Xylem (XYL) financial statements
Xylem reported revenue of $9.0B in fiscal 2025, up 10.2% a year over 9 years.
Net income was $957M and the operating margin 13.5%, against 10.8% in 2016.
Free cash flow was $910M, and the company returned $391M in dividends and $15M in net buybacks.
The diluted share count rose 36% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Xylem's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.8B | $4.7B | $5.2B | $5.2B | $4.9B | $5.2B | $5.5B | $7.4B | $8.6B | $9.0B |
| Cost of revenue | $2.3B | $2.9B | $3.2B | $3.2B | $3.0B | $3.2B | $3.4B | $4.6B | $5.3B | $5.6B |
| Gross profit | $1.5B | $1.8B | $2.0B | $2.0B | $1.8B | $2.0B | $2.1B | $2.7B | $3.2B | $3.5B |
| Research and development | $110M | $181M | $189M | $191M | $187M | $204M | $206M | $232M | $230M | $226M |
| Selling, general and admin | $914M | $1.1B | $1.2B | $1.2B | $1.1B | $1.2B | $1.2B | $1.8B | $1.9B | $1.9B |
| Operating income | $408M | $552M | $654M | $486M | $367M | $585M | $622M | $652M | $1.0B | $1.2B |
| Interest expense | $70M | $82M | $82M | $67M | $77M | $76M | $50M | $49M | $44M | $29M |
| Pre-tax income | $340M | $466M | $585M | $416M | $285M | $511M | $440M | $635M | $1.1B | $1.2B |
| Income tax | $80M | $136M | $36M | $15M | $31M | $84M | $85M | $26M | $197M | $231M |
| Net income | $260M | $331M | $549M | $401M | $254M | $427M | $355M | $609M | $890M | $957M |
| EPS (diluted) | $1.45 | $1.83 | $3.03 | $2.21 | $1.40 | $2.35 | $1.96 | $2.79 | $3.65 | $3.92 |
| Diluted shares | 180M | 181M | 181M | 181M | 181M | 182M | 181M | 218M | 244M | 244M |
| Gross margin | 38.8% | 39.2% | 38.9% | 39.0% | 37.5% | 38.0% | 37.7% | 36.9% | 37.5% | 38.5% |
| Operating margin | 10.8% | 11.7% | 12.6% | 9.3% | 7.5% | 11.3% | 11.3% | 8.9% | 11.8% | 13.5% |
| Net margin | 6.9% | 7.0% | 10.5% | 7.6% | 5.2% | 8.2% | 6.4% | 8.3% | 10.4% | 10.6% |
Balance sheet
Fiscal years, from Xylem's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $308M | $414M | $296M | $724M | $1.9B | $1.3B | $944M | $1.0B | $1.1B | $1.5B |
| Receivables | $843M | $956M | $1.0B | $1.0B | $923M | $953M | $1.1B | $1.6B | $1.7B | $1.8B |
| Inventory | $522M | $524M | $595M | $539M | $558M | $700M | $799M | $1.0B | $996M | $983M |
| Total current assets | $1.8B | $2.1B | $2.1B | $2.5B | $3.5B | $3.2B | $3.0B | $3.9B | $4.1B | $4.6B |
| Property, plant and equipment | $616M | $643M | $656M | $658M | $657M | $644M | $630M | $1.2B | $1.2B | $1.2B |
| Goodwill | $2.6B | $2.8B | $3.0B | $2.8B | $2.9B | $2.8B | $2.7B | $7.6B | $8.0B | $8.3B |
| Total assets | $6.5B | $6.9B | $7.2B | $7.7B | $8.8B | $8.3B | $8.0B | $16.1B | $16.5B | $17.6B |
| Total current liabilities | $1.2B | $1.1B | $1.4B | $1.5B | $2.0B | $1.4B | $1.6B | $2.2B | $2.3B | $2.9B |
| Long-term debt | $2.1B | $2.2B | $2.1B | $2.0B | $2.5B | $2.4B | $1.9B | $2.3B | $2.0B | $1.4B |
| Total liabilities | $4.3B | $4.3B | $4.4B | $4.7B | $5.8B | $5.0B | $4.4B | $5.9B | $5.6B | $5.9B |
| Shareholders' equity | $2.2B | $2.5B | $2.8B | $3.0B | $3.0B | $3.2B | $3.5B | $10.2B | $10.6B | $11.5B |
| Net debt | $2.1B | $1.8B | $2.0B | $1.6B | $1.2B | $1.1B | $936M | $1.3B | $895M | $463M |
Cash flow
Fiscal years, from Xylem's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $497M | $686M | $586M | $839M | $824M | $538M | $596M | $837M | $1.3B | $1.2B |
| Capital spending | $124M | $170M | $237M | $226M | $183M | $208M | $208M | $271M | $321M | $331M |
| Free cash flow | $373M | $516M | $349M | $613M | $641M | $330M | $388M | $566M | $942M | $910M |
| Stock-based compensation | $18M | $21M | $30M | $29M | $26M | $33M | $37M | $60M | $56M | $53M |
| Dividends paid | $112M | $130M | $152M | $174M | $188M | $203M | $217M | $299M | $350M | $391M |
| Share buybacks (net) | -$4M | -$25M | -$59M | -$40M | -$61M | -$68M | -$52M | -$25M | -$20M | -$15M |
| Net borrowing | -$608M | $0 | -$120M | $0 | $0 | -$600M | -$527M | -$160M | -$17M | -$82M |
| Free cash flow margin | 9.9% | 11.0% | 6.7% | 11.7% | 13.1% | 6.4% | 7.0% | 7.7% | 11.0% | 10.1% |
| Dividends per share | $0.62 | $0.72 | $0.84 | $0.96 | $1.04 | $1.12 | $1.20 | $1.37 | $1.44 | $1.60 |
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What was Xylem's revenue in 2025?
$9.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Xylem generate?
$910M in fiscal 2025 (operating cash flow minus capital spending).
From Xylem's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.