Waters Corporation (WAT)

Waters Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Apr 4, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	449.63	642.63	637.83	642.23	707.76	692.84
Depreciation & Amortization	363.24	206.24	191.83	165.91	130.42	131.68
Stock-Based Compensation	61.13	54.13	44.71	36.87	42.56	29.92
Other Adjustments	81.04	-17.06	-0.88	-1.94	-21.99	6.93
Change in Receivables	-621.5	-55.5	-66.24	49.18	-137.87	-62.45
Changes in Inventories	-72.93	-65.93	20.94	-45.44	-101.9	-67.25
Changes in Accounts Payable	175.99	-89.01	61.59	-79.52	60.98	46.11
Changes in Unearned Revenue	55.96	0.96	6.17	10.43	12.86	37.85
Changes in Other Operating Activities	-100.91	-23.9	-133.82	-174.9	-81.17	-72.84
Operating Cash Flow	389.56	652.56	762.12	602.81	611.66	747.27
Operating Cash Flow Growth	-48.69%	-14.38%	26.43%	-1.45%	-18.15%	-5.47%
Capital Expenditures	-125.75	-112.75	-142.48	-160.63	-175.92	-161.27
Purchases of Intangible Assets	-	-	-	-	-7.54	-7
Purchases of Investments	-11.3	-	-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	108.95	-35.05	-	-1,282	-	-
Other Investing Activities	-6	-7.3	-1.49	0.74	8.9	-1.79
Investing Cash Flow	-31.25	-152.25	-143.09	-1,442	-107.97	-231.63
Long-Term Debt Issued	3,600	70	170	1,450	205	510
Long-Term Debt Repaid	-3,820	-290	-900	-670.04	-145	-350
Net Long-Term Debt Issued (Repaid)	-220	-220	-730	780	60	160
Issuance of Common Stock	15.79	20.79	30.37	29.79	42.8	55.64
Repurchase of Common Stock	-12.67	-14.67	-13.54	-70.28	-626.06	-648.93
Net Common Stock Issued (Repurchased)	3.12	6.12	16.83	-40.49	-583.26	-593.29
Other Financing Activities	-57.78	-23.33	16.5	15.44	13.63	-4.99
Financing Cash Flow	-277.21	-237.21	-696.68	754.95	-509.63	-438.28
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-3.08	-0.62	7.92	-0.95	-14.77	-12.83
Net Cash Flow	78.48	262.48	-69.72	-85.45	-20.71	64.54
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%
FCF Margin	7.00%	17.05%	20.95%	14.96%	14.66%	21.04%
Free Cash Flow Per Share	4.04	9.04	10.41	7.46	7.22	9.45
Levered Free Cash Flow	671.52	338.24	-87.95	1,138	613.04	767.12
Unlevered Free Cash Flow	776.43	598.85	702.45	429.1	583.06	620.46

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

SEC Filings: 10-K · 10-Q