Waters Corporation (WAT) Income Statement
WAT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWAT revenue and net income
Where WAT's revenue goes
2025Each bar shows an amount and its share of revenue. WAT kept 20.3% of revenue as net income.
WAT profit margins
WAT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.0% | +2.1% | +6.0% | +4.5% |
| Gross profit | +4.0% | +2.0% | +6.1% | +4.3% |
| Operating income | +8.1% | +0.8% | +6.7% | +4.6% |
| Net income | +0.8% | −3.2% | +4.3% | +3.2% |
| EPS (diluted) | +10.6% | +3.0% | +7.7% | +8.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WAT quarterly EPS vs estimates
Waters beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 3, 2026 (estimate $3.99).
WAT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.17B | $2.96B | $2.96B | $2.97B | $2.79B | $2.37B | $2.41B | $2.42B | $2.31B | $2.17B |
| Cost of revenue | $1.34B | $1.20B | $1.20B | $1.25B | $1.16B | $1.01B | $1.01B | $992.6M | $947.1M | $891.5M |
| Gross profit | $1.83B | $1.76B | $1.76B | $1.72B | $1.63B | $1.36B | $1.40B | $1.43B | $1.36B | $1.28B |
| Research & development | $195.2M | $183.0M | $174.9M | $176.2M | $168.4M | $140.8M | $143.0M | $143.4M | $132.6M | $125.2M |
| Sales, general & admin | $717.8M | $690.1M | $736.9M | $658.0M | $627.0M | $553.7M | $534.8M | $536.9M | $544.7M | $513.0M |
| Total operating expenses | $935.5M | $931.8M | $911.0M | $850.4M | $807.6M | $713.2M | $687.4M | $687.6M | $699.8M | $650.9M |
| Operating income | $893.2M | $826.4M | $817.7M | $873.4M | $821.7M | $645.5M | $708.5M | $739.8M | $662.2M | $625.0M |
| Interest income | $50.8M | $17.4M | $15.5M | $37.8M | $32.7M | $32.8M | $22.1M | $38.8M | $36.1M | $20.7M |
| Interest expense | $69.5M | $89.7M | $82.2M | $48.8M | $44.9M | $49.1M | $48.7M | $48.6M | $56.8M | $44.9M |
| Income before taxes | $754.9M | $754.9M | $736.2M | $837.8M | $806.2M | $610.9M | $678.2M | $682.1M | $641.1M | $600.1M |
| Income taxes | $112.2M | $117.0M | $94.0M | $130.1M | $113.3M | $89.3M | $86.0M | $88.4M | $620.8M | $78.6M |
| Net income | $642.6M | $637.8M | $642.2M | $707.8M | $692.8M | $521.6M | $592.2M | $593.8M | $20.3M | $521.5M |
| EBITDA | $1.01B | $1.04B | $817.7M | $1.02B | $982.8M | $785.3M | $832.2M | $839.2M | $803.9M | $741.5M |
| EPS (diluted) | $13.13 | $11.87 | $11.75 | $12.03 | $11.22 | $9.06 | $9.07 | $8.33 | $7.50 | $6.62 |
| Gross margin | 57.8% | 59.4% | 59.6% | 58.0% | 58.5% | 57.4% | 58.0% | 59.0% | 59.0% | 58.9% |
| Operating margin | 28.2% | 27.9% | 27.7% | 29.4% | 29.5% | 27.3% | 29.4% | 30.6% | 28.7% | 28.8% |
| Net margin | 20.3% | 21.6% | 21.7% | 23.8% | 24.9% | 22.1% | 24.6% | 24.5% | 0.9% | 24.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.65B | $1.27B | $932.4M | $799.9M | $771.3M | $661.7M | $872.7M | $740.3M | $708.5M | $636.8M | $819.5M | $711.7M |
| Cost of revenue | $911.0M | $672.0M | $374.9M | $327.8M | $321.4M | $276.7M | $348.5M | $301.7M | $288.2M | $261.8M | $318.4M | $291.4M |
| Gross profit | $734.0M | $595.0M | $557.4M | $472.1M | $449.9M | $385.0M | $524.2M | $438.6M | $420.3M | $375.1M | $501.1M | $420.3M |
| Research & development | $122.0M | $96.0M | $50.1M | $53.6M | $48.5M | $46.6M | $46.9M | $45.3M | $46.2M | $44.6M | $44.4M | $42.0M |
| Sales, general & admin | $405.0M | $387.0M | $191.0M | $214.2M | $201.3M | $174.9M | $173.3M | $169.1M | $173.2M | $174.5M | $178.7M | $186.7M |
| Total operating expenses | $820.0M | $642.0M | $246.8M | $280.0M | $261.7M | $233.2M | $231.9M | $227.5M | $231.2M | $241.2M | $236.9M | $240.9M |
| Operating income | −$86.0M | −$47.0M | $310.6M | $192.1M | $188.2M | $151.7M | $292.3M | $211.1M | $189.1M | $133.8M | $264.2M | $179.4M |
| Interest income | $5.0M | $6.0M | $8.6M | $4.7M | $9.8M | $3.9M | $4.6M | $4.3M | $4.3M | $4.3M | $4.6M | $26.6M |
| Interest expense | $55.0M | $48.0M | $8.6M | $26.6M | $14.4M | $14.3M | $19.0M | $21.4M | $23.7M | $25.5M | $30.7M | $30.4M |
| Income before taxes | −$141.0M | −$88.0M | $264.2M | $170.1M | $177.7M | $142.9M | $277.0M | $193.6M | $169.4M | $114.9M | $237.6M | $153.2M |
| Income taxes | −$5.0M | −$16.0M | $39.0M | $21.2M | $30.6M | $21.5M | $45.6M | $32.1M | $26.7M | $12.7M | $21.4M | $18.6M |
| Net income | −$136.0M | −$72.0M | $225.2M | $148.9M | $147.1M | $121.4M | $231.4M | $161.5M | $142.7M | $102.2M | $216.2M | $134.6M |
| EBITDA | $215.0M | $161.0M | $325.3M | $249.4M | $243.7M | $206.5M | $344.6M | $262.6M | $240.4M | $188.9M | $316.4M | $231.4M |
| EPS (diluted) | $3.05 | $2.70 | $4.53 | $3.40 | $2.95 | $2.25 | $4.10 | $2.93 | $2.63 | $2.21 | $3.62 | $2.84 |
| Gross margin | 44.6% | 47.0% | 59.8% | 59.0% | 58.3% | 58.2% | 60.1% | 59.3% | 59.3% | 58.9% | 61.2% | 59.1% |
| Operating margin | −5.2% | −3.7% | 33.3% | 24.0% | 24.4% | 22.9% | 33.5% | 28.5% | 26.7% | 21.0% | 32.2% | 25.2% |
| Net margin | −8.3% | −5.7% | 24.2% | 18.6% | 19.1% | 18.3% | 26.5% | 21.8% | 20.1% | 16.0% | 26.4% | 18.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WAT's financial statements (latest annual report filed February 23, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WAT financial results
In fiscal year 2025 (ended December 31, 2025), Waters reported revenue of $3.2 billion, up 7.0% from the year before. It had net income of $642.6 million (up 0.8%), a net profit margin of 20.3%. Diluted earnings per share came to $13.13. Over five years revenue grew at an average rate of 6.0% a year.
See the WAT stock overview for the latest quote and news, or the WAT chart for price history and technical indicators.
WAT income statement FAQ
What is Waters's annual revenue?
Waters reported total revenue of $3.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 7.0% from $3.0 billion the previous year.
Is Waters profitable?
Yes. Waters reported net income of $642.6 million in fiscal 2025, a net profit margin of 20.3%; its operating margin was 28.2%.
What is Waters's gross margin?
Waters's gross margin was 57.8% in fiscal 2025: for every $100 of revenue, Waters kept $58 after the direct cost of its products and services.
How much does Waters spend on research and development?
Waters spent $195.2 million on research and development in fiscal 2025, 6.2% of revenue.
How fast is Waters growing?
Revenue grew 6.0% a year on average over the last five fiscal years, from $2.4 billion to $3.2 billion.
What are Waters's earnings per share?
Waters earned $13.13 per diluted share in fiscal 2025, compared with $11.87 a year earlier.
When will Waters report its next earnings?
Waters is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does Waters's fiscal year end?
Waters's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 23, 2026.