赛莱默2025财年营收利润双增，2026年展望积极

Core Viewpoint - Xylem (XYL.US) reported solid performance in Q4 and for the full fiscal year 2025, maintaining a positive outlook for 2026 [1] Financial Performance - Full-year revenue reached $9.035 billion, a year-over-year increase of 5.51%; Q4 revenue was $2.397 billion, up 6.16% year-over-year [2] - Full-year net income attributable to shareholders was $0.957 billion, reflecting a 7.53% year-over-year growth; Q4 net income was $0.335 billion, with a net profit margin of 13.98% [2] - Adjusted earnings per share were $3.92 for the full year and $1.37 for Q4, both showing year-over-year improvements [2] Operational Metrics - The full-year gross margin was 38.46%, while the operating profit margin for Q4 improved to 14.68% [3] - The company offset some cost pressures through productivity optimization and price management, raising the adjusted EBITDA margin guidance to 21.3%-21.8% for the year [3] Business Development - All four business segments (Water Infrastructure, Applied Water, Measurement & Control Solutions, Water Solutions & Services) achieved revenue growth [4] - The North American market performed particularly well, with a 11% organic growth in the Measurement & Control Solutions segment, increasing backlog orders to approximately $5 billion [4] Cash Flow and Dividends - Full-year operating cash flow was $1.241 billion, with free cash flow at $0.873 billion [5] - The board declared a quarterly dividend of $0.40 per share, totaling $1.60 for the year, with a payout ratio of 40.82% [5] Future Outlook - The company anticipates continued mid-single-digit revenue growth in 2026, aiming to further optimize profit margins through operational model transformation (e.g., 80/20 strategy) [6] - Management emphasized strong global demand for water infrastructure, particularly in smart metering and sustainable water solutions [6]