v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
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)2026202520262025
Revenue from contracts with customers$2,262 $2,227 $4,321 $4,229 
Lease Revenue74 74 140 141 
Total$2,336 $2,301 $4,461 $4,370 

The following table reflects revenue from contracts with customers by application.
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Water Infrastructure
     Transport$421 $385 $789 $730 
     Treatment262 265 497 501 
Applied Water
Building Solutions286 270 548 517 
     Industrial Water215 213 401 401 
Measurement and Control Solutions
Smart Metering and Other415 449 832 853 
     Analytics93 91 184 177 
Water Solutions and Services
Capital and Other314 299 564 553 
Services256 255 506 497 
Total$2,262 $2,227 $4,321 $4,229 
The following table reflects revenue from contracts with customers by geographical region.
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Water Infrastructure
     United States$275 $238 $513 $448 
Western Europe245 239 460 450 
Emerging Markets (a)107 120 207 235 
Other56 53 106 98 
Applied Water
     United States286 266 543 505 
Western Europe102 107 200 205 
Emerging Markets (a)80 77 142 142 
Other33 33 64 66 
Measurement and Control Solutions
     United States355 360 698 682 
Western Europe74 89 165 166 
Emerging Markets (a)38 52 77 97 
Other41 39 76 85 
Water Solutions and Services
United States372 406 737 782 
Western Europe31 26 56 50 
Emerging Markets (a)61 57 116 106 
Other106 65 161 112 
Total$2,262 $2,227 $4,321 $4,229 
(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, 2026$510 $286 
Additions, net (b)281 178 
Revenue recognized from opening balance— (182)
Billings transferred to accounts receivable(184)— 
Foreign currency and other(22)(10)
Balance at June 30, 2026$585 $272 
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
(b)Additions include revenue recorded in the current period of $36 million pertaining to performance obligations that were partially satisfied during previous periods. Such amount relates primarily to changes in scope and price.
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, 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 $2,924 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 less than one year.