Water firms report $116.2bn revenues

Bluefield Research said on May 19 that the 50 largest publicly traded water companies generated $116.2 billion in water-related revenue in fiscal 2025, according to a chart the market research firm posted on X. Bluefield said that amounted to about 38% of the group’s combined $308.2 billion in total revenue. The post identified Veolia, Xylem, Ecolab and Core & Main among the leading companies in the ranking. Bluefield’s public materials say its Top Companies in Water dataset tracks 50 firms across six segments and is updated quarterly. ### Where does the $116.2 billion figure come from? Bluefield Research said the number comes from its “Top Companies in Water” dataset, which benchmarks the 50 biggest listed firms across six water industry segments. The firm says the dataset tracks revenue by segment and measures how much of top firms’ revenue comes from water. Bluefield’s Q4 2025 review says its analysts use quarterly earnings reports, investor briefings and SEC filings to track the companies. (bluefieldresearch.com) The May 19 social-media post is therefore best read as a roll-up of company-reported financials rather than a single company disclosure. Bluefield did not, in the public excerpts available on its site, publish the full company-by-company table behind the $116.2 billion figure. That underlying dataset is available through the firm’s subscription platform, according to its website. (bluefieldresearch.com) ### What counts as “water-related” revenue here? Bluefield’s public description says the dataset tracks revenue for companies with positions in water, wastewater and stormwater markets, but the site does not publish a full public methodology note defining every inclusion rule. That means the $116.2 billion figure is narrower than total company revenue and depends on Bluefield’s classification of which business lines are water-related. (bluefieldresearch.com) Core & Main’s own filings illustrate the point. The company reported fiscal 2025 net sales of $7.647 billion for the year ended Feb. 1, 2026, but its business spans water, wastewater, storm drainage and fire protection infrastructure, meaning only part of a diversified distributor’s sales may be counted as water-related under third-party screens. Core & Main said in March that fusible high-density polyethylene and treatment plant solutions were among categories that posted double-digit average daily net sales growth. (bluefieldresearch.com) ### Why are Veolia, Xylem, Ecolab and Core & Main on the list? Veolia reported 2025 revenue of 44.396 billion euros in full-year results published on Feb. 26, 2026, making it one of the largest companies in Bluefield’s universe by overall size. Veolia also reported 4.954 billion euros of revenue in its Water Technologies geography line, though the group’s broader water exposure extends beyond that single line item. (secure.businesswire.com) Xylem reported full-year 2025 revenue of $9.0 billion on Feb. 10, 2026, and describes itself as a pure-play water technology company. Matthew Pine, Xylem’s chief executive, said the company achieved “record full-year revenue” in 2025. Core & Main reported fiscal 2025 net sales of $7.647 billion on March 24, 2026. (veolia.com) Mark Witkowski, the company’s chief executive, said the company was expanding its role as “a solutions partner for aging water infrastructure.” Ecolab filed its 2025 annual report with the SEC for the year ended Dec. 31, 2025, and describes itself as a provider of water, hygiene and infection-prevention services. (xylem.com) The SEC filing confirms the reporting period used in Bluefield’s fiscal 2025 aggregation, though the public excerpt available here does not show the specific segment totals Bluefield used to classify Ecolab’s water-related revenue. (secure.businesswire.com) ### What does the 38% share tell readers? The 38% figure indicates that most revenue at the 50-company group still comes from activities outside Bluefield’s water classification. That is consistent with Bluefield’s company list, which includes diversified industrial, engineering and environmental-services groups alongside more water-focused operators. The Q4 2025 review names companies ranging from Veolia and Xylem to Autodesk, DuPont, Jacobs and Trimble. (sec.gov) Bluefield says its next update will come through the quarterly refresh cycle for the Top Companies in Water dataset on its Data Navigator platform. Veolia, Xylem, Ecolab and Core & Main will also continue to publish company-by-company financial updates through 2026 earnings releases and annual filings. (bluefieldresearch.com 1) (bluefieldresearch.com 2)