PENTAIR plc
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
PNR$68.12-2.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-25.
0000077360-25-000006
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-24.
0000077360-26-000007
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 187 previous paragraphs and 182 current paragraphs.
108 unchanged; 49 reworded; 21 added; 28 removed; 2 previous and 4 current paragraphs rearranged.
Tables are not compared: 16 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
Effective January 1, 2026, we reorganized the composition of our Flow and Water Solutions reportable segments to move our residential and irrigation flow business from our Flow segment into our Water Solutions segment, reflecting how we expect to manage our business in 2026. The Pool segment remains unchanged. The discussions and figures below refer to the Company’s reportable segment composition as of and prior to December 31, 2025. Additional information regarding this revised segmentation is found under the section titled “2026 Revised Segmentation” in ITEM 1 of this Form 10-K.
Current report
On September 17, 2025, as part of our Flow reportable segment, we completed the acquisition of Hydra-Stop, LLC (“Hydra-Stop”) for $292.1 million in cash, net of cash acquired, and subject to customary adjustments. Hydra-Stop manufactures specialty insertion valves, line stop fittings and installation equipment.
Current report
The 2.3 percent increase in consolidated net sales in 2025 from 2024 was primarily the result of:
Current report
•favorable foreign currency effects compared to the prior year; and
Current report
•decreased sales volume within our Flow and Water Solutions segments compared to the prior year.
Current report
•increased productivity across all our segments mainly driven by transformation initiatives.
Current report
•inflationary cost increases, including higher tariffs, certain raw materials and labor costs; and
Current report
•an impairment charge of $30.9 million related to the write-off of a definite-lived customer relationship intangible asset resulting from a business exit within our Water Solutions segment during the second quarter of 2025; and
Current report
•lower debt levels throughout 2025 compared to 2024 as a result of the repayment of $250.0 million toward the remaining principal under the Term Loan Facility (as defined below) during the second quarter of 2025; and
Current report
•lower interest rates in 2025 compared to 2024.
Current report
•a decrease in the amount of favorable unrecognized tax benefits in 2025 compared to 2024.
Current report
•a decrease in withholding taxes in 2025 compared to 2024.
Current report
•favorable foreign currency effects compared to the prior year; and
Current report
The increase was partially offset by:
Current report
•inflationary cost increases, including higher tariffs and certain raw materials.
Current report
•business exits that occurred during the fourth quarter of 2024 and second quarter of 2025 in our residential and commercial businesses.
Current report
•favorable foreign currency effects compared to the prior year.
Current report
•inflationary cost increases, including higher tariffs and certain raw materials; and
Current report
•inflationary cost increases, including higher tariffs, certain raw materials and labor costs; and
Current report
•productivity eases during the second half of 2025 due to investments in growth initiatives.
Current report
On September 17, 2025, as part of our Flow reportable segment, we completed the acquisition of Hydra-Stop, LLC (“Hydra-Stop”) for $292.1 million in cash, net of cash acquired, and subject to customary adjustments. Hydra-Stop manufactures specialty insertion valves, line stop fittings and installation equipment. We funded the purchase price for this acquisition with cash on hand and borrowings on our revolving credit facility.
Removed paragraphs (28)
Previous report
The 0.5 percent decrease in consolidated net sales in 2024 from 2023 was primarily the result of:
Previous report
•decreased sales volume in our residential flow and industrial solutions businesses within our Flow segment compared to the prior year;
Previous report
•decreased sales volume in our Water Solutions segment compared to the prior year, in addition to a business exit in our residential business in 2024 and the completion of a large project in 2023 within our commercial business that did not recur in 2024; and
Previous report
•a product line exit in our Pool segment that occurred in 2024.
Previous report
•increased sales volume in our commercial flow business within our Flow segment compared to the prior year;
Previous report
•increases in selling prices to mitigate impacts of inflationary costs; and
Previous report
•increased productivity mainly driven by transformation initiatives.
Previous report
•inflationary cost increases related to labor costs and certain raw materials; and
Previous report
•lower variable-rate debt compared to the prior year.
Previous report
•favorable impacts in the prior year that did not recur in the current year, including worthless stock deductions related to exiting certain businesses in our Water Solutions segment and increases in tax basis of assets located in foreign jurisdictions;
Previous report
•withholding taxes primarily related to the repatriation of earnings in 2024 which did not occur in 2023; and
Previous report
•the unfavorable mix of global earnings.
Previous report
•the favorable impact of discrete items that occurred during 2024 primarily related to changes in uncertain tax positions.
Previous report
•decreased sales volume in our residential flow and industrial solutions businesses compared to the prior year.
Previous report
The decrease was partially offset by:
Previous report
•increased sales volume in our commercial flow business compared to the prior year.
Previous report
•increased productivity mainly driven by transformation initiatives; and
Previous report
•increased selling prices to mitigate impacts of inflation.
Previous report
•a business exit in our residential business that occurred in 2024.
Previous report
•increased productivity mainly driven by transformation initiatives; and
Previous report
•increased selling prices to mitigate impacts of inflation.
Previous report
•a product line exit that occurred in 2024.
Previous report
•increased selling prices to mitigate impacts of inflation; and
Previous report
•increased productivity driven by transformation initiatives.
Previous report
On December 2, 2024, as part of our Pool reportable segment, we completed the acquisition of G & F Manufacturing for approximately $116.0 million in cash, net of cash acquired, including an upfront cash payment of $108.0 million. We funded the purchase price for this acquisition with cash on hand.
Previous report
In 2023, net cash provided by operating activities of continuing operations primarily reflects net income from continuing operations, net of non-cash depreciation, definite-lived intangible amortization, asset impairment and deferred income taxes, of $653.1 million. Additionally, we had a cash outflow of $61.3 million as a result of changes in net working capital, primarily due to an increase in accounts receivable and decreases in accounts payable and other current liability balances, partially offset by lower inventory compared to December 31, 2022. Decreases in inventory and accounts payable were primarily related to supply chain efficiencies and improved lead times.
Previous report
We have $19.3 million of senior notes maturing in the next twelve months. We classified this debt as long-term as of December 31, 2024 as we have the intent and ability to refinance such obligations on a long-term basis under the revolving credit facility under the Senior Credit Facility.
Previous report
During 2023, a quantitative assessment was performed. The fair value of each reporting unit was determined using a discounted cash flow analysis and market approach. Projecting discounted future cash flows requires us to make significant estimates regarding future revenues and expenses, projected capital expenditures, changes in working capital and the appropriate discount rate. Use of the market approach consists of comparisons to comparable publicly-traded companies that are similar in size and industry. For the 2023 annual impairment test, the estimated fair value significantly exceeded the carrying value in each of our reporting units, therefore, no impairment charge was required. The non-recurring fair value measurement is a “Level 3” measurement under the fair value hierarchy described in ITEM 8, Note 9 of the Notes to Consolidated Financial Statements.
Reworded paragraphs (49)
Previous wording
Pentair plc and its consolidated subsidiaries (“we,” “us,” “our,” “Pentair” or the “Company”) is a pure play water industrial manufacturing company comprised of three reportable segments: Flow, Water Solutions and Pool. We classify our operations into business segments based primarily on types of products offered and markets served. For the year ended December 31, 2024, the Flow, Water Solutions and Pool reportable segments represented approximately 37%, 28% and 35% of total consolidated net sales, respectively.
Current wording
Pentair plc and its consolidated subsidiaries (“we,” “us,” “our,” “Pentair” or the “Company”) is a pure play water industrial manufacturing company comprised of three reportable segments: Flow, Water Solutions and Pool. We classify our operations into business segments based primarily on types of products offered and markets served. For the year ended December 31, 2025, the Flow, Water Solutions and Pool reportable segments represented approximately 37%, 25% and 38% of total consolidated net sales, respectively.
Previous wording
On December 2, 2024, as part of our Pool reportable segment, we completed the acquisition of G & F Manufacturing, LLC (“G & F Manufacturing”) for $116.0 million in cash, net of cash acquired and subject to customary adjustments. The net purchase price is comprised of an upfront cash payment of $108.0 million, subject to customary adjustments, and the estimated fair value at the acquisition date of a contingent earn-out liability based upon the achievement of certain defined operating results in the two years following the acquisition. G & F Manufacturing manufactures and services pool heat pumps.
Current wording
In December 2024, as part of our Pool reportable segment, we completed the acquisition of G & F Manufacturing, LLC (“G & F Manufacturing”) for $116.0 million in cash, net of cash acquired. The net purchase price was comprised of an upfront cash payment of $108.0 million, and the estimated fair value at the acquisition date of a contingent earn-out liability based upon the achievement of certain defined operating results in the two years following the acquisition. G & F Manufacturing manufactures and services pool heat pumps.
Previous wording
•We have a Transformation Program designed to accelerate growth and drive margin expansion by driving operational excellence, reducing complexity and streamlining our processes. During 2024, we made strategic progress on our Transformation Program initiatives with a focus on our four key themes of pricing excellence, strategic sourcing, operations excellence and organizational effectiveness. We expect to continue to execute on our key Transformation Program initiatives to drive margin expansion and to continue to incur transformation costs in 2025 and beyond.
Current wording
•We have a Transformation Program designed to accelerate growth and drive margin expansion by driving operational excellence, reducing complexity and streamlining our processes. During 2025, we made strategic progress on our Transformation Program initiatives with a focus on our four key themes of pricing excellence, sourcing excellence, operations excellence and organizational effectiveness. We expect to continue executing on our key Transformation Program initiatives to drive margin expansion and to incur transformation costs in 2026 and beyond.
Previous wording
•In 2024, we began using 80/20 guiding principles to enable our Transformation Program. This 80/20 analysis is expected to create value by focusing on key customers and products through quadrant-based strategies. We expect the analysis to result in actions to improve operating performance by driving growth with our highest value customers, reducing lower margin sales and removing complexity in the future.
Current wording
•In 2025, we implemented 80/20 guiding principles to enable our Transformation Program. As we continue to focus on 80/20 principles in 2026, we expect to create value by increasing focus on key customers and products through quadrant-based strategies. This approach will enable improved operating performance by driving margin growth with our highest value customers, reducing lower margin sales and removing complexity in the future.
Previous wording
•In 2024, we executed certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. We expect these actions to continue into 2025 and to drive margin growth.
Current wording
•In 2025, we executed certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. We expect these actions to continue into 2026 and to drive margin expansion.
Previous wording
•During 2024, we experienced inflationary cost increases for certain raw materials as well as logistics and transportation costs. The ongoing volatile market for commodities has the potential to continue to drive price increases in our supply chain. In addition, the current U.S. administration has recently implemented tariffs and has announced the possibility of implementing additional, or increasing current, tariffs; these actions and any reactionary tariff adjustments by other countries may also contribute to inflationary cost increases. As a result, we have taken pricing actions, which may continue going forward, and implemented transformation initiatives that we expect to improve productivity and offset cost increases. We anticipate supply chain pressures and inflationary cost increases due to potential tariffs and pressure on global manufacturing to continue into 2025.
Current wording
•During 2025, we experienced inflationary cost increases for certain raw materials as well as logistics and transportation costs. The ongoing volatile market for commodities has the potential to continue to drive price increases in our supply chain. In addition, the current U.S. administration has implemented tariffs with an ongoing possibility of implementing additional, or increasing current, tariffs. We expect these actions and additional reactionary tariff adjustments by other countries to continue to impact our business and contribute to inflationary cost increases. As a result, we have taken actions to mitigate the impact of tariffs such as pricing increases, inventory pre-buys and supply chain optimization actions, which may continue going forward. In addition, our Transformation Program initiatives are intended to improve productivity and offset cost increases. We anticipate that supply chain pressures and inflationary cost increases resulting from these tariffs, as well as any related impacts on macroeconomic conditions and our business, will likely continue into 2026. In addition, on February 20, 2026, the U.S. Supreme Court struck down certain tariffs imposed under the International Emergency Powers Act. It is unclear at this time what impact this decision will have on our future financial results, including whether we will be able to obtain refunds of amounts previously collected for such tariffs or the level of replacement tariffs the current U.S. Administration imposes through other means.
Previous wording
•Continuing to implement our Transformation Program initiatives that will drive operational excellence, reduce complexity and improve our organizational structure, which includes the focus on 80/20 actions to drive profitable growth; and
Current wording
•Continuing to implement our Transformation Program initiatives to drive operational excellence, reduce complexity and improve our organizational structure, which includes a continued focus on 80/20 guiding principles to drive profitable growth; and
Previous wording
•increased sales volume within our Pool segment due to higher demand compared to the prior year; and
Current wording
•increased sales volume within our Pool segment due to higher demand compared to the prior year.
Previous wording
The 2.2 percentage point increase in gross profit as a percentage of net sales in 2024 from 2023 was primarily the result of:
Current wording
The 1.3 percentage point increase in gross profit as a percentage of net sales in 2025 from 2024 was primarily the result of:
Previous wording
•asset impairment and write-offs of $11.3 million recorded in 2024, compared to $7.0 million recorded in 2023.
Current wording
•asset impairment and write-offs of $17.1 million recorded in 2025, compared to $11.3 million recorded in 2024.
Previous wording
The 0.6 percentage point increase in SG&A expense as a percentage of net sales in 2024 from 2023 was driven by:
Current wording
The 0.4 percentage point increase in SG&A expense as a percentage of net sales in 2025 from 2024 was driven by:
Previous wording
•a reduction in our legal accrual of $7.5 million in 2024, compared to an increase in our legal accrual of $2.2 million in 2023.
Current wording
•an increase in our legal accrual adjustments and settlements of $11.6 million in 2025, compared to a reduction of $7.5 million in 2024.
Previous wording
•restructuring costs of $34.4 million in 2024, compared to $9.1 million in 2023; and
Current wording
•restructuring costs of $31.3 million in 2025, compared to $34.4 million in 2024;
Previous wording
•transformation costs of $52.0 million in 2024, compared to $44.3 million in 2023;
Current wording
•transformation costs of $41.0 million in 2025, compared to $52.0 million in 2024; and
Previous wording
•asset impairment charges of $6.3 million in 2024, compared to $0.9 million in 2023.
Current wording
•asset impairment charges of $1.1 million in 2025, compared to $6.3 million in 2024.
Previous wording
The 25.1 percent decrease in net interest expense in 2024 from 2023 was the result of:
Current wording
The 21.7 percent decrease in net interest expense in 2025 from 2024 was the result of:
Previous wording
The 13.6 percentage point increase in the effective tax rate in 2024 from 2023 was primarily due to:
Current wording
The 1.1 percentage point increase in the effective tax rate in 2025 from 2024 was primarily due to:
Previous wording
A discussion of changes in our consolidated results of operations, segment results of operations and liquidity and capital resources from the year ended December 31, 2023 to December 31, 2022 can be found in Part II, ITEM 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 20, 2024. However, such discussion is not incorporated by reference into, and does not constitute a part of, this Annual Report on Form 10-K.
Current wording
A discussion of changes in our consolidated results of operations and segment results of operations, as well as a year-over-year comparison of balances in our liquidity and capital resources for the years ended December 31, 2024 and December 31, 2023 can be found in Part II, ITEM 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 25, 2025. However, such discussion is not incorporated by reference into, and does not constitute a part of, this Annual Report on Form 10-K.
Previous wording
The 4.3 percent decrease in net sales for Flow in 2024 from 2023 was primarily the result of:
Current wording
The 2.6 percent increase in net sales for Flow in 2025 from 2024 was primarily the result of:
Previous wording
•increased sales due to the acquisition of G & F Manufacturing completed in the fourth quarter of 2024.
Current wording
•increased sales due to the acquisition of Hydra-Stop completed in the third quarter of 2025.
Previous wording
•decreased sales volume compared to the prior year, in addition to the completion of a large project in 2023 within our commercial business that did not recur in 2024;
Current wording
•decreased sales volume compared to the prior year.
Previous wording
The 3.2 percentage point increase in segment income for Flow as a percentage of net sales in 2024 from 2023 was primarily the result of:
Current wording
The 2.3 percentage point increase in segment income for Flow as a percentage of net sales in 2025 from 2024 was primarily the result of:
Previous wording
The 3.9 percent decrease in net sales for Water Solutions in 2024 from 2023 was primarily the result of:
Current wording
The 6.1 percent decrease in net sales for Water Solutions in 2025 from 2024 was primarily the result of:
Previous wording
The 1.6 percentage point increase in segment income for Water Solutions as a percentage of net sales in 2024 from 2023 was primarily the result of:
Current wording
The 1.3 percentage point increase in segment income for Water Solutions as a percentage of net sales in 2025 from 2024 was primarily the result of:
Previous wording
•unfavorable foreign currency effects compared to the prior year; and
Current wording
•unfavorable foreign currency effects compared to the prior year.
Previous wording
The 6.9 percent increase in net sales for Pool in 2024 from 2023 was primarily the result of:
Current wording
The 8.5 percent increase in net sales for Pool in 2025 from 2024 was primarily the result of:
Previous wording
•increased sales due to the acquisition of G & F Manufacturing completed in the fourth quarter of 2024.
Current wording
•increased sales due to the acquisition of G & F Manufacturing completed in the fourth quarter of 2024; and
Previous wording
The 2.2 percentage point increase in segment income for Pool as a percentage of net sales in 2024 from 2023 was primarily the result of:
Current wording
The 0.6 percentage point increase in segment income for Pool as a percentage of net sales in 2025 from 2024 was primarily the result of:
Previous wording
The majority of our backlog is short cycle in nature with shipments within one year from when a customer places an order, and a substantial portion of our revenues has historically resulted from orders received and products delivered in the same month. A portion of our backlog, particularly from orders for major capital projects, can take more than one year from order to delivery depending on the size and type of order. We record, as part of our backlog, all orders from external customers, which represent firm commitments, and are supported by a purchase order or other legitimate contract. Our backlog of orders is dependent upon when customers place orders and is not necessarily an indicator of our expected results for our 2025 net sales. The decrease in our overall backlog from the prior year was primarily driven by our backlog trending down to more historical levels as a result of increased manufacturing capacity and improved lead times within each of our reportable segments as well as timing of delivery of orders associated with certain advance sale (“early buy”) programs within our Pool segment.
Current wording
The majority of our backlog is short cycle in nature with shipments within one year from when a customer places an order, and a substantial portion of our revenues has historically resulted from orders received and products delivered in the same month. A portion of our backlog, particularly from orders for major capital projects, can take more than one year from order to delivery depending on the size and type of order. We record, as part of our backlog, all orders from external customers, which represent firm commitments, and are supported by a purchase order or other legitimate contract. Our backlog of orders is dependent upon when customers place orders and is not necessarily an indicator of our expected results for our 2026 net sales. The decrease in our overall backlog from the prior year was primarily driven by timing of delivery of orders associated with certain advance sale (“early buy”) programs within our Pool segment.
Previous wording
End-user demand for pool equipment in the Pool segment, water solution products in the Water Solutions segment, and residential water supply and agricultural products within the Flow segment follows warm weather trends, with seasonal highs ranging from April to September. The magnitude of the sales spike has historically been partially mitigated by employing some advance sale “early buy” programs (generally including extended payment terms and/or additional discounts). Demand for residential and agricultural water systems is also impacted by weather patterns, particularly by temperature, heavy flooding and droughts.
Current wording
End-user demand for pool equipment in the Pool segment, water solution products in the Water Solutions segment, and residential water supply and agricultural products within the Flow segment follows warm weather trends, with seasonal highs ranging from April to September. The magnitude of the sales spike has historically been partially mitigated by employing advance sale “early buy” programs (generally including extended payment terms and/or additional discounts). Demand for residential and agricultural water systems is also impacted by weather patterns, particularly by temperature, heavy flooding and droughts.
Previous wording
Net cash used for investing activities in 2023 primarily reflects capital expenditures of $76.0 million and cash paid upon the settlement of net investment hedges of $18.5 million, partially offset by proceeds from the sale of property and equipment of $5.6 million.
Current wording
Net cash used for investing activities in 2025 primarily reflects net cash paid of $292.1 million for the Hydra-Stop acquisition, capital expenditures of $68.8 million, cash paid upon the settlement of net investment hedges of $28.9 million and the purchase of investments of $18.0 million.
Previous wording
In 2023, net cash used for financing activities primarily relates to net repayments of revolving long-term debt of $320.0 million and dividend payments of $145.2 million.
Current wording
In 2025, net cash used for financing activities primarily relates to the repayment of $250.0 million toward the remaining principal under the Term Loan Facility (as defined below), a $19.3 million repayment of senior notes, share repurchases of $225.0 million and dividend payments of $164.3 million, partially offset by net borrowings of revolving long-term debt of $268.2 million.
Previous wording
Pentair, Pentair Finance S.à r.l (“PFSA“) and Pentair, Inc. are parties to a credit agreement (the “Senior Credit Facility”), with Pentair as guarantor and PFSA and Pentair, Inc. as borrowers, providing for a $900.0 million senior unsecured revolving credit facility. During 2024, PFSA repaid $200.0 million of term loans under the Senior Credit Facility. The revolving credit facility has a maturity date of December 16, 2026. Borrowings under the Senior Credit Facility bear interest at a rate equal to an alternate base rate, adjusted term secured overnight financing rate, adjusted euro interbank offered rate, adjusted daily simple secured overnight financing rate or central bank rate, plus, in each case, an applicable margin. The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating.
Current wording
Pentair, Pentair Finance S.à r.l (“PFSA“) and Pentair, Inc. are parties to a credit agreement (the “Senior Credit Facility”), with Pentair as guarantor and PFSA and Pentair, Inc. as borrowers, which was amended and restated in May 2025, providing for a $900.0 million senior unsecured revolving credit facility. The Senior Credit Facility has a maturity date of May 5, 2030. Borrowings under the Senior Credit Facility bear interest at a rate equal to an alternate base rate, adjusted term secured overnight financing rate, adjusted euro interbank offered rate, adjusted daily simple secured overnight financing rate or central bank rate, plus, in each case, an applicable margin. The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating.
Previous wording
As of December 31, 2024, total availability under the Senior Credit Facility was $890.5 million. In addition, PFSA has the option to request to increase the revolving credit facility and/or to enter into one or more additional tranches of term loans in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders.
Current wording
As of December 31, 2025, total availability under the Senior Credit Facility was $622.3 million. In addition, PFSA has the option to request to increase the revolving credit facility and/or to enter into one or more additional tranches of term loans in an aggregate amount of up to $450.0 million, subject to customary conditions, including the commitment of the participating lenders.
Previous wording
In addition, Pentair and PFSA are parties to a senior unsecured term loan facility (the “Term Loan Facility”), with PFSA, as borrower, Pentair, as guarantor, providing for an aggregate principal amount of $1.0 billion. The Term Loan Facility has a maturity date of July 28, 2027, with required quarterly installment payments of $6.3 million which began on the last day of the third quarter of 2023 and increased to $12.5 million on the last day of the third quarter of 2024. During 2024, PFSA repaid the remaining $162.5 million of quarterly installments on the Term Loan Facility, such that PFSA is not required to make any further quarterly installment payments. As of December 31, 2024, the remaining obligation of $825.0 million matures on July 28, 2027. The Term Loan Facility bears interest at a rate equal to an alternate base rate, adjusted term secured overnight financing rate, or adjusted daily simple secured overnight financing rate, plus, ineach case, an applicable margin. The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating.
Current wording
In addition, Pentair and PFSA are parties to a senior unsecured term loan facility (the “Term Loan Facility”), with PFSA, as borrower, Pentair, as guarantor, providing for an aggregate principal amount of $1.0 billion. The Term Loan Facility has a maturity date of July 28, 2027, with required quarterly installment payments of $6.3 million which began on the last day of the third quarter of 2023 and increased to $12.5 million on the last day of the third quarter of 2024. During 2024, PFSA repaid the remaining $162.5 million of quarterly installments on the Term Loan Facility, such that PFSA is not required to make any further quarterly installment payments. As of December 31, 2025, the remaining obligation of $575.0 million matures on July 28, 2027. The Term Loan Facility bears interest at a rate equal to an alternate base rate, adjusted term secured overnight financing rate, or adjusted daily simple secured overnight financing rate, plus, ineach case, an applicable margin. The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating.
Previous wording
In addition to the Senior Credit Facility and the Term Loan Facility, we have various other credit facilities with an aggregate availability of $20.8 million, of which there were no outstanding borrowings at December 31, 2024. Borrowings under these credit facilities bear interest at variable rates.
Current wording
In addition to the Senior Credit Facility and the Term Loan Facility, we have various other credit facilities with an aggregate availability of $21.0 million, of which there were no outstanding borrowings at December 31, 2025. Borrowings under these credit facilities bear interest at variable rates.
Previous wording
As of December 31, 2024, we had $89.5 million of cash held in certain countries in which the ability to repatriate is limited due to local regulations or significant potential tax consequences.
Current wording
As of December 31, 2025, we had $75.4 million of cash held in certain countries in which the ability to repatriate is limited due to local regulations or significant potential tax consequences.
Previous wording
In December 2020, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $750.0 million. This authorization expires on December 31, 2025.
Current wording
In December 2020, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $750.0 million (“the 2020 Authorization”). The 2020 Authorization expired on December 31, 2025. In December 2025, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $1.0 billion (the “2025 Authorization”). The 2025 Authorization supplemented the 2020 Authorization and expires on December 31, 2028.
Previous wording
During the year ended December 31, 2023, no ordinary shares were repurchased. During the year ended December 31, 2024, we repurchased 1.6 million of our ordinary shares for $150.0 million. As of December 31, 2024, we had $450.0 million available for share repurchases under this authorization.
Current wording
During the year ended December 31, 2024, we repurchased 1.6 million of our ordinary shares for $150.0 million under the 2020 Authorization. During the year ended December 31, 2025, we repurchased 2.3 million of our ordinary shares for $225.0 million under the 2020 Authorization. As of December 31, 2025, we had $1.0 billion available for share repurchases under the 2025 Authorization.
Previous wording
On December 16, 2024, the Board of Directors approved a regular quarterly cash dividend of $0.25 per share that was paid on February 7, 2025 to shareholders of record at the close of business on January 24, 2025. This dividend reflects a 9 percent increase in the Company’s regular cash dividend rate. The balance of dividends payable included in Other current liabilities on our Consolidated Balance Sheets was $41.2 million at December 31, 2024. Dividends paid per ordinary share were $0.92, $0.88 and $0.84 for the years ended December 31, 2024, 2023 and 2022, respectively.
Current wording
On December 15, 2025, the Board of Directors approved a regular quarterly cash dividend of $0.27 per share that was paid on February 6, 2026 to shareholders of record at the close of business on January 23, 2026. This dividend reflects an 8 percent increase in the Company’s regular cash dividend rate. The balance of dividends payable included in Other current liabilities on our Consolidated Balance Sheets was $44.1 million at December 31, 2025. Dividends paid per ordinary share were $1.00, $0.92 and $0.88 for the years ended December 31, 2025, 2024 and 2023, respectively.
Showing the first 40 of 49 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
•increased selling prices across all our segments to mitigate inflationary cost increases; and
Current report — wording carried from elsewhere
•decreased sales volume compared to the prior year; and
Current report — wording carried from elsewhere
•increased selling prices to mitigate inflationary cost increases;
Current report — wording carried from elsewhere
In 2025, net cash provided by operating activities of continuing operations primarily reflects net income from continuing operations, net of non-cash depreciation, definite-lived intangible amortization and asset impairment, of $816.3 million.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
This decrease was partially offset by:
Previous report — wording carried elsewhere
•increased selling prices to mitigate inflationary cost increases; and