Waters Corp (WAT) Financial Statements
Industry: Laboratory Analytical Instruments
In fiscal 2025, Waters reported revenue of $3.17B, up 7.0% from $2.96B the year before. Net income was $642.6M (a 20.3% net margin), or $10.76 per diluted share. Gross margin was 59.3% and operating margin was 25.4%. Operating activities generated $652.6M of cash, leaving $539.8M of free cash flow. At fiscal year end, Waters held $5.08B in total assets against $2.52B in total liabilities, including $587.8M of cash and equivalents.
Open the full interactive Waters financials → Quarterly statements, key ratios, valuation history and price charts.
Waters Key Stats
| Share Price | $429.17 |
|---|---|
| Market Cap | $42.15B |
| P/E Ratio | 39.9 |
| Revenue YoY Growth | +7.0% |
| 52-Week Range | $283.32 – $443.26 |
| Shares Outstanding | 98.2 million (basic, 2026 Q2) |
Waters Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $2.37B | $2.79B | $2.97B | $2.96B | $2.96B | $3.17B |
| Cost of Goods Sold | $1.01B | $1.16B | $1.25B | $1.20B | $1.20B | $1.29B |
| Gross Profit | $1.36B | $1.63B | $1.72B | $1.76B | $1.76B | $1.88B |
| Operating Income | $645.5M | $821.7M | $873.4M | $817.7M | $826.4M | $802.6M |
| Pre-Tax Income | $610.9M | $806.2M | $837.8M | $736.2M | $754.9M | $754.9M |
| Income Tax | $89.3M | $113.3M | $130.1M | $94.0M | $117.0M | $112.2M |
| Net Income | $521.6M | $692.8M | $707.8M | $642.2M | $637.8M | $642.6M |
| Diluted EPS | $8.36 | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 |
Waters Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $799.9M | $932.4M | $1.27B | $1.65B |
| Net Income | $148.9M | $225.2M | -$72.0M | -$136.0M |
| Diluted EPS | $2.50 | $3.77 | -$0.87 | -$1.39 |
Waters Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $436.7M | $501.2M | $480.5M | $395.1M | $324.4M | $587.8M |
| Current Assets | $1.40B | $1.63B | $1.76B | $1.75B | $1.67B | $2.15B |
| Total Assets | $2.84B | $3.09B | $3.28B | $4.63B | $4.55B | $5.08B |
| Current Liabilities | $805.0M | $680.5M | $785.7M | $789.6M | $789.8M | $1.24B |
| Total Long-Term Debt | $1.36B | $1.52B | $1.58B | $2.36B | $1.63B | $1.41B |
| Total Liabilities | $2.61B | $2.73B | $2.78B | $3.48B | $2.73B | $2.52B |
| Shareholders' Equity | $232.1M | $367.6M | $504.5M | $1.15B | $1.83B | $2.56B |
Waters Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $790.5M | $747.3M | $611.7M | $602.8M | $762.1M | $652.6M |
| Cash From Investing | -$264.1M | -$231.6M | -$108.0M | -$1.44B | -$144.0M | -$152.3M |
| Cash From Financing | -$440.5M | -$438.3M | -$509.6M | $755.0M | -$696.7M | -$237.2M |
| Free Cash Flow | — | — | — | — | — | $539.8M |
Figures from Waters' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Waters financials page for every line item.
Waters Company Profile
| Ticker | WAT |
|---|---|
| Exchange | NYSE |
| Industry | Laboratory Analytical Instruments |
| Headquarters | Milford, Massachusetts |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001000697 |
Frequently Asked Questions
What was Waters' revenue in fiscal 2025?
Waters (WAT) reported revenue of $3.17B for fiscal 2025.
What is Waters' annual revenue history?
Waters' annual revenue by fiscal year: 2020: $2.37B; 2021: $2.79B; 2022: $2.97B; 2023: $2.96B; 2024: $2.96B; 2025: $3.17B.
What was Waters' net income in fiscal 2025?
Waters reported net income of $642.6M for fiscal 2025.
What was Waters' earnings per share (EPS) in fiscal 2025?
Waters' diluted EPS was $10.76 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Waters generate in fiscal 2025?
Waters generated $539.8M of free cash flow in fiscal 2025.
What was Waters' revenue last quarter?
In its most recent reported quarter (2026 Q2), Waters reported revenue of $1.65B.
How much debt does Waters have?
Waters reported $1.41B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Waters are outstanding?
Waters reported a weighted average of 98.2 million basic shares outstanding in 2026 Q2.
What is Waters' market cap?
Based on its latest closing price, Waters (WAT) has a market capitalization of about $42.15B.
When does Waters' fiscal year end?
Waters' fiscal year end, as registered with the SEC, is December 31.
Where is Waters headquartered?
Waters lists its business address in Milford, Massachusetts in its SEC filings.