Waters Corporation (WAT)

NYSE Health Care Life Sciences Tools & Services S&P 500

$457.60

+4.52 (+1.00%)

Close of Nov 06, 2026 · end-of-day data

Source: Waters Corporation's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 03, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$2.17B	$2.31B	$2.42B	$2.41B	$2.37B	$2.79B	$2.97B	$2.96B	$2.96B	$3.17B
Cost of revenue	$891.45M	$947.07M	$992.56M	$1.01B	$1.01B	$1.16B	$1.25B	$1.20B	$1.20B	$1.29B
Gross profit	$1.28B	$1.36B	$1.43B	$1.40B	$1.36B	$1.63B	$1.72B	$1.76B	$1.76B	$1.88B
Research & development	$125.19M	$132.59M	$143.40M	$142.96M	$140.78M	$168.36M	$176.19M	$174.94M	$183.03M	$195.71M
Selling, general & admin	$512.33M	$544.36M	$536.90M	$534.79M	$553.70M	$626.97M	$658.03M	$736.01M	$690.15M	$830.37M
Operating income	$625.04M	$662.20M	$739.77M	$708.46M	$645.49M	$821.71M	$873.39M	$817.68M	$826.35M	$802.59M
Interest expense	$44.91M	$56.84M	$48.64M	$48.69M	$49.07M	$44.94M	$48.80M	$98.86M	$89.68M	$69.55M
Pre-tax income	$600.11M	$641.10M	$682.15M	$678.24M	$610.91M	$806.19M	$837.85M	$736.24M	$754.87M	$754.88M
Income tax	$78.61M	$620.79M	$88.35M	$86.04M	$89.34M	$113.35M	$130.09M	$94.01M	$117.03M	$112.25M
Net income	$521.50M	$20.31M	$593.79M	$592.20M	$521.57M	$692.84M	$707.75M	$642.23M	$637.83M	$642.63M
EBITDA	$676.72M	$723.65M	$797.73M	$762.30M	$714.17M	$893.27M	$945.39M	$902.30M	$913.37M	$890.73M
EPS (basic)	$6.46	$0.25	$7.71	$8.76	$8.40	$11.25	$11.80	$10.87	$10.75	$10.80
EPS (diluted)	$6.41	$0.25	$7.65	$8.69	$8.36	$11.17	$11.73	$10.84	$10.71	$10.76
Diluted shares	81.42M	80.60M	77.62M	68.17M	62.41M	62.03M	60.33M	59.27M	59.55M	59.71M
Gross margin	58.9%	59.0%	59.0%	58.0%	57.4%	58.5%	58.0%	59.6%	59.4%	59.3%
Operating margin	28.8%	28.7%	30.6%	29.4%	27.3%	29.5%	29.4%	27.7%	27.9%	25.4%
Net margin	24.1%	0.9%	24.5%	24.6%	22.1%	24.9%	23.8%	21.7%	21.6%	20.3%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$505.63M	$642.32M	$796.28M	$335.71M	$436.69M	$501.23M	$480.53M	$395.08M	$325.36M	$588.00M
Short-term investments	$2.31B	$2.75B	$938.94M	$1.43M	$6.45M	$68.05M	$862.00K	$898.00K	$934.00K	—
Receivables	$489.34M	$533.83M	$568.32M	$587.73M	$573.32M	$612.65M	$722.89M	$702.17M	$733.37M	$829.00M
Inventory	$262.68M	$270.29M	$291.57M	$320.55M	$304.28M	$356.10M	$455.71M	$516.24M	$477.26M	$572.00M
Total current assets	$3.64B	$4.27B	$2.66B	$1.31B	$1.40B	$1.63B	$1.76B	$1.75B	$1.67B	$2.15B
Goodwill	$352.08M	$359.82M	$355.61M	$356.13M	$444.36M	$437.87M	$430.33M	$1.31B	$1.30B	$1.34B
Total assets	$4.66B	$5.32B	$3.73B	$2.56B	$2.84B	$3.09B	$3.28B	$4.63B	$4.55B	$5.08B
Total current liabilities	$520.32M	$606.16M	$448.93M	$591.33M	$804.98M	$680.51M	$785.74M	$789.58M	$789.76M	$1.24B
Short-term debt	$125.30M	$100.27M	$178.00K	$100.37M	$150.00M	$0	—	—	—	—
Long-term debt	$1.70B	$1.90B	$1.15B	$1.58B	$1.21B	$1.51B	$1.52B	$2.31B	$1.63B	$947.00M
Total debt	$1.83B	$2.00B	$1.15B	$1.68B	$1.36B	$1.51B	$1.52B	$2.31B	$1.63B	$947.00M
Total liabilities	$2.36B	$3.09B	$2.16B	$2.77B	$2.61B	$2.73B	$2.78B	$3.48B	$2.73B	$2.52B
Shareholders' equity	$2.30B	$2.23B	$1.57B	-$216.28M	$232.14M	$367.55M	$504.49M	$1.15B	$1.83B	$2.56B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$642.92M	$697.64M	$604.45M	$643.09M	$790.51M	$747.27M	$611.66M	$602.81M	$762.12M	$652.55M
Capital expenditures	—	—	—	—	—	—	—	$160.63M	$142.48M	$112.75M
Free cash flow	$642.92M	$697.64M	$604.45M	$643.09M	$790.51M	$747.27M	$611.66M	$442.18M	$619.64M	$539.81M
Investing cash flow	-$487.92M	-$535.75M	$1.68B	$768.80M	-$264.09M	-$231.63M	-$107.97M	-$1.44B	-$143.09M	-$152.25M
Financing cash flow	-$115.70M	-$63.87M	-$2.12B	-$1.87B	-$440.50M	-$438.27M	-$509.63M	$754.95M	-$696.67M	-$237.21M
Share buybacks	$325.76M	$332.54M	$1.32B	$2.47B	$196.41M	$648.93M	$626.06M	$70.28M	$13.54M	$14.67M
Stock-based compensation	$41.00M	$39.44M	$37.54M	$38.58M	$36.87M	$29.92M	$42.56M	$36.87M	$44.71M	$54.13M
Depreciation & amortization	$51.68M	$61.45M	$57.95M	$53.84M	$68.69M	$71.56M	$72.00M	$84.62M	$87.02M	$88.14M

Income statement

quarters · USD

Quarter ended	Sep 2024	Sep 2024	Dec 2024	Mar 2025	Mar 2025	Jun 2025	Jun 2025	Sep 2025	Sep 2025	Dec 2025	Apr 2026	Jul 2026
Revenue	$740.30M	$740.30M	$872.71M	$662.00M	$661.71M	$771.00M	$771.33M	$799.89M	$799.89M	$932.36M	$1.27B	$1.65B
Cost of revenue	$301.65M	$301.65M	$348.52M	$276.75M	$276.75M	$321.41M	$321.41M	$327.81M	$327.81M	$362.86M	—	—
Gross profit	$438.65M	$438.65M	$524.20M	$385.25M	$384.96M	$449.59M	$449.93M	$472.08M	$472.08M	$569.50M	—	—
Research & development	$45.34M	$45.34M	$46.91M	$47.00M	$46.62M	$49.00M	$48.55M	$53.64M	$53.64M	$46.90M	$96.00M	$122.00M
Selling, general & admin	$169.10M	$169.10M	$173.27M	$174.00M	$174.88M	$198.00M	$201.26M	$214.23M	$214.23M	$240.01M	$387.00M	$405.00M
Operating income	$211.13M	$211.13M	$292.26M	$152.00M	$151.75M	$188.00M	$188.21M	$192.11M	$192.11M	$270.52M	-$47.00M	-$86.00M
Interest expense	$21.43M	$21.43M	$19.00M	$14.00M	$14.27M	$15.00M	$14.35M	$26.64M	$26.64M	$14.29M	$48.00M	$60.00M
Pre-tax income	$193.62M	$193.62M	$276.98M	$143.00M	$142.89M	$178.00M	$177.69M	$170.12M	$170.12M	$264.18M	-$88.00M	-$141.00M
Income tax	$32.11M	$32.11M	$45.59M	$22.00M	$21.51M	$31.00M	$30.58M	$21.20M	$21.20M	$38.97M	-$16.00M	-$5.00M
Net income	$161.50M	$161.50M	$231.40M	$121.00M	$121.38M	$147.00M	$147.11M	$148.92M	$148.92M	$225.21M	-$72.00M	-$136.00M
EBITDA	$231.44M	$231.44M	$314.60M	$174.00M	$173.75M	$210.00M	$210.21M	$214.32M	$214.32M	$292.45M	-$11.00M	-$51.00M
EPS (basic)	$2.72	$2.72	$3.90	$2.04	$2.04	$2.47	$2.47	$2.50	$2.50	$3.78	$-0.87	$-1.39
EPS (diluted)	$2.71	$2.71	$3.88	$2.03	$2.03	$2.47	$2.47	$2.50	$2.50	$3.77	$-0.87	$-1.39
Diluted shares	59.50M	59.50M	59.65M	59.71B	59.71M	59.66B	59.66M	59.62M	59.62M	59.76M	82.14B	98.20B
Gross margin	59.3%	59.3%	60.1%	58.2%	58.2%	58.3%	58.3%	59.0%	59.0%	61.1%	—	—
Operating margin	28.5%	28.5%	33.5%	23.0%	22.9%	24.4%	24.4%	24.0%	24.0%	29.0%	-3.7%	-5.2%
Net margin	21.8%	21.8%	26.5%	18.3%	18.3%	19.1%	19.1%	18.6%	18.6%	24.2%	-5.7%	-8.3%

Balance sheet

quarters · USD

Quarter ended	Sep 2024	Sep 2024	Dec 2024	Mar 2025	Mar 2025	Jun 2025	Jun 2025	Sep 2025	Sep 2025	Dec 2025	Apr 2026	Jul 2026
Cash & equivalents	$330.51M	$330.51M	$325.36M	$382.87M	$382.87M	$367.21M	$367.21M	$459.12M	$459.12M	$588.00M	$462.00M	$539.00M
Short-term investments	$944.00K	$944.00K	$934.00K	—	—	—	—	—	—	—	—	—
Receivables	$669.53M	$669.53M	$733.37M	$713.28M	$713.28M	$730.07M	$730.07M	$748.52M	$748.52M	$829.00M	$673.00M	$1.99B
Inventory	$518.99M	$518.99M	$477.26M	$511.50M	$511.50M	$540.75M	$540.75M	$572.94M	$572.94M	$572.00M	$1.50B	$1.38B
Total current assets	$1.65B	$1.65B	$1.67B	$1.74B	$1.74B	$1.78B	$1.78B	$1.92B	$1.92B	$2.15B	$4.06B	$4.46B
Goodwill	$1.31B	$1.31B	$1.30B	$1.30B	$1.30B	$1.34B	$1.34B	$1.34B	$1.34B	$1.34B	$9.32B	$9.42B
Total assets	$4.51B	$4.51B	$4.55B	$4.59B	$4.59B	$4.72B	$4.72B	$4.86B	$4.86B	$5.08B	$24.53B	$24.75B
Total current liabilities	$816.04M	$816.04M	$789.76M	$960.97M	$960.97M	$1.02B	$1.02B	$1.25B	$1.25B	$1.24B	$2.27B	$2.40B
Long-term debt	$1.83B	$1.83B	$1.63B	$1.36B	$1.36B	$1.20B	$1.20B	$947.21M	$947.21M	$947.00M	$4.86B	$4.89B
Total debt	$1.83B	$1.83B	$1.63B	$1.36B	$1.36B	$1.20B	$1.20B	$947.21M	$947.21M	$947.00M	$4.86B	$4.89B
Total liabilities	$2.91B	$2.91B	$2.73B	$2.63B	$2.63B	$2.56B	$2.56B	$2.53B	$2.53B	$2.52B	$9.24B	$9.56B
Shareholders' equity	$1.60B	$1.60B	$1.83B	$1.96B	$1.96B	$2.16B	$2.16B	$2.33B	$2.33B	$2.56B	$15.29B	$15.20B

Cash flow

quarters · USD

Quarter ended	Sep 2024	Sep 2024	Dec 2024	Mar 2025	Mar 2025	Jun 2025	Jun 2025	Sep 2025	Sep 2025	Dec 2025	Apr 2026	Jul 2026
Operating cash flow	$204.58M	$204.58M	$240.14M	$260.00M	$260.00M	$41.00M	$41.00M	$187.00M	$187.00M	$164.55M	-$3.00M	$201.00M
Capital expenditures	—	—	—	$26.00M	$26.00M	$23.00M	$23.00M	—	—	—	$39.00M	$48.00M
Free cash flow	$204.58M	$204.58M	$240.14M	$234.00M	$234.00M	$18.00M	$18.00M	$187.00M	$187.00M	$164.55M	-$42.00M	$153.00M
Investing cash flow	-$26.05M	-$26.05M	-$51.18M	-$26.00M	-$26.00M	-$59.00M	-$59.00M	-$25.12M	-$25.12M	-$42.13M	$95.00M	$2.00M
Financing cash flow	-$176.88M	-$176.88M	-$193.58M	-$173.00M	-$173.00M	-$1.00M	-$1.00M	-$66.54M	-$66.54M	$3.34M	-$213.00M	-$124.00M
Share buybacks	$141.00K	$141.00K	$66.00K	$14.00M	$14.00M	$0	$0	$523.00K	$523.00K	$144.00K	$12.00M	$2.00M
Stock-based compensation	$10.65M	$10.65M	$11.72M	$13.00M	$13.00M	$13.00M	$13.00M	$13.62M	$13.62M	$14.50M	$20.00M	$25.00M
Depreciation & amortization	$20.30M	$20.30M	$22.34M	$22.00M	$22.00M	$22.00M	$22.00M	$22.21M	$22.21M	$21.93M	$36.00M	$35.00M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.