Waters Corp
WAT- Exchange
- NYSE
- Industry
- Laboratory Analytical Instruments
- SEC CIK
- 0001000697
No open-market purchases or sales by Waters Corp insiders were filed in the last 90 days; 1,189 institutions reported holding it in 13F filings for Q2 2026, worth $37.3B in total; 3 superinvestors hold it, including Fundsmith and Viking Global Investors.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Nov 11, 2026, 1:12 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 9, 2026 | Feb 12, 2025 | Feb 6, 2024 | Feb 15, 2023 | Feb 1, 2022 |
| Revenue | $3.17B | $2.96B | $2.96B | $2.97B | $2.79B |
| Cost of revenue | $1.29B | $1.20B | $1.20B | $1.25B | $1.16B |
| Research and development | $195.7M | $183.0M | $174.9M | $176.2M | $168.4M |
| Selling, general and administrative | $830.4M | $690.1M | $736.0M | $658.0M | $627.0M |
| Operating income | $802.6M | $826.4M | $817.7M | $873.4M | $821.7M |
| Interest expense | $69.5M | $89.7M | $98.9M | $48.8M | $44.9M |
| Income tax | $112.2M | $117.0M | $94.0M | $130.1M | $113.3M |
| Net income | $642.6M | $637.8M | $642.2M | $707.8M | $692.8M |
| EPS, basic | $10.80 | $10.75 | $10.87 | $11.80 | $11.25 |
| EPS, diluted | $10.76 | $10.71 | $10.84 | $11.73 | $11.17 |
| Weighted shares, basic | 59.5M | 59.3M | 59.1M | 60.0M | 61.6M |
| Weighted shares, diluted | 59.7M | 59.6M | 59.3M | 60.3M | 62.0M |
| Margins and growth | |||||
| Operating margin | 25.4% | 27.9% | 27.7% | 29.4% | 29.5% |
| Net margin | 20.3% | 21.6% | 21.7% | 23.8% | 24.9% |
| Revenue growth, year over year | +7.0% | +0.1% | −0.5% | +6.7% | +17.8% |
| Net income growth, year over year | +0.8% | −0.7% | −9.3% | +2.2% | +32.8% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 9, 2026 | Feb 12, 2025 | Feb 6, 2024 | Feb 15, 2023 | Feb 1, 2022 |
| Cash and equivalents | $587.8M | $324.4M | $395.1M | $480.5M | $501.2M |
| Short-term investments | – | $934.0K | $898.0K | $862.0K | $68.1M |
| Accounts receivable | $828.8M | $733.4M | $702.2M | $722.9M | $612.6M |
| Inventory | $572.4M | $477.3M | $516.2M | $455.7M | $356.1M |
| Total current assets | $2.15B | $1.67B | $1.75B | $1.76B | $1.63B |
| Property, plant and equipment | $642.0M | $651.2M | $639.1M | $582.2M | $547.9M |
| Goodwill | $1.34B | $1.30B | $1.31B | $430.3M | $437.9M |
| Intangible assets | $558.2M | $567.9M | $629.2M | $227.4M | $242.4M |
| Total assets | $5.08B | $4.55B | $4.63B | $3.28B | $3.09B |
| Accounts payable | $103.8M | $99.9M | $84.7M | $93.3M | $96.8M |
| Short-term debt | – | – | – | – | $0 |
| Total current liabilities | $1.24B | $789.8M | $789.6M | $785.7M | $680.5M |
| Long-term debt | $947.4M | $1.63B | $2.31B | $1.52B | $1.51B |
| Total liabilities | $2.52B | $2.73B | $3.48B | $2.78B | $2.73B |
| Shareholders' equity | $2.56B | $1.83B | $1.15B | $504.5M | $367.6M |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 9, 2026 | Feb 12, 2025 | Feb 6, 2024 | Feb 15, 2023 | Feb 1, 2022 |
| Operating cash flow | $652.6M | $762.1M | $602.8M | $611.7M | $747.3M |
| Capital expenditures | $112.7M | – | – | – | – |
| Free cash flow | $539.8M | – | – | – | – |
| Stock-based compensation | $54.1M | $44.7M | $36.9M | $42.6M | $29.9M |
| Share buybacks | $14.7M | $13.5M | $70.3M | $626.1M | $648.9M |
| Investing cash flow | -$152.3M | -$144.0M | -$1.44B | -$108.0M | -$231.6M |
| Financing cash flow | -$237.2M | -$696.7M | $755.0M | -$509.6M | -$438.3M |
| Net change in cash | $262.5M | -$70.7M | -$85.5M | -$20.7M | $64.5M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 1.7% | 1.5% | 1.2% | 1.4% | 1.1% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.