Waters Corporation (WAT)

Waters Financials Overview

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

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 4, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	4,644	3,165	2,958	2,956	2,972	2,786
Revenue Growth	52.47%	6.99%	0.07%	-0.52%	6.68%	17.78%
Gross Profit Gross Profit Growth	2,616	1,876	1,758	1,761	1,724	1,629
Operating Income Operating Income Growth	838.81	887.81	855.53	862.35	883.66	826.75
Net Income Net Income Growth	166.63	642.63	637.83	642.23	707.76	692.84
Earnings Per Share EPS Growth	2.21	10.76	10.71	10.84	11.73	11.17
EPS Growth	-80.02%	0.47%	-1.20%	-7.59%	5.01%	33.61%

Revenue by Segment

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 4, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Waters Instrument Systems Waters Instrument Systems Growth	-	1,102	1,032	1,109	1,210	1,089
TA Instrument Systems TA Instrument Systems Growth	-	243.82	246.2	252.88	252.31	225.61
Chemistry Consumables Chemistry Consumables Growth	1,637	631.46	565.48	541.47	525.4	507.21
Waters Service Waters Service Growth	-	1,080	1,006	951.42	890.61	876.63
TA Service TA Service Growth	-	108.02	107.76	101.95	93.18	87.18
Revenue (Total) Revenue (Total) Growth	4,644	3,165	2,958	2,956	2,972	2,786

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 4, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	539	587.83	325.36	395.97	481.39	569.29
Total Debt Total Debt Growth	5,477	1,544	1,703	2,459	1,668	1,607
Net Cash (Debt) Net Cash Growth	-4,938	-956.13	-1,378	-2,063	-1,187	-1,037
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-65.94	-16.01	-23.13	-34.80	-19.67	-16.73

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 4, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	549.56	652.56	762.12	602.81	611.66	747.27
Capital Expenditures CapEx Growth	-150.75	-112.75	-142.48	-160.63	-175.92	-161.27
Free Cash Flow Free Cash Flow Growth	398.81	539.81	619.64	442.18	435.74	586.01
Free Cash Flow Growth	-35.57%	-12.88%	40.13%	1.48%	-25.64%	-5.20%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 4, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	56.34%	59.28%	59.43%	59.57%	58.00%	58.49%
Operating Margin	18.06%	28.05%	28.92%	29.17%	29.73%	29.68%
Pretax Margin	4.43%	23.85%	25.52%	24.90%	28.19%	28.94%
Profit Margin	3.59%	20.30%	21.56%	21.72%	23.81%	24.87%
FCF Margin	8.59%	17.05%	20.95%	14.96%	14.66%	21.04%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug 24, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	185.43	35.19	34.53	30.31	28.76	32.82
Forward PE	26.30	27.40	29.42	28.27	27.80	32.40
P/FCF Ratio	101.18	41.89	35.55	44.02	46.71	38.81
PS Ratio	8.69	7.14	7.45	6.58	6.85	8.16

Data Sources: S&P Global Market Intelligence and Fiscal.ai Last updated: Aug 4, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company. Revenue segment data is provided by Fiscal.ai.

Update frequency:

Quarterly

Last checked:

Aug 21, 2026

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