Waters (WAT) financial statements
Waters reported revenue of $3.2B in fiscal 2025, up 4.3% a year over 9 years.
Net income was $643M and the operating margin 25.4%, against 28.8% in 2016.
Free cash flow was $540M, and the company returned $15M in net buybacks.
The diluted share count fell 27% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Waters's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2B | $2.3B | $2.4B | $2.4B | $2.4B | $2.8B | $3.0B | $3.0B | $3.0B | $3.2B |
| Cost of revenue | $596M | $947M | $993M | $1.0B | $1.0B | $1.2B | $1.2B | $1.2B | $1.2B | $1.3B |
| Gross profit | $1.6B | $1.4B | $1.4B | $1.4B | $1.4B | $1.6B | $1.7B | $1.8B | $1.8B | $1.9B |
| Research and development | $125M | $133M | $143M | $143M | $141M | $168M | $176M | $175M | $183M | $196M |
| Selling, general and admin | $512M | $544M | $537M | $535M | $554M | $627M | $658M | $736M | $690M | $830M |
| Operating income | $625M | $662M | $740M | $708M | $645M | $822M | $873M | $818M | $826M | $803M |
| Interest expense | $45M | $57M | $49M | $49M | $49M | $45M | $49M | $99M | $90M | $70M |
| Pre-tax income | $600M | $641M | $682M | $678M | $611M | $806M | $838M | $736M | $755M | $755M |
| Income tax | $79M | $621M | $88M | $86M | $89M | $113M | $130M | $94M | $117M | $112M |
| Net income | $522M | $20M | $594M | $592M | $522M | $693M | $708M | $642M | $638M | $643M |
| EPS (diluted) | $6.41 | $0.25 | $7.65 | $8.69 | $8.36 | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 |
| Diluted shares | 81M | 81M | 78M | 68M | 62M | 62M | 60M | 59M | 60M | 60M |
| Gross margin | 72.5% | 59.0% | 59.0% | 58.0% | 57.4% | 58.5% | 58.0% | 59.6% | 59.4% | 59.3% |
| Operating margin | 28.8% | 28.7% | 30.6% | 29.4% | 27.3% | 29.5% | 29.4% | 27.7% | 27.9% | 25.4% |
| Net margin | 24.1% | 0.9% | 24.5% | 24.6% | 22.1% | 24.9% | 23.8% | 21.7% | 21.6% | 20.3% |
Balance sheet
Fiscal years, from Waters's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.8B | $3.4B | $1.7B | $337M | $443M | $481M | $481M | $396M | $325M | $588M |
| Receivables | $489M | $534M | $568M | $588M | $573M | $613M | $723M | $702M | $733M | $829M |
| Inventory | $263M | $270M | $292M | $321M | $304M | $356M | $456M | $516M | $477M | $572M |
| Total current assets | $3.6B | $4.3B | $2.7B | $1.3B | $1.4B | $1.6B | $1.8B | $1.8B | $1.7B | $2.1B |
| Property, plant and equipment | $337M | $349M | $343M | $417M | $494M | $548M | $582M | $639M | $651M | $642M |
| Goodwill | $352M | $360M | $356M | $356M | $444M | $438M | $430M | $1.3B | $1.3B | $1.3B |
| Total assets | $4.7B | $5.3B | $3.7B | $2.6B | $2.8B | $3.1B | $3.3B | $4.6B | $4.6B | $5.1B |
| Total current liabilities | $520M | $606M | $449M | $591M | $805M | $681M | $786M | $790M | $790M | $1.2B |
| Long-term debt | $1.7B | $1.9B | $1.1B | $1.6B | $1.2B | $1.5B | $1.5B | $2.3B | $1.6B | $947M |
| Total liabilities | $2.4B | $3.1B | $2.2B | $2.8B | $2.6B | $2.7B | $2.8B | $3.5B | $2.7B | $2.5B |
| Shareholders' equity | $2.3B | $2.2B | $1.6B | -$216M | $232M | $368M | $504M | $1.2B | $1.8B | $2.6B |
| Net debt | $1.3B | $1.4B | $352M | $1.3B | $920M | $1.0B | $1.0B | $1.9B | $1.3B | $359M |
Cash flow
Fiscal years, from Waters's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $643M | $698M | $604M | $643M | $791M | $747M | $612M | $603M | $762M | $653M |
| Capital spending | — | — | — | — | — | — | — | $161M | $142M | $113M |
| Free cash flow | — | — | — | — | — | — | — | $442M | $620M | $540M |
| Stock-based compensation | $41M | $39M | $38M | $39M | $37M | $30M | $43M | $37M | $45M | $54M |
| Share buybacks (net) | -$326M | -$333M | -$1.3B | -$2.5B | -$196M | -$649M | -$626M | -$70M | -$14M | -$15M |
| Net borrowing | $160M | $170M | -$850M | $535M | -$325M | $160M | $60M | $780M | -$730M | -$220M |
| Free cash flow margin | — | — | — | — | — | — | — | 15.0% | 20.9% | 17.1% |
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Open WAT in InvestinglyQuestions
What was Waters's revenue in 2025?
$3.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Waters generate?
$540M in fiscal 2025 (operating cash flow minus capital spending).
From Waters's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.