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WAT
Waters CorporationStock · IndustrialsS&P 500 0.1%
$374.72−$7.69 (-2.01%)as of market close, Jul 24, 2026
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How Waters makes money

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How does Waters make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Waters Corporation · FY2025 · year ended 2025-12-31
Revenue$3.2BGross profit$1.9B · 59%Cost of revenue$1.3B · 41%Operating income$803M · 25%Operating expenses$1.1B · 34%R&D$196M · 6%SG&A$830M · 26%Other opex$48M · 2%Pre-tax income$755M · 24%Other expense$48M · 2%Net income$643M · 20%Income tax$112M · 4%Waters Instrument Systems$1.1B · 35%Waters Service$1.1B · 34%Chemistry Consumables$631M · 20%Ta Instrument Systems$244M · 8%Ta Service$108M · 3%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.