v3.26.3
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 EndedNine Months Ended
September 30,September 30,
(in millions)2026202520262025
Revenue from contracts with customers$2,122 $2,177 $6,443 $6,406 
Lease Revenue79 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 EndedNine Months Ended
September 30,September 30,
(in millions)2026202520262025
Water Infrastructure
Transport$388 $377 $1,177 $1,107 
Treatment257 279 754 780 
Applied Water
Building Solutions268 260 816 777 
Industrial Water221 196 622 597 
Measurement and Control Solutions
Smart Metering and Other346 428 1,178 1,281 
Analytics90 94 274 271 
Water Solutions and Services
Capital and Other282 288 846 841 
Services270 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 EndedNine Months Ended
September 30,September 30,
(in millions)2026202520262025
Water Infrastructure
United States$270 $256 $783 $704 
Western Europe211 223 671 673 
Emerging Markets (a)112 118 319 353 
     Other52 59 158 157 
Applied Water
    United States280 250 823 755 
Western Europe92 102 292 307 
Emerging Markets (a)83 68 225 210 
    Other34 36 98 102 
Measurement and Control Solutions
     United States322 340 1,020 1,022 
     Western Europe47 93 212 259 
     Emerging Markets (a)25 46 102 143 
     Other42 43 118 128 
Water Solutions and Services
United States405 403 1,142 1,185 
Western Europe21 23 77 73 
Emerging Markets (a)61 69 177 175 
Other65 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 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, 2025303 322 
  Additions, net316 205 
  Revenue recognized from opening balance— (227)
Billings transferred to accounts receivable(161)— 
Foreign currency and other10 (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.
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.