Waters Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	642.63	637.83	642.23	707.76	692.84
Depreciation & Amortization	206.24	191.83	165.91	130.42	131.68
Stock-Based Compensation	54.13	44.71	36.87	42.56	29.92
Other Adjustments	-17.06	-0.88	-1.94	-21.99	6.93
Change in Receivables	-55.5	-66.24	49.18	-137.87	-62.45
Changes in Inventories	-65.93	20.94	-45.44	-101.9	-67.25
Changes in Accounts Payable	-89.01	61.59	-79.52	60.98	46.11
Changes in Unearned Revenue	0.96	6.17	10.43	12.86	37.85
Changes in Other Operating Activities	-23.9	-133.82	-174.9	-81.17	-72.84
Operating Cash Flow	652.56	762.12	602.81	611.66	747.27
Operating Cash Flow Growth	-14.38%	26.43%	-1.45%	-18.15%	-5.47%
Capital Expenditures	-112.75	-142.48	-160.63	-175.92	-161.27
Purchases of Intangible Assets	-	-	-	-7.54	-7
Purchases of Investments	-	-3.73	-1.79	-11.41	-279.66
Proceeds from Sale of Investments	-	4.61	1.77	77.99	218.08
Payments for Business Acquisitions	-35.05	-	-1,282	-	-
Other Investing Activities	-7.3	-1.49	0.74	8.9	-1.79
Investing Cash Flow	-152.25	-143.09	-1,442	-107.97	-231.63
Long-Term Debt Issued	70	170	1,450	205	510
Long-Term Debt Repaid	-290	-900	-670.04	-145	-350
Net Long-Term Debt Issued (Repaid)	-220	-730	780	60	160
Issuance of Common Stock	20.79	30.37	29.79	42.8	55.64
Repurchase of Common Stock	-14.67	-13.54	-70.28	-626.06	-648.93
Net Common Stock Issued (Repurchased)	6.12	16.83	-40.49	-583.26	-593.29
Other Financing Activities	-23.33	16.5	15.44	13.63	-4.99
Financing Cash Flow	-237.21	-696.68	754.95	-509.63	-438.28
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.62	7.92	-0.95	-14.77	-12.83
Net Cash Flow	262.48	-69.72	-85.45	-20.71	64.54
Free Cash Flow	539.81	619.64	442.18	435.74	586.01
Free Cash Flow Growth	-12.88%	40.13%	1.48%	-25.64%	-5.20%
FCF Margin	17.05%	20.95%	14.96%	14.66%	21.03%
Free Cash Flow Per Share	9.04	10.41	7.46	7.22	9.45
Levered Free Cash Flow	338.24	-87.95	1,138	613.04	767.12
Unlevered Free Cash Flow	598.85	702.45	429.1	583.06	620.45

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.