Waters Income 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
Revenue	3,165	2,958	2,956	2,972	2,786
Revenue Growth (YoY)	6.99%	0.07%	-0.52%	6.68%	17.78%
Cost of Revenue	1,289	1,200	1,195	1,248	1,157
Gross Profit	1,876	1,758	1,761	1,724	1,629
Selling, General & Admin	830.37	690.15	736.01	658.03	626.97
Depreciation & Amortization Expenses	47.79	47.09	32.56	6.37	7.14
Research & Development	195.71	183.03	174.95	185.99	168.36
Other Operating Expenses	-	11.57	-	-	5.17
Total Operating Expenses	1,074	931.83	943.52	850.38	807.63
Operating Income	802.59	826.35	817.68	873.4	821.71
Interest Income	18.78	17.42	16.62	11.02	12.22
Interest Expense	-69.55	-89.68	-98.86	-48.8	-44.94
Other Non-Operating Income (Expense)	3.06	0.78	0.81	2.23	17.2
Total Non-Operating Income (Expense)	-47.71	-71.49	-81.43	-35.55	-15.51
Pretax Income	754.88	754.87	736.24	837.85	806.19
Provision for Income Taxes	112.25	117.03	94.01	130.09	113.35
Net Income	642.63	637.83	642.23	707.76	692.84
Net Income to Common	642.63	637.83	642.23	707.76	692.84
Net Income Growth	0.75%	-0.69%	-9.26%	2.15%	32.84%
Shares Outstanding (Basic)	60	59	59	60	62
Shares Outstanding (Diluted)	60	60	59	60	62
Shares Change (YoY)	0.26%	0.48%	-1.76%	-2.74%	-0.62%
EPS (Basic)	10.80	10.75	10.87	11.80	11.25
EPS (Diluted)	10.76	10.71	10.84	11.73	11.17
EPS Growth	0.47%	-1.20%	-7.59%	5.01%	33.61%
Shares Outstanding	59.55	59.39	59.18	59.09	60.73
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%
Free Cash Flow Per Share	9.04	10.41	7.46	7.22	9.45
Gross Margin	59.28%	59.43%	59.57%	58.00%	58.49%
Operating Margin	25.36%	27.93%	27.66%	29.39%	29.50%
Profit Margin	20.30%	21.56%	21.72%	23.81%	24.87%
FCF Margin	17.05%	20.95%	14.96%	14.66%	21.03%
EBITDA	1,009	1,018	983.58	1,004	953.39
EBITDA Margin	31.87%	34.42%	33.27%	33.78%	34.22%
EBIT	802.59	826.35	817.68	873.4	821.71
EBIT Margin	25.36%	27.93%	27.66%	29.39%	29.50%
Effective Tax Rate	14.87%	15.50%	12.77%	15.53%	14.06%

Updated Feb 9, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q