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Waters Corporation (WAT) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

HEALTHCARE · Life Sciences Tools & Services · DATA UPDATED 2026-07-15

Waters Corporation (WAT) operates in the Life Sciences Tools & Services industry and is headquartered in Milford, United States with about 16,000 employees. Its market capitalization is roughly $37 billion. In the fiscal year ended 2025-12-31, WAT reported $3.2B in revenue and $643M in net income.

Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA.

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WAT Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$3.8B	$3.2B	$3.0B	$3.0B	$3.0B	$2.8B	$2.4B	$2.4B	$2.4B	$2.3B	$2.2B	$2.0B	$2.0B	$1.9B	$1.8B	$1.9B	$1.6B	$1.5B	$1.6B	$1.5B	$1.3B
Gross Profit	$2.1B	$1.8B	$1.8B	$1.8B	$1.7B	$1.6B	$1.4B	$1.4B	$1.4B	$1.4B	$1.3B	$1.2B	$1.2B	$1.1B	$1.1B	$1.1B	$990M	$904M	$914M	$842M	$744M
Gross Margin %	55.0%	57.8%	59.4%	59.6%	58.0%	58.5%	57.4%	58.0%	59.0%	59.0%	58.9%	58.7%	58.5%	58.9%	60.0%	60.5%	60.2%	60.3%	58.0%	57.2%	58.1%
Operating Income (EBIT)	$644M	$893M	$826M	$818M	$873M	$822M	$645M	$708M	$740M	$662M	$625M	$567M	$518M	$517M	$511M	$529M	$450M	$395M	$390M	$349M	$295M
Operating Margin %	17.1%	28.2%	27.9%	27.7%	29.4%	29.5%	27.3%	29.4%	30.6%	28.7%	28.8%	27.8%	26.0%	27.2%	27.7%	28.5%	27.4%	26.3%	24.7%	23.7%	23.1%
Net Income	$449M	$643M	$638M	$642M	$708M	$693M	$522M	$592M	$594M	$20M	$522M	$469M	$432M	$450M	$461M	$433M	$382M	$323M	$322M	$268M	$222M
Net Margin %	11.9%	20.3%	21.6%	21.7%	23.8%	24.9%	22.1%	24.6%	24.5%	0.9%	24.1%	23.0%	21.7%	23.6%	25.0%	23.4%	23.2%	21.6%	20.5%	18.2%	17.4%
EBITDA	$924M	$1.0B	$1.0B	$818M	$1.0B	$983M	$785M	$832M	$839M	$804M	$741M	$668M	$619M	$600M	$585M	$598M	$514M	$455M	$476M	$402M	$350M
Earnings Per Share (EPS)	$7.86	$10.76	$10.71	$10.84	$11.73	$11.17	$8.36	$8.69	$7.65	$0.25	$6.41	$5.65	$5.07	$5.20	$5.19	$4.69	$4.06	$3.34	$3.21	$2.62	$2.13
Shares Outstanding (M)	82M	60M	60M	59M	60M	62M	62M	68M	78M	81M	81M	83M	85M	87M	89M	92M	94M	97M	101M	103M	104M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WAT Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$1.3B	$932M	$800M	$771M	$662M	$873M	$740M	$709M
Gross Profit	$595M	$557M	$472M	$450M	$385M	$524M	$439M	$420M
Gross Margin %	47.0%	59.8%	59.0%	58.3%	58.2%	60.1%	59.2%	59.3%
Operating Income (EBIT)	($47M)	$311M	$192M	$188M	$152M	$292M	$211M	$189M
Operating Margin %	-3.7%	33.3%	24.0%	24.4%	22.9%	33.5%	28.5%	26.7%
Net Income	($72M)	$225M	$149M	$147M	$121M	$231M	$162M	$143M
Net Margin %	-5.7%	24.2%	18.6%	19.1%	18.3%	26.5%	21.8%	20.2%
EBITDA	$106M	$325M	$249M	$244M	$207M	$345M	$263M	$240M
Earnings Per Share (EPS)	$-0.88	$3.77	$2.50	$2.47	$2.03	$3.88	$2.71	$2.40
Shares Outstanding (M)	82M	60M	60M	60M	60M	60M	60M	59M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WAT Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$390M	$653M	$762M	$603M	$612M	$747M	$791M	$643M	$604M	$698M	$629M	$560M	$512M	$485M	$449M	$497M	$458M	$418M	$418M	$371M	$264M
Capital Expenditures (CapEx)	$126M	$113M	$142M	$161M	$183M	$168M	$172M	$164M	$128M	$90M	$95M	$103M	$106M	$118M	$105M	$85M	$63M	$94M	$69M	$60M	$51M
Free Cash Flow (FCF)	$264M	$540M	$620M	$442M	$428M	$579M	$618M	$479M	$477M	$607M	$534M	$457M	$405M	$366M	$345M	$412M	$395M	$324M	$349M	$310M	$212M
FCF Margin %	7.0%	17.1%	20.9%	15.0%	14.4%	20.8%	26.1%	19.9%	19.7%	26.3%	24.6%	22.4%	20.4%	19.2%	18.7%	22.2%	24.0%	21.6%	22.2%	21.1%	16.6%
Dividends Paid	—	—	—	$1.6B	$43M	$56M	$66M	$54M	—	$0M	$0M	$0M	$0M	$0M	$0M	$599M	$316M	$184M	—	$12M	$78M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WAT Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	($3M)	$165M	$187M	$41M	$260M	$240M	$205M	$55M
Capital Expenditures (CapEx)	$39M	$39M	$25M	$23M	$26M	$52M	$26M	$36M
Free Cash Flow (FCF)	($42M)	$126M	$162M	$19M	$234M	$188M	$179M	$18M
FCF Margin %	-3.3%	13.5%	20.2%	2.4%	35.3%	21.6%	24.2%	2.6%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WAT Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$24.5B	$5.1B	$4.6B	$4.6B	$3.3B	$3.1B	$2.8B	$2.6B	$3.7B	$5.3B	$4.7B	$4.3B	$3.9B	$3.6B	$3.2B	$2.7B	$2.3B	$1.9B	$1.6B	$1.9B	$1.6B
Cash & Cash Equivalents	$462M	$588M	$324M	$395M	$481M	$501M	$437M	$336M	$796M	$642M	$506M	$488M	$422M	$441M	$481M	$384M	$308M	$341M	$429M	$597M	$514M
Total Liabilities	$9.2B	$2.5B	$2.7B	$3.5B	$2.8B	$2.7B	$2.6B	$2.8B	$2.2B	$3.1B	$2.4B	$2.2B	$2.0B	$1.8B	$1.7B	$1.5B	$1.3B	$1.1B	$962M	$1.3B	$1.3B
Total Debt (Short + Long-Term)	$5.3B	$1.9B	$1.7B	$2.4B	$1.7B	$1.5B	$1.5B	$3.3B	$1.1B	$2.0B	$1.8B	$1.7B	$1.5B	$1.3B	$1.2B	$991M	$766M	$632M	$536M	$884M	$903M
Total Shareholders' Equity	$15.3B	$2.6B	$1.8B	$1.1B	$504M	$368M	$232M	($216M)	$1.6B	$2.2B	$2.3B	$2.1B	$1.9B	$1.8B	$1.5B	$1.2B	$1.1B	$849M	$661M	$586M	$362M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive WAT viewer.

Other Companies in Life Sciences Tools & Services

TMO · Thermo Fisher Scientific — $211 billion
DHR · Danaher Corporation — $135 billion
A · Agilent Technologies — $39 billion
IQV · IQVIA — $35 billion
MTD · Mettler Toledo — $27 billion
TECH · Bio-Techne — $11 billion
CRL · Charles River Laboratories — $11 billion

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