Waters Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Apr '26 Apr 4, 2026	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	3,771	3,165	2,958	2,956	2,972	2,786
Revenue Growth (YoY)	26.38%	6.99%	0.07%	-0.52%	6.68%	17.78%
Cost of Revenue	1,691	1,289	1,200	1,195	1,248	1,157
Gross Profit	2,080	1,876	1,758	1,761	1,724	1,629
Selling, General & Admin	1,042	830.37	690.15	736.01	658.03	626.97
Depreciation & Amortization Expenses	188.08	47.79	47.09	32.56	6.37	7.14
Research & Development	245.09	195.71	183.03	174.95	185.99	168.36
Other Operating Expenses	-	-	11.57	-	-	5.17
Total Operating Expenses	1,476	1,074	931.83	943.52	850.38	807.63
Operating Income	603.84	802.59	826.35	817.68	873.4	821.71
Interest Income	15.22	18.78	17.42	16.62	11.02	12.22
Interest Expense	-88.99	-69.55	-89.68	-98.86	-48.8	-44.94
Other Non-Operating Income (Expense)	-6.08	3.06	0.78	0.81	2.23	17.2
Total Non-Operating Income (Expense)	-79.85	-47.71	-71.49	-81.43	-35.55	-15.51
Pretax Income	523.99	754.88	754.87	736.24	837.85	806.19
Provision for Income Taxes	106.74	112.25	117.03	94.01	130.09	113.35
Net Income	449.25	642.63	637.83	642.23	707.76	692.84
Net Income to Common	449.25	642.63	637.83	642.23	707.76	692.84
Net Income Growth	-31.58%	0.75%	-0.69%	-9.26%	2.15%	32.84%
Shares Outstanding (Basic)	65	60	59	59	60	62
Shares Outstanding (Diluted)	65	60	60	59	60	62
Shares Change (YoY)	9.60%	0.26%	0.48%	-1.76%	-2.74%	-0.62%
EPS (Basic)	7.88	10.80	10.75	10.87	11.80	11.25
EPS (Diluted)	7.87	10.76	10.71	10.84	11.73	11.17
EPS Growth	-28.58%	0.47%	-1.20%	-7.59%	5.01%	33.61%
Shares Outstanding	98.17	59.55	59.39	59.18	59.09	60.73
Free Cash Flow	263.81	539.81	619.64	442.18	435.74	586.01
Free Cash Flow Growth	-51.13%	-12.88%	40.13%	1.48%	-25.64%	-5.20%
Free Cash Flow Per Share	4.04	9.04	10.41	7.46	7.22	9.45
Gross Margin	55.15%	59.28%	59.43%	59.57%	58.00%	58.49%
Operating Margin	16.01%	25.36%	27.93%	27.66%	29.39%	29.50%
Profit Margin	11.91%	20.30%	21.56%	21.72%	23.81%	24.87%
FCF Margin	7.00%	17.05%	20.95%	14.96%	14.66%	21.04%
EBITDA	967.08	1,009	1,018	983.58	1,004	953.39
EBITDA Margin	25.65%	31.87%	34.42%	33.27%	33.78%	34.22%
EBIT	603.84	802.59	826.35	817.68	873.4	821.71
EBIT Margin	16.01%	25.36%	27.93%	27.66%	29.39%	29.50%
Effective Tax Rate	20.37%	14.87%	15.50%	12.77%	15.53%	14.06%

Updated May 12, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q