Waters Corporation (WAT) reported $4.64B of revenue for the twelve months ended Jul 4, 2026. That is up 52.5% from the year before. Revenue for fiscal 2025 was $3.17B.

Yes. Waters Corporation earned $166.14M in net income for the twelve months ended Jul 4, 2026, a net margin of 3.6%.

How much cash and debt does WAT have?

Waters Corporation reported $539.00M in cash and cash equivalents and $4.89B of debt on its most recent balance sheet in SEC filings.

How fast is WAT revenue growing?

Waters Corporation's revenue changed +7.0% in fiscal 2025, to $3.17B. Its compound annual growth rate was +6.0% over 5 years and +4.5% over 10 years.

What is WAT earnings per share?

Diluted earnings per share were $4.01 for the twelve months ended Jul 4, 2026, from SEC filings, restated for any stock split those filings show.

When did WAT last report financial results?

The latest statements here come from Waters Corporation's 10-Q filed on Aug 11, 2026, covering the period ended Jul 4, 2026.

Where does this WAT financial data come from?

Quantisnow builds these statements from the structured XBRL data Waters Corporation files with the SEC. It is provided for information only and is not investment advice.

Financials · WAT

Waters Corporation (WAT) financials

For the twelve months ended Jul 4, 2026, Waters Corporation reported $4.64B of revenue and $166.14M of net income.

Revenue, TTM: $4.64B
Revenue growth, YoY: +52.5%
Net income, TTM: $166.14M
Net income growth, YoY: -74.9%
Net margin: 3.6%
EPS, diluted, TTM: $4.01
Cash: $539.00M
Total debt: $4.89B
P/E: 270.61
P/S: 9.68
Market cap: $44.96B

Annual revenue$3.17B

FY2016FY2025

Annual net income$642.63M

FY2016FY2025

Annual free cash flow$539.81M

FY2023FY2025

WAT revenue and earnings growth

WAT revenueQ2 2026$1.65B

Quarter YoY: +113.4%
QoQ: +29.8%
FY YoY: +7.0%
5Y CAGR: +6.0%
10Y CAGR: +4.5%

WAT revenue was $1.65B in fiscal Q2 2026 (ended Jul 4, 2026), up 113.4% from a year earlier and up 29.8% from the prior quarter. For the full fiscal 2025 it was $3.17B, up 7.0% from fiscal 2024. Compound annual growth was +6.0% over 5 years and +4.5% over 10 years. It rose in 7 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

WAT net incomeQ2 2026-$136.00M

FY YoY: +0.8%
5Y CAGR: +4.3%
10Y CAGR: +3.2%

WAT net income was -$136.00M in fiscal Q2 2026 (ended Jul 4, 2026), compared with $147.00M a year earlier. For the full fiscal 2025 it was $642.63M, up 0.8% from fiscal 2024. Compound annual growth was +4.3% over 5 years and +3.2% over 10 years. It rose in 5 of the last 10 fiscal years.

WAT EPSQ2 2026-$1.39

FY YoY: +0.5%
5Y CAGR: +5.2%
10Y CAGR: +6.7%

WAT diluted EPS was -$1.39 in fiscal Q2 2026 (ended Jul 4, 2026). For the full fiscal 2025 it was $10.76, up 0.5% from fiscal 2024. Compound annual growth was +5.2% over 5 years and +6.7% over 10 years.

WAT free cash flowQ2 2026$153.00M

Quarter YoY: +750.0%
FY YoY: -12.9%

WAT free cash flow was $153.00M in fiscal Q2 2026 (ended Jul 4, 2026), up 750.0% from a year earlier. For the full fiscal 2025 it was $539.81M, down 12.9% from fiscal 2024.

Export CSV

Income statement

Income statement
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue	$3.17B	$2.96B	$2.96B	$2.97B	$2.79B	$2.37B	$2.41B	$2.42B	$2.31B	$2.17B
Cost of revenue	$1.29B	$1.20B	$1.20B	$1.25B	$1.16B	$1.01B	$1.01B	$992.56M	$947.07M	$891.45M
Gross profit	$1.88B	$1.76B	$1.76B	$1.72B	$1.63B	$1.36B	$1.40B	$1.43B	$1.36B	$1.28B
Research and development	$195.71M	$183.03M	$174.94M	$176.19M	$168.36M	$140.78M	$142.96M	$143.40M	$132.59M	$125.19M
Selling, general and admin	$830.37M	$690.15M	$736.01M	$658.03M	$626.97M	$553.70M	$534.79M	$536.90M	$544.36M	$512.33M
Operating income	$802.59M	$826.35M	$817.68M	$873.39M	$821.71M	$645.49M	$708.46M	$739.77M	$662.20M	$625.04M
Interest expense	$69.55M	$89.68M	$98.86M	$48.80M	$44.94M	$49.07M	$48.69M	$48.64M	$56.84M	$44.91M
Pre-tax income	$754.88M	$754.87M	$736.24M	$837.85M	$806.19M	$610.91M	$678.24M	$682.15M	$641.10M	$600.11M
Income tax	$112.25M	$117.03M	$94.01M	$130.09M	$113.35M	$89.34M	$86.04M	$88.35M	$620.79M	$78.61M
Net income	$642.63M	$637.83M	$642.23M	$707.75M	$692.84M	$521.57M	$592.20M	$593.79M	$20.31M	$521.50M
EPS, basic	$10.80	$10.75	$10.87	$11.80	$11.25	$8.40	$8.76	$7.71	$0.25	$6.46
EPS, diluted	$10.76	$10.71	$10.84	$11.73	$11.17	$8.36	$8.69	$7.65	$0.25	$6.41
Diluted shares	59.7M	59.6M	59.3M	60.3M	62.0M	62.4M	68.2M	77.6M	80.6M	81.4M

Balance sheet

Balance sheet
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Cash and equivalents	$588.00M	$325.00M	$395.08M	$480.53M	$501.23M	$436.69M	$335.71M	$796.28M	$642.32M	$505.63M
Short-term investments	-	$934.0K	$898.0K	$862.0K	$68.05M	$6.45M	$1.43M	$938.94M	$2.75B	$2.31B
Receivables	$829.00M	$733.37M	$702.17M	$722.89M	$612.65M	$573.32M	$587.73M	$568.32M	$533.83M	$489.34M
Inventory	$572.00M	$477.26M	$516.24M	$455.71M	$356.10M	$304.28M	$320.55M	$291.57M	$270.29M	$262.68M
Current assets	$2.15B	$1.67B	$1.75B	$1.76B	$1.63B	$1.40B	$1.31B	$2.66B	$4.27B	$3.64B
Goodwill	$1.34B	$1.30B	$1.31B	$430.33M	$437.87M	$444.36M	$356.13M	$355.61M	$359.82M	$352.08M
Total assets	$5.08B	$4.55B	$4.63B	$3.28B	$3.09B	$2.84B	$2.56B	$3.73B	$5.32B	$4.66B
Current liabilities	$1.24B	$789.76M	$789.58M	$785.74M	$680.51M	$804.98M	$591.33M	$448.93M	$606.16M	$520.32M
Short-term debt	-	-	-	-	$0	$150.00M	$100.37M	$178.0K	$100.27M	$125.30M
Long-term debt	$947.00M	$1.63B	$2.31B	$1.52B	$1.51B	$1.21B	$1.58B	$1.15B	$1.90B	$1.70B
Total debt	$947.00M	$1.63B	$2.31B	$1.52B	$1.51B	$1.36B	$1.68B	$1.15B	$2.00B	$1.83B
Total liabilities	$2.52B	$2.73B	$3.48B	$2.78B	$2.73B	$2.61B	$2.77B	$2.16B	$3.09B	$2.36B
Shareholders' equity	$2.56B	$1.83B	$1.15B	$504.49M	$367.55M	$232.14M	-$216.28M	$1.57B	$2.23B	$2.30B

Cash flow

Cash flow
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Operating cash flow	$652.55M	$762.12M	$602.81M	$611.66M	$747.27M	$790.51M	$643.09M	$604.45M	$697.64M	$642.92M
Capital expenditures	$112.75M	$142.48M	$160.63M	-	-	-	-	-	-	-
Free cash flow	$539.81M	$619.64M	$442.18M	-	-	-	-	-	-	-
Investing cash flow	-$152.25M	-$143.09M	-$1.44B	-$107.97M	-$231.63M	-$264.09M	$768.80M	$1.68B	-$535.75M	-$487.92M
Financing cash flow	-$237.21M	-$696.67M	$754.95M	-$509.63M	-$438.27M	-$440.50M	-$1.87B	-$2.12B	-$63.87M	-$115.70M
Share repurchases	$14.67M	$13.54M	$70.28M	$626.06M	$648.93M	$196.41M	$2.47B	$1.32B	$332.54M	$325.76M
Stock-based compensation	$54.13M	$44.71M	$36.87M	$42.56M	$29.92M	$36.87M	$38.58M	$37.54M	$39.44M	$41.00M

Key ratios

Key ratios
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue growth, YoY	7.0%	0.1%	-0.5%	6.7%	17.8%	-1.7%	-0.6%	4.8%	6.5%	6.1%
Net income growth, YoY	0.8%	-0.7%	-9.3%	2.2%	32.8%	-11.9%	-0.3%	2823.5%	-96.1%	11.2%
EPS growth, YoY	0.5%	-1.2%	-7.6%	5.0%	33.6%	-3.8%	13.6%	2960.0%	-96.1%	13.5%
Gross margin	59.3%	59.4%	59.6%	58.0%	58.5%	57.4%	58.0%	59.0%	59.0%	58.9%
Operating margin	25.4%	27.9%	27.7%	29.4%	29.5%	27.3%	29.4%	30.6%	28.7%	28.8%
Net margin	20.3%	21.6%	21.7%	23.8%	24.9%	22.1%	24.6%	24.5%	0.9%	24.1%
Free cash flow margin	17.1%	20.9%	15.0%	-	-	-	-	-	-	-
Return on equity	25.1%	34.9%	55.8%	140.3%	188.5%	224.7%	-	37.9%	0.9%	22.7%
Return on assets	12.7%	14.0%	13.9%	21.6%	22.4%	18.4%	23.2%	15.9%	0.4%	11.2%
Current ratio	1.73	2.11	2.22	2.24	2.39	1.74	2.22	5.93	7.04	6.99
Debt to equity	0.37	0.89	2.00	3.02	4.12	5.84	-	0.73	0.89	0.79

Income statement

Income statement
Line item	Q2 2026 Jul 4, 2026	Q1 2026 Apr 4, 2026	Q4 2025 Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 28, 2025	Q1 2025 Mar 31, 2025	Q4 2024 Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 29, 2024	Q1 2024 Mar 31, 2024	Q4 2023 Dec 31, 2023	Q3 2023 Sep 30, 2023
Revenue	$1.65B	$1.27B	$932.36M	$799.89M	$771.00M	$661.71M	$872.71M	$740.30M	$708.53M	$636.84M	$819.47M	$711.69M
Cost of revenue	-	-	$362.86M	$327.81M	$321.41M	$276.75M	$348.52M	$301.65M	$288.24M	$261.79M	$318.36M	$291.41M
Gross profit	-	-	$569.50M	$472.08M	$449.59M	$384.96M	$524.20M	$438.65M	$420.29M	$375.05M	$501.11M	$420.29M
Research and development	$122.00M	$96.00M	$46.90M	$53.64M	$49.00M	$46.62M	$46.91M	$45.34M	$46.18M	$44.59M	$44.39M	$41.99M
Selling, general and admin	$405.00M	$387.00M	$240.01M	$214.23M	$198.00M	$174.88M	$173.27M	$169.10M	$173.25M	$174.54M	$180.36M	$186.75M
Operating income	-$86.00M	-$47.00M	$270.52M	$192.11M	$188.00M	$151.75M	$292.26M	$211.13M	$189.11M	$133.85M	$264.22M	$179.43M
Interest expense	$60.00M	$48.00M	$14.29M	$26.64M	$15.00M	$14.27M	$19.00M	$21.43M	$23.73M	$25.52M	$30.70M	$30.44M
Pre-tax income	-$141.00M	-$88.00M	$264.18M	$170.12M	$178.00M	$142.89M	$276.98M	$193.62M	$169.41M	$114.86M	$237.60M	$153.19M
Income tax	-$5.00M	-$16.00M	$38.97M	$21.20M	$31.00M	$21.51M	$45.59M	$32.11M	$26.68M	$12.66M	$21.39M	$18.64M
Net income	-$136.00M	-$72.00M	$225.21M	$148.92M	$147.00M	$121.38M	$231.40M	$161.50M	$142.74M	$102.20M	$216.21M	$134.55M
EPS, basic	-$1.39	-$0.87	$3.78	$2.50	$2.47	$2.04	$3.90	$2.72	$2.41	$1.73	$3.66	$2.28
EPS, diluted	-$1.39	-$0.87	$3.77	$2.50	$2.47	$2.03	$3.88	$2.71	$2.40	$1.72	$3.65	$2.27
Diluted shares	98.20B	82.14B	59.8M	59.6M	59.7M	59.7M	59.6M	59.5M	59.5M	59.4M	59.3M	59.3M

Balance sheet

Balance sheet
Line item	Q2 2026 Jul 4, 2026	Q1 2026 Apr 4, 2026	Q4 2025 Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 28, 2025	Q1 2025 Mar 31, 2025	Q4 2024 Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 29, 2024	Q1 2024 Mar 31, 2024	Q4 2023 Dec 31, 2023	Q3 2023 Sep 30, 2023
Cash and equivalents	$539.00M	$462.00M	$588.00M	$459.12M	$367.00M	$383.00M	$325.00M	$330.51M	$326.43M	$337.29M	$395.08M	$336.41M
Short-term investments	-	-	-	-	-	-	$934.0K	$944.0K	$934.0K	$923.0K	$898.0K	$898.0K
Receivables	$1.99B	$673.00M	$829.00M	$748.52M	$730.07M	$713.28M	$733.37M	$669.53M	$610.09M	$626.33M	$702.17M	$631.28M
Inventory	$1.38B	$1.50B	$572.00M	$572.94M	$540.75M	$511.50M	$477.26M	$518.99M	$522.93M	$538.63M	$516.24M	$544.40M
Current assets	$4.46B	$4.06B	$2.15B	$1.92B	$1.78B	$1.74B	$1.67B	$1.65B	$1.60B	$1.64B	$1.75B	$1.63B
Goodwill	$9.42B	$9.32B	$1.34B	$1.34B	$1.34B	$1.30B	$1.30B	$1.31B	$1.30B	$1.30B	$1.31B	$1.31B
Total assets	$24.75B	$24.53B	$5.08B	$4.86B	$4.72B	$4.59B	$4.55B	$4.51B	$4.45B	$4.51B	$4.63B	$4.50B
Current liabilities	$2.40B	$2.27B	$1.24B	$1.25B	$1.02B	$960.97M	$789.76M	$816.04M	$762.53M	$848.46M	$789.58M	$745.03M
Long-term debt	$4.89B	$4.86B	$947.00M	$947.21M	$1.20B	$1.36B	$1.63B	$1.83B	$2.01B	$2.01B	$2.31B	$2.46B
Total debt	$4.89B	$4.86B	$947.00M	$947.21M	$1.20B	$1.36B	$1.63B	$1.83B	$2.01B	$2.01B	$2.31B	$2.46B
Total liabilities	$9.56B	$9.24B	$2.52B	$2.53B	$2.56B	$2.63B	$2.73B	$2.91B	$3.04B	$3.25B	$3.48B	$3.59B
Shareholders' equity	$15.20B	$15.29B	$2.56B	$2.33B	$2.16B	$1.96B	$1.83B	$1.60B	$1.41B	$1.26B	$1.15B	$905.52M

Cash flow

Cash flow
Line item	Q2 2026 Jul 4, 2026	Q1 2026 Apr 4, 2026	Q4 2025 Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 28, 2025	Q1 2025 Mar 31, 2025	Q4 2024 Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 29, 2024	Q1 2024 Mar 31, 2024	Q4 2023 Dec 31, 2023	Q3 2023 Sep 30, 2023
Operating cash flow	$201.00M	-$3.00M	$164.55M	$187.00M	$41.00M	$260.00M	$240.14M	$204.58M	$54.53M	$262.87M	$230.12M	$157.82M
Capital expenditures	$48.00M	$39.00M	-	-	$23.00M	$26.00M	-	-	-	-	-	-
Free cash flow	$153.00M	-$42.00M	-	-	$18.00M	$234.00M	-	-	-	-	-	-
Investing cash flow	$2.00M	$95.00M	-$42.13M	-$25.12M	-$59.00M	-$26.00M	-$51.18M	-$26.05M	-$36.12M	-$29.74M	-$37.94M	-$37.40M
Financing cash flow	-$124.00M	-$213.00M	$3.34M	-$66.54M	-$1.00M	-$173.00M	-$193.58M	-$176.88M	-$34.04M	-$292.18M	-$130.49M	-$113.53M
Share repurchases	$2.00M	$12.00M	$144.0K	$523.0K	$0	$14.00M	$66.0K	$141.0K	$245.0K	$13.09M	-$156.0K	$692.0K
Stock-based compensation	$25.00M	$20.00M	$14.50M	$13.63M	$13.00M	$13.00M	$11.72M	$10.65M	$11.43M	$10.91M	$4.64M	$8.49M

Key ratios

Key ratios
Line item	Q2 2026 Jul 4, 2026	Q1 2026 Apr 4, 2026	Q4 2025 Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 28, 2025	Q1 2025 Mar 31, 2025	Q4 2024 Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 29, 2024	Q1 2024 Mar 31, 2024	Q4 2023 Dec 31, 2023	Q3 2023 Sep 30, 2023
Revenue growth, YoY	113.4%	91.5%	6.8%	8.0%	8.8%	3.9%	6.5%	4.0%	-4.3%	-7.0%	-4.5%	0.4%
Net income growth, YoY	-	-	-2.7%	-7.8%	3.0%	18.8%	7.0%	20.0%	-5.2%	-27.5%	-4.8%	-13.7%
EPS growth, YoY	-	-	-2.8%	-7.7%	2.9%	18.0%	6.3%	19.4%	-5.9%	-27.7%	-4.2%	-12.7%
Gross margin	-	-	61.1%	59.0%	58.3%	58.2%	60.1%	59.3%	59.3%	58.9%	61.2%	59.1%
Operating margin	-5.2%	-3.7%	29.0%	24.0%	24.4%	22.9%	33.5%	28.5%	26.7%	21.0%	32.2%	25.2%
Net margin	-8.3%	-5.7%	24.2%	18.6%	19.1%	18.3%	26.5%	21.8%	20.1%	16.0%	26.4%	18.9%
Free cash flow margin	9.3%	-3.3%	-	-	2.3%	35.4%	-	-	-	-	-	-
Current ratio	1.86	1.79	1.73	1.53	1.75	1.81	2.11	2.02	2.10	1.94	2.22	2.19
Debt to equity	0.32	0.32	0.37	0.41	0.55	0.69	0.89	1.14	1.42	1.60	2.00	2.71

Source: XBRL data Waters Corporation files with the SEC, latest filing dated Aug 11, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

WAT peers

Company	Revenue	Growth	Net income	Net margin	Market cap
WAT	$4.64B	+52.5%	$166.14M	3.6%	$44.96B
AAgilent Technologies Inc.	$7.37B	+8.6%	$1.44B	19.5%	$49.27B
MTDMettler-Toledo International Inc.	$4.20B	+6.5%	$934.07M	22.2%	$34.51B
RVTYRevvity Inc.	$2.91B	+4.1%	$237.55M	8.2%	$17.31B
AVTRAvantor Inc.	$6.64B	+0.9%	$337.20M	5.1%	$10.48B
BIOBio-Rad Laboratories Inc.	$2.59B	+1.4%	$1.02B	39.5%	$10.26B
BRKRBruker Corporation	$3.51B	+2.2%	-$123.40M	-3.5%	$9.34B
TXG10x Genomics Inc.	$618.58M	-3.6%	-$67.08M	-10.8%	$7.72B

WAT FAQ

7 questions

What is WAT revenue?
Waters Corporation (WAT) reported $4.64B of revenue for the twelve months ended Jul 4, 2026. That is up 52.5% from the year before. Revenue for fiscal 2025 was $3.17B.
Is WAT profitable?
Yes. Waters Corporation earned $166.14M in net income for the twelve months ended Jul 4, 2026, a net margin of 3.6%.
How much cash and debt does WAT have?
Waters Corporation reported $539.00M in cash and cash equivalents and $4.89B of debt on its most recent balance sheet in SEC filings.
How fast is WAT revenue growing?
Waters Corporation's revenue changed +7.0% in fiscal 2025, to $3.17B. Its compound annual growth rate was +6.0% over 5 years and +4.5% over 10 years.
What is WAT earnings per share?
Diluted earnings per share were $4.01 for the twelve months ended Jul 4, 2026, from SEC filings, restated for any stock split those filings show.
When did WAT last report financial results?
The latest statements here come from Waters Corporation's 10-Q filed on Aug 11, 2026, covering the period ended Jul 4, 2026.
Where does this WAT financial data come from?
Quantisnow builds these statements from the structured XBRL data Waters Corporation files with the SEC. It is provided for information only and is not investment advice.