WAT
Waters CorporationStock · HealthcareS&P 500 Equal Weight 0.2% · S&P 500 0.06% · Russell 1000 0.05% · US Stock Market 0.05% · Russell 3000 0.05% · MSCI World 0.04% · MSCI ACWI 0.03%$408.34+1.67%
as of market close, Sep 11, 2026
☾ AH — —
WAT financial statements
The full income statement, balance sheet, and cash-flow statement for Waters Corporation (WAT), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 59.4M2024-09 59.4M2024-12 59.4M2025-03 59.5M2025-06 59.5M2025-09 59.5M2025-12 98.1M2026-04 98.2M2026-07 98.2M+65.5% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 3.17B+7.0% | 2.96B+0.1% | 2.96B-0.5% | 2.97B+6.7% | 2.79B+17.8% | |
| Cost of revenue | 1.29B+7.4% | 1.20B+0.4% | 1.20B-4.2% | 1.25B+7.9% | 1.16B+14.9% | |
| Research & development | 196M+6.9% | 183M+4.6% | 175M-0.7% | 176M+4.7% | 168M+19.6% | |
| Selling, general & administrative | 830M+20.3% | 690M-6.2% | 736M+11.9% | 658M+5.0% | 627M+13.2% | |
| Restructuring | — | — | 8.00M | — | — | |
| Amortization of intangibles | 118M+12.4% | 105M+29.6% | 81.0M+39.7% | 58.0M-3.3% | 60.0M+5.3% | |
| Provision for credit losses | -5.83M-82.4% | -3.20M+60.6% | -8.12M-24.8% | -6.51M-21.0% | -5.38M+40.6% | |
| Operating income | 803M-2.9% | 826M+1.1% | 818M-6.4% | 873M+6.3% | 822M+27.3% | |
| Interest expense | 69.5M-22.4% | 89.7M-9.3% | 98.9M+102.6% | 48.8M+8.6% | 44.9M-8.4% | |
| Interest & investment income | 18.8M+7.8% | 17.4M+4.8% | 16.6M+50.8% | 11.0M-9.8% | 12.2M-24.9% | |
| Net interest income | -47.7M+33.3% | -71.5M+12.2% | -81.4M-129.1% | -35.5M | — | |
| Other non-operating income | 3.06M+294.5% | 776K-3.8% | 807K-63.8% | 2.23M-87.0% | 17.2M+1069.2% | |
| Pre-tax income | 755M+0.0% | 755M+2.5% | 736M-12.1% | 838M+3.9% | 806M+32.0% | |
| Income tax | 112M-4.1% | 117M+24.5% | 94.0M-27.7% | 130M+14.8% | 113M+26.9% | |
| 643M+0.8% | 638M-0.7% | 642M-9.3% | 708M+2.2% | 693M+32.8% | ||
| Net income to common | 643M+0.8% | 638M-0.7% | 642M-9.3% | 708M+2.2% | 693M+32.8% | |
| $10.76+0.5% | $10.71-1.2% | $10.84-7.6% | $11.73+5.0% | $11.17+33.6% | ||
| EPS (basic) | $10.80+0.5% | $10.75-1.1% | $10.87-7.9% | $11.80+4.9% | $11.25+33.9% | |
| Weighted-avg shares (basic) | 59.5M+0.3% | 59.3M+0.4% | 59.1M-1.5% | 60.0M-2.6% | 61.6M-0.8% | |
| Weighted-avg shares (diluted) | 59.7M+0.3% | 59.6M+0.5% | 59.3M-1.8% | 60.3M-2.7% | 62.0M-0.6% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.15B+28.7% | 1.67B-4.8% | 1.75B-0.6% | 1.76B+8.3% | 1.63B+16.3% | ||
| Cash & equivalents | 588M+80.7% | 325M-17.6% | 395M-17.8% | 481M-4.1% | 501M+14.8% | |
| Short-term investments | — | 934K+4.0% | 898K+4.2% | 862K-98.7% | 68.1M+954.9% | |
| Cash & short-term investments | 588M+80.9% | 325M-17.9% | 396M-17.7% | 481M+0.0% | 481M+8.6% | |
| Accounts receivable | 829M+13.0% | 733M+4.4% | 702M-2.9% | 723M+18.0% | 613M+6.9% | |
| Inventory | 572M+19.9% | 477M-7.5% | 516M+13.3% | 456M+28.0% | 356M+17.0% | |
| Other current assets | 159M+19.4% | 133M-3.9% | 138M+33.3% | 104M+14.3% | 90.9M+13.2% | |
| 5.08B+11.5% | 4.55B-1.6% | 4.63B+41.0% | 3.28B+6.0% | 3.09B+9.0% | ||
| Property, plant & equipment | 642M-1.4% | 651M+1.9% | 639M+9.8% | 582M+6.3% | 548M+10.9% | |
| Operating lease right-of-use | 81.0M+9.2% | 74.2M-12.3% | 84.6M-2.2% | 86.5M+2.1% | 84.7M-9.1% | |
| Goodwill | 1.34B+3.4% | 1.30B-0.7% | 1.31B+203.4% | 430M-1.7% | 438M-1.5% | |
| Intangible assets | 558M-1.7% | 568M-9.7% | 629M+176.7% | 227M-6.2% | 242M-6.3% | |
| Other non-current assets | 308M+4.2% | 296M+37.1% | 216M+12.9% | 191M+24.8% | 153M+3.0% | |
| 1.24B+56.9% | 790M+0.0% | 790M+0.5% | 786M+15.5% | 681M-15.5% | ||
| Accounts payable | 104M+4.1% | 99.9M+18.0% | 84.7M-9.2% | 93.3M-3.6% | 96.8M+34.0% | |
| Short-term & current debt | — | — | — | — | 0.00-100.0% | |
| Current lease liability | 31.0M+21.4% | 25.5M-8.2% | 27.8M+5.3% | 26.4M-5.3% | 27.9M+0.5% | |
| Other current liabilities | 230M+54.1% | 149M-11.5% | 169M+20.2% | 140M-9.5% | 155M-21.3% | |
| 2.52B-7.7% | 2.73B-21.6% | 3.48B+25.2% | 2.78B+1.8% | 2.73B+4.6% | ||
| Long-term debt | 947M-41.8% | 1.63B-29.5% | 2.31B+51.2% | 1.52B+0.7% | 1.51B+25.5% | |
| Deferred revenue (non-current) | — | — | — | — | 46.0M | |
| Non-current lease liability | 53.0M+5.3% | 50.3M-14.6% | 58.9M-5.1% | 62.1M+4.2% | 59.6M-12.6% | |
| Operating lease liability (total) | 84.0M+10.7% | 75.9M-12.6% | 86.8M-2.0% | 88.5M+1.2% | 87.5M-8.8% | |
| Other non-current liabilities | 161M-12.4% | 184M+33.4% | 138M+17.2% | 118M+30.9% | 89.8M-8.3% | |
| Total non-current liabilities | 1.28B-34.1% | 1.94B-28.0% | 2.69B+34.9% | 1.99B-2.7% | 2.05B+13.5% | |
| 2.56B+40.1% | 1.83B+59.0% | 1.15B+128.0% | 504M+37.3% | 368M+58.3% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock | 2.00M+22.7% | 1.63M+0.2% | 1.63M+0.2% | 1.62M+0.2% | 1.62M+0.2% | |
| Additional paid-in capital | 2.42B+3.2% | 2.34B+3.3% | 2.27B+3.0% | 2.20B+4.0% | 2.11B+4.2% | |
| Retained earnings | 10.4B+6.6% | 9.79B+7.0% | 9.15B+7.5% | 8.51B+9.1% | 7.80B+9.7% | |
| Treasury stock | 10.2B+0.1% | 10.1B+0.1% | 10.1B+0.7% | 10.1B+6.6% | 9.44B+7.4% | |
| Accumulated other comprehensive income | -125M+19.5% | -155M-15.8% | -134M+5.3% | -142M-26.6% | -112M+5.2% | |
| Total liabilities & equity | 5.08B+11.5% | 4.55B-1.6% | 4.63B+41.0% | 3.28B+6.0% | 3.09B+9.0% | |
| Common shares issued | 163M+0.1% | 163M+0.2% | 163M+0.2% | 162M+0.2% | 162M+0.3% | |
| Common shares outstanding | 59.5M+0.3% | 59.4M+0.4% | 59.2M+0.1% | 59.1M-2.7% | 60.7M-2.5% | |
| Shares outstanding (cover) | 98.1M+65.1% | 59.4M+0.4% | 59.2M+0.4% | 58.9M-2.6% | 60.5M-2.7% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 653M-14.4% | 762M+26.4% | 603M-1.4% | 612M-18.1% | 747M-5.5% | ||
| Depreciation & amortization | 206M+7.4% | 192M+15.9% | 166M+27.4% | 130M-1.2% | 132M+4.7% | |
| Intangible amortization | 118M+12.4% | 105M+29.6% | 81.0M+39.7% | 58.0M-3.3% | 60.0M+5.3% | |
| Share-based compensation | 54.1M+21.1% | 44.7M+21.3% | 36.9M-13.4% | 42.6M+42.3% | 29.9M-18.8% | |
| Deferred income taxes | -14.7M-1571.3% | -877K+26.7% | -1.20M+96.3% | -32.0M-292.3% | 16.6M+717.6% | |
| Change in receivables | 55.5M-16.2% | 66.2M+234.7% | -49.2M-135.7% | 138M+120.8% | 62.4M+266.7% | |
| Change in inventory | 65.9M+414.8% | -20.9M-146.1% | 45.4M-55.4% | 102M+51.5% | 67.3M+455.1% | |
| Other operating activities | -2.40M | 0.00+100.0% | -742K | — | — | |
| -152M-6.4% | -143M+90.1% | -1.44B-1235.8% | -108M+53.4% | -232M+12.3% | ||
| Capital expenditure | 113M-20.9% | 142M-11.3% | 161M | — | — | |
| Free cash flow | 540M-12.9% | 620M+40.1% | 442M | — | — | |
| Acquisitions | 35.1M | 0.00-100.0% | 1.28B | 0.00 | 0.00-100.0% | |
| Purchases of investments | 0.00-100.0% | 3.73M+108.2% | 1.79M-84.3% | 11.4M-95.9% | 280M+980.4% | |
| Sales/maturities of investments | 0.00-100.0% | 4.61M+160.5% | 1.77M-97.7% | 78.0M-64.2% | 218M+945.4% | |
| -237M+66.0% | -697M-192.3% | 755M+248.1% | -510M-16.3% | -438M+0.5% | ||
| Long-term debt issued | 70.0M-58.8% | 170M-88.3% | 1.45B+607.3% | 205M-59.8% | 510M+61.9% | |
| Long-term debt repaid | 290M-67.8% | 900M+34.3% | 670M+362.1% | 145M-58.6% | 350M-45.3% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 14.7M+8.3% | 13.5M-80.7% | 70.3M-88.8% | 626M-3.5% | 649M+230.4% | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| FX effect on cash | -621K-107.8% | 7.92M+935.4% | -948K+93.6% | -14.8M-15.1% | -12.8M-185.1% | |
| Net change in cash | 262M+476.5% | -69.7M+18.4% | -85.5M-312.7% | -20.7M-132.1% | 64.5M-36.1% | |
| Interest paid | 44.6M-51.5% | 92.1M-2.1% | 94.1M+95.7% | 48.1M+13.4% | 42.4M-18.6% | |
| Income taxes paid | 244M+33.2% | 183M-24.6% | 243M+52.0% | 160M+4.3% | 154M+57.2% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 37.3B+69.1% | 22.0B+13.2% | 19.5B-4.4% | 20.4B-9.7% | 22.5B+46.5% | |
| P/E | 58.0×+67.8% | 34.6×+15.9% | 29.8×+2.1% | 29.2×-10.3% | 32.5×+10.3% | |
| P/S | 11.8×+58.0% | 7.5×+14.6% | 6.5×-5.8% | 6.9×-14.8% | 8.1×+24.4% | |
| P/B | 14.5×+20.7% | 12.1×-43.9% | 21.5×-59.3% | 52.8×-13.9% | 61.3×-7.4% | |
| P/FCF | 69.0×+94.1% | 35.6× | — | — | — | |
| Earnings yield | 1.7%-40.4% | 2.9%-13.7% | 3.4%-2.0% | 3.4%+11.4% | 3.1%-9.4% | |
| FCF yield | 1.4%-48.5% | 2.8% | — | — | — | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: WAT’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all WAT filings on SEC EDGAR → Not investment advice.