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	717.82	690.54	678.34	657.56	627.1
Research & Development	194.23	183.03	174.95	176.19	168.36
Amortization of Goodwill & Intangibles	47.79	47.09	32.56	6.37	7.14
Operating Expenses	959.84	920.66	885.85	840.11	802.6
Operating Income	916.63	837.53	875.35	883.66	826.75
Interest Expense	-50.77	-89.68	-98.86	-48.8	-44.94
Interest & Investment Income	-	17.42	16.62	11.02	12.22
Other Non Operating Income (Expenses)	5.46	1.17	1.14	0.76	-2.67
EBT Excluding Unusual Items	871.32	766.44	794.24	846.64	791.36
Merger & Restructuring Charges	-81.6	-	-58	-	-
Gain (Loss) on Sale of Investments	-	-	-	1	10
Legal Settlements	-	-11.57	-	-	4.84
Other Unusual Items	-34.84	-	-	-	-
Pretax Income	754.88	754.87	736.24	837.85	806.19
Income Tax Expense	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%
Free Cash Flow	539.81	619.64	442.18	435.74	586.01
Free Cash Flow Per Share	9.04	10.40	7.46	7.22	9.45
Gross Margin	59.28%	59.43%	59.57%	58.00%	58.49%
Operating Margin	28.96%	28.31%	29.61%	29.73%	29.68%
Profit Margin	20.30%	21.56%	21.72%	23.81%	24.87%
Free Cash Flow Margin	17.05%	20.95%	14.96%	14.66%	21.04%
EBITDA	1,123	1,029	1,041	1,014	958.43
EBITDA Margin	35.47%	34.79%	35.22%	34.12%	34.40%
D&A For EBITDA	206.24	191.83	165.91	130.42	131.68
EBIT	916.63	837.53	875.35	883.66	826.75
EBIT Margin	28.96%	28.31%	29.61%	29.73%	29.68%
Effective Tax Rate	14.87%	15.50%	12.77%	15.53%	14.06%
Revenue as Reported	-	2,958	2,956	2,972	2,786
Advertising Expenses	-	6	7	7	7

Updated Feb 9, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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