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Utilities, industrial customers and building operators use Xylem’s pumps and treatment systems to deliver water, manage water use and collect and treat wastewater. They buy equipment directly or through distributors and channel partners, and can also rent equipment or pay Xylem to operate and maintain water systems. Water infrastructure and water solutions and services together contribute most revenue. Products already in use generate continuing demand for parts, replacements and service.
Xylem also supplies smart meters and communications systems that help utilities measure consumption, read meters remotely and manage distribution networks, including electricity and natural gas networks. Its Xylem Vue software brings together data for monitoring and managing utility operations. Pumps and related equipment for buildings and industrial processes form another substantial business.
Demand depends on utility infrastructure funding and industrial and building activity, rather than on any single major customer. Water and wastewater treatment offerings must meet applicable water-quality and environmental laws. Its smart-metering business also depends on access to regulated radio spectrum; licenses and local frequency rules constrain where its systems can be sold and used.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Badger Meter competes with Xylem’s Sensus business for utilities buying water meters, communications and water-management software. Watch its Utility Water sales—about 89% of its 2025 net sales—for a read on the market facing Xylem’s smart-metering business.
Pentair competes with Xylem for residential, commercial and industrial customers buying water-transfer pumps, wastewater pumping equipment and water-treatment systems. When tracking those sales, note that Pentair moved residential and irrigation flow products from Flow to Water Solutions in January 2026.
Franklin Electric competes with Xylem in water-transfer and wastewater pumps, motors and controls sold for residential, agricultural, municipal and industrial use. Its Water Systems sales are the relevant comparison; agricultural sales within that business are seasonal and exposed to commodity-price changes.
The Gorman-Rupp Company competes with Xylem for customers buying pumps and pump systems to move water, handle wastewater and remove water from sites.
Mueller Water Products and Xylem compete for municipalities investing in water-distribution networks, both selling water measurement and management solutions. Mueller’s Water Management Solutions sales offer a closer comparison than its total sales, which also include water transmission and distribution products.
Watts Water Technologies and Xylem share exposure to residential and commercial building-system spending: Watts sells water-control and heating products, while Xylem sells pumps, heat exchangers and controls. Watch Watts’ plumbing and hot-water product sales for a read on this shared customer demand.
ITT Inc.’s Goulds industrial pumps compete with Xylem’s pumps for industrial customers moving water and using pumps in production processes.
Flowserve competes with Xylem in pumps and related flow-control equipment bought for industrial water management, power plants and manufacturing facilities. Its pump business’s sales to power-generation and general-industry customers are more relevant to Xylem than its broader energy and chemical exposure.
Ingersoll Rand competes with Xylem for customers buying pumps and fluid-handling equipment for water, wastewater and industrial processes. Watch its sales into water and wastewater applications rather than treating its broader air-handling and life-science businesses as a guide to Xylem.
Zurn Elkay Water Solutions and Xylem both serve commercial building water-system projects: Zurn Elkay sells water-management products, while Xylem supplies pumping and controls. Zurn Elkay’s sales for new construction, remodeling and retrofits offer a view of the project demand behind Xylem’s building-water applications.
Badger Meter, Inc. earningsBMI
Badger Meter's report will show utility spending on water meters, communications and water-management software, the same market Xylem's Sensus business serves.
Focus on Badger Meter's Utility Water sales. Stronger sales would show utilities are still buying meters and related technology, supporting demand in the market Xylem's Sensus business serves. Weaker sales would point to softer purchasing or tougher competition in that market. The figure reflects shared market conditions, not Xylem's own sales or market share.
The Gorman-Rupp Company earningsGRC
The Gorman-Rupp Company's report will show customer demand for water, wastewater and site-dewatering pump systems, applications where it competes with Xylem.
Look for Gorman-Rupp sales or orders tied to water, wastewater and site dewatering, rather than treating all its pump business as a match for Xylem. Stronger sales in those uses would show customers are still buying, supporting demand for Xylem's related water-infrastructure and water-services businesses. Weaker sales would point to softer spending in those applications, but would not establish a change in Xylem's market share.
Xylem Inc earningsThis company
Xylem sells water equipment and services to utilities, industrial customers and building owners, and this report will show whether orders are turning into sales without eroding margins.
Read orders and backlog alongside segment revenue and operating margins. Orders converting into sales while margins hold or rise would show that utility, industrial and building demand is reaching customers, and pricing and productivity are covering costs. Weaker orders or sales with shrinking margins would point to slower customer spending, delayed project execution or costs rising faster than pricing and productivity gains. If backlog grows but sales do not follow, project delays may be holding up conversion.
Zurn Elkay Water Solutions Corporation earningsZWS
Zurn Elkay's report will show demand for water-management products in commercial building construction, remodeling and retrofits, projects that also create customers for Xylem's building-water business.
Watch Zurn Elkay's sales for new construction, remodeling and retrofits. Stronger sales would point to firmer project activity and demand for water products, a more supportive backdrop for Xylem's building pumps and controls. Weaker sales would suggest softer project demand or purchasing, potentially reducing opportunities for Xylem's building-water business. Zurn Elkay's sales are a signal about shared customer demand, not Xylem's own results.
