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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 2026-09-16

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 $41 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.

Interactive charts & full statements → Open the WAT valuation workbench →

WAT Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	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	$4.6B	$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	$2.4B	$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 %	50.8%	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)	$370M	$893M	$826M	$818M	$873M	$822M	$645M	$708M	$740M	$662M	$625M	$567M	$518M	$517M	$511M	$529M	$450M	$395M	$390M	$349M	$300M
Operating Margin %	8.0%	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%	23.4%
Net Income	$166M	$643M	$638M	$642M	$708M	$693M	$522M	$592M	$594M	$20M	$522M	$469M	$432M	$450M	$461M	$433M	$382M	$323M	$322M	$268M	$222M
Net Margin %	3.6%	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	$895M	$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)	$4.01	$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)	98M	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	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$1.6B	$1.3B	$932M	$800M	$771M	$662M	$873M	$740M
Gross Profit	$734M	$595M	$557M	$472M	$450M	$385M	$524M	$439M
Gross Margin %	44.6%	47.0%	59.8%	59.0%	58.3%	58.2%	60.1%	59.2%
Operating Income (EBIT)	($86M)	($47M)	$311M	$192M	$188M	$152M	$292M	$211M
Operating Margin %	-5.2%	-3.7%	33.3%	24.0%	24.4%	22.9%	33.5%	28.5%
Net Income	($136M)	($72M)	$225M	$149M	$147M	$121M	$231M	$162M
Net Margin %	-8.3%	-5.7%	24.2%	18.6%	19.1%	18.3%	26.5%	21.8%
EBITDA	$215M	$106M	$325M	$249M	$244M	$207M	$345M	$263M
Earnings Per Share (EPS)	$-1.38	$-0.88	$3.77	$2.50	$2.47	$2.03	$3.88	$2.71
Shares Outstanding (M)	98M	82M	60M	60M	60M	60M	60M	60M

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

WAT Free Cash Flow History

Cash flow	TTM → 2026-06-30	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)	$550M	$653M	$762M	$603M	$612M	$747M	$791M	$643M	$604M	$698M	$629M	$560M	$512M	$485M	$449M	$497M	$458M	$418M	$418M	$371M	$264M
Capital Expenditures (CapEx)	$151M	$113M	$142M	$161M	$183M	$168M	$172M	$164M	$128M	$90M	$95M	$103M	$106M	$118M	$105M	$85M	$63M	$94M	$69M	$60M	$51M
Free Cash Flow (FCF)	$399M	$540M	$620M	$442M	$428M	$579M	$618M	$479M	$477M	$607M	$534M	$457M	$405M	$366M	$345M	$412M	$395M	$324M	$349M	$310M	$212M
FCF Margin %	8.6%	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	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$201M	($3M)	$165M	$187M	$41M	$260M	$240M	$205M
Capital Expenditures (CapEx)	$48M	$39M	$39M	$25M	$23M	$26M	$52M	$26M
Free Cash Flow (FCF)	$153M	($42M)	$126M	$162M	$19M	$234M	$188M	$179M
FCF Margin %	9.3%	-3.3%	13.5%	20.2%	2.4%	35.3%	21.6%	24.2%

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

WAT Balance Sheet History

Balance sheet	2026-06-30	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	$24.8B	$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	$539M	$588M	$324M	$395M	$481M	$501M	$437M	$336M	$796M	$642M	$506M	$488M	$422M	$441M	$481M	$384M	$308M	$341M	$429M	$597M	$514M
Total Liabilities	$9.6B	$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)	$4.9B	$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	$15.2B	$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.

WAT Metric Deep Dives

Other Companies in Life Sciences Tools & Services

TMO · Thermo Fisher Scientific — $241 billion
DHR · Danaher Corporation — $149 billion
A · Agilent Technologies — $44 billion
IQV · IQVIA — $44 billion
MTD · Mettler Toledo — $28 billion
CRL · Charles River Laboratories — $13 billion
TECH · Bio-Techne — $11 billion

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