Waters Corporation (WAT) Financial Statements

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Waters financial statements at a glance

Waters reported revenue of $3.17 billion for fiscal year 2025 (ended December 31, 2025), up 7.0% from fiscal year 2024. Net income was $642.63 million, a net margin of 20.3%, and diluted earnings per share were $10.76.

At the end of fiscal year 2025 it had total assets of $5.08 billion, total liabilities of $2.52 billion and shareholders' equity of $2.56 billion, with cash and short-term investments of $587.83 million and total debt of $1.49 billion.

Its operations brought in $652.56 million of cash; capital spending was $112.75 million, leaving free cash flow of $539.81 million.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

WAT logo

Waters Corporation

WATUnited States
Healthcare
USD (Local)

Income Statement

Annual • USD

Total Revenue
3.17B
Prev Year: 2.96B
YoY: +7.0%
Operating Revenue
3.17B
Prev Year: 2.96B
YoY: +7.0%
Net Income from Continuing Operation Net Minority Interest
642.63M
Prev Year: 637.83M
YoY: +0.8%
Normalized EBITDA
1.03B
Prev Year: 1.05B
YoY: -1.6%
Tax Rate for Calcs
0.149
Prev Year: 0
Depreciation Amortization Depletion
47.79M
Prev Year: 47.09M
YoY: +1.5%
Depreciation and amortization
47.79M
Prev Year: 47.09M
YoY: +1.5%
Amortization
47.79M
Prev Year: 47.09M
YoY: +1.5%
Amortization of Intangibles
47.79M
Prev Year: 47.09M
YoY: +1.5%
Cost of Revenue
1.29B
Prev Year: 1.20B
YoY: +7.4%
Gross Profit
1.88B
Prev Year: 1.76B
YoY: +6.7%
Operating Expense
1.07B
Prev Year: 920.26M
YoY: +16.7%
Selling General and Administrative
830.37M
Prev Year: 690.15M
YoY: +20.3%
Research and Development
195.71M
Prev Year: 183.03M
YoY: +6.9%
Operating Income
802.59M
Prev Year: 837.92M
YoY: -4.2%
Net Non Operating Interest Income Expense
-50.77M
Prev Year: -72.26M
YoY: +29.7%
Non-operating Interest Income
18.78M
Prev Year: 17.42M
YoY: +7.8%
Non-operating Interest Expense
69.55M
Prev Year: 89.68M
YoY: -22.4%
Other Income Expense
3.06M
Prev Year: -10.79M
YoY: +128.4%
Other Non-operating Income (expense)
3.06M
Prev Year: 776.0K
YoY: +294.5%
Pre-tax Income
754.88M
Prev Year: 754.87M
YoY: +0.0%
Provision for Income Taxes
112.25M
Prev Year: 117.03M
YoY: -4.1%
Net Income Common Stockholders
642.63M
Prev Year: 637.83M
YoY: +0.8%
Net Income
642.63M
Prev Year: 637.83M
YoY: +0.8%
Net Income Including Non-Controlling Interests
642.63M
Prev Year: 637.83M
YoY: +0.8%
Net Income from Continuing Operations
642.63M
Prev Year: 637.83M
YoY: +0.8%
Diluted NI Available to Com Stockholders
642.63M
Prev Year: 637.83M
YoY: +0.8%
Basic EPS
10.8
Prev Year: 10.75
YoY: +0.5%
Diluted EPS
10.76
Prev Year: 10.71
YoY: +0.5%
Weighted Average Shares (basic)
59.51M
Prev Year: 59.33M
YoY: +0.3%
Weighted Average Shares (diluted)
59.71M
Prev Year: 59.55M
YoY: +0.3%
Total Operating Income as Reported
802.59M
Prev Year: 826.35M
YoY: -2.9%
Total Expenses
2.36B
Prev Year: 2.12B
YoY: +11.4%
Net Income from Continuing and Discontinued Operation
642.63M
Prev Year: 637.83M
YoY: +0.8%
Normalized Income
642.63M
Prev Year: 647.61M
YoY: -0.8%
Interest Income
18.78M
Prev Year: 17.42M
YoY: +7.8%
Interest Expense
69.55M
Prev Year: 89.68M
YoY: -22.4%
Net Interest Income
-50.77M
Prev Year: -72.26M
YoY: +29.7%
EBIT
824.43M
Prev Year: 844.54M
YoY: -2.4%
EBITDA
1.03B
Prev Year: 1.04B
YoY: -0.6%
Reconciled Cost of Revenue
1.13B
Prev Year: 1.06B
YoY: +7.1%
Reconciled Depreciation
206.24M
Prev Year: 191.82M
YoY: +7.5%
Values in USD

Waters key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$3.2B$3.0B$3.0B$3.0B$2.8B
Gross profit$1.9B$1.8B$1.8B$1.7B$1.6B
Operating income$802.6M$837.9M$817.7M$883.2M$826.9M
Net income$642.6M$637.8M$642.2M$707.8M$692.8M
Diluted EPS$10.76$10.71$10.84$11.73$11.17
Total assets$5.1B$4.6B$4.6B$3.3B$3.1B
Total liabilities$2.5B$2.7B$3.5B$2.8B$2.7B
Shareholders' equity$2.6B$1.8B$1.2B$504.5M$367.6M
Cash and short-term investments$587.8M$325.4M$396.0M$481.4M$569.3M
Total debt$1.5B$1.7B$2.4B$1.7B$1.6B
Operating cash flow$652.6M$762.1M$602.8M$611.7M$747.3M
Capital spending$112.7M$142.5M$160.6M$183.5M$168.3M
Free cash flow$539.8M$619.6M$442.2M$428.2M$579.0M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Waters's revenue in fiscal year 2025?

$3.17 billion, up 7.0% from $2.96 billion in fiscal year 2024.

How much profit does Waters make?

Waters reported net income of $642.63 million for fiscal year 2025 (20.3% of revenue); operating income was $802.59 million.

How much cash and debt does Waters have?

At the end of fiscal year 2025: cash and short-term investments of $587.83 million and total debt of $1.49 billion.

What is Waters's free cash flow?

$539.81 million in fiscal year 2025 (operating cash flow of $652.56 million minus capital spending of $112.75 million).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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