Friday 6 November 2026 Export WAT’s income statement to Excel — free account

Waters Corporation

Waters Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 6.99% from fiscal 2024.

Revenue: +120.9%
EPS: −67.0%
Free cash flow: −66.7%
Total debt: +308.2%

Quarter to September 2026, against a year earlier

454.74 12.86 −2.75%

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Market cap: $44.5B
P/E: 194×
Fwd P/E: 81.0×
Dividend yield: —
F-score: 5/9
Altman Z: 9.63
Beneish M: −2.37
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Waters Corporation (WAT) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by products and services, and margins
Waters Instrument Systems	1,102	34.81%
Waters Service	1,080	34.13%
Chemistry consumables	631	19.95%
TA Instrument Systems	244	7.70%
TA Service	108	3.41%
Gross margin		59.28%
Operating margin		25.36%
Pre-tax margin		23.85%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Waters Instrument Systems	1,102 34.81%	1,032 34.90%	1,109 37.50%	1,210 40.73%	1,089 39.10%	891 37.66%	964 40.05%	1,001 41.35%	989 42.82%	943 43.52%
Waters Service	1,080 34.13%	1,006 34.02%	951 32.18%	891 29.97%	877 31.47%	794 33.58%	762 31.65%	738 30.51%	687 29.74%	639 29.50%
Chemistry consumables	631 19.95%	565 19.11%	541 18.32%	525 17.68%	507 18.21%	432 18.27%	412 17.12%	400 16.54%	372 16.12%	345 15.94%
TA Instrument Systems	244 7.70%	246 8.32%	253 8.55%	252 8.49%	226 8.10%	174 7.37%	191 7.95%	204 8.43%	191 8.29%	172 7.92%
TA Service	108 3.41%	108 3.64%	102 3.45%	93 3.14%	87 3.13%	74 3.12%	78 3.23%	77 3.16%	70 3.03%	68 3.12%
Product	1,977	1,844	1,903	1,988	1,822	1,497	1,567	1,605	1,552	1,460
Service	1,188	1,114	1,053	984	964	868	839	815	757	707
Revenue	3,165	2,958	2,956	2,972	2,786	2,365	2,407	2,420	2,309	2,167

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Product	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Service	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013
United States	966 30.51%	934 31.57%	928 31.39%	886 29.82%	774 27.78%	678 28.68%	692 28.77%	684 28.25%	669 28.98%	665 30.69%	656 32.14%	597 29.99%	558 29.29%
Europe	963 30.44%	873 29.52%	840 28.41%	785 26.40%	785 28.17%	668 28.26%	637 26.48%	662 27.38%	636 27.56%	577 26.63%	556 27.22%	607 30.52%	574 30.13%
Asia Other	603 19.05%	573 19.36%	567 19.18%	399 13.44%	372 13.35%	315 13.32%	319 13.25%	306 12.63%	308 13.35%	284 13.09%	272 13.33%	238 11.95%	216 11.36%
China	437 13.82%	397 13.41%	441 14.91%	565 19.02%	521 18.71%	404 17.09%	440 18.26%	443 18.32%	387 16.76%	331 15.29%	279 13.64%	239 12.01%	241 12.63%
Americas Other	196 6.18%	182 6.15%	181 6.11%	169 5.70%	151 5.43%	120 5.05%	138 5.73%	152 6.26%	141 6.09%	142 6.55%	134 6.57%	146 7.32%	146 7.66%
Japan	—	—	—	167 5.63%	183 6.55%	180 7.60%	181 7.51%	173 7.16%	167 7.24%	168 7.75%	145 7.11%	163 8.22%	170 8.93%
Total Americas	1,162	1,116	1,109	1,056	925	798	830	835	810	807	—	—	—
Total Asia	1,040	969	1,008	1,132	1,076	899	939	922	863	783	696	640	627
Revenue	3,165	2,958	2,956	2,972	2,786	2,365	2,407	2,420	2,309	2,167	2,042	1,989	1,904

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Remaining performance obligations	Q2 FY2026	$495.0M	$333.9M	+48.27%

	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q4 FY2017
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.