Company file · VLTO

Veralto

Veralto's revenue rose 6.0% in FY2025, to $5.5B, and net income rose 12.8% to $940M

Revenue rose 6.0% to $5.5B in FY2025, from $5.2B in FY2024. Net income rose 12.8% to $940M. Water Quality was the largest segment, at 60% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 20, 2026) · Latest quarter: 10-Q for the quarter ended Oct 2, 2026 (filed Oct 30, 2026) · Data pulled Nov 11, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Veralto (NYSE: VLTO) took in $5.5B of revenue (up 6.0% on fiscal 2024); net income was $940M (up 12.8%). The most recent quarter, ended Oct 2, 2026, brought revenue of $1.5B, up 7.5% year over year, with net income of $253M. Water Quality was the biggest single line by segment: 60% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 20, 2026) and 10-Q for the quarter ended Oct 2, 2026 (filed Oct 30, 2026).

Revenue$5.5BFY2025 · +6.0% vs FY2024

Net income$940MFY2025 · +12.8% vs FY2024

Operating cash flow$1.1BFY2025 · +23.1% vs FY2024

Cash & equivalents$1.8Bat Oct 2, 2026 · −12.1% vs FY2025 end

Total debt$2.9Bat Oct 2, 2026 · +9.2% vs FY2025 end

Diluted shares250MFY2025 avg · +0.3% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 20, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 30, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Water Quality$3.3B60%+5.8%
Product and Quality Innovation$2.2B40%+6.2%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Water Quality (60%) and Product and Quality Innovation (40%), as shares of total revenue. Total revenue was $5.5B.

By segment: three-year mixShare of the total each fiscal year

FY2023

61%39%

FY2024

60%40%

FY2025

60%40%

Water QualityProduct and Quality Innovation

Source: 10-K FY2025

By product or service, FY2025

Revenue from Contract with Customer, Measurement, Recurring$3.4B61%+6.7%

Revenue from Contract with Customer, Measurement, Nonrecurring$2.1B39%+4.9%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Jul to Sep 2026) compared with Q3 FY2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue

$1.5B Q3 FY2026

$1.4B Q3 FY2025

7.5% increase

Net income

$253M Q3 FY2026

$239M Q3 FY2025

5.9% increase

Source: Veralto 10-Q for the quarter ended Oct 2, 2026, filed Oct 30, 2026

By segment

Water Quality

$939M Q3 FY2026

$856M Q3 FY2025

9.7% increase

Source: Veralto 10-Q for the quarter ended Oct 2, 2026, filed Oct 30, 2026

Cash & equivalents $1.8B at Oct 2, 2026, vs $2.0B at FY2025 end.
Total debt $2.9B at Oct 2, 2026, vs $2.7B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $845M vs $766M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 6.0% in FY2025 to $5.5B, from $5.2B a year earlier. 10-K, FY2025
Net income rose 12.8% in FY2025 to $940M, from $833M. 10-K, FY2025
Operating cash flow rose 23.1% in FY2025 to $1.1B. 10-K, FY2025
Revenue in the quarter ended Oct 2, 2026 was $1.5B, up 7.5% on a year earlier. 10-Q, quarter ended Oct 2, 2026

The bear case

The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include economic cycles; costs and supply; trade and tariffs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Veralto is in the environmental & facilities services industry, part of the industrials sector. The SEC files it under Instruments For Meas & Testing Of Electricity & Elec Signals.

Veralto reports 2 segments: Water Quality and Product and Quality Innovation.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the environmental & facilities services industry. They are not a summary of Veralto’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Economic cyclesDemand for equipment and services rises and falls with business investment.
Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
Trade and tariffsTariffs and trade policy affect costs and sales.
Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
Regulation and liabilitySafety, environmental and product-liability rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$5.0B	$5.2B	$5.5B
Net income	$839M	$833M	$940M
Operating cash flow	$963M	$875M	$1.1B
Cash & equivalents (year end)	$762M	$1.1B	$2.0B
Total debt (year end)	$2.6B	$2.6B	$2.7B
Diluted shares	247M	250M	250M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 30, 2026	Oct 2, 2026
10-Q	Jul 29, 2026	Jul 3, 2026
10-Q	Apr 29, 2026	Apr 3, 2026
DEF 14A	Mar 27, 2026	Dec 31, 2025
10-K	Feb 20, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Veralto

How does Veralto make money?

In fiscal 2025, revenue totaled $5.5B. By segment in FY2025: Water Quality (60%) and Product and Quality Innovation (40%), as shares of total revenue. Total revenue was $5.5B. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

What was Veralto's revenue in fiscal 2025?

Revenue came to $5.5B in the year ended Dec 31, 2025. Going back two years, it was $5.0B in fiscal 2023 and $5.2B in fiscal 2024, so the latest year was up 6.0%. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

Is Veralto profitable?

Yes, by US accounting rules (GAAP): net income was $940M in fiscal 2025, up 12.8% from $833M a year earlier. For the quarter ended Oct 2, 2026, net income was $253M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 20, 2026.

What did Veralto report in its latest quarterly filing?

The 10-Q for the quarter ended Oct 2, 2026 shows revenue of $1.5B, against $1.4B in the same quarter a year before (up 7.5%), and net income of $253M, against $239M (up 5.9%). Source: 10-Q for the quarter ended Oct 2, 2026, filed Oct 30, 2026.

How much cash and debt does Veralto have?

On Oct 2, 2026, cash and cash equivalents stood at $1.8B and total debt at $2.9B. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Oct 30, 2026.

What are the main risks Veralto faces?

Veralto's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 20, 2026. Risks that are common among companies in the environmental & facilities services industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.

Where do these Veralto numbers come from?

Two filings Veralto made with the SEC: its fiscal 2025 10-K, filed Feb 20, 2026, and its 10-Q for the quarter ended Oct 2, 2026, filed Oct 30, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Veralto

Millennium Management: 2,064,110 shares, reported value $183.0M at Jun 30, 2026 (+951.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 1,350,356 shares, reported value $119.7M at Jun 30, 2026 (+626.4% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Renaissance Technologies: 1,078,600 shares, reported value $95.7M at Jun 30, 2026 (−22.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
Gates Foundation Trust: 124,333 shares, reported value $11.0M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 71,038 shares, reported value $6.3M at Jun 30, 2026 (+752.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 42,120 shares, reported value $3.7M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in VLTO: The editor holds no position in Veralto (VLTO). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell VLTO from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold VLTO, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
VeraltoVLTO	FY2025	$5.5B	+6.0%	$940M
Waste ManagementWM	FY2025	$25.2B	+14.2%	$2.7B
Republic ServicesRSG	FY2025	$19.0B	+3.3%	$2.1B
RollinsROL	FY2025	$3.8B	+11.0%	$527M

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.