Companies are increasingly setting and pursing ‘water balance targets' as part of their water stewardship strategies. This paper explores the history, challenges and opportunities of water balance targets, and how important it is for such goals to be grounded in the realities of each unique watershed. Leading companies are working to strengthen water balance activities to ensure that the benefits delivered by balance projects are connected to improvements in their own water use, and to meet basin-level challenges shared by their operations, supply chains, local communities, and freshwater ecosystems. While balance targets provide a link between watershed investments and how much water a business consumes, the landscape of water stewardship targets is evolving. Context-based corporate targets that meaningfully address basin challenges are the next step in aligning water stewardship efforts with ensuring the sustainable management of water for all (WWF Description and Introduction).