sell USD Buy EUR
Derivatives, Fair Value [Line Items]
Notional amount	$ 58	$ 275
Sell SEK Buy Euro
Derivatives, Fair Value [Line Items]
Notional amount	36	226
Sell GBP Buy EUR
Derivatives, Fair Value [Line Items]
Notional amount	21	119
Sell CAD Buy EUR
Derivatives, Fair Value [Line Items]
Notional amount	8	44
Sell CAD Buy USD
Derivatives, Fair Value [Line Items]
Notional amount	6	37
Sell PLN Buy EUR
Derivatives, Fair Value [Line Items]
Notional amount	4	33
Sell AUD Buy EUR
Derivatives, Fair Value [Line Items]
Notional amount	5	25
Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Notional amount	$ 138	$ 759

Commitments and Contingencies - Rollforward of Warranties (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Warranties
Warranty accrual – January 1	$ 53	$ 57
Net charges for product warranties in the period	20	28
Settlement of warranty claims	(18)	(25)
Foreign currency and other	(1)	(9)
Warranty accrual – September 30	$ 54	$ 51

Redeemable Non-controlling Interests - Narrative (Details) - Global Omnium Idrica S.L. € in Millions	9 Months Ended
	Sep. 30, 2026 EUR (€)
Class of Stock [Line Items]
Fixed strike price	€ 168
Fixed strike price period	2 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes (Details) kr in Millions, $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
Income Taxes (Details) kr in Millions, $ in Millions	Jun. 30, 2022 USD ($)	Jun. 30, 2022 SEK (kr)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)
Income Tax Disclosure [Abstract]
Income tax expense (benefit)			$ 77	$ 71	$ 235	$ 196
Effective income tax rate reconciliation, percent			21.10%	23.90%	24.20%	24.10%
Estimated loss	$ 84	kr 837

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative Financial Instruments - Carrying Amount of Hedged Debt and Cumulative Adjustments (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying amount of hedged debt	$ 565	$ 0
Cumulative hedging adjustments, included in carrying amount	$ (28)	$ 0

Earnings Per Share - Summary of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Stock Options
Incremental shares from stock options and restricted stock:
Antidilutive securities (in shares)	1,126	903	1,064	925
Restricted Stock
Incremental shares from stock options and restricted stock:
Antidilutive securities (in shares)	428	339	395	373
Performance Based Shares
Incremental shares from stock options and restricted stock:
Antidilutive securities (in shares)	7	97	25	170

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Inventories
Finished goods	$ 356	$ 342
Work in process	108	100
Raw materials	588	541
Total inventories	$ 1,052	$ 983

Consolidated Income Statements - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement [Line Items]
Revenue	$ 2,201	$ 2,268	$ 6,662	$ 6,638
Cost of revenue	1,294	1,385	3,989	4,095
Gross profit	907	883	2,673	2,543
Selling, general and administrative expenses	458	474	1,433	1,437
Research and development expenses	56	52	171	166
Restructuring and asset impairment charges	8	23	50	70
Operating income	385	334	1,019	870
Interest expense	(21)	(6)	(32)	(23)
Other non-operating income, net	6	6	3	13
Loss on sale of businesses	(5)	(37)	(17)	(47)
Income before income taxes	365	297	973	813
Income tax expense	(77)	(71)	(235)	(196)
Net income	288	226	738	617
Net loss attributable to non-controlling interests	3	1	9	5
Net income attributable to Xylem	$ 291	$ 227	$ 747	$ 622
Earnings per share:
Basic (in dollars per share)	$ 1.25	$ 0.93	$ 3.15	$ 2.56
Diluted (in dollars per share)	$ 1.25	$ 0.93	$ 3.14	$ 2.55
Basic (in shares)	232,719	243,454	237,262	243,319
Diluted (in shares)	233,040	244,091	237,658	243,910
Product
Statement [Line Items]
Revenue	$ 1,807	$ 1,867	$ 5,517	$ 5,487
Cost of revenue	1,026	1,109	3,176	3,279
Service
Statement [Line Items]
Revenue	394	401	1,145	1,151
Cost of revenue	$ 268	$ 276	$ 813	$ 816

Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2026 USD ($)	Dec. 31, 2025 reportingUnit	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)
Intangible Asset, Finite-Lived [Line Items]
Intangible Asset, Finite-Lived, Amortization Expense	$ 72		$ 78			$ 222	$ 231
Measurement and Control Solutions Segment
Intangible Asset, Finite-Lived [Line Items]
Impairment charge on intangible assets				$ 2
Corporate
Intangible Asset, Finite-Lived [Line Items]
Impairment charge on intangible assets				$ 2
Water Infrastructure
Intangible Asset, Finite-Lived [Line Items]
Impairment charge on intangible assets					$ 1
Number of reporting units \| reportingUnit		1
Water Solutions and Services
Intangible Asset, Finite-Lived [Line Items]
Impairment charge on intangible assets					$ 3

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Derivative Financial Instruments - Derivatives Designated as Hedging (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccruedLiabilitiesCurrent \| Cash Flow Hedging
Derivative [Line Items]
Liabilities	$ (5)	$ (2)
Location, Statement of Financial Position, Balance [Axis]: us-gaap:LongTermDebtNoncurrent \| Fair Value Hedging
Derivative [Line Items]
Assets	0	0
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAccruedLiabilitiesNoncurrent \| Net Investment Hedging
Derivative [Line Items]
Liabilities	(261)	(317)
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAccruedLiabilitiesNoncurrent \| Fair Value Hedging
Derivative [Line Items]
Liabilities	(28)	0
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsNoncurrent \| Net Investment Hedging
Derivative [Line Items]
Assets	0	0
Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent \| Cash Flow Hedging
Derivative [Line Items]
Assets	$ 0	$ 7

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 708	$ 1,479
Receivables, less allowances for discounts, returns and credit losses of $58 and $68 in 2026 and 2025, respectively	1,965	1,759
Inventories	1,052	983
Prepaid and other current assets	227	244
Assets held for sale	0	176
Total current assets	3,952	4,641
Property, plant and equipment, net	1,203	1,159
Goodwill	8,524	8,332
Other intangible assets, net	2,220	2,272
Other non-current assets	1,427	1,230
Total assets	17,326	17,634
Current liabilities:
Accounts payable	1,055	1,013
Accrued and other current liabilities	1,257	1,237
Short-term borrowings and current maturities of long-term debt	530	534
Liabilities held for sale	0	72
Total current liabilities	2,842	2,856
Long-term debt, net	2,365	1,408
Accrued post-retirement benefit obligations	295	317
Deferred income tax liabilities	453	405
Other non-current accrued liabilities	860	899
Total liabilities	6,815	5,885
Commitments and Contingencies (Note 18)
Redeemable non-controlling interest	239	258
Common stock — par value $0.01 per share:
Authorized 750.0 shares, issued 260.3 and 259.9 shares in 2026 and 2025, respectively	3	3
Capital in excess of par value	8,801	8,759
Retained earnings	4,147	3,706
Treasury stock – at cost 30.0 shares and 16.3 shares in 2026 and 2025, respectively	(2,375)	(768)
Accumulated other comprehensive loss	(307)	(220)
Total stockholders’ equity	10,269	11,480
Non-controlling interest	3	11
Total equity	10,272	11,491
Total liabilities, redeemable non-controlling interest, and stockholders’ equity	$ 17,326	$ 17,634

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying value of goodwill by reportable segment for the nine months ended September 30, 2026 are as follows:


(in millions)	Water Infrastructure		Applied Water		Measurement and Control Solutions		Water Solutions and Services		Total
Balance as of January 1, 2026	$	2,264	$	905	$	2,270	$	2,893	$	8,332
Activity in 2026
Acquisitions	(2)		—		155		107		260
Divestitures	(2)		(2)		(5)		—		(9)

Foreign currency and other	(14)		(6)		(34)		(5)		(59)
Balance as of September 30, 2026	$	2,246	$	897	$	2,386	$	2,995	$	8,524

Other Intangible Assets

Information regarding our other intangible assets is as follows:


	September 30, 2026						December 31, 2025
(in millions)	Carrying Amount		Accumulated Amortization		Net Intangibles		Carrying Amount		Accumulated Amortization		Net Intangibles
Customer and distributor relationships	$	2,261	$	(777)	$	1,484	$	2,180	$	(688)	$	1,492
Proprietary technology and patents	448		(217)		231		430		(185)		245
Trademarks	185		(137)		48		183		(126)		57
Software (a)	631		(435)		196		644		(431)		213
Other	154		(67)		87		153		(56)		97
Indefinite-lived intangibles	174		—		174		168		—		168
Other intangibles	$	3,853	$	(1,633)	$	2,220	$	3,758	$	(1,486)	$	2,272

(a)Includes capitalized software developed as a product or service offered directly to external customers. As of September 30, 2026 and December 31, 2025, we had net capitalized software used in sales and services to external customers of $160 million and $175 million, respectively.

Amortization expense related to finite-lived intangible assets was $72 million and $222 million for the three and nine-month periods ended September 30, 2026, respectively. Amortization expense related to finite-lived intangible assets was $78 million and $231 million for the three and nine-month periods ended September 30, 2025, respectively.

During the second quarter of 2025, we recognized a $2 million impairment charge for internally developed software within our Measurement and Control Solutions segment and a $2 million impairment charge for software within our Corporate segment.

During the first quarter of 2025, we recognized $1 million and $3 million impairment charges for internally developed software within our Water Infrastructure and Water Solutions and Services segments, respectively.

Share-Based Compensation Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning (in shares)	1,142
Granted (in shares)	296
Exercised (in shares)	(44)
Forfeited (in shares)	(67)
Other (in shares)	(1)
Ending (in shares)	1,326
Options exercisable (in shares)	849
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Beginning (in dollars per share)	$ 95.75
Granted (in dollars per share)	127.64
Exercised (in dollars per share)	72.30
Forfeited (in dollars per share)	128.93
Other (in dollars per share)	129.67
Ending (in dollars per share)	101.94
Options exercisable (in dollars per share)	$ 87.04
Weighted Average Remaining Contractual Term (Years)	6 years 2 months 12 days	6 years 4 months 24 days
Aggregate intrinsic value of outstanding stock options	$ 18		$ 46
Options exercisable at September 30, 2026	4 years 8 months 12 days
Aggregate intrinsic value of exercisable stock options	$ 18
Vested and non-vested expected to vest as of September 30, 2026	1,293
Vested and non-vested expected to vest as of September 30, 2026	$ 101.28
Vested and non-vested expected to vest as of September 30, 2026	6 years
Aggregate intrinsic value, vested and expected to vest	$ 18

Share-Based Compensation Plans - Revenue Performance Share Units (Details) - Performance Based Shares shares in Thousands	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Weighted Average Grant Date Fair Value / Share
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period \| shares	(42)
Weighted Average Grant Date Fair Value, Vested \| $ / shares	$ 100.50
Revenue Performance Shares
Summary of Performance-based shares activity
Outstanding (in shares) \| shares	47
Forfeited (in shares) \| shares	(4)
Outstanding (in shares) \| shares	19
Weighted Average Grant Date Fair Value / Share
Weighted Average Grant Date Fair Value, Outstanding Beginning Balance (in shares) \| $ / shares	$ 113.89
Weighted Average Grant Date Fair Value, Forfeited (in shares) \| $ / shares	127.03
Weighted Average Grant Date Fair Value, Outstanding Ending Balance (in shares) \| $ / shares	$ 127.94
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Adjustments In Period \| shares	5
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period \| shares	(29)
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Adjustments In Period, Weighted Average Grant Date Fair Value \| $ / shares	$ 100.50
Weighted Average Grant Date Fair Value, Vested \| $ / shares	$ 100.50

Earnings Per Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share

The following is a reconciliation of the shares used in calculating basic and diluted net earnings per share:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Net income attributable to Xylem (in millions)	$	291	$	227	$	747	$	622
Shares (in thousands):
Weighted average common shares outstanding	232,702		243,436		237,246		243,297
Add: Participating securities (a)	17		18		16		22
Weighted average common shares outstanding — Basic	232,719		243,454		237,262		243,319
Plus incremental shares from assumed conversions: (b)
Dilutive effect of stock options	230		358		256		341
Dilutive effect of restricted stock units and performance share units	91		279		140		250
Weighted average common shares outstanding — Diluted	233,040		244,091		237,658		243,910
Basic earnings per share	$	1.25	$	0.93	$	3.15	$	2.56
Diluted earnings per share	$	1.25	$	0.93	$	3.14	$	2.55


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(in thousands)	2026	2025	2026	2025
Stock options	1,126	903	1,064	925
Restricted stock units	428	339	395	373
Performance share units	7	97	25	170

Capital Stock

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Capital Stock

Redeemable Non-controlling Interests

The following table shows the changes in the redeemable non-controlling interest for the nine months ended September 30, 2026 and September 30, 2025:


(in millions)	2026		2025
Redeemable non-controlling interest - January 1	$	258	$	235
Net loss attributable to non-controlling interest	(4)		(3)
Cumulative translation adjustment	(5)		—
Redeemable non-controlling interest - March 31	$	249	$	232
Net loss attributable to non-controlling interest	(3)		(4)
Cumulative translation adjustment	(4)		—
Redeemable non-controlling interest - June 30	$	242	$	228
Net loss attributable to non-controlling interest	(3)		(2)
Cumulative translation adjustment	—		—
Redeemable non-controlling interest - September 30	$	239	$	226

- Definition

The entire disclosure for equity.

+ References

+ Details

Current Liabilities - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Purchase Obligation	$ 250	$ 244
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts Payable, Current

Equity (Tables)

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Schedule of Stockholders Equity

The following table shows the changes in stockholders' equity for the nine months ended September 30, 2026:


	Common Stock		Capital in Excess of Par Value		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Non-Controlling Interest		Total
Balance at January 1, 2026	3		8,759		3,706		(768)		(220)		11		11,491

Net income attributable to Xylem	—		—		193		—		—		—		193
Other comprehensive loss, net	—		—		—		—		(9)		(2)		(11)

Dividends declared ($0.43 per share)	—		—		(105)		—		—		—		(105)



Stock incentive plan activity	—		13		—		(14)		—		—		(1)
Distribution to minority shareholders	—		—		—		—		—		(1)		(1)
Repurchase of common stock	—		—		—		(586)		—		—		(586)

Balance at March 31, 2026	$	3	$	8,772	$	3,794	$	(1,368)	$	(229)	$	8	$	10,980
Net income attributable to Xylem	—		—		263		—		—		—		263
Other comprehensive (loss) income, net	—		—		—		—		(73)		1		(72)
Divestiture of non-controlling interest	—		—		—		—		—		(7)		(7)


Dividends declared ($0.43 per share)	—		—		(101)		—		—		—		(101)
Net income attributable to non-controlling interests	—		—		—		—		—		1		1
Stock incentive plan activity	—		15		—		—		—		—		15
Repurchase of common stock	—		—		—		(655)		—		—		(655)


Balance at June 30, 2026	$	3	$	8,787	$	3,956	$	(2,023)	$	(302)	$	3	$	10,424

Net income attributable to Xylem	—		—		291		—		—		—		291

Other comprehensive loss, net	—		—		—		—		(5)		—		(5)




Dividends declared ($0.43 per share)	—		—		(100)		—		—		—		(100)

Stock incentive plan activity	—		14		—		—		—		—		14
Repurchase of common stock	—		—		—		(352)		—		—		(352)


Balance at September 30, 2026	$	3	$	8,801	$	4,147	$	(2,375)	$	(307)	$	3	$	10,272

The following table shows the changes in stockholders' equity for the nine months ended September 30, 2025:


	Common Stock		Capital in Excess of Par Value		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive (Loss) Income		Non-Controlling Interest		Total
Balance at January 1, 2025	$	3	$	8,687	$	3,140	$	(753)	$	(435)	$	5	$	10,647
Net income attributable to Xylem	—		—		169		—		—		—		169
Other comprehensive income, net	—		—		—		—		98		—		98

Dividends declared ($0.40 per share)	—		—		(98)		—		—		—		(98)
Net Income attributable to non-controlling interests	—		—		—		—		—		1		1
Stock incentive plan activity	—		18		—		(13)		—		—		5

Balance at March 31, 2025	$	3	$	8,705	$	3,211	$	(766)	$	(337)	$	6	$	10,822
Net income attributable to Xylem	—		—		226		—		—		—		226
Other comprehensive income, net	—		—		—		—		115		—		115
Other activity	—		—		—		—		—		1		1

Dividends declared ($0.40 per share)	—		—		(98)		—		—		—		(98)
Distribution to minority shareholders	—		—		—		—		—		(2)		(2)
Net Income attributable to non-controlling interests	—		—		—		—		—		2		2
Stock incentive plan activity	—		15		—		—		—		—		15
Balance at June 30, 2025	$	3	$	8,720	$	3,339	$	(766)	$	(222)	$	7	$	11,081
Net income attributable to Xylem	—		—		227		—		—		—		227
Other Comprehensive loss, net	—		—		—		—		(11)		—		(11)
Other Activity	—		—		—		—		—		4		4
Dividends declared ($0.40 per share)	—		—		(97)		—		—		—		(97)
Net Income attributable to non-controlling interests	—		—		—		—		—		1		1
Stock incentive plan activity	—		15		—		(1)		—		—		14
Balance at September 30, 2025	$	3	$	8,735	$	3,469	$	(767)	$	(233)	$	12	$	11,219

Accrued and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

The components of total Accrued and other current liabilities are as follows:


(in millions)	September 30, 2026		December 31, 2025
Compensation and other employee-benefits	$	303	$	371
Customer-related liabilities	400		370
Accrued taxes	227		207
Lease liabilities	131		121
Accrued warranty costs	44		43
Accrued commissions	41		40
Accrued restructuring liabilities	23		34
Other accrued liabilities	88		51
Total accrued and other current liabilities	$	1,257	$	1,237

Supplier Finance Program

The table below provides changes in the confirmed obligations outstanding related to our supplier financing programs over the nine months ended September 30, 2026:


(in millions)	2026
Confirmed obligations outstanding – January 1	$	244
Invoices confirmed	734
Confirmed invoices paid	(726)
Foreign currency and other	(2)
Confirmed obligations outstanding – September 30	$	250

Share-Based Compensation Plans - Fair Value Assumptions (Details)	9 Months Ended
	Sep. 30, 2026 $ / shares
Share-Based Payment Arrangement [Abstract]
Dividend yield	1.33%
Volatility	27.10%
Risk-free interest rate	3.68%
Expected term (in years)	5 years 7 months 6 days
Weighted-average fair value / share	$ 36.19

Current Liabilities - Confirmed Obligations (Details) $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($)
Supplier Finance Program, Obligation [Roll Forward]
Confirmed obligations outstanding – January 1	$ 244
Invoices confirmed	734
Confirmed invoices paid	(726)
Foreign currency and other	(2)
Confirmed obligations outstanding – September 30	$ 250

Capital Stock (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Feb. 25, 2026	Aug. 24, 2015
Class of Stock [Line Items]
Treasury stock, value, acquired	$ 352.0	$ 655.0	$ 586.0
Accrued excise taxes	$ 15.0				$ 15.0
Share Repurchase Plans
Class of Stock [Line Items]
Treasury stock, shares, acquired (in share)	3.2			0.1	13.7	0.1
Treasury stock, value, acquired	$ 349.0			$ 1.0	$ 1,592.0	$ 14.0
2015 Stock Repurchase Program
Class of Stock [Line Items]
Treasury stock, shares, acquired (in share)	1.4
Treasury stock, value, acquired					$ 182.0
Authorized amount								$ 500.0
February 2026 Program
Class of Stock [Line Items]
Treasury stock, shares, acquired (in share)	3.2				12.2
Treasury stock, value, acquired	$ 349.0				$ 1,396.0
Authorized amount							$ 1,500.0
Share repurchase program, remaining authorized, amount	105.0				105.0
Accrued excise taxes	12.0				12.0
Proceeds from sale of treasury stock	$ 337.0				$ 1,384.0
Settlement of Employee Tax Withholding Obligations
Class of Stock [Line Items]
Treasury stock, shares, acquired (in share)				0.1	0.1	0.1
Treasury stock, value, acquired				$ 1.0	$ 0.2	$ 14.0

Revenue

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table illustrates the sources of revenue:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
Revenue from contracts with customers	$	2,122	$	2,177	$	6,443	$	6,406
Lease Revenue	79		91		219		232
Total	$	2,201	$	2,268	$	6,662	$	6,638

The following table reflects revenue from contracts with customers by application:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
Water Infrastructure
Transport	$	388	$	377	$	1,177	$	1,107
Treatment	257		279		754		780

Applied Water
Building Solutions	268		260		816		777
Industrial Water	221		196		622		597

Measurement and Control Solutions
Smart Metering and Other	346		428		1,178		1,281
Analytics	90		94		274		271

Water Solutions and Services
Capital and Other	282		288		846		841
Services	270		255		776		752

Total	$	2,122	$	2,177	$	6,443	$	6,406

The following table reflects revenue from contracts with customers by geographical region:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
Water Infrastructure
United States	$	270	$	256	$	783	$	704
Western Europe	211		223		671		673
Emerging Markets (a)	112		118		319		353
Other	52		59		158		157

Applied Water
United States	280		250		823		755
Western Europe	92		102		292		307
Emerging Markets (a)	83		68		225		210
Other	34		36		98		102

Measurement and Control Solutions
United States	322		340		1,020		1,022
Western Europe	47		93		212		259
Emerging Markets (a)	25		46		102		143
Other	42		43		118		128

Water Solutions and Services
United States	405		403		1,142		1,185
Western Europe	21		23		77		73
Emerging Markets (a)	61		69		177		175
Other	65		48		226		160

Total	$	2,122	$	2,177	$	6,443	$	6,406

Contract Balances

We receive payments from customers based on a billing schedule as established in our contracts. Contract assets relate to costs incurred to perform in advance of scheduled billings. Contract liabilities relate to payments received in advance of performance under the contracts. Changes in contract assets and liabilities are due to our performance under the contract. The table below provides contract assets, contract liabilities, and significant changes in contract assets and liabilities:


(in millions)	Contract Assets (a)		Contract Liabilities (b)
Balance at January 1, 2026	$	510	$	286

Additions, net (b)	393		225
Revenue recognized from opening balance	—		(212)
Billings transferred to accounts receivable	(232)		—
Foreign currency and other	(21)		(2)
Balance at September 30, 2026	$	650	$	297

Balance at January 1, 2025	303		322

Additions, net	316		205
Revenue recognized from opening balance	—		(227)
Billings transferred to accounts receivable	(161)		—




Foreign currency and other	10		(2)
Balance at September 30, 2025	$	468	$	298

(a)Excludes receivable balances, which are disclosed on the Condensed Consolidated Balance Sheets

Performance obligations

Delivery schedules vary from customer to customer based upon their requirements. Typically, large projects require longer lead production cycles and delays can occur from time to time. As of September 30, 2026, the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied for contracts with performance obligations, amount to $3,192 million. The Company elects to apply the practical expedient to exclude from this disclosure revenue related to performance obligations that are part of a contract whose original expected duration is one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Background and Basis of Presentation	9 Months Ended
Background and Basis of Presentation	Sep. 30, 2026
Accounting Policies [Abstract]
Background and Basis of Presentation	Background and Basis of Presentation Background Xylem Inc. (“Xylem” or the “Company”) is a leading equipment and service provider for water and wastewater applications with a broad portfolio of products and services addressing the full cycle of water, from collection, distribution and use to the return of water to the environment. Xylem operates in four segments, Water Infrastructure, Applied Water, Measurement and Control Solutions and Water Solutions and Services. See Note 19, "Segment Information", to the condensed consolidated financial statements for further segment background information. Except as otherwise indicated or unless the context otherwise requires, "Xylem," "we," "us," "our" and the "Company" refer to Xylem Inc. and its subsidiaries. Basis of Presentation The interim condensed consolidated financial statements reflect our financial position and results of operations in conformity with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions between our businesses have been eliminated. The unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and, in the opinion of management, reflect all adjustments (which include normal recurring adjustments) considered necessary for a fair statement of the financial position and results of operations for the periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such SEC rules. We believe that the disclosures made are adequate to make the information presented not misleading. We consistently applied the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report") in preparing these unaudited condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes included in our 2025 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, valuation results associated with purchase accounting, post-retirement obligations and assets, revenue recognition, income taxes, valuation of intangible assets, valuation of assets and liabilities classified as held for sale, goodwill and indefinite-lived intangible impairment testing and contingent liabilities. Actual results could differ from these estimates. Our quarterly financial periods typically end on the Saturday closest to the last day of the calendar quarter, except for the fourth quarter which ends on December 31. For the third quarter of 2026, the quarter-end date was September 26. For ease of presentation, the condensed consolidated financial statements included herein are described as ending on the last day of the calendar quarter. Tariff Developments In February 2026, the U.S. Supreme Court ruled that certain tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”) were unlawful. As a result of that ruling and related Court-ordered actions by the Court of International Trade, the Company has evaluated the recoverability of IEEPA tariffs previously paid on imported goods. The Company previously recognized amounts paid for such tariffs within cost of revenue from products and services. For the three and nine months ended September 30, 2026, the Company received $39 million and $43 million of IEEPA refunds, respectively, and also recognized a $6 million receivable as of September 30, 2026 within prepaid and other current assets in the condensed consolidated balance sheets, with a corresponding reduction to cost of revenue from products. The amount of receivable recognized was based on the Company’s determination of the portion of tariff refunds that are probable of recovery and reasonably estimable. The Company continues to assess its ongoing submissions for refunds of IEEPA tariffs and expects to record additional recoveries as uncertainties around the refund process are resolved. To the extent there are changes in amounts that become recoverable, including any associated interest, such amounts will be recognized in the period in which information about the probable and reasonably estimable amounts becomes known to the Company. Recently Issued Accounting Pronouncements Pronouncements Not Yet Adopted In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. This ASU amends the capitalization criteria for internal-use software and requires entities to make certain disclosures of costs capitalized under this subtopic. This ASU also supersedes existing guidance on web site development costs. The standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. Prospective, retrospective, or modified transition adoption methods are all permitted under this ASU. We are currently evaluating the impact and method of adoption of this amendment. In November 2024, the FASB issued ASU 2024-03, "Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". This ASU requires a footnote disclosure to disaggregate each relevant expense caption on the face of the income statement that includes specific natural expense categories. In addition, the standard requires disclosure of selling expenses on an annual and interim basis. The standard is effective in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard is required to be adopted prospectively, but retrospective adoption is permitted. The Company is currently evaluating the method of adoption and the impact of the guidance on our disclosures in future periods. Recently Adopted Pronouncements In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): "Measurement of Credit Losses for Accounts Receivable and Contract Assets". This update provides a practical expedient that allows entities to assume current conditions as of the balance sheet date remain unchanged over the remaining life of certain current trade receivables and current contract assets when developing reasonable and supportable forecasts in estimating expected credit losses. The Company adopted ASU 2025-05 effective January 1, 2026, and elected the practical expedient for applicable trade receivables and contract assets on a prospective basis. Adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Operating Activities
Net income	$ 738	$ 617
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	195	201
Amortization	222	231
Share-based compensation	39	37
Restructuring and asset impairment charges	50	70
Loss from sale of businesses	17	47
Other, net	(32)	3
Payments for restructuring	(59)	(48)
Changes in assets and liabilities (net of acquisitions):
Changes in receivables	(201)	(113)
Changes in inventories	(72)	(30)
Changes in accounts payable	29	(45)
Changes in accrued and deferred taxes	14	(12)
Changes in long term receivables	(147)	(108)
Other, net	(64)	(152)
Net Cash — Operating activities	729	698
Investing Activities
Capital expenditures	(268)	(248)
Acquisitions of businesses, net of cash acquired	(425)	(113)
Proceeds from sale of businesses, net of cash disposed	95	48
Proceeds from the sale of property, plant and equipment	12	15
Cash received from investments	8	5
Cash paid for investments	(10)	(26)
Cash paid for equity investments	(4)	(5)
Cash paid for asset acquisition	(2)	(37)
Cash received from cross-currency swaps	39	31
Other, net	1	1
Net Cash — Investing activities	(554)	(329)
Financing Activities
Short-term debt issued, net	4	8
Short-term debt repaid	(5)	(7)
Long-term debt issued, net	990	0
Long-term debt repaid, net	(10)	(60)
Repurchase of common stock	(1,580)	(14)
Proceeds from exercise of employee stock options	3	11
Dividends paid	(307)	(293)
Other, net	(30)	(27)
Net Cash — Financing activities	(935)	(382)
Effect of exchange rate changes on cash	(23)	83
Increase in cash classified within assets held for sale	0	(11)
Decrease in cash classified within assets held for sale	12	11
Changes in cash classified within assets held for sale	12	0
Net change in cash and cash equivalents	(771)	70
Cash and cash equivalents at beginning of year	1,479	1,121
Cash and cash equivalents at end of period	708	1,191
Cash paid during the year for:
Interest	39	43
Income taxes (net of refunds received)	$ 221	$ 208

Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 10,424	$ 10,980	$ 11,491	$ 11,081	$ 10,822	$ 10,647	$ 11,491	$ 10,647
Net income	291	263	193	227	226	169	747	622
Other comprehensive loss, net	(5)	(72)	(11)	(11)	115	98
Divestiture of non-controlling interest		(7)
Other activity	14			(4)	1
Dividends declared	(100)	(101)	(105)	(97)	(98)	(98)
Distribution to minority shareholders			(1)		(2)
Net income attributable to non-controlling interests		1		(1)	(2)	(1)
Repurchase of common stock	(352)	(655)	(586)
Stock incentive plan activity		15	(1)	14	15	5
Balance	$ 10,272	$ 10,424	$ 10,980	$ 11,219	$ 11,081	$ 10,822	10,272	11,219
Dividends declared per share (in usd per share)	$ 0.43	$ 0.43	$ 0.43	$ 0.40	$ 0.40	$ 0.40
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 3	$ 3	$ 3	$ 3	$ 3	$ 3	3	3
Balance	3	3	3	3	3	3	3	3
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	8,787	8,772	8,759	8,720	8,705	8,687	8,759	8,687
Stock incentive plan activity	14	15	13	15	15	18
Balance	8,801	8,787	8,772	8,735	8,720	8,705	8,801	8,735
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	3,956	3,794	3,706	3,339	3,211	3,140	3,706	3,140
Net income	291	263	193	227	226	169
Dividends declared	(100)	(101)	(105)	(97)	(98)	(98)
Balance	4,147	3,956	3,794	3,469	3,339	3,211	4,147	3,469
Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(302)	(229)	(220)	(222)	(337)	(435)	(220)	(435)
Other comprehensive loss, net	(5)	(73)	(9)	(11)	115	98
Balance	(307)	(302)	(229)	(233)	(222)	(337)	(307)	(233)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(2,023)	(1,368)	(768)	(766)	(766)	(753)	(768)	(753)
Repurchase of common stock	(352)	(655)	(586)
Stock incentive plan activity			(14)	(1)		(13)
Balance	(2,375)	(2,023)	(1,368)	(767)	(766)	(766)	(2,375)	(767)
Non-Controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	3	8	11	7	6	5	11	5
Other comprehensive loss, net		1	(2)
Divestiture of non-controlling interest		(7)
Other activity				4	1
Distribution to minority shareholders			(1)		(2)
Net income attributable to non-controlling interests		1		(1)	(2)	(1)
Balance	$ 3	$ 3	$ 8	$ 12	$ 7	$ 6	$ 3	$ 12

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 288	$ 226	$ 738	$ 617
Other comprehensive income (loss), before tax:
Foreign currency translation adjustment	(24)	(6)	(71)	87
Amount of currency translation adjustment relating to divestiture of foreign subsidiaries reclassified into net income	7	0	(1)	8
Net change in derivative hedge agreements:
Unrealized (loss) gain	(2)	1	(14)	31
Amount of loss (gain) reclassified into net income	2	(5)	(4)	(2)
Net change in post-retirement benefit plans:
Amortization of net actuarial gain into net income	0	0	0	1
Foreign currency translation adjustment	1	1	3	(2)
Amount of gain recognized relating to divestiture of foreign subsidiaries reclassified into net income	0	0	(3)	0
Other comprehensive (loss) income, before tax	(16)	(9)	(90)	123
Income tax (benefit) expense related to items of other comprehensive income	(11)	2	7	(79)
Other comprehensive (loss) income, net of tax	(5)	(11)	(97)	202
Comprehensive income	283	215	641	819
Comprehensive loss attributable to non-controlling interest	3	1	19	5
Comprehensive income attributable to Xylem	$ 286	$ 216	$ 660	$ 824

Background and Basis of Presentation (Policies)	9 Months Ended
Background and Basis of Presentation (Policies)	Sep. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The interim condensed consolidated financial statements reflect our financial position and results of operations in conformity with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions between our businesses have been eliminated. The unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and, in the opinion of management, reflect all adjustments (which include normal recurring adjustments) considered necessary for a fair statement of the financial position and results of operations for the periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such SEC rules. We believe that the disclosures made are adequate to make the information presented not misleading. We consistently applied the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report") in preparing these unaudited condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes included in our 2025 Annual Report.
Consolidation Principles	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, valuation results associated with purchase accounting, post-retirement obligations and assets, revenue recognition, income taxes, valuation of intangible assets, valuation of assets and liabilities classified as held for sale, goodwill and indefinite-lived intangible impairment testing and contingent liabilities. Actual results could differ from these estimates.
Pronouncements Not Yet Adopted	Pronouncements Not Yet Adopted In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. This ASU amends the capitalization criteria for internal-use software and requires entities to make certain disclosures of costs capitalized under this subtopic. This ASU also supersedes existing guidance on web site development costs. The standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. Prospective, retrospective, or modified transition adoption methods are all permitted under this ASU. We are currently evaluating the impact and method of adoption of this amendment. In November 2024, the FASB issued ASU 2024-03, "Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". This ASU requires a footnote disclosure to disaggregate each relevant expense caption on the face of the income statement that includes specific natural expense categories. In addition, the standard requires disclosure of selling expenses on an annual and interim basis. The standard is effective in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard is required to be adopted prospectively, but retrospective adoption is permitted. The Company is currently evaluating the method of adoption and the impact of the guidance on our disclosures in future periods. Recently Adopted Pronouncements In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): "Measurement of Credit Losses for Accounts Receivable and Contract Assets". This update provides a practical expedient that allows entities to assume current conditions as of the balance sheet date remain unchanged over the remaining life of certain current trade receivables and current contract assets when developing reasonable and supportable forecasts in estimating expected credit losses. The Company adopted ASU 2025-05 effective January 1, 2026, and elected the practical expedient for applicable trade receivables and contract assets on a prospective basis. Adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

Redeemable Non-controlling Interests

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Redeemable Non-controlling Interests

Capital Stock

Redeemable Non-controlling Interests

The following table shows the changes in the redeemable non-controlling interest for the nine months ended September 30, 2026 and September 30, 2025:


(in millions)	2026		2025
Redeemable non-controlling interest - January 1	$	258	$	235
Net loss attributable to non-controlling interest	(4)		(3)
Cumulative translation adjustment	(5)		—
Redeemable non-controlling interest - March 31	$	249	$	232
Net loss attributable to non-controlling interest	(3)		(4)
Cumulative translation adjustment	(4)		—
Redeemable non-controlling interest - June 30	$	242	$	228
Net loss attributable to non-controlling interest	(3)		(2)
Cumulative translation adjustment	—		—
Redeemable non-controlling interest - September 30	$	239	$	226

- Definition

The entire disclosure for equity.

+ References

+ Details

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Risk Management Objective of Using Derivatives

We are exposed to certain risks arising from both our business operations and economic conditions, and we principally manage our exposures to these risks through management of our core business activities. Certain of our foreign operations expose us to fluctuations of foreign interest rates and exchange rates that may impact revenue, expenses, cash receipts, cash payments, and the value of our stockholders' equity. We enter into derivative financial instruments to protect the value or fix the amount of certain cash flows in terms of the functional currency of the business unit with that exposure and also reduce the volatility in stockholders' equity.

In addition, we use interest rate swap agreements designated as fair value hedges to manage exposure to changes in benchmark interest rates associated with certain fixed-rate debt obligations.

Cash Flow Hedges of Foreign Exchange Risk

We are exposed to fluctuations in various foreign currencies against our functional currencies. We use foreign currency derivatives, including currency forward agreements, to manage our exposure to fluctuations in the various exchange rates. Currency forward agreements involve fixing the foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date.

Certain business units with exposure to foreign currency exchange risks have designated certain currency forward agreements as cash flow hedges of forecasted intercompany inventory purchases and sales. Our principal currency exposures for which we enter into cash flow hedges relate to the Euro, Swedish Krona, British Pound, Canadian Dollar, Polish Zloty, and Australian Dollar. We had foreign exchange contracts with purchased notional amounts totaling $138 million and $759 million as of September 30, 2026 and December 31, 2025, respectively. The most significant foreign currency derivatives are as follows:


(in millions)		Notional Value
Sell Currency	Buy Currency	September 30, 2026		December 31, 2025
USD	EUR	$	58	$	275
EUR	SEK	36		226
GBP	EUR	21		119
CAD	EUR	8		44
CAD	USD	6		37
EUR	PLN	4		33
AUD	EUR	5		25
		$	138	$	759

Hedges of Net Investments in Foreign Operations

We are exposed to changes in foreign currencies impacting our net investments held in foreign subsidiaries.

Cross-Currency Swaps

We have foreign currency exposure in the Euro-U.S. Dollar and Chinese Yuan (CNY) -U.S. Dollar exchange rates, due to our net investment in foreign operations. We use cross-currency swaps to partially mitigate the impact of the foreign currency rate changes on the Company’s net investments denominated in such foreign currencies. The Company’s cross-currency swaps are designated as net investment hedges.

The total notional amount of derivative instruments designated as net investment hedges was $4,404 million and $3,171 million as of September 30, 2026 and December 31, 2025, respectively.

Fair Value Hedges of Fixed-Rate Debt

During the quarter ended September 30, 2026, the Company entered into interest rate swap agreements with an aggregate notional amount of $600 million and designated the swaps as fair value hedges of benchmark interest rate risk associated with portions of its fixed-rate senior notes due 2036 and 2046.

The Company uses interest rate swap agreements to manage exposure to changes in the fair value of fixed-rate debt resulting from changes in benchmark interest. Under these arrangements, the Company receives fixed-rate interest payments and makes variable-rate payments based on Secured Overnight Financing Rate ("SOFR"). The

Company accounts for these interest rate swap agreements as fair value hedges using the shortcut method of accounting under which the hedges are assumed to be perfectly effective.

The table below provides information regarding the Company's outstanding interest rate derivatives that were used to hedge changes in fair value attributable to interest rate risk:


(in millions)	September 30, 2026		December 31, 2025
Carrying amount of hedged debt	$	565	$	—
Cumulative hedging adjustments, included in carrying amount	(28)		—


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2026		2025		2026		2025
Derivatives in Cash Flow Hedges
Foreign Exchange Contracts
Amount of (loss)/gain recognized in OCI/L	$	(2)	$	1	$	(14)	$	31
Amount of loss/(gain) reclassified from OCI/L into Revenue	3		(3)		1		2
Amount of gain reclassified from OCI/L into Cost of revenue	(1)		(2)		(5)		(4)

Derivatives in Net Investment Hedges
Cross-Currency Swaps
Amount of (loss)/gain recognized in OCI/L	$	(42)	$	14	$	43	$	(341)
Amount of income recognized in Interest expense	15		11		43		31

As of September 30, 2026, $8 million of net gain on cash flow hedges are expected to be reclassified into earnings in the next 12 months.

As of September 30, 2026, no gains or losses on the net investment hedges are expected to be reclassified into earnings over their duration.

The fair values of our derivative assets and liabilities are measured on a recurring basis using Level 2 inputs and are determined through the use of models that consider various assumptions including yield curves, time value and other measurements.

The fair values of our derivative contracts currently included in our hedging program were as follows:


(in millions)	September 30, 2026		December 31, 2025
Derivatives designated as hedging instruments
Assets
Cash Flow Hedges
Prepaid and other current assets	$	—	$	7
Net Investment Hedges
Other non-current assets	$	—	$	—
Fair Value Hedges
Long-term debt, net	$	—	$	—
Liabilities
Cash Flow Hedges
Accrued and other current liabilities	$	(5)	$	(2)
Net Investment Hedges
Other non-current accrued liabilities	$	(261)	$	(317)
Fair Value Hedges
Other non-current accrued liabilities	$	(28)	$	—

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowances for discounts, returns and credit losses	$ 58	$ 68
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	750.0	750.0
Common Stock, shares issued (in shares)	260.3	259.9
Treasury Stock, shares (in shares)	30.0	16.3

Share-Based Compensation Plans - Performance Share Activity (Details) - Performance Based Shares - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Summary of Performance-based shares activity
Vested	(42)
Weighted Average Grant Date Fair Value / Share
Weighted Average Grant Date Fair Value, Vested	$ 100.50
ROIC Performance Share Unit Grants
Summary of Performance-based shares activity
Outstanding Shares, Beginning	47
Forfeited	(4)
Outstanding Shares, Ending	19
Weighted Average Grant Date Fair Value / Share
Weighted Average Grant Date Fair Value, Outstanding Beginning Balance (in shares)	$ 113.89
Weighted Average Grant Date Fair Value, Forfeited (in shares)	127.03
Weighted Average Grant Date Fair Value, Outstanding Ending Balance (in shares)	$ 127.94
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Adjustments In Period	18
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Adjustments In Period, Weighted Average Grant Date Fair Value	$ 100.50
Revenue Performance Shares
Summary of Performance-based shares activity
Vested	(29)
Forfeited	(4)
Weighted Average Grant Date Fair Value / Share
Weighted Average Grant Date Fair Value, Outstanding Beginning Balance (in shares)	$ 113.89
Weighted Average Grant Date Fair Value, Vested	100.50
Weighted Average Grant Date Fair Value, Forfeited (in shares)	127.03
Weighted Average Grant Date Fair Value, Outstanding Ending Balance (in shares)	$ 127.94
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Adjustments In Period	5
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Adjustments In Period, Weighted Average Grant Date Fair Value	$ 100.50
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number	19	47
TSR Performance Share Unit Grants
Summary of Performance-based shares activity
Outstanding Shares, Beginning	146
Granted (in shares)	65
Vested	(51)
Forfeited	(21)
Outstanding Shares, Ending	142
Weighted Average Grant Date Fair Value / Share
Weighted Average Grant Date Fair Value, Outstanding Beginning Balance (in shares)	$ 157.41
Weighted Average Grant Date Fair Value, Granted (in shares)	108.51
Weighted Average Grant Date Fair Value, Vested	109.04
Weighted Average Grant Date Fair Value, Forfeited (in shares)	159.01
Weighted Average Grant Date Fair Value, Outstanding Ending Balance (in shares)	$ 151.00
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Adjustments In Period	3
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Adjustments In Period, Weighted Average Grant Date Fair Value	$ 109.04
EPS Performance Share
Summary of Performance-based shares activity
Outstanding Shares, Beginning	52
Granted (in shares)	65
Forfeited	(14)
Weighted Average Grant Date Fair Value / Share
Weighted Average Grant Date Fair Value, Outstanding Beginning Balance (in shares)	$ 129.82
Weighted Average Grant Date Fair Value, Granted (in shares)	130.72
Weighted Average Grant Date Fair Value, Forfeited (in shares)	130.70
Weighted Average Grant Date Fair Value, Outstanding Ending Balance (in shares)	$ 130.27
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number	103

Segment and Geographic Data - CODM (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment and Geographic Data - CODM (Details) $ in Millions	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) segment	Sep. 30, 2025 USD ($)
Segment Reporting [Line Items]
Number of reportable segments \| segment			4
Revenue	$ 2,201	$ 2,268	$ 6,662	$ 6,638
Cost of revenue	1,294	1,385	3,989	4,095
Operating Income (Loss)	385	334	1,019	870
Corporate and other loss	(20)	(26)	(64)	(75)
Interest expense	(21)	(6)	(32)	(23)
Other non-operating income, net	6	6	3	13
Loss on sale of businesses	(5)	(37)	(17)	(47)
Income before income taxes	365	297	973	813
Depreciation and amortization:			417	432
Capital expenditures:			268	248
Operating Segments
Segment Reporting [Line Items]
Operating Income (Loss)	405	360	1,083	945
Depreciation and amortization:	137	142
Capital expenditures:	89	79
Water Infrastructure
Segment Reporting [Line Items]
Depreciation and amortization:			74	71
Capital expenditures:			31	29
Water Infrastructure \| Operating Segments
Segment Reporting [Line Items]
Revenue	645	656	1,931	1,887
Cost of revenue	333	357	1,020	1,051
Operating expenses	158	154	472	457
Other segment item	7	32	59	83
Operating Income (Loss)	147	113	380	296
Depreciation and amortization:	24	24
Capital expenditures:	13	7
Applied Water \| Operating Segments
Segment Reporting [Line Items]
Revenue	489	456	1,438	1,374
Cost of revenue	311	291	912	868
Operating expenses	84	76	255	246
Other segment item	(6)	4	(7)	19
Operating Income (Loss)	100	85	278	241
Measurement and Control Solutions
Segment Reporting [Line Items]
Depreciation and amortization:			121	126
Capital expenditures:			47	56
Measurement and Control Solutions \| Operating Segments
Segment Reporting [Line Items]
Revenue	436	522	1,452	1,552
Cost of revenue	262	322	888	949
Operating expenses	90	110	314	333
Other segment item	18	26	64	82
Operating Income (Loss)	66	64	186	188
Water Solutions and Services \| Operating Segments
Segment Reporting [Line Items]
Revenue	631	634	1,841	1,825
Cost of revenue	402	396	1,163	1,170
Operating expenses	115	111	361	344
Other segment item	22	29	78	91
Operating Income (Loss)	92	98	239	220
Depreciation and amortization:	63	64	194	203
Capital expenditures:	31	30	113	93
Applied Water Segment
Segment Reporting [Line Items]
Depreciation and amortization:			23	25
Capital expenditures:			19	23
Applied Water Segment \| Operating Segments
Segment Reporting [Line Items]
Depreciation and amortization:	8	8
Capital expenditures:	8	9
Measurement and Control Solutions Segment \| Operating Segments
Segment Reporting [Line Items]
Depreciation and amortization:	40	43
Capital expenditures:	16	20
Corporate
Segment Reporting [Line Items]
Depreciation and amortization:			5	7
Capital expenditures:			19	24
Corporate \| Operating Segments
Segment Reporting [Line Items]
Depreciation and amortization:	2	3
Capital expenditures:	7	7
Regional Selling Locations
Segment Reporting [Line Items]
Capital expenditures:			$ 39	$ 23
Regional Selling Locations \| Operating Segments
Segment Reporting [Line Items]
Capital expenditures:	$ 14	$ 6

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Changes in the carrying value of goodwill by operating segment

Changes in the carrying value of goodwill by reportable segment for the nine months ended September 30, 2026 are as follows:


(in millions)	Water Infrastructure		Applied Water		Measurement and Control Solutions		Water Solutions and Services		Total
Balance as of January 1, 2026	$	2,264	$	905	$	2,270	$	2,893	$	8,332
Activity in 2026
Acquisitions	(2)		—		155		107		260
Divestitures	(2)		(2)		(5)		—		(9)

Foreign currency and other	(14)		(6)		(34)		(5)		(59)
Balance as of September 30, 2026	$	2,246	$	897	$	2,386	$	2,995	$	8,524

Intangible Asset and Goodwill

Information regarding our other intangible assets is as follows:


	September 30, 2026						December 31, 2025
(in millions)	Carrying Amount		Accumulated Amortization		Net Intangibles		Carrying Amount		Accumulated Amortization		Net Intangibles
Customer and distributor relationships	$	2,261	$	(777)	$	1,484	$	2,180	$	(688)	$	1,492
Proprietary technology and patents	448		(217)		231		430		(185)		245
Trademarks	185		(137)		48		183		(126)		57
Software (a)	631		(435)		196		644		(431)		213
Other	154		(67)		87		153		(56)		97
Indefinite-lived intangibles	174		—		174		168		—		168
Other intangibles	$	3,853	$	(1,633)	$	2,220	$	3,758	$	(1,486)	$	2,272

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Post-retirement Benefit Plans - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Pension
Defined Benefit Plan Disclosure
Plan assets, contributions by employer			$ 20,000,000
Other Benefits
Defined Benefit Plan Disclosure
Plan assets, contributions by employer				$ 18,000,000
Maximum
Defined Benefit Plan Disclosure
Estimated pension plan contributions during next fiscal year	$ 7,000,000		7,000,000
Amortization of net actuarial loss	1,000,000	$ 1,000,000	1,000,000	1,000,000
Other postretirement benefits cost (reversal of cost)	1,000,000	$ 1,000,000	2,000,000	$ 1,000,000
Minimum
Defined Benefit Plan Disclosure
Estimated pension plan contributions during next fiscal year	$ 3,000,000		$ 3,000,000

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Other Intangible Assets - Rollforward of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($)
Changes in the carrying value of goodwill by operating segment
Beginning Balance	$ 8,332
Acquisitions	260
Divestitures	(9)
Foreign currency and other	(59)
Ending Balance	8,524
Water Infrastructure
Changes in the carrying value of goodwill by operating segment
Beginning Balance	2,264
Acquisitions	(2)
Divestitures	(2)
Foreign currency and other	(14)
Ending Balance	2,246
Applied Water
Changes in the carrying value of goodwill by operating segment
Beginning Balance	905
Acquisitions	0
Divestitures	(2)
Foreign currency and other	(6)
Ending Balance	897
Measurement and Control Solutions
Changes in the carrying value of goodwill by operating segment
Beginning Balance	2,270
Acquisitions	155
Divestitures	(5)
Foreign currency and other	(34)
Ending Balance	2,386
Water Solutions and Services
Changes in the carrying value of goodwill by operating segment
Beginning Balance	2,893
Acquisitions	107
Divestitures	0
Foreign currency and other	(5)
Ending Balance	$ 2,995

Derivative Financial Instruments - OCI Derivative Changes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Foreign Exchange Contract
Derivative [Line Items]
Amount of (loss)/gain recognized in OCI/L	$ (2)	$ 1	$ (14)	$ 31
Foreign Exchange Contract \| Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Derivative [Line Items]
Amount of loss/(gain) reclassified from OCI/L into Revenue/Cost of revenue	(1)	(2)	(5)	(4)
Foreign Exchange Contract \| Location, Statement of Income, Balance [Axis]: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
Derivative [Line Items]
Amount of loss/(gain) reclassified from OCI/L into Revenue/Cost of revenue	3	(3)	1	2
Cross Currency Swaps
Derivative [Line Items]
Amount of (loss)/gain recognized in OCI/L	(42)	14	43	(341)
Amount of income recognized in Interest expense	$ 15
Cross Currency Swaps \| Location, Statement of Income, Balance [Axis]: us-gaap:InterestExpenseNonoperating
Derivative [Line Items]
Amount of income recognized in Interest expense		$ 11	$ 43	$ 31

Redeemable Non-Controlling Interest - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025
Changes In Redeemable Nonctronolling Interest [Roll Forward]
Beginning balance	$ 242	$ 249	$ 258	$ 228	$ 232	$ 235
Net loss attributable to non-controlling interest	(3)	(3)	(4)	(2)	(4)	(3)
Cumulative translation adjustment	0	(4)	(5)	0	0	0
Ending balance	$ 239	$ 242	$ 249	$ 226	$ 228	$ 232

- Definition

As of the reporting date, the aggregate carrying amount of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity.

+ References

+ Details

- Definition

Adjustments to temporary equity resulting from foreign currency translation adjustments.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S50
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

+ Details

Share-Based Compensation Plans

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation Plans

Share-based compensation expense was $14 million and $39 million during the three and nine months ended September 30, 2026, respectively, and $12 million and $37 million during the three and nine months ended September 30, 2025, respectively. The unrecognized compensation expense related to our stock options, restricted stock units and performance share units was $13 million, $46 million and $24 million, respectively, at September 30, 2026 and is expected to be recognized over a weighted average period of 1.9, 2.0 and 1.9 years, respectively. The amount of cash received from the exercise of stock options was $3 million and $11 million for the nine months ended September 30, 2026 and 2025, respectively.

As of September 30, 2026, there were 4.2 million shares of common stock available for future awards.

Stock Option Grants

The following is a summary of the changes in outstanding stock options for the nine months ended September 30, 2026:


	Share units (in thousands)	Weighted Average Exercise Price / Share		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2026	1,142	$	95.75	6.4	$	46
Granted	296	127.64
Exercised	(44)	72.30
Forfeited and expired	(67)	128.93
Other	(1)	129.67
Outstanding at September 30, 2026	1,326	$	101.94	6.2	$	18
Options exercisable at September 30, 2026	849	$	87.04	4.7	$	18
Vested and non-vested expected to vest as of September 30, 2026	1,293	$	101.28	6.0	$	18

The total intrinsic value of options exercised (which is the amount by which the stock price exceeded the exercise price of the options on the date of exercise) during the nine months ended September 30, 2026 was $2 million.

The fair value of each option grant was estimated on the date of grant using the binomial lattice pricing model which incorporates multiple and variable assumptions over time, including employee exercise patterns, stock price volatility and changes in dividends. The following are weighted-average assumptions used for 2026 grants:


Dividend yield	1.33		%
Volatility	27.10		%
Risk-free interest rate	3.68		%
Expected term (in years)	5.6
Weighted-average fair value per option	$	36.19

Expected volatility is calculated based on an analysis of historic volatility measures for Xylem. We use historical data to estimate option exercise and employee termination behavior within the valuation model. Employee groups and option characteristics are considered separately for valuation purposes. The expected term represents an estimate of the period of time options are expected to remain outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of option grant.

Restricted Stock Unit Grants

Restricted stock units awarded to employees typically vest over a three-year period. Prior to the time a restricted stock unit becomes fully vested, the awardees cannot transfer, pledge or encumber such units. Prior to the time a restricted stock unit is fully vested, the awardees are not granted certain rights of a stockholder, such as the right to vote and receive dividends; however, dividends accrue during the vesting period and are paid upon vesting. If an employee leaves prior to vesting, whether through resignation or termination for cause, the restricted stock unit and related accrued dividends are forfeited. If an employee retires prior to vesting, a portion or the entirety of the restricted stock unit will vest in accordance with the terms of the applicable grant agreements. Restricted stock units awarded to members of our Board become fully vested upon the day prior to the next annual meeting. The fair value of the restricted stock unit awards is determined using the closing price of our common stock on date of grant.

The following is a summary of restricted stock unit activity for the nine months ended September 30, 2026:


	Share Units (in thousands)	Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2026	506	$	123.27
Granted	311	126.81
Vested	(245)	119.14
Forfeited	(52)	122.81
Other	(4)	123.27
Outstanding at September 30, 2026	516	$	127.40

Performance Share Units

Performance share units awarded under the long-term incentive plan vest based upon performance by the Company over a three-year period against targets approved by the Leadership Development & Compensation Committee of the Company's Board of Directors prior to the grant date. The performance share units were each awarded at a target of 100% with actual payout for each type of grant contingent upon the achievement of performance targets as follows:

•EBITDA performance share units — a third-year adjusted EBITDA performance target

•TSR performance share units — a relative TSR performance target

•Revenue performance share units — a pre-set third year revenue target

•EPS performance share units — a cumulative three-year EPS performance target

The calculated compensation cost for EBITDA, Revenue and EPS performance share units is adjusted based on an estimate of awards ultimately expected to vest and our assessment of the probable outcome of the performance condition.

Adjusted EBITDA Performance Share Unit Grants

The fair value of the adjusted EBITDA performance share unit awards is determined using the closing price of the grant.

The following is a summary of our adjusted EBITDA grants for the nine months ended September 30, 2026:


	Share units (in thousands)	Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2026	47	$	113.89

Adjustment for Performance Condition Achieved (a)	18	100.50
Vested	(42)	100.50
Forfeited	(4)	127.03
Outstanding at September 30, 2026	19	$	127.94

(a) Represents an increase in the number of original EBITDA performance share units awarded based on the final performance condition achievement at the end of the performance period of such awards.

TSR Performance Share Unit Grants

The following is a summary of the changes in outstanding TSR performance share units for nine months ended September 30, 2026:


	Share units (in thousands)	Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2026	146	$	157.41
Granted	65	108.51
Adjustment for Performance Condition Achieved (a)	3	109.04
Vested	(51)	109.04
Forfeited	(21)	159.01
Outstanding at September 30, 2026	142	$	151.00

(a)Represents an increase in the number of original TSR performance share units awarded based on the final market condition achievement at the end of the performance period of such awards.

The fair value of TSR performance share units were calculated on the date of grant using a Monte Carlo simulation model utilizing several key assumptions, including expected Company and peer company share price volatility, correlation coefficients between peers, the risk-free rate of return, the expected dividend yield and other award design features. The following are weighted-average key assumptions for 2026 grants.


Volatility	22.9	%
Risk-free interest rate	3.49	%

Revenue Performance Share Unit Grants

The fair value of the Revenue performance share unit awards is determined using the closing price of our common stock on date of grant.

The following is a summary of our Revenue performance share unit grants for the nine months ended September 30, 2026:


	Share units (in thousands)	Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2026	47	$	113.89

Adjustment for Performance Condition Achieved (a)	5	100.50
Vested	(29)	100.50
Forfeited	(4)	127.03
Outstanding at September 30, 2026	19	$	127.94

(a)Represents an increase in the number of original revenue performance share units awarded based on the final performance condition achievement at the end of the performance period of such awards.

EPS Performance Share Unit Grants

The fair value of the earnings per share ("EPS") performance share unit awards is determined using the closing price of our common stock on date of grant.

The following is a summary of the changes in outstanding EPS performance share units for nine months ended September 30, 2026:


	Share units (in thousands)	Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2026	52	$	129.82
Granted	65	130.72

Forfeited	(14)	130.70
Outstanding at September 30, 2026	103	$	130.27

Employee Stock Purchase Plan