株探米国株
日本語 英語
エドガーで原本を確認する
0001524472false00015244722025-10-282025-10-28
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 28, 2025
XYLEM INC.
(Exact name of registrant as specified in its charter)
Indiana 001-35229 45-2080495
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
301 Water Street SE 20003
Washington DC
(Address of principal executive offices) (Zip Code)
(202) 869-9150
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange of which registered
Common Stock, par value $0.01 per share XYL New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨


Item 2.02 Results of Operations and Financial Condition
On October 28, 2025, Xylem Inc. issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.
This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit
   No.
 Description
Press Release issued by Xylem Inc. on October 28, 2025.
104.0 The cover page from Xylem Inc.'s Form 8-K, formatted in Inline XBRL.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
XYLEM INC.
Date: October 28, 2025 By: /s/ William K. Grogan
William K. Grogan
Executive Vice President & Chief Financial Officer
(Authorized Officer of Registrant)



EX-99.1 2 xyl10282025ex991.htm EX-99.1 Document

Exhibit 99.1
imagea.jpg

Xylem Inc.
301 Water Street SE, Washington, DC 20003
Tel +1.202.869.9150

Contacts: Media Investors
Houston Spencer Keith Buettner
+1 (914) 240-3046 +1 (724) 772-1531
Houston.Spencer@xylem.com Keith.Buettner@xylem.com


Xylem Reports Third Quarter 2025 Results

•Revenue of $2.3 billion, up 8% on a reported basis; 7% organically
•Earnings per share of $0.93, up 4%; $1.37 on an adjusted basis, up 23%
•Raising full-year 2025 revenue and adjusted earnings per share guidance

WASHINGTON, D.C., October 28, 2025 -- Xylem Inc. (NYSE: XYL), a leading global water solutions company dedicated to solving the world’s most challenging water issues, today reported third-quarter 2025 results. The Company delivered total revenue of $2.3 billion, on strong execution and demand. Third-quarter earnings per share were up 4 percent on a reported basis and 23 percent on an adjusted basis.

“The team delivered another strong quarter, exceeding expectations with disciplined execution on continuing commercial momentum,” said Matthew Pine, Xylem’s president and CEO. “Revenue grew across all segments, with double-digit gains in Measurement and Control Solutions and Water Solutions and Services. Record adjusted EBITDA margin reflected the impact of our simplification initiatives, with strong margin expansion contributing to 23 percent adjusted EPS growth.”

“Resilient market demand for our solutions and our team’s accelerating performance give us the confidence to raise our full-year guidance. We are solidly on track to deliver our long-term financial framework and drive sustainable growth and value creation over the cycle.”

Net income attributable to Xylem for the quarter was $227 million, or $0.93 per share. Net income margin declined 30 basis points to 10.0 percent. These results are driven by strong operational performance and decreased interest expense, offset by increased loss from the sale of businesses and tax expense. Adjusted net income was $333 million, or $1.37 per share, which excludes the impacts of purchase accounting intangible amortization, restructuring and realignment costs, special charges, loss from the sale of businesses and the net tax impact of these adjustments.

Third-quarter adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) margin was 23.2 percent, reflecting a year-over-year increase of 200 basis points. Productivity savings, strong price realization, and volume drove the margin expansion, exceeding the impact of inflation, investments, and mix.
1

Outlook

Xylem now forecasts full-year 2025 revenue of approximately $9.0 billion, up approximately 5 to 6 percent on a reported basis, versus 4 to 5 percent previously guided, and up approximately 4 to 5 percent on an organic basis.

Full-year 2025 adjusted EBITDA margin is expected to be approximately 22.0 to 22.3 percent, an increase of 140 to 170 basis points from Xylem’s 2024 adjusted earnings. This results in full-year adjusted earnings per share of $5.03 to $5.08, versus the previous guide of $4.70 to $4.85. Full-year free cash flow margin is still expected to be approximately 9 to 10 percent.

Further 2025 planning assumptions are included in Xylem’s third-quarter 2025 earnings materials posted at www.xylem.com/investors. Excluding revenue, Xylem provides guidance only on a non-GAAP basis due to the inherent difficulty in forecasting certain amounts that would be included in GAAP earnings, such as discrete tax items, without unreasonable effort. Outlook is being provided in the context of the current volatility, including due to geopolitical, trade, macroeconomic and regulatory uncertainty.

Supplemental information on Xylem’s third-quarter earnings, as well as definitions of and reconciliations for certain non-GAAP items, is posted at www.xylem.com/investors.


###
About Xylem

Xylem (XYL) is a Fortune 500 global water solutions company that empowers customers and communities to build a more water-secure world. Our 23,000 diverse employees delivered revenue of $8.6 billion in 2024, optimizing water and resource management with innovation and expertise. Join us at www.xylem.com and Let’s Solve Water.

Forward-Looking Statements

This press release contains “forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Generally, the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” "contemplate," "predict," “forecast,” “likely,” “believe,” “target,” “will,” “could,” “would,” “should,” "potential," "may" and similar expressions or their negative, may, but are not necessary to, identify forward-looking statements. By their nature, forward-looking statements address uncertain matters and include any statements that: are not historical, such as statements about our strategy, financial plans, outlook, objectives, plans, intentions or goals (including those related to our social, environmental and other sustainability goals); or address possible or future results of operations or financial performance, including statements relating to orders, revenues, operating margins and earnings per share growth.
Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in or implied by our forward-looking statements include, among others, the following: the impact of overall industry and general economic conditions, including industrial, governmental, and public and private sector spending, interest rates, inflation and related monetary policy by governments in response to inflation, and the strength of the residential and commercial real estate markets, on economic activity and our operations; geopolitical events, including ongoing, possible escalation or outbreak of international conflicts, as well as regulatory, economic and other risks associated with our global sales and operations, including those related to domestic content requirements applicable to projects receiving governmental funding; manufacturing and operating cost increases
2

due to macroeconomic conditions, including inflation, energy supply, supply chain shortages, logistics challenges, tight labor markets, prevailing price changes, tariffs, trade policies or agreements and other factors; demand for our products, disruption, competition or pricing pressures in the markets we serve; cybersecurity incidents or other disruptions of information technology systems on which we rely, or involving our connected products and services; lack of availability or delays in receiving parts and raw materials from our supply chain, including electronic components (in particular, semiconductors); disruptions in operations at our facilities or that of third parties upon which we rely; safe and compliant treatment and handling of water, wastewater and hazardous materials; failure to successfully execute large projects, including with respect to meeting performance guarantees and customers’ budgets, timelines and safety requirements; our ability to retain and attract leadership and other key talent, as well as competition for overall talent and labor; defects, security, warranty and liability claims, and recalls related to our products; uncertainty around restructuring and realignment actions and related costs and savings; our ability to execute strategic investments for growth, including acquisitions and divestitures; availability, regulation or interference with radio spectrum used by certain of our products; volatility in served markets or impacts on our business and operations due to weather conditions, including the effects of climate change; risks related to our sustainability commitments and related disclosures; fluctuations in foreign currency exchange rates; difficulty predicting our financial results; risk of future impairments to goodwill and other intangible assets; changes in our effective tax rates or tax expenses; financial market risks related to our pension and other defined benefit plans; failure to comply with, or changes in, laws or regulations pertaining to our business conduct, operations, products and services, including anti-corruption, artificial intelligence, data privacy and security, trade, competition, the environment, climate change and health and safety; legal, governmental or regulatory claims, investigations or proceedings and associated contingent liabilities; matters related to intellectual property infringement or expiration of rights; and other factors set forth under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report") and in subsequent filings we make with the Securities and Exchange Commission (“SEC”).
Forward-looking and other statements in this press release regarding our environmental and other sustainability plans and goals are not an indication that these statements are necessarily material to investors, to our business, operating results, financial condition, outlook, or strategy, to our impacts on sustainability matters or other parties, or are required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking social, environmental and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. All forward-looking statements made herein are based on information currently available to us as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


3

XYLEM INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) (in millions, except per share data)
Three Months Nine Months
For the periods ended September 30, 2025 2024 2025 2024
Revenue from products $ 1,867  $ 1,744  $ 5,487  $ 5,236 
Revenue from services 401  360  1,151  1,070 
Revenue 2,268  2,104  6,638  6,306 
Cost of revenue from products 1,109  1,047  3,279  3,147 
Cost of revenue from services 276  273  816  804 
Cost of revenue 1,385  1,320  4,095  3,951 
Gross profit 883  784  2,543  2,355 
Selling, general and administrative expenses 474  445  1,437  1,404 
Research and development expenses 52  55  166  172 
Restructuring and asset impairment charges 23  4  70  37 
Operating income 334  280  870  742 
Interest expense (6) (10) (23) (35)
Other non-operating income, net 6  1  13  11 
Loss on sale of businesses (37) (2) (47) (6)
Income before taxes 297  269  813  712 
Income tax expense (71) (52) (196) (148)
Net income $ 226  $ 217  $ 617  $ 564 
Net loss attributable to non-controlling interests 1  —  5  — 
Net income attributable to Xylem 227  217  622  564 
Earnings per share:
Basic $ 0.93  $ 0.89  $ 2.56  $ 2.33 
Diluted $ 0.93  $ 0.89  $ 2.55  $ 2.32 
Weighted average number of shares:
Basic 243.5  242.9  243.3  242.5 
Diluted 244.1  243.8  243.9  243.4 


4

XYLEM INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions)
September 30,
2025		 December 31,
2024
   
ASSETS
Current assets:
Cash and cash equivalents $ 1,191  $ 1,121 
Receivables, less allowances for discounts, returns and credit losses of $66 and $59 in 2025 and 2024, respectively
 1,803  1,668 
Inventories 1,035  996 
Prepaid and other current assets 254  236 
Assets held for sale 158  77 
Total current assets 4,441  4,098 
Property, plant and equipment, net 1,141  1,152 
Goodwill 8,280  7,980 
Other intangible assets, net 2,319  2,379 
Other non-current assets 1,114  884 
Total assets $ 17,295  $ 16,493 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 968  $ 1,006 
Accrued and other current liabilities 1,172  1,271 
Short-term borrowings and current maturities of long-term debt 49  38 
Liabilities held for sale 80  21 
Total current liabilities 2,269  2,336 
Long-term debt 1,913  1,978 
Accrued post-retirement benefit obligations 323  304 
Deferred income tax liabilities 492  497 
Other non-current accrued liabilities 853  496 
Total liabilities 5,850  5,611 
Redeemable non-controlling interest 226  235 
Stockholders’ equity:
Common Stock – par value $0.01 per share:
Authorized 750.0 shares, issued 259.8 shares and 259.2 shares in 2025 and 2024, respectively
 3  3 
Capital in excess of par value 8,735  8,687 
Retained earnings 3,469  3,140 
Treasury stock – at cost 16.3 shares and 16.2 shares in 2025 and 2024, respectively
 (767) (753)
Accumulated other comprehensive loss (233) (435)
Total stockholders’ equity 11,207  10,642 
Non-controlling interests 12  5 
Total equity 11,219  10,647 
Total liabilities, redeemable non-controlling interest, and stockholders’ equity $ 17,295  $ 16,493 

5

XYLEM INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions)
For the periods ended September 30, 2025 2024
Operating Activities
Net income $ 617  $ 564 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 201  191 
Amortization 231  229 
Share-based compensation 37  43 
Restructuring and asset impairment charges 70  37 
Loss from sale of business 47  6 
Other, net 3  (4)
Payments for restructuring (48) (24)
Changes in assets and liabilities (net of acquisitions):
Changes in receivables (113) (101)
Changes in inventories (30) (88)
Changes in accounts payable (45) (31)
Changes in accrued and deferred taxes (12) (11)
Other, net (260) (123)
Net Cash – Operating activities 698  688 
Investing Activities
Capital expenditures (248) (221)
Acquisition of businesses, net of cash acquired (113) (5)
Proceeds from sale of business, net of cash disposed 48  11 
Proceeds from the sale of property, plant and equipment 15  3 
Cash received from investments 5  5 
Cash paid for investments (26) (8)
Cash paid for equity investments (5) (4)
Cash paid for asset acquisition (37) — 
Cash received from cross-currency swaps 31  25 
Other, net 1  1 
Net Cash – Investing activities (329) (193)
Financing Activities
Short-term debt issued, net 1  — 
Short-term debt repaid —  (268)
   Long-term debt repaid (60) (13)
Repurchase of common stock (14) (19)
Proceeds from exercise of employee stock options 11  66 
Dividends paid (293) (263)
Other, net (27) (23)
Net Cash – Financing activities (382) (520)
Effect of exchange rate changes on cash 83  (5)
Increase in cash classified within assets held for sale 11  — 
Decrease in cash classified within assets held for sale (11)
Changes in cash classified within assets held for sale —  — 
Net change in cash and cash equivalents 70  (30)
Cash and cash equivalents at beginning of year 1,121  1,019 
Cash and cash equivalents at end of period $ 1,191  $ 989 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 43  $ 49 
Income taxes (net of refunds received) $ 208  $ 160 
6

Xylem Inc. Non-GAAP Measures
Management reviews key performance indicators including revenue, gross margins, segment operating income and margins, orders growth, working capital and backlog, among others. In addition, we consider certain non-GAAP (or "adjusted") measures to be useful to management and investors evaluating our operating performance for the periods presented, and to provide a tool for evaluating our ongoing operations, liquidity and management of assets. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives, including but not limited to, dividends, acquisitions, share repurchases and debt repayment. Excluding revenue, Xylem provides guidance only on a non-GAAP basis due to the inherent difficulty in forecasting certain amounts that would be included in GAAP earnings, such as discrete tax items, without unreasonable effort. These adjusted metrics are consistent with how management views our business and are used to make financial, operating and planning decisions. These metrics, however, are not measures of financial performance under GAAP and should not be considered a substitute for revenue, operating income, net income, earnings per share (basic and diluted) or net cash from operating activities as determined in accordance with GAAP. We consider the following non-GAAP measures to be key performance indicators, as well as the related reconciling items to the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
“Organic revenue” and “Organic orders” defined as revenue and orders, respectively, excluding the impact of fluctuations in foreign currency translation and contributions from acquisitions and divestitures. Divestitures include sales or discontinuance of insignificant portions of our business that did not meet the criteria for classification as a discontinued operation. The period-over-period change resulting from foreign currency translation impacts is determined by translating current period and prior period activity using the same currency conversion rate.
“Constant currency” defined as financial results adjusted for foreign currency translation impacts by translating current period and prior period activity using the same currency conversion rate. This approach is used for countries whose functional currency is not the U.S. dollar.
“EBITDA” defined as earnings before interest, taxes, depreciation and amortization expense. “Adjusted EBITDA” and "Adjusted Segment EBITDA" reflect the adjustments to EBITDA and segment EBITDA, respectively, to exclude share-based compensation charges, restructuring and realignment costs, gain or loss from sale of businesses and special charges.
“Adjusted EBITDA Margin” and “Adjusted Segment EBITDA Margin” defined as adjusted EBITDA and adjusted segment EBITDA divided by total revenue and segment revenue, respectively.
“Adjusted Operating Income”, “Adjusted Segment Operating Income”, “Adjusted Net Income” and “Adjusted EPS” defined as operating income, segment operating income, net income attributable to Xylem and earnings per share attributable to Xylem, adjusted to exclude restructuring and realignment costs, amortization of acquired intangible assets, gain or loss from sale of businesses, gain on remeasurement of previously held equity interest, special charges and tax-related special items, as applicable.
“Adjusted Operating Margin” and “Adjusted Segment Operating Margin” defined as adjusted operating income and adjusted segment operating income divided by total revenue and segment revenue, respectively.
“Free Cash Flow” defined as net cash from operating activities, as reported in the Statement of Cash Flows, less capital expenditures. Our definition of free cash flow does not consider certain non-discretionary cash payments, such as debt.
"Free Cash Flow Margin" defined as free cash flow, adjusted (as applicable) for significant cash paid or received for non-operational tax, acquisition or divestiture activities; divided by revenue.
“Realignment costs” defined as costs not included in restructuring costs that are incurred as part of actions taken to reposition our business, including items such as professional fees, severance, relocation, travel, facility set-up and other costs.
“Special charges” defined as non-recurring costs incurred by the Company, such as those related to acquisitions and integrations, divestitures and non-cash impairment charges.
“Tax-related special items” defined as tax items, such as tax return versus tax provision adjustments, tax exam impacts, tax law change impacts, excess tax benefits/losses and other discrete tax adjustments.
7

Xylem Inc. Non-GAAP Reconciliation
Reported vs. Organic & Constant Currency Revenue
($ Millions)
(As Reported - GAAP) (As Adjusted - Organic) Constant 
Currency
(A) (B) (C) (D) (E) = B+C+D (F) = E/A (G) = (E - C) / A
Revenue Revenue Change 2025 v. 2024 % Change 2025 v. 2024 Acquisitions /
Divestitures		 FX
Impact		 Change Adj. 2025 v. 2024 % Change Adj. 2025 v. 2024
2025 2024
Nine Months Ended September 30
Xylem Inc. 6,638  6,306  332  5  % 23  (23) 332  5  % 5  %
Water Infrastructure 1,887  1,828  59  3  % 44  (15) 88  5  % 2  %
Applied Water 1,374  1,339  35  3  % —  (5) 30  2  % 2  %
Measurement and Control Solutions 1,552  1,402  150  11  % (21) (6) 123  9  % 10  %
Water Solutions and Services 1,825  1,737  88  5  % —  3  91  5  % 5  %
Quarter Ended September 30
Xylem Inc. 2,268  2,104  164  8  % 7  (26) 145  7  % 7  %
Water Infrastructure 656  623  33  5  % 15  (14) 34  5  % 3  %
Applied Water 456  447  9  2  % —  (5) 4  1  % 1  %
Measurement and Control Solutions 522  458  64  14  % (8) (6) 50  11  % 13  %
Water Solutions and Services 634  576  58  10  % —  (1) 57  10  % 10  %
Quarter Ended June 30
Xylem Inc. 2,301  2,169  132  6  % 11  (23) 120  6  % 5  %
Water Infrastructure 650  631  19  3  % 19  (12) 26  4  % 1  %
Applied Water 483  456  27  6  % —  (6) 21  5  % 5  %
Measurement and Control Solutions 540  482  58  12  % (8) (4) 46  10  % 11  %
Water Solutions and Services 628  600  28  5  % —  (1) 27  5  % 5  %
Quarter Ended March 31
Xylem Inc. 2,069  2,033  36  2  % 5  26  67  3  % 3  %
Water Infrastructure 581  574  7  1  % 10  11  28  5  % 3  %
Applied Water 435  436  (1) —  % —  6  5  1  % 1  %
Measurement and Control Solutions 490  462  28  6  % (5) 4  27  6  % 7  %
Water Solutions and Services 563  561  2  —  % —  5  7  1  % 1  %
8

Xylem Inc. Non-GAAP Reconciliation
Adjusted Diluted EPS
($ Millions, except per share amounts)
Q3 2025 Q3 2024
As Reported Adjustments Adjusted As Reported Adjustments Adjusted
Total Revenue 2,268 — 2,268 2,104 — 2,104
Operating Income 334 95  a 429 280 70  a 350
Operating Margin 14.7  % 18.9  % 13.3  % 16.6  %
Interest Expense (6) — (6) (10) — (10)
Other Non-Operating Income (Expense) 6 — 6 1 — 1
Gain/(Loss) from Sale of Business (37) 37 b — (2) 2 b —
Income before Taxes 297 132 429 269 72 341
Provision for Income Taxes (71) (26) c (97) (52) (20) c (72)
Net Income 226 106 332 217 52 269
Net Loss Attributable to Non-controlling Interests 1 — 1 — — —
Net Income Attributable to Xylem 227 106 333 217 52 269
Diluted Shares 244.1 244.1 243.8 243.8
Diluted EPS $ 0.93  $ 0.44  $ 1.37  $ 0.89  $ 0.22  $ 1.11 
a Quarter-to-date: Restructuring & realignment costs: 2025 - $31 million and 2024 - $11 million                                                
Special charges: 2025 - $9 million of acquisition, divestiture & integration costs; 2024 - $6 million of acquisition & integration costs and $1 million of other special charges                                            
Purchase accounting intangible amortization: 2025 - $55 million and 2024 - $52 million
b Gain/(Loss) from sale of business as per income statement for all periods presented
c Quarter-to-date: 2025 - Net tax impact on pre-tax adjustments (note a and b) of $27 million and $1 million of other tax special expense items; 2024 - Net tax impact on pre-tax adjustments (note a and b) of $17 million and other tax special benefit items of $3 million
                                                                    
9

Xylem Inc. Non-GAAP Reconciliation
EBITDA and Adjusted EBITDA by Quarter
($ Millions)
2025
Q1 Q2 Q3 Q4 Total
Net Income attributable to Xylem 169  226  227  622 
Net Income Margin 8.2  % 9.8  % 10.0  % N/A 9.4  %
Depreciation 68  69  64  201 
Amortization 77  76  78  231 
Interest Expense (Income), net —  3  —  3 
Income Tax Expense 50  75  71  196 
EBITDA 364  449  440  —  1,253 
Share-based Compensation 12  13  12  37 
Restructuring & Realignment 27  29  30  86 
Special Charges 12  13  9  34 
Loss/(Gain) from sale of business 10  —  37  47 
Loss attributable to non-controlling interest (2) (2) (1) (5)
Adjusted EBITDA 423  502  527  —  1,452 
Revenue 2,069  2,301  2,268  6,638 
Adjusted EBITDA Margin 20.4  % 21.8  % 23.2  % N/A 21.9  %
2024
Q1 Q2 Q3 Q4 Total
Net Income 153  194  217  326  890 
Net Income Margin 7.5  % 8.9  % 10.3  % 14.5  % 10.4  %
Depreciation 61  62  68  67  258 
Amortization 73  83  73  75  304 
Interest Expense (Income), net 7  6  5  (2) 16 
Income Tax Expense 43  53  52  49  197 
EBITDA 337  398  415  515  1,665 
Share-based Compensation 18  13  12  13  56 
Restructuring & Realignment 15  29  11  36  91 
Special Charges 16  13  7  21  57 
Gain on joint venture remeasurement —  —  —  (152) (152)
Loss/(Gain) from sale of business 5  (1) 2  40  46 
Adjusted EBITDA 391  452  447  473  1,763 
Revenue 2,033  2,169  2,104  2,256  8,562 
Adjusted EBITDA Margin 19.2  % 20.8  % 21.2  % 21.0  % 20.6  %











10