v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following table illustrates the sources of revenue:
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Revenue from contracts with customers$2,227 $2,037 $4,229 $3,947 
Lease Revenue74 132 141 255 
Total$2,301 $2,169 $4,370 $4,202 

The following table reflects revenue from contracts with customers by application.
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Water Infrastructure
     Transport$385 $371 $730 $708 
     Treatment265 260 501 497 
Applied Water
Building Solutions270 255 517 495 
     Industrial Water213 201 401 397 
Measurement and Control Solutions
Smart Metering and Other449 393 853 770 
     Analytics91 89 177 174 
Water Solutions and Services
Capital and Other299 220 553 423 
Services255 248 497 483 
Total$2,227 $2,037 $4,229 $3,947 
The following table reflects revenue from contracts with customers by geographical region.
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Water Infrastructure
     United States$238 $225 $448 $429 
Western Europe239 225 450 436 
Emerging Markets (a)120 122 235 236 
Other53 59 98 104 
Applied Water
     United States266 239 505 471 
Western Europe107 102 205 201 
Emerging Markets (a)77 84 142 157 
Other33 31 66 63 
Measurement and Control Solutions
     United States360 329 682 634 
Western Europe89 77 166 159 
Emerging Markets (a)52 47 97 91 
Other39 29 85 60 
Water Solutions and Services
United States406 358 782 693 
Western Europe26 24 50 47 
Emerging Markets (a)57 41 106 83 
Other65 45 112 83 
Total$2,227 $2,037 $4,229 $3,947 
(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 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
Balance at January 1, 2024$263 $315 
  Additions, net264 191 
  Revenue recognized from opening balance— (201)
  Billings transferred to accounts receivable (239)— 
Foreign currency and other(3)(6)
Balance at June 30, 2024$285 $299 
Balance at January 1, 2025$303 $322 
  Additions, net230 214 
  Revenue recognized from opening balance— (227)
  Billings transferred to accounts receivable(156)— 
Foreign currency and Other6 (4)
Balance at June 30, 2025$383 $305 
(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 June 30, 2025, the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied for contracts with performance obligations, amount to $1.8 billion. 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 less than one year.