v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information 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 InfrastructureApplied WaterMeasurement and Control SolutionsWater Solutions and ServicesTotal
Balance for the three months ended June 30, 2026
Revenue$683 $501 $508 $644 $2,336 
Less:
Adjusted cost of revenue (a)353 316 309 395 
Adjusted operating expenses (a)162 87 116 129 
Other segment items (b)11 (3)20 29 
Segment operating income$157 $101 $63 $91 $412 
Reconciliation of segment operating income
Corporate and other operating (loss)(22)
Interest expense(7)
Other non-operating (expense)/income, net(3)
Loss on sale of businesses(16)
Income before income taxes$364 
(in millions)Water InfrastructureApplied WaterMeasurement and Control SolutionsWater Solutions and ServicesTotal
Balance for the three months ended June 30, 2025
Revenue$650 $483 $540 $628 $2,301 
Less:
Adjusted cost of revenue (a)365 299 324 403 
Adjusted operating expenses (a)158 90 118 119 
Other segment items (b)24 10 30 28 
Segment operating income$103 $84 $68 $78 $333 
Reconciliation of segment operating income
Corporate and other operating (loss)(28)
Interest expense(9)
Other non-operating income, net3 
Income before income taxes$299 
(in millions)Water InfrastructureApplied WaterMeasurement and Control SolutionsWater Solutions and ServicesTotal
Balance for six months ended June 30, 2026
Revenue$1,286 $949 $1,016 $1,210 $4,461 
Less:
Adjusted cost of revenue (a)687 601 626 761 
Adjusted operating expenses (a)314 171 224 246 
Other segment items (b)52 (1)46 56 
Segment operating income$233 $178 $120 $147 $678 
Reconciliation of segment operating income
Corporate and other operating (loss)(44)
Interest expense(11)
Other non-operating (expense)/income, net(3)
Loss on sale of businesses(12)
Income before income taxes$608 

(in millions)Water InfrastructureApplied WaterMeasurement and Control SolutionsWater Solutions and ServicesTotal
Balance for six months ended June 30, 2025
Revenue$1,231 $918 $1,030 $1,191 $4,370 
Less:
Adjusted cost of revenue (a)694 577 627 774 
Adjusted operating expenses (a)303 170 223 233 
Other segment items (b)51 15 56 62 
Segment operating income$183 $156 $124 $122 $585 
Reconciliation of segment operating income
Corporate and other operating (loss)(49)
Interest expense(17)
Other non-operating income, net7 
Loss on sale of businesses(10)
Income before income taxes$516 
(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 EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Depreciation and Amortization:
Water Infrastructure$24 $24 $50 $47 
Applied Water7 9 15 17 
Measurement and Control Solutions41 44 81 83 
Water Solutions and Services66 71 131 139 
Corporate and other2 (3)3 4 
Total$140 $145 $280 $290 
Capital Expenditures:
Water Infrastructure$8 $11 $18 $22 
Applied Water7 5 11 14 
Measurement and Control Solutions16 20 31 36 
Water Solutions and Services37 43 82 63 
Centralized support facilities (a)11 10 25 17 
Corporate and other10 9 12 17 
Total$89 $98 $179 $169 
(a)Represents capital expenditures incurred by the centralized support facilities that are not allocated to the segments.