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Revenue (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following table illustrates the sources of revenue:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue from contracts with customers | $ | 2,177 |  |  | $ | 1,973 |  |  | $ | 6,406 |  |  | $ | 5,920 |
Lease Revenue | 91 |  |  | 131 |  |  | 232 |  |  | 386 |
Total | $ | 2,268 |  |  | $ | 2,104 |  |  | $ | 6,638 |  |  | $ | 6,306 |
The following table reflects revenue from contracts with customers by application.
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Water Infrastructure |  |  |  |  |  |  |
Transport | $ | 377 |  |  | $ | 349 |  |  | $ | 1,107 |  |  | $ | 1,057 |
Treatment | 279 |  |  | 273 |  |  | 780 |  |  | 770 |
Applied Water |  |  |  |  |  |  |
Building Solutions | 260 |  |  | 248 |  |  | 777 |  |  | 743 |
Industrial Water | 196 |  |  | 199 |  |  | 597 |  |  | 596 |
Measurement and Control Solutions |  |  |  |  |  |  |
Smart Metering and Other | 428 |  |  | 372 |  |  | 1,281 |  |  | 1,142 |
Analytics | 94 |  |  | 86 |  |  | 271 |  |  | 260 |
Water Solutions and Services |  |  |  |  |  |  |
Capital and Other | 288 |  |  | 198 |  |  | 841 |  |  | 621 |
Services | 255 |  |  | 248 |  |  | 752 |  |  | 731 |
Total | $ | 2,177 |  |  | $ | 1,973 |  |  | $ | 6,406 |  |  | $ | 5,920 |
The following table reflects revenue from contracts with customers by geographical region.
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Water Infrastructure |  |  |  |  |  |  |
United States | $ | 256 |  |  | $ | 209 |  |  | $ | 704 |  |  | $ | 638 |
Western Europe | 223 |  |  | 218 |  |  | 673 |  |  | 654 |
Emerging Markets (a) | 118 |  |  | 136 |  |  | 353 |  |  | 372 |
Other | 59 |  |  | 59 |  |  | 157 |  |  | 163 |
Applied Water |  |  |  |  |  |  |
United States | 250 |  |  | 237 |  |  | 755 |  |  | 708 |
Western Europe | 102 |  |  | 96 |  |  | 307 |  |  | 297 |
Emerging Markets (a) | 68 |  |  | 81 |  |  | 210 |  |  | 238 |
Other | 36 |  |  | 33 |  |  | 102 |  |  | 96 |
Measurement and Control Solutions |  |  |  |  |  |  |
United States | 340 |  |  | 322 |  |  | 1,022 |  |  | 956 |
Western Europe | 93 |  |  | 61 |  |  | 259 |  |  | 220 |
Emerging Markets (a) | 46 |  |  | 47 |  |  | 143 |  |  | 138 |
Other | 43 |  |  | 28 |  |  | 128 |  |  | 88 |
Water Solutions and Services |  |  |  |  |  |  |
United States | 403 |  |  | 342 |  |  | 1,185 |  |  | 1,035 |
Western Europe | 23 |  |  | 24 |  |  | 73 |  |  | 71 |
Emerging Markets (a) | 69 |  |  | 42 |  |  | 175 |  |  | 125 |
Other | 48 |  |  | 38 |  |  | 160 |  |  | 121 |
Total | $ | 2,177 |  |  | $ | 1,973 |  |  | $ | 6,406 |  |  | $ | 5,920 |
(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 with Customer, Asset and Liability | The table below provides contract assets, contract liabilities, and significant changes in contract assets and liabilities:
(in millions) | Contract Assets (a) | Contract Liabilities |  |  |  |
Balance at January 1, 2024 | $ | 263 |  | $ | 315 |  |  |  |  |
Additions, net | 353 |  | 211 |  |  |  |  |
Revenue recognized from opening balance | — |  | (227) |  |  |  |  |
Billings transferred to accounts receivable | (343) |  | — |  |  |  |  |
Foreign currency and other | 1 |  | (5) |  |  |  |  |
Balance at September 30, 2024 | $ | 274 |  | $ | 294 |  |  |  |  |
Balance at January 1, 2025 | $ | 303 |  | $ | 322 |  |  |  |  |
Additions, net | 316 |  | 205 |  |  |  |  |
Revenue recognized from opening balance | — |  | (227) |  |  |  |  |
Billings transferred to accounts receivable | (161) |  | — |  |  |  |  |
Foreign currency and other | 10 |  | (2) |  |  |  |  |
Balance at September 30, 2025 | $ | 468 |  | $ | 298 |  |  |  |  |
(a)Excludes receivable balances, which are disclosed on the Condensed Consolidated Balance Sheets

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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