v3.26.3
Segment and Geographic Data
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment and Geographic Data 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 September 30, 2026
Revenue$645 $489 $436 $631 $2,201 
Less:
Adjusted cost of revenue (a)333 311 262 402 
Adjusted operating expenses (a)158 84 90 115 
Other segment items (b)7 (6)18 22 
Segment operating income$147 $100 $66 $92 $405 
Reconciliation of segment operating income
Corporate and other loss(20)
Interest expense(21)
Other non-operating income, net6 
Loss on sale of businesses(5)
Income before income taxes$365 
(in millions)Water InfrastructureApplied WaterMeasurement and Control SolutionsWater Solutions and ServicesTotal
Balance for the three months ended September 30, 2025
Revenue$656 $456 $522 $634 $2,268 
Less:
Adjusted cost of revenue (a)357 291 322 396 
Adjusted operating expenses (a)154 76 110 111 
Other segment items (b)32 4 26 29 
Segment operating income$113 $85 $64 $98 $360 
Reconciliation of segment operating income
Corporate and other loss(26)
Interest expense(6)
Other non-operating income, net6 
Loss on sale of businesses(37)
Income before income taxes$297 
(in millions)Water InfrastructureApplied WaterMeasurement and Control SolutionsWater Solutions and ServicesTotal
Balance for the nine months ended September 30, 2026
Revenue$1,931 $1,438 $1,452 $1,841 $6,662 
Less:
Adjusted cost of revenue (a)1,020 912 888 1,163 
Adjusted operating expenses (a)472 255 314 361 
Other segment items (b)59 (7)64 78 
Segment operating income$380 $278 $186 $239 $1,083 
Reconciliation of segment operating income
Corporate and other loss(64)
Interest expense(32)
Other non-operating income, net3 
Loss on sale of businesses(17)
Income before income taxes$973 
(in millions)Water InfrastructureApplied WaterMeasurement and Control SolutionsWater Solutions and ServicesTotal
Balance for nine months ended September 30, 2025
Revenue$1,887 $1,374 $1,552 $1,825 $6,638 
Less:
Adjusted cost of revenue (a)1,051 868 949 1,170 
Adjusted operating expenses (a)457 246 333 344 
Other segment items (b)83 19 82 91 
Segment operating income$296 $241 $188 $220 $945 
Reconciliation of segment operating income
Corporate and other loss(75)
Interest expense(23)
Other non-operating income, net13 
Loss on sale of businesses(47)
Income before income taxes$813 
(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 EndedNine Months Ended
September 30,September 30,
(in millions)2026202520262025
Depreciation and amortization:
Water Infrastructure$24 $24 $74 $71 
Applied Water8 8 23 25 
Measurement and Control Solutions40 43 121 126 
Water Solutions and Services63 64 194 203 
Corporate and other2 3 5 7 
Total$137 $142 $417 $432 
Capital expenditures:
Water Infrastructure$13 $7 $31 $29 
Applied Water8 9 19 23 
Measurement and Control Solutions16 20 47 56 
Water Solutions and Services31 30 113 93 
Centralized support facilities (a)
14 6 39 23 
Corporate and other7 7 19 24 
Total$89 $79 $268 $248 
(a)    Represents capital expenditures incurred by the centralized support facilities that are not allocated to the segments.