WATERS CORP /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WATERS CORP /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,167	2,309	2,420	2,407	2,365	2,786	2,972	2,956	2,958	3,165
Cost of revenue	891	947	993	1,011	1,007	1,157	1,248	1,195	1,200	1,289
Gross profit	1,276	1,362	1,427	1,396	1,359	1,629	1,724	1,761	1,758	1,876
Research and development	125	133	143	143	141	168	176	175	183	196
Selling, general and administrative	512	544	537	535	554	627	658	736	690	830
Operating income	625	662	740	708	645	822	873	818	826	803
Interest expense	44.9	56.8	48.6	48.7	49.1	44.9	48.8	98.9	89.7	69.5
Interest income	20.7	36.1	38.8	22.1	16.3	12.2	11	16.6	17.4	18.8
Other non-operating income	-0.7	-0.34	-47.8	-3.59	-1.78	17.2	2.23	0.81	0.78	3.06
Pre-tax income	600	641	682	678	611	806	838	736	755	755
Income tax	78.6	621	88.4	86	89.3	113	130	94	117	112
Net income	522	20.3	594	592	522	693	708	642	638	643
EBITDA	677	724	798	762	714	893	945	902	913	891
EPS, basic	6.46	0.25	7.71	8.76	8.40	11.25	11.80	10.87	10.75	10.80
EPS, diluted	6.41	0.25	7.65	8.69	8.36	11.17	11.73	10.84	10.71	10.76
Shares, basic (weighted)	80.8	79.8	77	67.6	62.1	61.6	60	59.1	59.3	59.5
Shares, diluted (weighted)	81.4	80.6	77.6	68.2	62.4	62	60.3	59.3	59.6	59.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	506	642	796	336	437	501	481	395	325	588
Short-term investments	2,307	2,751	939	1.43	6.45	68.1	0.86	0.9	0.93
Receivables	489	534	568	588	573	613	723	702	733	829
Inventory	263	270	292	321	304	356	456	516	477	572
Other current assets	70.4	72.3	68.1	67.1	80.3	90.9	104	138	133	159
Total current assets	3,635	4,270	2,663	1,312	1,401	1,629	1,764	1,753	1,669	2,148
Property, plant and equipment	337	349	343	417	494	548	582	639	651	642
Lease right-of-use assets				93.4	93.3	84.7	86.5	84.6	74.2	81
Goodwill	352	360	356	356	444	438	430	1,305	1,296	1,340
Intangible assets	207	228	247	240	259	242	227	629	568	558
Long-term investments	0	7
Other non-current assets	130	117	119	138	149	153	191	216	296	308
Total assets	4,662	5,324	3,727	2,557	2,840	3,095	3,281	4,627	4,554	5,077
Accounts payable	67.7	64.5	68.2	49	72.2	96.8	93.3	84.7	99.9	104
Accrued liabilities	57.5	69	23	43.5	72.2	101	103	69.4	94	100
Short-term debt	125	100	0.18	100	150	0
Total current liabilities	520	606	449	591	805	681	786	790	790	1,239
Long-term debt	1,702	1,898	1,148	1,581	1,207	1,514	1,525	2,306	1,626	947
Lease liabilities				66.9	68.2	59.6	62.1	58.9	50.3	53
Other non-current liabilities	54.8	62.6	76.3	80.6	98	89.8	118	138	184	161
Total liabilities	2,360	3,091	2,160	2,773	2,608	2,727	2,777	3,477	2,725	2,515
Total debt	1,830	1,898	1,148	1,685	1,360	1,520	1,580	2,360	1,630	1,410
Paid-in capital	1,607	1,745	1,835	1,927	2,029	2,115	2,200	2,266	2,341	2,416
Retained earnings	5,385	5,405	5,995	6,587	7,108	7,801	8,509	9,151	9,789	10,431
Treasury stock	-4,476	-4,808	-6,146	-8,613	-8,789	-9,438	-10,064	-10,134	-10,148	-10,162
Other comprehensive income	-216	-110	-118	-119	-118	-112	-142	-134	-155	-125
Shareholders' equity	2,302	2,234	1,567	-216	232	368	504	1,150	1,829	2,562
Total equity	2,302	2,234	1,567	-216	232	368	504	1,150	1,829	2,562
Total liabilities and equity	4,662	5,324	3,727	2,557	2,840	3,095	3,281	4,627	4,554	5,077
Shares outstanding	80	79.3	73.1	62.6	62.3	60.7	59.1	0.06	59.4	59.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	522	20.3	594	592	522	693	708	642	638	643
Depreciation and amortization	51.7	61.5	58	53.8	68.7	71.6	72	84.6	87	88.1
Stock-based compensation	41	39.4	37.5	38.6	36.9	29.9	42.6	36.9	44.7	54.1
Deferred income tax	1.2	45.5	2.41	9.62	-2.69	16.6	-32	-1.2	-0.88	-14.7
Change in receivables	-31.7	-24	-47.9	-22.2	37.5	-62.4	-138	49.2	-66.2	-55.5
Change in inventory	-20.1	0.73	-25.4	-31.9	18.9	-67.3	-102	-45.4	20.9	-65.9
Change in payables	6.84	3.18	-81.7	9.78	141	46.1	61	-79.5	61.6	-89
Cash from operations	643	698	604	643	791	747	612	603	762	653
Capital expenditures								-161	-142	-113
Acquisitions	-5.61		-31.5	0	-80.5	0	0	-1,282	0	-35.1
Purchases of investments	-2,396	-2,960	-1,006	-37	-25.9	-280	-11.4	-1.79	-3.73	0
Sales and maturities of investments	2,005	2,522	2,825	978	20.9	218	78	1.77	4.61	0
Cash from investing	-488	-536	1,683	769	-264	-232	-108	-1,442	-143	-152
Debt issued	485	1,480	0.27	926	315	510	205	1,450	170	70
Debt repaid	-325	-1,310	-850	-390	-640	-350	-145	-670	-900	-290
Stock issued	56	91	45	46	59	46	32	18	21	10
Share buybacks	-326	-333	-1,315	-2,469	-196	-649	-626	-70.3	-13.5	-14.7
Cash from financing	-116	-63.9	-2,120	-1,873	-441	-438	-510	755	-697	-237
Exchange rate effect	-21.3	38.7	-14.3	0.22	15.1	-12.8	-14.8	-0.95	7.92	-0.62
Net change in cash	18	137	154	-461	101	64.5	-20.7	-85.5	-69.7	262
Free cash flow								442	620	540
Interest paid	43.6	56.5	50.8	42.8	52.1	42.4	48.1	94.1	92.1	44.6
Income taxes paid	50	70.6	159	88	97.6	154	160	243	183	244

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 4, 2026; growth uses fiscal years. Valuation uses the share price of $433.54 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	7.1%	Operating income / revenue.
Pre-tax margin	4.4%	Pre-tax income / revenue.
Net margin	3.6%	Net income / revenue.
Effective tax rate	19.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.7%	Net income / average total assets.
Return on invested capital (ROIC)	1.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.9%	Research and development expense / revenue.
SG&A / revenue	26.8%	Selling, general and administrative expense / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-2.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-2.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	0.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-3.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	4.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	0.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-2.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-14.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	2.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-3.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-12.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	40.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	71.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	61.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.86x	Current assets / current liabilities.
Quick ratio	1.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.22x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.33x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.5%	Total debt / total assets.
Liabilities / assets	38.6%	Total liabilities / total assets.
Net debt	$4.55B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	2.21x	Operating income / interest expense.
Working capital	$2.07B	Current assets - current liabilities.
Goodwill and intangibles / assets	72.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.75B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.19x	Revenue / average total assets.
Fixed asset turnover	3.12x	Revenue / average property, plant and equipment.
Receivables turnover	2.34x	Revenue / average receivables.
Days sales outstanding	156 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.05	Revenue / diluted weighted shares.
Book value per share	$154.70	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$27.97	Tangible book value / shares outstanding.
Cash per share	$5.49	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$42.59B	Share price x shares outstanding.
Enterprise value	$47.14B	Market cap + total debt - cash - short-term investments.
P/E	256x	Market cap / net income. Only when net income is positive.
P/S	9.17x	Market cap / revenue.
P/B	2.80x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	10.2x	Enterprise value / revenue.
EV/EBIT	143x	Enterprise value / operating income, when both are positive.
Earnings yield	0.4%	Net income / market cap (the inverse of P/E).

What was WATERS CORP /DE/'s revenue in fiscal 2025?

WATERS CORP /DE/ reported revenue of $3.17B for fiscal 2025, 7% higher than the year before.

Was WATERS CORP /DE/ profitable in fiscal 2025?

Yes. Net income was $642.6M, a net margin of 20.3%.

How much free cash flow did WATERS CORP /DE/ generate in fiscal 2025?

Cash from operations of $652.6M minus capital expenditures of $112.7M left free cash flow of $539.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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