Waters Corporation (WAT) financials
Waters revenue and earnings by year
Waters's revenue was $3.17 billion in the fiscal year to December 31, 2025, up 7.0% from the year before. Net income was $643 million, 20.3% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 4.3% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3.17 | 2.96 | 2.96 | 2.97 | 2.79 | 2.37 | 2.41 | 2.42 | 2.31 | 2.17 |
| Revenue growth | 7.0% | 0.1% | -0.5% | 6.7% | 17.8% | -1.7% | -0.6% | 4.8% | 6.5% | — |
| Gross profit | 1.88 | 1.76 | 1.76 | 1.72 | 1.63 | 1.36 | 1.40 | 1.43 | 1.36 | 1.28 |
| Gross margin | 59.3% | 59.4% | 59.6% | 58.0% | 58.5% | 57.4% | 58.0% | 59.0% | 59.0% | 58.9% |
| Operating income | 0.80 | 0.83 | 0.82 | 0.87 | 0.82 | 0.65 | 0.71 | 0.69 | 0.66 | 0.62 |
| Operating margin | 25.4% | 27.9% | 27.7% | 29.4% | 29.5% | 27.3% | 29.4% | 28.6% | 28.7% | 28.8% |
| Net income | 0.64 | 0.64 | 0.64 | 0.71 | 0.69 | 0.52 | 0.59 | 0.59 | 0.02 | 0.52 |
| Net margin | 20.3% | 21.6% | 21.7% | 23.8% | 24.9% | 22.1% | 24.6% | 24.5% | 0.9% | 24.1% |
| Diluted EPS | $10.76 | $10.71 | — | — | — | — | — | — | — | $6.40 |
| Free cash flow | 0.54 | 0.62 | 0.44 | 0.44 | 0.59 | 0.62 | 0.48 | 0.51 | 0.61 | 0.55 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open WAT in Markets.
How Waters makes money
Revenue by segment in the quarter to July 4, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Product | $1.22B | 74.2% |
| Services | $425M | 25.8% |
See also: WAT valuation and P/E history · WAT returns
No forecast, no recommendation. This page describes Waters Corporation from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.