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Saturday 17 October 2026 Export WAT’s income statement to Excel — free account

Waters Corporation

WAT Healthcare Diagnostics & Research

Waters Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 6.99% from fiscal 2024. In the quarter to June 2026, revenue grew 113.4%, EPS fell 156.3%, free cash flow grew 750.0% and total debt rose 308.2%, each against the same quarter a year earlier. Member of the S&P 500; insiders bought in the last twelve months.

436.95 7.20 −1.62%
Market cap
$43.6B
P/E
109×
Fwd P/E
44.3×
Dividend yield
—
F-score
5/9
Altman Z
9.63
Beneish M
−2.37
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Waters Corporation (WAT) Gross margin

Alert me on Gross margin

Waters Corporation's gross margin over the twelve months to 30 June 2026 was 50.9%, down 8.4 percentage points from fiscal 2025 (59.3%). Over the past ten years it has ranged from 57.4% (fiscal 2020) to 59.6% (fiscal 2023); the current reading is higher than 82% of that period. That is in line with the Diagnostics & Research industry median of 50.9% and in line with the Healthcare sector median of 53.5%.

Gross margin, annual

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Annual newest first

Period Gross margin Change (points)
FY2025 59.3% (0.15)
FY2024 59.4% (0.14)
FY2023 59.6% 1.57
FY2022 58.0% (0.49)
FY2021 58.5% 1.05
FY2020 57.4% (0.56)
FY2019 58.0% (0.98)
FY2018 59.0% (0.01)
FY2017 59.0% 0.12
FY2016 58.9% 0.13

Quarterly newest first

Period Gross margin Change (points)
Jun 2026 44.6% (1.79)
Mar 2026 46.4% (14.66)
Dec 2025 61.1% 2.05
Sep 2025 59.0% 0.65
42 more quarters

Against its own ten years

Low 57.4% High 59.6%
Ten-year median 58.9%
Current reading's percentile 2

Gross margin against peers

Company Gross margin
ILMN Illumina, Inc. compare 66.4%
NTRA Natera, Inc. compare 65.2%
IDXX IDEXX Laboratories, Inc. compare 62.5%
MTD Mettler-Toledo International, Inc. compare 60.3%
A Agilent Technologies, Inc. compare 53.8%
WAT Waters Corporation 50.9%
DGX Quest Diagnostics Incorporated compare 33.1%
IQV IQVIA Holdings Inc. compare 33.0%
LH Labcorp Holdings Inc. compare 28.9%
Diagnostics & Research industry median 50.9%
Healthcare sector median 53.5%
Market median 46.2%

What Gross margin is

Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.

Gross Profit ÷ Revenue

The full definition of Gross margin →

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