gross profit bridgeinconsistent2023-12-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.
Revenue
$3.17B
Fiscal year ended 2025-12-31Operating income
$802.59M
Fiscal year ended 2025-12-31Free cash flow
Unavailable
Fiscal year ended 2025-12-31WATERS CORP /DE/ (WAT) reported revenue of $3.17B and net income of $642.63M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from WATERS CORP /DE/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Laboratory Analytical Instruments.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.17B | $2.96B | $2.96B | $2.97B | $2.79B | $2.37B | $2.41B | $2.42B | $2.31B | $2.17B |
| Cost of revenue | $1.29B | $1.20B | $1.20B | $1.25B | $1.16B | $1.01B | $1.01B | $992.56M | $947.07M | $891.45M |
| Gross profit | $1.88B | $1.76B | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | $802.59M | $826.35M | $817.68M | $873.40M | $821.71M | $645.49M | $708.46M | $739.77M | $662.20M | $625.04M |
| Net income | $642.63M | $637.83M | $642.23M | $707.76M | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Research & development | $195.71M | $183.03M | $174.94M | $176.19M | $168.36M | $140.78M | $142.96M | $143.40M | $132.59M | $125.19M |
| Weighted-average diluted shares | shares 59.71M | shares 59.55M | shares 59.27M | shares 60.33M | shares 62.03M | shares 62.41M | shares 68.17M | shares 77.62M | shares 80.60M | shares 81.42M |
| Pretax income | $754.88M | $754.87M | $736.24M | $837.85M | $806.19M | $610.91M | $678.24M | $682.15M | $641.10M | $600.11M |
| Income tax expense | $112.25M | $117.03M | $94.01M | $130.09M | $113.35M | $89.34M | $86.04M | $88.35M | $620.79M | $78.61M |
| Diluted EPS | $10.76 | $10.71 | $10.84 | $11.73 | $11.17 | $8.36 | $8.69 | $7.65 | $0.25 | $6.41 |
| Selling, general & administrative | $830.37M | $690.15M | $736.01M | $658.03M | $626.97M | $553.70M | $534.79M | $536.90M | $544.36M | $512.33M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $588.00M | $325.36M | $395.08M | $480.53M | $501.23M | $436.70M | $335.72M | $796.28M | $642.32M | $505.63M |
| Total assets | $5.08B | $4.55B | $4.63B | $3.28B | $3.09B | $2.84B | $2.56B | $3.73B | $5.32B | $4.66B |
| Current assets | $2.15B | $1.67B | $1.75B | $1.76B | $1.63B | $1.40B | $1.31B | $2.66B | $4.27B | $3.64B |
| Total liabilities | $2.52B | $2.73B | $3.48B | $2.78B | $2.73B | $2.61B | $2.77B | $2.16B | $3.09B | $2.36B |
| Current liabilities | $1.24B | $789.76M | $789.58M | $785.74M | $680.51M | $804.98M | $591.33M | $448.93M | $606.16M | $520.32M |
| Total equity incl. NCI | $2.56B | $1.83B | $1.15B | $504.49M | $367.55M | $232.14M | -$216.28M | $1.57B | $2.23B | $2.30B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $572.00M | $477.26M | $516.24M | $455.71M | $356.10M | $304.28M | $320.55M | $291.57M | $270.29M | $262.68M |
| Accounts receivable | $829.00M | $733.36M | $702.17M | $722.89M | $612.65M | $573.32M | $587.73M | $568.32M | $533.82M | $489.34M |
| Goodwill | $1.34B | $1.30B | $1.31B | $430.33M | $437.86M | $444.36M | $356.13M | $355.61M | $359.82M | $352.08M |
| Long-term debt | $947.00M | $1.63B | $2.31B | $1.52B | $1.51B | $1.21B | $1.58B | $1.15B | $1.90B | $1.70B |
| Accounts payable | $104.00M | $99.93M | $84.70M | $93.30M | $96.80M | $72.21M | $49.00M | $68.17M | $64.54M | $67.74M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $652.56M | $762.12M | $602.81M | $611.66M | $747.27M | $790.51M | $643.09M | $604.45M | $697.64M | $642.92M |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | -$152.25M | -$143.09M | -$1.44B | -$107.97M | -$231.63M | -$264.09M | $768.80M | $1.68B | -$535.75M | -$487.92M |
| Financing cash flow | -$237.20M | -$696.68M | $754.95M | -$509.63M | -$438.28M | -$440.50M | -$1.87B | -$2.12B | -$63.87M | -$115.70M |
| Net change in cash | $262.48M | -$69.72M | -$85.45M | -$20.70M | $64.54M | $100.98M | -$460.56M | $153.96M | $136.69M | $17.97M |
| Stock-based compensation | $54.13M | $44.71M | $36.87M | $42.56M | $29.92M | $36.86M | $38.58M | $37.54M | $39.44M | $41.00M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | $14.67M | $13.54M | $70.28M | $626.06M | $648.93M | $196.41M | $2.47B | $1.32B | $332.54M | $325.76M |
| Depreciation & amortization | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | 59.3% | 59.4% | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | 25.4% | 27.9% | 27.7% | 29.4% | 29.5% | 27.3% | 29.4% | 30.6% | 28.7% | 28.8% |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 1.7% | 1.5% | 1.2% | 1.4% | 1.1% | 1.6% | 1.6% | 1.6% | 1.7% | 1.9% |
| Current ratio | 1.73x | 2.11x | 2.22x | 2.24x | 2.39x | 1.74x | 2.22x | 5.93x | 7.04x | 6.99x |
| Revenue YoY growth | 7.0% | 0.1% | -0.5% | 6.7% | 17.8% | -1.7% | -0.6% | 4.8% | 6.5% | Unavailable |
| Net margin | 20.3% | 21.6% | 21.7% | 23.8% | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| R&D / revenue | 6.2% | 6.2% | 5.9% | 5.9% | 6.0% | 6.0% | 5.9% | 5.9% | 5.7% | 5.8% |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | 0.37x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 14.9% | 15.5% | 12.8% | 15.5% | 14.1% | 14.6% | 12.7% | 13.0% | 96.8% | 13.1% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open WAT in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-11View SEC filing
10-Q · Filed 2026-05-12View SEC filing
10-K · Filed 2026-02-23View SEC filing
10-Q · Filed 2025-11-04View SEC filing
10-Q · Filed 2025-08-04View SEC filing
10-Q · Filed 2025-05-06View SEC filing
Reconciliation checks needing review
8 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
gross profit bridgeinconsistent2022-12-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.
gross profit bridgeinconsistent2021-12-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.
gross profit bridgeinconsistent2020-12-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.
gross profit bridgeinconsistent2019-12-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.
gross profit bridgeinconsistent2018-12-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.
gross profit bridgeinconsistent2017-12-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.
gross profit bridgeinconsistent2016-12-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.