Xylem
XYL · NYSEPumps & Pumping Equipment · Fiscal year ends Dec 31
Xylem reported revenue of $9B in the fiscal year ended Dec 2025, up 5.5% from the year before. Operating income was $1.2B, an operating margin of 13.5%, and net income was $957M. Operating cash flow of $1.2B less capital expenditure of $331M left free cash flow of $910M. Net debt was $463M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.2B | $5.5B | $7.4B | $8.6B | $9B |
| Cost of revenue | $3.2B | $3.4B | $4.6B | $5.4B | $5.6B |
| Gross profit | $2B | $2.1B | $2.7B | $3.2B | $3.5B |
| Research & development | $204M | $206M | $232M | $230M | $226M |
| Selling, general & admin | $1.2B | $1.2B | $1.8B | $1.9B | $1.9B |
| Operating income | $585M | $622M | $652M | $1B | $1.2B |
| Interest expense | $76M | $50M | $49M | $44M | $29M |
| Pre-tax income | $511M | $440M | $635M | $1.1B | $1.2B |
| Income tax | $84M | $85M | $26M | $197M | $231M |
| Net income | $427M | $355M | $609M | $890M | $957M |
| Diluted EPS | 2.35 | 1.96 | 2.79 | 3.65 | 3.92 |
| Diluted shares | 182M | 181M | 218M | 244M | 244M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.3B | $944M | $1B | $1.1B | $1.5B |
| Receivables | $953M | $1.1B | $1.6B | $1.7B | $1.8B |
| Inventory | $700M | $799M | $1B | $996M | $983M |
| Current assets | $3.2B | $3B | $3.9B | $4.1B | $4.6B |
| Net PP&E | $644M | $630M | $1.2B | $1.2B | $1.2B |
| Goodwill | $2.8B | $2.7B | $7.6B | $8B | $8.3B |
| Total assets | $8.3B | $8B | $16.1B | $16.5B | $17.6B |
| Payables | $639M | $723M | $968M | $1B | $1B |
| Deferred revenue | $164M | $183M | $315M | $322M | $286M |
| Current liabilities | $1.4B | $1.6B | $2.2B | $2.3B | $2.9B |
| Short-term debt | $0 | $0 | $16M | $38M | $534M |
| Long-term debt | $2.4B | $1.9B | $2.3B | $2B | $1.4B |
| Total liabilities | $5.1B | $4.4B | $5.9B | $5.6B | $5.9B |
| Shareholders' equity | $3.2B | $3.5B | $10.2B | $10.6B | $11.5B |
| Backlog (remaining obligations) | $394M | $424M | $914M | – | $1.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $538M | $596M | $837M | $1.3B | $1.2B |
| Capital expenditure | $208M | $208M | $271M | $321M | $331M |
| Free cash flow | $330M | $388M | $566M | $942M | $910M |
| Depreciation & amortisation | $245M | $236M | $436M | $562M | $575M |
| Stock-based compensation | $33M | $37M | $60M | $56M | $53M |
| Acquisitions | $0 | $0 | $476M | $193M | $163M |
| Share buybacks | $68M | $52M | $25M | $20M | $15M |
| Dividends paid | $203M | $217M | $299M | $350M | $391M |
| Dividend per share | 1.12 | 1.20 | 1.32 | 1.44 | 1.60 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.3% | 33.4% | 16.3% | 5.5% |
| Operating income growth (YoY) | – | 6.3% | 4.8% | 54.8% | 21.2% |
| EPS growth (YoY) | – | −16.6% | 42.3% | 30.8% | 7.4% |
| Gross margin | 38.0% | 37.7% | 36.9% | 37.5% | 38.5% |
| Operating margin | 11.3% | 11.3% | 8.9% | 11.8% | 13.5% |
| Net margin | 8.2% | 6.4% | 8.3% | 10.4% | 10.6% |
| Return on equityBlank when equity is negative | 13.3% | 10.2% | 6.0% | 8.4% | 8.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.5% | 9.8% | 4.7% | 7.1% | 8.3% |
| Free cash flow margin | 6.4% | 7.0% | 7.7% | 11.0% | 10.1% |
| Cash conversion (CFO ÷ net income) | 1.26x | 1.68x | 1.37x | 1.42x | 1.30x |
| Receivable days | 67 | 72 | 80 | 71 | 71 |
| Inventory days | 79 | 85 | 80 | 68 | 65 |
| Payable days | 72 | 77 | 76 | 69 | 67 |
| Interest cover | 7.70x | 12.4x | 13.3x | 22.9x | 42.2x |
| Debt ÷ equity | 0.76x | 0.54x | 0.22x | 0.19x | 0.17x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.1B | $936M | $1.3B | $895M | $463M |
| Current ratio | 2.27x | 1.89x | 1.76x | 1.75x | 1.63x |
Recent filings
More in Pumps & Pumping Equipment
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.