Stocks Industrials WAT
NYSE · IndustrialsWaters Corp (WAT)
Waters Corp brought in $4.6B of revenue over the twelve months to July 4, 2026. Net income was $166.1M, a net margin of 3.6%. Operating cash flow minus capital spending left $539.8M of free cash flow in fiscal 2025. At July 4, 2026 it held $539M in cash against $5.1B of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on August 11, 2026.
Key facts about Waters Corp
- Net worth
- Waters Corp has a market value (market cap) of $43.2B at the latest share price, and shareholders' equity of $15.2B on its balance sheet at July 4, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $3.2B (+7.0% year on year), with net income of $642.6M. Over the 12 months to July 4, 2026: revenue $4.6B, net income $166.1M.
- Cash flow
- In fiscal 2025 operations brought in $652.6M of cash; after $112.7M of capital spending, free cash flow was $539.8M.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on August 11, 2026 and covers the period to July 4, 2026. Open on SEC EDGAR
- Next earnings report
- Waters Corp's next report is expected around October 30, 2026. That is an estimate from its filing rhythm, not a date the company has announced.
What Waters Corp does
Waters Corporation manufactures analytical laboratory instruments, software, and consumables used for chemical and biological analysis. Its primary products include liquid chromatography systems, mass spectrometers, and thermal analysis instruments sold to pharmaceutical, biotechnology, environmental, and academic laboratories. Its shares trade on NYSE under the ticker WAT.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $3.2B | $642.6M | $10.76 | $539.8M |
| 2024 | $3B | $637.8M | $10.71 | $619.6M |
| 2023 | $3B | $642.2M | $10.84 | $442.2M |
| 2022 | $3B | $707.8M | $11.73 | n/a |
| 2021 | $2.8B | $692.8M | $11.17 | n/a |
| 2020 | $2.4B | $521.6M | $8.36 | n/a |
Full financial statements: income, balance sheet and cash flow
Where WAT ranks in Industrials
Latest SEC filings
What Waters Corp has filed recently, newest first. Each links to the original document on SEC EDGAR.
- August 21, 2026
- August 11, 2026Quarterly report 10-Q · period to July 4, 2026Revenue rose 113% to $1.6B versus the same quarter last year; diluted EPS -$1.39 versus $2.47.
- August 4, 2026
- June 25, 2026
- May 29, 2026
- May 22, 2026
- May 15, 2026Passive stake changed SCHEDULE 13G/A
- May 12, 2026Quarterly report 10-Q · period to April 4, 2026Revenue rose 91% to $1.3B versus the same quarter last year; diluted EPS -$0.87 versus $2.03.
- May 5, 2026
- April 30, 2026Passive stake (5% or more) SCHEDULE 13G
What is WAT worth? A DCF from its reported cash flow
Insider trades
What the people running Waters Corp did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders sold $1.4M worth of shares in the last 90 days and bought none on the open market.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| September 30, 2026 | Jiang WeiDirector | Received as pay | 57 | - |
| September 30, 2026 | Knight HeatherDirector | Received as pay | 57 | - |
| August 6, 2026 | Kuebler Christopher ADirector | Exercised options | 3,626 | $494.7K |
| August 6, 2026 | Kuebler Christopher ADirector | Sold | 3,626 | $1.4M |
| June 30, 2026 | Jiang WeiDirector | Received as pay | 67 | - |
| June 30, 2026 | Knight HeatherDirector | Received as pay | 63 | - |
| June 24, 2026 | Carpio Robert L IIISVP Waters Analytical Sciences | Shares withheld for tax | 189 | $69.8K |
| May 12, 2026 | Chaubal AmolSVP & Chief Financial Officer | Shares withheld for tax | 239 | $84.2K |
Who owns WAT
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Vanguard Capital Management13G, passive | 7.49% | April 30, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 1,177 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| BlackRock, Inc. | 8,484,939 | -58,075 |
| Massachusetts Financial Services Co | 4,625,035 | -5,083 |
| Vanguard Capital Management LLC | 6,415,552 | +36,777 |
| Vanguard Portfolio Management LLC | 4,740,524 | -13,661 |
| State Street Corp | 4,382,008 | +19,998 |
| Invesco Ltd. | 3,494,267 | +1,325,982 |
| First Eagle Investment Management, LLC | 2,670,216 | +1,095,029 |
| Geode Capital Management, LLC | 2,636,146 | -10,312 |
| Fundsmith LLP | 2,273,632 | -938,443 |
| Alliancebernstein L.P. | 2,694,590 | +577,853 |
| Jpmorgan Chase & Co | 2,158,391 | +184,743 |
| Jupiter Topco LLC | 1,663,601 | new |
| Viking Global Investors LP | 1,662,140 | +405,678 |
| Wellington Management Group Llp | 1,373,150 | +561,824 |
| Schroder Investment Management Group | 1,264,226 | +948,023 |
| Mawer Investment Management Ltd. | 1,216,947 | -186,680 |
| Principal Financial Group Inc | 1,114,092 | +94,803 |
| Morgan Stanley | 1,097,302 | -124,612 |
| Northern Trust Corp | 1,032,726 | -9,668 |
| D. E. Shaw & Co., Inc. | 948,639 | -76,601 |
Insiders
14 insiders reported holding 94,629 shares in total, about $41.6M at the last price.
| Holder | Shares |
|---|---|
| Batra UditPresident and CEO, Director | 33,140 |
| Kuebler Christopher ADirector | 17,808 |
| Chaubal AmolSVP & Chief Financial Officer | 7,623 |
| Bennett JianqingSVP Waters Adv. Diagnostics | 6,532 |
| Ornskov FlemmingDirector | 5,271 |
| Vergnano MarkDirector | 4,540 |
| Jiang WeiDirector | 3,630 |
| Carpio Robert L IIISVP Waters Analytical Sciences | 3,426 |
| Fearon Richard HDirector | 3,302 |
| Huang Pearl SDirector | 3,276 |
Questions about WAT
What does Waters Corp do?
Waters Corporation manufactures analytical laboratory instruments, software, and consumables used for chemical and biological analysis. Its primary products include liquid chromatography systems, mass spectrometers, and thermal analysis instruments sold to pharmaceutical, biotechnology, environmental, and academic laboratories. Its shares trade on NYSE under the ticker WAT.
What is Waters Corp's net worth?
Waters Corp has a market value (market cap) of $43.2B at the latest share price, and shareholders' equity of $15.2B on its balance sheet at July 4, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Waters Corp profitable?
Yes. Over the twelve months to July 4, 2026 it reported net income of $166.1M on revenue of $4.6B, a net margin of 3.6%.
How much revenue does Waters Corp make?
Over the twelve months to July 4, 2026 Waters Corp reported revenue of $4.6B.
When did Waters Corp last report?
Its most recent periodic report is the quarterly report (10-Q) filed on August 11, 2026. It covers the period to July 4, 2026. Its newest filing of any kind is the insider trade from October 2, 2026.
When is Waters Corp's next earnings report?
Waters Corp's next report is expected around October 30, 2026. That is an estimate from its filing rhythm, not a date the company has announced.
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Follow WAT: get an email when it filesWhere the numbers come from
Financial figures are the values Waters Corp tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.