Xylem Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Xylem Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,771	4,707	5,207	5,249	4,876	5,195	5,522	7,364	8,562	9,035
Cost of revenue	2,309	2,860	3,181	3,203	3,046	3,220	3,438	4,647	5,350	5,560
Gross profit	1,462	1,847	2,026	2,046	1,830	1,975	2,084	2,717	3,212	3,475
Research and development	110	181	189	191	187	204	206	232	230	226
Selling, general and administrative	914	1,089	1,161	1,158	1,143	1,179	1,227	1,757	1,911	1,923
Operating income	408	552	654	486	367	585	622	652	1,009	1,223
Interest expense	70	82	82	67	77	76	50	49	44	29
Interest income	2	3	4	5	7	7	16	28	28	27
Other non-operating income	2	6	13	-4	-5	0	7	33	16	18
Pre-tax income	340	466	585	416	285	511	440	635	1,087	1,181
Income tax	80	136	36	15	31	84	85	26	197	231
Net income to minority interests	0	-1	0	0				0	0	-7
Net income	260	331	549	401	254	427	355	609	890	957
EBITDA	559	786	915	743	618	830	858	1,088	1,571	1,798
EPS, basic	1.45	1.84	3.05	2.23	1.41	2.37	1.97	2.81	3.67	3.93
EPS, diluted	1.45	1.83	3.03	2.21	1.40	2.35	1.96	2.79	3.65	3.92
Shares, basic (weighted)	179	180	180	180	180	180	180	217	243	243
Shares, diluted (weighted)	180	181	181	181	181	182	181	218	244	244
Dividend per share	0.62	0.72	0.84	0.96	1.04	1.12	1.20	1.32	1.44	1.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	308	414	296	724	1,875	1,349	944	1,019	1,121	1,479
Short-term investments				0
Receivables	843	956	1,031	1,036	923	953	1,096	1,617	1,668	1,759
Inventory	522	524	595	539	558	700	799	1,018	996	983
Other current assets	166	177	172	151	167	158	173	230	236	244
Total current assets	1,839	2,071	2,094	2,450	3,523	3,160	3,012	3,884	4,098	4,641
Property, plant and equipment	616	643	656	658	657	644	630	1,169	1,152	1,159
Lease right-of-use assets				241	272	304	285	348	309	391
Goodwill	2,632	2,768	2,976	2,839	2,854	2,792	2,719	7,587	7,980	8,332
Intangible assets	1,201	1,168	1,232	1,174	1,093	1,016	930	2,529	2,379	2,272
Other non-current assets	186	210	264	589	623	664	661	943	884	1,230
Total assets	6,474	6,860	7,222	7,710	8,750	8,276	7,952	16,112	16,493	17,634
Accounts payable	457	549	586	597	569	639	723	968	1,006	1,013
Accrued liabilities	521	551	546	628	787	752	867	1,221	1,271	1,237
Short-term debt	260	0	257	276	600	0	0	16	38	534
Total current liabilities	1,238	1,100	1,389	1,501	1,956	1,391	1,590	2,205	2,336	2,856
Long-term debt	2,108	2,200	2,051	2,040	2,484	2,440	1,880	2,268	1,978	1,408
Lease liabilities				185	216	243	228	272	242	321
Total liabilities	4,267	4,341	4,440	4,743	5,774	5,050	4,449	5,936	5,611	5,885
Total debt	2,108	2,200	2,051	2,040	2,484	2,440	1,880	2,268	2,031	1,954
Paid-in capital	1,876	1,912	1,950	1,991	2,037	2,089	2,134	8,564	8,687	8,759
Retained earnings	1,033	1,227	1,639	1,866	1,930	2,154	2,292	2,601	3,140	3,706
Treasury stock	-403	-428	-487	-527	-588	-656	-708	-733	-753	-768
Other comprehensive income	-318	-210	-336	-375	-413	-371	-226	-269	-435	-220
Shareholders' equity	2,190	2,503	2,768	2,957	2,968	3,218	3,494	10,166	10,642	11,480
Minority interests	17	16	14	10	8	8	9	10	5	11
Total equity	2,207	2,519	2,782	2,967	2,976	3,226	3,503	10,176	10,647	11,491
Total liabilities and equity	6,474	6,860	7,222	7,710	8,750	8,276	7,952	16,112	16,493	17,634
Shares outstanding	179	180	180	180	180	180	180	242	243	244

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	260	330	549	401	254	427	355	609	890	950
Depreciation and amortization	151	234	261	257	251	245	236	436	562	575
Stock-based compensation	18	21	30	29	26	33	37	60	56	53
Deferred income tax	14	-33	-47	-77	-31	10	-64	-79	-36	-35
Change in receivables	-6	-79	-103	-23	109	-70	-192	-87	-107	-55
Change in inventory	-15	27	-97	47	-5	-167	-147	41	-41	23
Change in payables	61	50	51	29	-39	81	117	22	64	-22
Cash from operations	497	686	586	839	824	538	596	837	1,263	1,241
Capital expenditures	-124	-170	-237	-226	-183	-208	-208	-271	-321	-331
Acquisitions	-1,782	-33	-433	-18	0	0	0	-476	-193	-163
Purchases of investments	0	-11	-11	-7	-200	0	-11	-58	-17	-49
Sales and maturities of investments	0	10	11	11	200	0	5	1	6	8
Cash from investing	-1,886	-181	-643	-231	-169	-183	-191	-628	-482	-471
Debt issued	1,540	0	1	0	985	0	0	278	1	0
Debt repaid	-608	0	-120	0	0	-600	-527	-160	-17	-82
Stock issued	24	16	7	13	20	19	8	62	67	20
Share buybacks	-4	-25	-59	-40	-61	-68	-52	-25	-20	-15
Dividends paid	-112	-130	-152	-174	-188	-203	-217	-299	-350	-391
Cash from financing	1,034	-421	-40	-177	473	-855	-790	-157	-615	-501
Exchange rate effect	-17	22	-21	-3	23	-26	-20	23	-53	90
Net change in cash	-372	106	-118	428	1,151	-526	-405	75	102	358
Free cash flow	373	516	349	613	641	330	388	566	942	910
Interest paid	49	78	78	77	77	99	76	69	67	61
Income taxes paid	78	57	75	107	41	83	91	211	219	267

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $102.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.2%	Gross profit / revenue.
Operating margin	14.5%	Operating income / revenue.
EBITDA margin	17.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	11.2%	Net income / revenue.
FCF margin	10.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.3%	Cash from operations / revenue.
Return on equity (ROE)	9.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.9%	Net income / average total assets.
Return on invested capital (ROIC)	8.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.5%	Research and development expense / revenue.
SG&A / revenue	21.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	21.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	25.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	27.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	14.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	28.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	23.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	7.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	39.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	30.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	7.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	26.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	22.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-1.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	27.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	32.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	11.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	9.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	48.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	31.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	30.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	10.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.61x	Current assets / current liabilities.
Quick ratio	1.16x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.47x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.28x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.0%	Total debt / total assets.
Liabilities / assets	38.5%	Total liabilities / total assets.
Net debt	$1.67B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.06x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	57.4x	Operating income / interest expense.
Working capital	$1.67B	Current assets - current liabilities.
Goodwill and intangibles / assets	60.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$15.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Fixed asset turnover	7.82x	Revenue / average property, plant and equipment.
Inventory turnover	5.46x	Cost of revenue / average inventory.
Days inventory	67 days	365 x average inventory / cost of revenue.
Receivables turnover	4.87x	Revenue / average receivables.
Days sales outstanding	75 days	365 x average receivables / revenue.
Days payables	67 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	75 days	Days inventory + days sales outstanding - days payables.
FCF conversion	94.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	26.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.30	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$38.58	Revenue / diluted weighted shares.
FCF per share	$4.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.50	Cash from operations / diluted weighted shares.
Book value per share	$44.05	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.06	Tangible book value / shares outstanding.
Cash per share	$5.39	(Cash + short-term investments) / shares outstanding.
Payout ratio	39.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	41.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	129.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$23.96B	Share price x shares outstanding.
Enterprise value	$25.63B	Market cap + total debt - cash - short-term investments.
P/E	23.5x	Market cap / net income. Only when net income is positive.
P/S	2.63x	Market cap / revenue.
P/B	2.30x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1,598x	Market cap / tangible book value, when positive.
P/FCF	25.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.4x	Market cap / cash from operations, when positive.
EV/Sales	2.81x	Enterprise value / revenue.
EV/EBIT	19.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.0%	Free cash flow / market cap.
Earnings yield	4.2%	Net income / market cap (the inverse of P/E).
Dividend yield	1.7%	Dividends paid over the period / market cap.
Shareholder yield	6.9%	(Dividends paid + share buybacks) / market cap.
PEG	0.91x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Xylem Inc.'s revenue in fiscal 2025?

Xylem Inc. reported revenue of $9.04B for fiscal 2025, 5.5% higher than the year before.

Was Xylem Inc. profitable in fiscal 2025?

Yes. Net income was $957.0M, a net margin of 10.6%.

How much free cash flow did Xylem Inc. generate in fiscal 2025?

Cash from operations of $1.24B minus capital expenditures of $331.0M left free cash flow of $910.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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