Filing Flows › Xylem (XYL) › Q2 2026 › vs Q1 2026
Xylem (XYL) Q2 2026 vs Q1 2026 (quarter over quarter)
Xylem's revenue rose $211M (+10%) from $2.1B in Q1 2026 to $2.3B in Q2 2026. The biggest changes: Revenue from products +$196M (+11%); Revenue from services +$15.0M (+4%). Gross margin 41.2% against 37.8% (+3.4 pts).
Xylem, Q2 2026: revenue $2.3B (+2% year over year), operating margin 16.7%, net earnings $263M, operating cash flow $290M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 41.2% | 37.8% | +3.4 pts |
| Operating margin | 16.7% | 11.5% | +5.2 pts |
| Net margin | 11.3% | 9.1% | +2.2 pts |
| Free cash flow margin | 8.6% | 0.8% | +7.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue from products | $2.0B | $1.8B | $196M | +11% |
| Revenue from services | $383M | $368M | $15.0M | +4% |
| Revenue | $2.3B | $2.1B | $211M | +10% |
| Gross profit | $963M | $803M | $160M | +20% |
| Cost of revenue | $1.4B | $1.3B | $51.0M | +4% |
| Operating profit | $390M | $244M | $146M | +60% |
| Operating expenses | $573M | $559M | $14.0M | +3% |
| Pre-tax earnings | $364M | $244M | $120M | +49% |
| Other expense, net | $26.0M | $0 | $26.0M | — |
| Research & development | $59.0M | $56.0M | $3.0M | +5% |
| SG&A | $503M | $472M | $31.0M | +7% |
| Other operating costs | $11.0M | $31.0M | −$20.0M | -65% |
| Loss borne by minority interests | $2.0M | $4.0M | −$2.0M | -50% |
| Net earnings | $263M | $193M | $70.0M | +36% |
| Income tax | $103M | $55.0M | $48.0M | +87% |
| Depreciation & amortization | $140M | $140M | $0 | 0% |
| Share-based compensation | $12.0M | $13.0M | −$1.0M | -8% |
| Working capital & other | $125M | $238M | −$113M | -47% |
| Operating cash flow | $290M | $108M | $182M | +169% |
| Free cash flow (OCF − capex) | $201M | $18.0M | $183M | 11× |
| Capital expenditures | $89.0M | $90.0M | −$1.0M | -1% |
Questions
How much did Xylem's revenue grow quarter over quarter in Q2 2026?
Xylem's revenue rose $211M (+10%) from $2.1B in Q1 2026 to $2.3B in Q2 2026.
What drove Xylem's revenue change in Q2 2026?
Revenue from products +$196M (+11%); Revenue from services +$15.0M (+4%).