Waters
WAT · NYSELaboratory Analytical Instruments · Fiscal year ends Dec 31
Waters reported revenue of $3.2B in the fiscal year ended Dec 2025, up 7.0% from the year before. Operating income was $803M, an operating margin of 25.4%, and net income was $643M. Operating cash flow of $653M less capital expenditure of $113M left free cash flow of $540M. Net debt was $359M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.8B | $3B | $3B | $3B | $3.2B |
| Cost of revenue | $1.2B | $1.2B | $1.2B | $1.2B | $1.3B |
| Gross profit | $1.6B | $1.7B | $1.8B | $1.8B | $1.9B |
| Research & development | $168M | $176M | $175M | $183M | $196M |
| Selling, general & admin | $627M | $658M | $736M | $690M | $830M |
| Operating income | $822M | $873M | $818M | $826M | $803M |
| Net interest incomeBanks | – | −$36M | −$81M | −$71M | −$48M |
| Interest expense | $45M | $49M | $99M | $90M | $70M |
| Pre-tax income | $806M | $838M | $736M | $755M | $755M |
| Income tax | $113M | $130M | $94M | $117M | $112M |
| Net income | $693M | $708M | $642M | $638M | $643M |
| Diluted EPS | 11.17 | 11.73 | 10.84 | 10.71 | 10.76 |
| Diluted shares | 62M | 60M | 59M | 60M | 60M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $501M | $481M | $395M | $325M | $588M |
| Receivables | $613M | $723M | $702M | $733M | $829M |
| Inventory | $356M | $456M | $516M | $477M | $572M |
| Current assets | $1.6B | $1.8B | $1.8B | $1.7B | $2.1B |
| Net PP&E | $548M | $582M | $639M | $651M | $642M |
| Goodwill | $438M | $430M | $1.3B | $1.3B | $1.3B |
| Total assets | $3.1B | $3.3B | $4.6B | $4.6B | $5.1B |
| Payables | $97M | $93M | $85M | $100M | $104M |
| Deferred revenue | $274M | $285M | $324M | $320M | $345M |
| Current liabilities | $681M | $786M | $790M | $790M | $1.2B |
| Short-term debt | $0 | – | – | – | – |
| Long-term debt | $1.5B | $1.5B | $2.3B | $1.6B | $947M |
| Total liabilities | $2.7B | $2.8B | $3.5B | $2.7B | $2.5B |
| Shareholders' equity | $368M | $504M | $1.2B | $1.8B | $2.6B |
| Backlog (remaining obligations) | $228M | $228M | $257M | $251M | $267M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $747M | $612M | $603M | $762M | $653M |
| Capital expenditure | – | – | $161M | $142M | $113M |
| Free cash flow | – | – | $442M | $620M | $540M |
| Depreciation & amortisation | $72M | $72M | $85M | $87M | $88M |
| Stock-based compensation | $30M | $43M | $37M | $45M | $54M |
| Acquisitions | $0 | $0 | $1.3B | $0 | $35M |
| Share buybacks | $649M | $626M | $70M | $14M | $15M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.7% | −0.5% | 0.1% | 7.0% |
| Operating income growth (YoY) | – | 6.3% | −6.4% | 1.1% | −2.9% |
| EPS growth (YoY) | – | 5.0% | −7.6% | −1.2% | 0.5% |
| Gross margin | 58.5% | 58.0% | 59.6% | 59.4% | 59.3% |
| Operating margin | 29.5% | 29.4% | 27.7% | 27.9% | 25.4% |
| Net margin | 24.9% | 23.8% | 21.7% | 21.6% | 20.3% |
| Return on equityBlank when equity is negative | 188.5% | 140.3% | 55.8% | 34.9% | 25.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 34.0% | 35.0% | 21.3% | 22.0% | 20.9% |
| Free cash flow margin | – | – | 15.0% | 20.9% | 17.1% |
| Cash conversion (CFO ÷ net income) | 1.08x | 0.86x | 0.94x | 1.19x | 1.02x |
| Receivable days | 80 | 89 | 87 | 90 | 96 |
| Inventory days | 112 | 133 | 158 | 145 | 162 |
| Payable days | 31 | 27 | 26 | 30 | 29 |
| Interest cover | 18.3x | 17.9x | 8.27x | 9.21x | 11.5x |
| Debt ÷ equity | 4.12x | 3.02x | 2.00x | 0.89x | 0.37x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1B | $1B | $1.9B | $1.3B | $359M |
| Current ratio | 2.39x | 2.24x | 2.22x | 2.11x | 1.73x |
Recent filings
More in Laboratory Analytical Instruments
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.